wwhheee
1 post
Aug 27, 2008
5:52 PM
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My biggest issue with our current federal tax system is that it does not take into account the Cost Of Living Adjustment (COLA) for individual states.
For example, with the recent 2008 Tax Stimulus Program (that's the $600 tax rebate check we saw this past year) if an annual income exceeded $75,000 ($150,000 for couples), you did not qualify for the tax rebate because you are considered "upper class".
As you know, the cost of living in California is substantially higher than almost every state in the country. However a person making $75,000 per year in such states as Mississippi has much more purchasing power with their disposable income (cost of housing, car insurance, etc.) than a person making $75,000 a year in California would have, however our Federal tax system does not care and would tax everyone at the same level regardless of cost of living in that state. Is that fair??
Side Note: In 2007, 97% of the total tax revenues collected where paid by the top 50% of American families. Is that fair?? I don't mind taxing the "rich", but what the heck are the bottom 50% of American families doing for this country? Everybody must contribute to this democracy, i.e. there's no such thing as free lunch!
Last Edited on 27-Aug-2008 7:16 PM
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