My US Senator asked for my opinion

Sen. Bill Nelson (D-Fla.) wrote a piece for Politico on how to solve America’s financial problems. He asked his constituents for our thoughts. Here is my response.

Yes, the tax cuts need to expire, and the loopholes need to be closed.

I support the Fair Tax.

Alternatively, eliminate all tax credits and deductibles and raise the standard exemption to something reasonable.

In 1913, the exemption was 3,000 for a single person, which today would be minimum $51,000. The current standard exemption does not amount to a living wage.

In 1992, the average adjusted gross income of the top 400 U.S. taxpayers was $46 million. In 2008, that average was $270 million.

I used the MeasuringWorth website to “correct” the value.

That 1992 amount was worth over $70 million in 2008. So, in that 16-year span, the incomes of the 400 wealthiest people increased by a factor of four.

I can assure you that no one I know increased their incomes by a factor of four during the same time period.

Tax the super-rich at pre-Reagan levels and provide exemptions at 1913 levels, and we can get out of this hole without harming anyone. The country will have the funds needed for programs, including economic stimulus. Citizens will have money to spend, and that in itself will stimulate the economy.

Reference:

Advertisements

About Taminar

When I grow up, I want to make movies and write books. Now in my 50s, I wonder if I'll ever really accomplish the dreams of my youth. I have made two short films, one for a college film-making class, the other for an MTV-sponsored contest. I have written short plays that have been produced, and a few short stories and reviews that have been published. I also perform and direct for community theatre. My working life has included stints in local TV news, public relations, retail management and cashier, and for a couple of years, I made the rides go at Walt Disney World. I have three cats and a husband.
This entry was posted in Government, Social Commentary. Bookmark the permalink.

One Response to My US Senator asked for my opinion

  1. Corey Olomon says:

    I can’t agree with you more. Even if we returned the corporate and top personal tax rates from the first Pres. Bush (letting the rich keep their big Reagan-era tax cuts), along with the elimination of most deductions and credits, we would be much better off. We might not be able to fund some things I support, like seriously increasing the personal and family exemptions (that would probably going back to the pre-Reagan rates, and therefore probably would have little chance of passing), but will get us a long way to dealing with the debt.

    I also think we should make people pay the same social security tax on all their income. Currently there is cut-off (I THINK its somewhere around $100k). Social Security is NOT and NEVER intended to be a pension or retirement account. Its called “Social Security” for a reason. SOCIETY as a whole has an interest in no one (including the old, disabled and ill who can’t help themselves) to have a reasonable living level where they are not homeless, are not starving and are not having minor-diseases turn into major (and REALLY expensive) problems or even death because they didn’t have health care. Therefore, the rich has the same societal stake in this as everyone else and therefore should have to pay the same percentage for it as everyone else (on their whole income).

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s