Comments on: Where Do You Stand On “Spreading The Wealth Around”?

By: IAmDebtProject

IAmDebtProject — Wed, 31 Aug 2011 16:04:01 +0000

I have been reading your blog for a few months now, and have always found your reasoning and logic to be excellent. But in this case, your ideas on tax policy affecting small businesses is just too simplistic. I work for a small business too. Do you know what is our BIGGEST cost and the one that continues to rise at disproportionate rates and worries our CEO? Healthcare. That's the issue affecting more small businesses and more likely to affect their hiring decisions as well (for example, they might find a great worker but decide to only offer him contractor status since they can't afford his/her healthcare and now they might lose this worker in 6 months to a bigger company with benefits). 20smoney, you're an amazing writer and analyst. You should have dug deeper on this question rather than presenting the trite so-called conservative answer that is disingenuous at best.

By: Alex Fisher

Alex Fisher — Tue, 28 Oct 2008 03:31:21 +0000

You’re exactly right in your conclusion. Who is to decide what is fair? Barack? As soon as other people in government start deciding what my money should be spent on it’s gotta be kept in check. Taxes are necessary and I pay them all the time, but what makes me more responsible than the guy down the street or in the city next to mine?

By: kevin duffey

kevin duffey — Tue, 21 Oct 2008 16:10:27 +0000

Kevin, I would definitely agree the Republicans got away from the Contract w/ America. I would support the concept of Term Limits also. Maybe then some real long term good policy would be enacted.

By: Kevin Wright

Kevin Wright — Tue, 21 Oct 2008 13:21:05 +0000

I actually blame the Republicans for where we are. When they first took over with the ‘Contract with America’ they did some great things. They forced Clinton’s hands and balanced the budget. But they got away from what they went to Washington to do. They got comfortable in their jobs. That is one of the reasons I am for term limits.

By: kevin duffey

kevin duffey — Mon, 20 Oct 2008 19:25:26 +0000

Chris, very valid points. Bush did a good job with taxes and a terrible job with spending and thus got away from the conservative stance many Americans agree with. The result is the Republican party getting killed this election.

Interestingly, what most forget to mention is the president doesn’t create tax policy, they sign or veto it. What does Nancy Pelosi’s house have in store for us with an obstacle free government? I’m willing to bet that more than just those who make above 250k have their taxes raised. We’ll see.

Either way, there are still ways to make money. I hope to find more of them.

By: Chris

Chris — Mon, 20 Oct 2008 19:15:11 +0000

I know you are middle class, as am I, and I agree we should reduce government and decrease taxes for all, but unfortunately I do not see that happening. I think both McCain and Obama are making false promises to us about tax policy. I am fine with tax cuts as long as they are done at a dollar for dollar spending cut, but I am not OK following the Bush example of cutting taxes and increasing spending. Remember McCain was against the Bush tax cuts which he now wants to keep because they were “irresponsible.” The economy has not boomed with the reduction of taxes on the wealthy done under Bush, so why would it be different this time around? That was the McCain that I would have voted for, not this illogical McCain that claims he will balance the budget in 4 years.

By: Tax Policy « Beyond the Code

Tax Policy « Beyond the Code — Mon, 20 Oct 2008 18:30:57 +0000

[...] Recently, one of my favorite personal finance bloggers posted this on Joe the Plumber: This rare moment of candor in this political season has sparked an interesting [...]

By: kevin duffey

kevin duffey — Mon, 20 Oct 2008 18:27:23 +0000

BTW, just so we’re clear… I’m in the middle class.

By: kevin duffey

kevin duffey — Mon, 20 Oct 2008 18:26:05 +0000

Chris, good points. We do have a progressive income tax system, however Mccain wants to keep the system as is. Obama wants to raise the taxes of the highest bracket.

I disagree that a middle class tax cut helps the economy. It is the equivalent to a once a year stimulus check which may create a spike in consumer behavior, but does not do anything to create long term sustained growth in our economy.

Now, you must understand, I am all for helping those less fortunate. I think more needs to be done. Raising taxes on the rich to redistribute wealth is not the way to go in my opinion; and saying it’s good for the economy is incorrect.

I think that taxes should be low across the board to encourage economic growth and i think we should do more to encourage aid to those who need it. Wealth redistribution only creates dependence on government. Increased dependence on government is the opposite of economic growth.

Lastly, you mention the tax burden… What if we decreased the tax burden by decreasing the size of government? What a concept that would be.

By: Chris

Chris — Mon, 20 Oct 2008 17:48:37 +0000

These calls of socialism are rediculous. Did I miss something, is McCains tax policy not to tax those who make more a higher percentage of income? We have already decided that a progressive income tax is what is in effect in this nation, so without complete revolution that is where we stand. Now it is just a matter of determining how much MORE wealthy should pay than the middle class. Obama says wealthy should pay more, McCain says middle class should pay more. Historically, we expanded the gap between the median income in America and the top 5%, so I have no problem with shifting the tax burden accordingly. I do believe a tax cut for middle class would benefit the economy more than one for the rich because the middle class will actually spend the money and our nations GDP is highly tied to consumerism. Either way, recognize BOTH candidates are saying the rich should pay more, they just argue about how much more.