The new piece for Fox News starts like this:
Not all tax cuts are the same. The question isn’t just how much money taxpayers get to keep or are given, but the impact that taxes have on how hard people work. Tax plans that try to help the poor can sometimes become traps, making it difficult for the poor to climb out of poverty.
One approach is to lower the marginal tax rate, the percentage taken for each additional dollar they earn. The other increase tax deductions and credits, but phases them out as people’s income increases.
Take something such as the Earned Income Tax Credit, a program designed to help guarantee the poor a certain level of income. The desire to help the poor is understandable, but it also creates its own problems. Giving more money to people, the poorer they are, also means that the more income these poor individuals make, the more government assistance is taken away from them. Just as higher taxes discourage work, the loss of a significant portion of one’s deductions and credits will also discourage work.
Senator McCain’s proposals have top marginal income tax rates of 35 percent for individuals and 25 percent for corporations, while Senator Obama’s plan has rates of 39.6 and 35 percent respectively. But the official marginal tax rate isn’t the rate that people actually pay because they also lose tax breaks as their income rises. . . .
Related Posts
Obama's Claims about making the Wealthy Pay their "fair share" get fact checkedFrom the White House Transcript from 9/15/2011:“Any reform should follow another simple principle: Middle-class famili- Obama sets record golfing "for fifth week in a row"The whitehousedossier.com has this:This is Obama’s 66th time golfing as president and his eighth time this year. . . .W
- Cost of Government Day: Now July 15th?A new report from Americans for Tax Reform: This year, Cost of Government Day (COGD), the day of the calendar year on
- New Fox News Op-ed: Politicians as ExpertsMy new Fox News piece starts off like this:Politicians pose as the ultimate experts. They may never have worked in an i
- In debt ceiling talks, Obama offers to cut $2 billion from next year's spending?One almost has to read this Reuter's news article a few times to make sure that you read it correctly. In a budget of
- The Obama administration doesn't believe in letting consentual adults live their sexual lives the way they wantLet me get this right. The Obama administration does everything that they can to push gay marriage and gay rights
New Op-ed at Fox News: Obama's Tax Follies
4/
5
Oleh
abudzar
