Monday, October 29, 2007

Charlie: Dick Armey is trying to ruin our Love!

Specifically, he says you don't really love me at all. In todays WSJ he calls your plan "the mother of all tax hikes" and says it will raise taxes for "individuals earning above $150,000 and couples earning over $200,000".

Could the love note Greg passed me have been a fake? Do you just want my money?

Amazingly though, Armey is touting a tax plan that almost certainly will raise my taxes:

All taxpayers would have a standard individual deduction of $12,500, and individuals earning below $100,000 would pay a flat 10% of income, while individuals earning above that would pay 25%. Calculating taxes would take less time than brewing a pot of coffee.

Dick, I'm pretty sure I do better than that with the current system, so stop trying to come between me and my Charlie!


Anonymous said...

Some day, more than the top 2% of the population (aka the geniuses) will understand 7th grade linear algebra. Then, we could consider developing a continuous, progressive tax; eg. without 'steps' in it.

Perhaps in the year 2080, we could develop one using exponents. Think increasingly and decreasingly progressive. Whoa!

Anonymous said...

The flat tax is about fairness and growth and freedom, not about whether or not you can game the current system better. And I think Armey's top rate is 19%.

Anonymous said...

Am I wrong or [under Armey's plan] does that last penny of earnings that takes me from $112,499.99 to $112,500 cost $15,000? I'd have to earn $132,500 to take home as much as the guy who makes $112,499.

How about also combining Thanksgiving, Christmas/Channukah/Qwanza, and New Years into one big unpaid sobatical for the lower-upper-middle class?

John Thacker said...

I think that one difference in the counting has to do with the baseline considered. For example, do you consider the baseline to be extending the AMT one year "patches" that have been done the last few years to index, or the AMT with no patch or indexing at all?