With President Bush preaching to the American people about the terrible morals of double taxation, I have been in the mood to look into the issue. Now President Bush has decided that that double taxation should end, even though it does not benefit the vast middle part of America. While I feel that double taxation is wrong, I just cannot see the justification for completely eliminating the double taxation if people that make $45,000 only receive a $12 tax break. This while CEO's receive millions in a tax break. Such a plan is exactly like the supply-sided ideas of the Reagan era. They offer little innovation and will only place this nation back into even greater debt. It does little to stimulate the economy and its prospects for future benefits are also low.
Thus I feel that instead of ending the dividend double taxation, it is time to end the double taxation of Social Security benefits. This position will definitely not receive the support of the Democratic Party and it would be more receptive in the GOP (John Ashcroft in fact introduced such legislation in 1998 I believe), but it is still the much more stimulating thing to do for the economy. Currently Social Security taxes take money from our paychecks yet we still have to claim that money as income for our personal income taxes. This double taxation causes average Americans to pay thousands more in federal income taxes than they should. Ending Social Security double taxation would provide much more to an average family than this dumbass dividend cut plan that President Bush is pushing. Ending the double taxation on Social Security would benefit ALL parts of society because all of us have to pay those taxes while the Bush plan boils down to a tax cut for the elite rich. It is time to hand the tax cuts out equitably rather than giving the rich all of the money that the Bush White House hands out.
Thus I feel that instead of ending the dividend double taxation, it is time to end the double taxation of Social Security benefits. This position will definitely not receive the support of the Democratic Party and it would be more receptive in the GOP (John Ashcroft in fact introduced such legislation in 1998 I believe), but it is still the much more stimulating thing to do for the economy. Currently Social Security taxes take money from our paychecks yet we still have to claim that money as income for our personal income taxes. This double taxation causes average Americans to pay thousands more in federal income taxes than they should. Ending Social Security double taxation would provide much more to an average family than this dumbass dividend cut plan that President Bush is pushing. Ending the double taxation on Social Security would benefit ALL parts of society because all of us have to pay those taxes while the Bush plan boils down to a tax cut for the elite rich. It is time to hand the tax cuts out equitably rather than giving the rich all of the money that the Bush White House hands out.