If you happen to live amidst any sort of US media than you have no doubt been exposed to the Bush tax cut conflict.
The Bush tax cuts is a heated political issue. Democrats want to get rid of them for those who make more then 250 thousand dollars and keep them for those who make less then 250 thousand dollars.
If I had to pick one of the two choices (keep them or eliminate for 250k and above) I would eliminate them for the 250k income and above and keep them for those that bring home less then 250 thousand.
But if I was able to manipulate the choices a bit I would elect for the following compromise...
- Keep the tax cuts for 350 thousand and below.
- Keep half the tax cuts for 350k - 700k.
- Eliminate the tax cuts for 700k and up.
To me this is the way to do it.
It protects the life style of the folks who are wealthy but part of the "income elite".
I can see how the tax cuts may be important to those whom are not millionaires. This is why I propose a sliding scale. This seems like a good compromise.
Also I am forced to give much consideration to what buffet has said on the matter which is that he thinks that rich need to step up and pay more taxes.
How can you argue with that?
I want to hear from you so tell me what you think and how you have come to that conclusion by leaving a comment.
- Finance Guy
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Warren Buffet - Passing the Torch
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Tax Flaw with American Tax Law