The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Tax shelters redux Date:  6/22/2003  3:02 AM
Author:  skybluewater Number:  65948 of 127753

They've already got the maximum tax rate on long-term capital gains and dividends down to 15%, which is the marginal rate for a single working stiff who makes more than about $15,000 a year. Add SS and Medicare, and that person is paying 22.65% of his next dollar while you can keep yours down to 15%.

This is what I don't understand. Republicans claim that lower-income workers don't pay any taxes, so they don't deserve a tax cut. I don't know if they (we!) pay income taxes or not (perhaps we get back in refunds what we pay in taxes?), but I know for a fact that we pay payroll taxes. In my case, quite a bit of my income goes to Social Security and Medicare, which bothers me because I may not even get to take advantage of those two programs. As such, to me, that's wasted money, money that I could use to buy things (as would other lower-income workers, which would stimulate the economy much more than giving a millionaire $10,000, which he would promptly put in the bank).

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us