For countless Americans, all of their wealth is in their homes. They may have little income, but they have a taxable asset, which is the roof over their heads. Their tax bill can go up every year and there is nothing they can do to stop it. Their unpaid taxes could consume them and their heirs. You should write an editorial on how to achieve fairness across the tax spectrum.
There is plenty of room for the rich to pay their share of the costs of a civil society, and we don’t have to worry that they might gasp and grab their pearls. In my lifetime federal income taxes have only come down and are only a fraction of what they were when we waged the Korean War. Senators Elizabeth Warren and Bernie Sanders know what to do. By all means, tax extreme wealth and restore fairness to our system.
Frank W. Riepe
Forcing the rich to pay their fair share? It’s simple
In “Yesterday’s tax policy won’t solve today’s yawning wealth gap,” the editorial board wrote: “Making sure everyone pays their share isn’t just fair – it’s is an untapped source of revenue for public services and a means of moderating the expansion of wealth. inequalities in the United States.
Our taxes should be changed as follows: All income, including capital gains, estates, gifts and bequests, should be taxed as ordinary income. Income tax rates are expected to continue to be progressive, with the top tax rate set at 50 percent instead of the current 37 percent. The only deduction should be, say, $ 25,000 for a person filing separately or $ 50,000 for a couple filing jointly.
These changes would simplify our tax policy, increase utility revenues and, most importantly, ensure that the rich pay their fair share.
Go get those capital gains
Regarding your tax policy editorial, I have a suggestion: maybe we should tax capital gains on paper for people whose earnings exceed, say, $ 1 million in any given year. . If that means that wealthy investors have to sell certain investments and make real gains to pay those taxes, it doesn’t appear to be too difficult. Alternatively, they could use some of their pocket change to pay taxes. This might be easier to enforce than a wealth tax per se.