Dave Long wrote:
> Let's leave aside any discussion of how large
> the overall tax burden may be. We might be
> talking about only a 1% overall tax, yet still
> question whether it should be applied in a
> regressive, flat, or progressive manner*.
Overall tax burden only 1%?
What the hell are you talking about, man?
> * In a progressive tax scheme, the upper end of
> the distribution is taxed at a greater rate
> than the lower. A regressive scheme is the
> opposite, and a flat tax doesn't differentiate
> between taxpayers.
Yes, except that the progressivists commonly use the term "regressive" to refer to
anything other than sticking it to the upper income earners.
> It's no higher than regular income tax, and
> usually very much less. Any money on which
> one has already paid tax is counted in one's
> tax basis, and so one is only taxed on any
> gains beyond that.
Let's try again. This one I know about first-hand, because I'm FUCKING LOOKING AT
IT TODAY! BTW, you picked a bad day to try to convince me you know wtf you're
talking about in this regard, because I've been SITTING HERE ALL DAY TRYING TO
PIECE MY TAXES TOGETHER.
Here's the scenario: sold company; owed taxes; sold new stock; this is a
taxable event; owe still more taxes. In theory, sure, money already paid is in
the basis. In fact, it doesn't turn out quite like that; all kinds of weird rules
related to AMT, qual vs. non-qual, which forms everything was claimed on, etc. etc.
This is no joke, Dave. I'm staring at a whopping liability this year for this very
reason; I had calculated my tax liability for this year *last year* using what I
thought I understood about taxes and basis. I overestimated my basis dramatically,
due to various rules.
> (this seriously overestimates amount of tax
> to be paid, but it's handy for quarterlies.
> These are probably 99 or 00 figures, not 01)
In my 66% tax number, that's an anecdotal amount that applies to *all* taxes of all
kinds, regardless of taxing authority, across the board, at every level. I just
don't buy your numbers, Dave.
This archive was generated by hypermail 2b29 : Fri Apr 27 2001 - 23:14:40 PDT