@rosborne979,
rosborne979 wrote:
Quote:Differentially targetting the wealthy for much higher taxes is a typical indication of what freedom, fairness, and the American way of life mean to liberals.
I prefer a flat-tax which takes the same percentage from everyone, unfortunately that's not on the table.
In the mean time, we have a tax code which is riddled with loopholes which allow the wealthy (dis-proportionally) to pay less than their fair share. The existing tax code is already inequitable, so I see nothing wrong with trying to readjust it to bring it back as close to "flat" as possible.
I'm with you on the flat tax--I think everybody from the poorest to the richest should pay the exact same percentage after a reasonable standard exemption and perhaps some socially responsible deductions applied equally to everybody. That way nobody is unduly burdened who earns little and nobody is punished or penalized for achieving success.
The more people we can encourage to become financially successful, the more jobs there will be for poorer people, the more money will be invested to help everybody's 401ks grow, the more money will be in banks for people to borrow as needed, the more grants and contributions will be available for new library and hospital wings, etc. Confiscate more and more wealth from the rich folks though and the less of everything there will be for the poor folks.
If we've learned anything yet, we should have learned that you cannot enrich poor people by making rich people poorer. Any attempt to penalize the rich for their success will invariably hurt the poor.
When you talk about loopholes, are these really unfair if everybody has the right to qualify for them? Is it unfair to give a tax deduction for home mortgage insurance and not to renters who can't afford to buy a house yet? Or is it a good thing to encourage home ownership that, when responsibly done, also helps people become more prosperous and also supports the schools and other things that property owners support?
McCain likes the progressive tax code as it currently exists and says he won't mess with that. Obama wants to significantly raise the upper end.
I personally think they're both wrong.