Quote:
Originally posted by ltl/fb
So which is it -- rates would not go up, or rates would go up? Your ability to put together coherent sentences, while appreciated, does not negate the fact that you are completely contradicting yourself.
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Okay, read very carefully and I will try to explain in language even you will understand.
1. The base rate will likely be higher than the lowest marginal rate under the current bracketing system. However, it will be lower than the highest current marginal rate.
2. The tax base for the wealthy will shrink to a small percentage of their income, with the removal of capital gains, dividend and interest income, and estate taxation.
3. The tax base for the middle class will rise as they lose their mortgage interest, state tax, charitable, and other itemized deductions.
4. The tax base for the poor will remain the same, but their marginal rate will increase slightly.
5. The result is that you, I, and the entire town of Peoria will have to pick up the additional burden of the taxes Dick Cheney no longer pays.
If this doesn't clarify things, perhaps I can get MR to draw you some nice stick figure pictures in pretty colors.
