Do you pay enough or too much taxes?
With April 15th falling on the weekend, today is the deadline to file your federal income taxes. I've previously groused about how our friends in congress have added too many complications to the system out of an attempt to either modify behavior or reward certain constituents. Today, I'm more concerned peoples perceptions of the end result. I'm asking people to answer two questions in the comments section.
1. Do you believe that you pay too little, just enough, or too much in federal income taxes?
2. Do you believe that "the rich" pay too little, just enough, or too much in federal income taxes?
This post was spurred by this article from Investor's Business Daily which examined the same basic questions.
My own answers are:
1. The amount I pay in taxes is probably a reasonable amount. My main complaint is with the goofy system (okay, okay, I also don't like some of the crap the money is spent on)
2. I also think the majority of the new rich pay their share of taxes. You'll notice I said NEW rich. That is because we are using an income tax system. So the second generation and beyond of the very rich (the Fords, Rockefellers, Kennedys, Hiltons, etc) don't derive their money from normal income in most cases. No, the descendants of Henry Ford live on dividends which are taxed at a much lower rate.
Labels: Politics - Taxes