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For me, it's a human rights issue: Nobody should be allowed to pay someone at a rate that is insufficient to live on, assuming a full-time job, or pro-rating accordingly.
And the strongest opponents of living wage laws are giant companies like Walmart, which treat their employees abysmally, fight unions tooth and nail, and rake in obscene profits.
Example: Wages earned by labor are taxed at roughly twice the rate of income gotten without labor. (Capital gains).
I say we should keep the graduated income tax, but eliminate all exemptions, deductions, etc., and tax capital gains at the same rate as wages, if not higher. The 1040 would have about 4 lines on it: What was your income? Look up your tax on the graduated rate table. Enter the amount. That's your tax.
BTW, I pay a bucketload of money in taxes, and I hate doing it. But I recognize that it's the price I pay for living in society. My complaint is not that I have to pay, but that so much of it is going to wars to subsidize the wasteful destruction of our resources and the planet.
Small countries could live off what my wife and I pay in taxes...no complaints, but believe a more fair system could be developed with a graduated sales tax. No tax on food/clothes below a certain cost per unit, but higher taxes on luxury or other discretionary goods/services.
Taxes on income are ridiculous.
Daniel, what's the motivation for the dependents deduction? And do you think it should stay in place or be eliminated as part of "all deductions"?
Delaying Delivery of Model S / Waiting until other options become available).
The flip side would be if Democrats do a clean sweep and get around to making the tax credit a tax rebate up front at the point of sale let alone raise it to $10,000 as President Obama suggested, waiting may have its benefits!!
VIN P 3552 - 60 kWh with Supercharging, Green, Black Roof, Black Leather, Piano Black trim, Tech Package, Active Air Suspension, 19" Wheels.
Reserved February 2010 (US P 1,620). Delivered January 2013.
The highest probability is that nothing will happen on this one way or another (to increase it, make it an instant rebate or eliminate it) because it would require Congressional action, and Congress is so dysfunctional right now that virtually nothing can get through. This isn't a terrible outcome under the circumstances because there's just as good a likelihood of the credit being killed altogether as it being increased or made an instant rebate on the purchase price.
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