I have 3 big issues with this:
1.) Taxable income should not be used to define 'wealthy' which should be a measure of networth and raising taxed on earned income while keeping taxes lower on dividend and capital gains is shifting the tax burden to 'working people' vs. investors. I think this is completely unfair and just one more obstacle for those trying to get wealthy by working for a living vs. inherited wealth.
2.) Taxes should be progressive and based on 'disposable income' vs. absolute income amount. $100K in Cali is middle class but wealthy in the midwest, etc. To tax the money the same violated the progressive nature of our income tax code and I would prefer a flat tax under that scenario.
3.) Raising the SS cap is an awful idea. I would rather have means testing and pay in on my first $92K in income and collect nothing on the back end than pay SS on 100% of my taxable income and have my payout capped such that this is a welfare program. SS should move back to being a safety net vs. a retirement plan.
I have 3 big issues with this:
1.) Taxable income should not be used to define 'wealthy' which should be a measure of networth and raising taxed on earned income while keeping taxes lower on dividend and capital gains is shifting the tax burden to 'working people' vs. investors. I think this is completely unfair and just one more obstacle for those trying to get wealthy by working for a living vs. inherited wealth.
2.) Taxes should be progressive and based on 'disposable income' vs. absolute income amount. $100K in Cali is middle class but wealthy in the midwest, etc. To tax the money the same violated the progressive nature of our income tax code and I would prefer a flat tax under that scenario.
3.) Raising the SS cap is an awful idea. I would rather have means testing and pay in on my first $92K in income and collect nothing on the back end than pay SS on 100% of my taxable income and have my payout capped such that this is a welfare program. SS should move back to being a safety net vs. a retirement plan.