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The Taxing Question

Mike Konczal at the Next New Deal looks at the question: Is Taxing Capital Income Fair?.

The main thing I take away from the article is that the people talking about eliminating the capital gains tax don’t live in the real world and aren’t qualified to be bookkeepers, much less accountants.

Income is income, regardless of how it is earned. NTodd covered Andrew W. Mellon’s argument for taxing capital gains at a higher rate than wages.

Since the question is about fairness, the fairest solution is to not discriminate between earned [wages] and unearned [capital gains] income, but to treat them the exact same way.

I note that in his textbook example Joanathan Gruber neglects to mention that the reason that Ned pays higher taxes than Homer is because Ned had more income.

The problem with consumption taxes is that it isn’t “fair” for a single guy like myself to pay lower taxes than a single mother with a couple of kids to raise. She will obviously be consuming a lot more than I will, and pay higher taxes as a result. Is there anyone who really thinks that that is fair? [Well, other than the 1% and the sociopathic Republicans, of course.]

October 2, 2012   4 Comments

Tropical Storm Nadine – Day 22

Tropical Storm NadinePosition: 34.4N 35.7W [10PM CDT 0300 UTC].
Movement: East [090°] near 9 mph [15 kph].
Maximum sustained winds: 50 mph [ 85 kph].
Wind Gusts: 65 mph [100 kph].
Tropical Storm Wind Radius: 90 miles [150 km].
Minimum central pressure: 996 mb ↑.

Currently about 545 miles [ 875 km] West-Southwest of the Azores.

A Tropical Storm Warning is in effect for the Azores.

Here’s the link for NOAA’s latest satellite images.

[For the latest information click on the storm symbol, or go to the CATEGORIES drop-down box below the CALENDAR and select “Hurricanes” for all of the posts related to storms on this site.]

October 2, 2012   Comments Off on Tropical Storm Nadine – Day 22