samhill wrote:If you were in the upper brackets you got a break as you said but then all the way down if your income stayed the same you simply went into a higher bracket or stayed the same(do the math). You were caught in what was called bracket creep. Then & unless your old enough to remember he elimanated most of the deductions that the average person used to be able to claim but if your income was high they were still there. Its all on the net, let me know if I`m telling the truth or not.
Are you for a flat tax? I am. Make a 10% or so flat tax from dollar 0, eliminate all tax deduxtions and credits. how much you think we'd save on administrative costs? Of course the accounting lobby would be against this as they benefit from a complicated tax code but hey, you can't please everyone. You make $25000 a year, you pay 2500 in taxes. Make 5,000,000 a year and you pay 500,000. Fair or not? Right now they use the tax code to implement social policy and shape economic policy. (Tax credits for kids, deductions for interest on a mortgage etc).
Why are no pols seriously looking at this? Answer - it would be too transparent, too hard to "hide" hidden taxes, and give the pols less influence over our lives! Any of you who think the politicians are after your best interest are naieve. Most politicians get into politics for the power and influence the position brings and they will do nothing to jeapordize their authority.