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May 09, 2005

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I am all in support of a progressive tax IF people at the low end pay in... Currently, about 1/3 of people pay NO TAX because of their tax bracket (I am meaning the LOW END). Why should I subsidize them?

I would support 40% for all income over $100,000. 30% for between 50~100 thousand. 20% for under 50K. No exemptions. No rebates or child tax credits. I could support this.

Sorry, you inaccurately cited The Wealth of Nations here. Smith supported a higher tax rate for the wealthy:
"It is not very unreasonable that the rich should contribute to the public expence, not only in proportion to their revenue, but something more than in that proportion."

Excellent post and wonderful blog, I really like this type of interesting articles

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