Reader comment on: Bloomberg Flops Back

Submitted by J.Johnson (United States), Sep 13, 2010 20:26

Maybe I've read them too quickly, but I can't recall seeing in any of the stories about this issue whether or not the cap for being 'rich' will be indexed or will be fixed at some value and allowed to become a monster, like the alternative minimum tax. I presume that, if the 'rich' are to be defined and taxed more, Fut. of Cap. would favor indexing. Also worth considering when thinking about this issue is that, as we approach a situation where 50% of households pay zero federal income tax, many Congressmen represent districts in which the number of actual living, breathing adults paying federal taxes is far less than 50% and heading lower and, for these politicians, it is a no-brainer to raise federal income taxes whenever possible.

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The Future of Capitalism replies:

Excellent point about the zero-tax-owed folks. On the indexing question, I'd rather handle it by having a gold standard than with indexing the tax brackets. Bracket creep is just one of many problems of inflation.

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