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Scott Burns: How Middle Income Retirees Pay Big Dog Tax Rates
Scott Burns had been accused of spinning in a previous thread to make a point. This is another example.
The tax isn't a marginal rate on the income but a consequence of the tax deductibility of SS income going away as total income increases. Scott counts the tax on that first dollar which becomes taxable as tax on the last dollar to get those marginal rates.
The point still has some validity IF the intention is not to tax SS. I am surprised that this bill doesn't get the support of the tea party politicians. Should be beneficial to a significant portion of their current and future constituents that want to reduce taxes in any way they can. Instead, their demands typically help people with capital which makes one wonder about who influences their policies.
Scott Burns had been accused of spinning in a previous thread to make a point. This is another example.
The tax isn't a marginal rate on the income but a consequence of the tax deductibility of SS income going away as total income increases. Scott counts the tax on that first dollar which becomes taxable as tax on the last dollar to get those marginal rates.
The point still has some validity IF the intention is not to tax SS. I am surprised that this bill doesn't get the support of the tea party politicians. Should be beneficial to a significant portion of their current and future constituents that want to reduce taxes in any way they can. Instead, their demands typically help people with capital which makes one wonder about who influences their policies.
It is all about money and those who can help to reelect those Tea party candidates.
Comments
The tax isn't a marginal rate on the income but a consequence of the tax deductibility of SS income going away as total income increases. Scott counts the tax on that first dollar which becomes taxable as tax on the last dollar to get those marginal rates.
The point still has some validity IF the intention is not to tax SS. I am surprised that this bill doesn't get the support of the tea party politicians. Should be beneficial to a significant portion of their current and future constituents that want to reduce taxes in any way they can. Instead, their demands typically help people with capital which makes one wonder about who influences their policies.
touche and +1 and all that