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Posts Tagged ‘Tax cuts’

What is “Rich”?

September 30, 2010 1 comment

When the Bush tax cuts expire at the end of this year, the result will effectively be a tax hike on many Americans. Congress is now left with the decision of whether to extend the tax cuts and thereby determine who amongst us are the rich members of society and, therefore, not worthy of being absolved from the tax hike. Of course, since this is a slightly political issue, it is being left until after the midterm elections.

But it does raise an important question. How much income must be earned each year to be considered rich? Even more importantly, especially for young professionals saddled with student loan debt, should debt load be considered as a mitigating factor in determining a taxpayer’s tax bracket? Or should Congress reform the tax code to make it “simpler” and more straightforward in an effort to capture more tax and eliminate clever methods of tax avoidance? Read more…

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