"It will likely never affect me" doesn't enter into my thinking
Just that it's the right thing to do to take care of those less fortunate.
It's not the wealth tax, but I would be absolutely fine with my wife and I paying a higher rate. We (and others in our income bracket) benefit from deductions that, for all intents and purposes, aren't available to lower-income people, such as mortgage interest and 401(k) (up to $37K for a household with two earners). I've long believed the mortgage interest deduction should end and the 401(k) deduction should be reduced. And as you go up the income ladder, you find other things (like mortgage interest on a second home) that definitely should be eliminated.
I think there should be higher rates on incomes above $500K and it should stepladder up from there. I don't know if AOC's 70 percent above $10 million is the answer, but it's in the ballpark. (And full disclosure, in the interest of applying the ever-so-useful term "populism" - the Dunlops are most definitely not pulling down half a million.)
|
(
In response to this post by Hoodafan)
Posted: 01/29/2019 at 4:51PM