Posted by dunelandmusic on May 02, 2003 at 23:06:01:
In Reply to: Re: Re: Re: Another on the Brink posted by econ on May 02, 2003 at 17:36:07:
Reagan cut taxe rates and revnues went up. Only downfall was Congress spent into oblivion. The first President Bush compromised and passed a massive tax increase. Three years later President Clinton outdid him with a bigger increase. The combined drag of these 2 increases is now felt, not only in recession, but in companies moving off shore. Tax the rich ? Having just finished taxes 3 weeks ago, it was nice to notice that the 35% bracket kicks in at $28,000. Is that rich ?
Today I looked at my pay stub. My company matches my 401K contribution at 1/2% for each 1% contributed, so a 6% employee contribution gets a 3% match. After 4 months, Social Security has collected more than I have contributed to my 401K, and that Social Security confiscation is doubled by my employer. And I will see little of the 15+% being taken every paycheck. Why don't I support orchestras more ? See above. Taxes are taking more than 1/2 my income, leaving me with little to live on. And yet all of these taxes go where ? not to the causes most of hope they are supporting.