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Originally Posted by warch
...I like that they would repeal the tax break for the wealthiest Americans, as I am dead-on average income American (not too far from low) ...
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a major portion of the tax bill was the reduction on dividends and capital gains. people who make minimum wage up through highest income levels benefits from that - if they are investing, which the vast majority of americans do. i will do some digging for the accurate number, but it is in the ballpark of 93% of americans curently have an equities, or mutual funds that hold equities. that means that 93% of americans benefit from one aspect of the tax reductions. the standard argument against that is that the "wealthy" get more benefit in terms of dollars. well, yeah - that only makes sense, and i don't see a problem with that. it is fair because everyone is taxed on their investments at the same percentage. unless of course you stop to remember that AMT (alternative minimum tax) still applies, which means that if you have too many deductions and make over a certain dollar figure you have to pay whichever is higher - AMT or your standard tax rate. those in the lower income brackets rarely get nailed with AMT issues - so again, how have the "wealthy" gotten one over on the rest of the country?