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Author: matthewgoss Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Re: WHAT DATA DO YOU BELIEVE? Date: 10/23/2000 5:00 AM
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I think that the whole purpose of the article has somehow escaped everyone. This purpose underscores the importance of getting the facts straight.

This article was all about partisan politics. And whether or not the facts in the WSJ article are accurate can have a significant impact on how you feel about the candidates running for office. Democrats want everyone to think that Republicans are trying to push thru another tax break for the wealthy (i.e only the wealthy can afford to max out a 401k based upon the low percentage of those who do).

Indeed, you *would* have to make 100k a year to contribute $15000 to a 401k (@15%). But for someone who is in a 39% tax bracket, I don't see any reason why they shouldn't get a break on that. At 39%, the increase in contributions of $4500 (increase from 10500 to 15k) would result in an immediate tax savings of only $1755. This may seem like a big tax cut, and if you were making $35000 a year it would be a significant one, but this represents only 1.755% of the income for someone making 100k a year, and that percentage goes down as the income goes up. You would think that the 1% that shoulders most of this nation's tax burden deserve a tax cut so small.

This is so even if the figures in the WSJ article are accurate. I would venture to guess that the article was a plant by political interests who figured no one would question the validity of the numbers, and even if they did it would be too late to change the minds of the entitlement-hungry masses.

I have no opinion on whether or not the facts in the article are accurate. My guess is that people will believe what makes them feel good regardless of where reality stands.

But then again maybe the politicians have fooled us all again, we miss the point. We waste so much of our time arguing over what the government should do with OUR money that we don't remember that its OUR money at all. So pick your poison, would you rather be beholding to the politicians for tax cuts or government programs? They hold the cards. We've given over our power to be sovereign citizens, or at least it has been chipped away, bit by bit.

Think about it.

Matthew D. Goss

Libertarian
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