Should we add more tax brackets
August 27, 2010 3:16pm CST
http://www.newyorker.com/talk/financial/2010/08/16/100816ta_talk_surowiecki The article makes a case for more higher brackets to both tax the rich but avoid more taxing on small businesses that are currently in the highest two brackets. Basically it would set the brackets above what a small business would make.
• United States
27 Aug 10
This makes sense but for some reason the article combined personal income tax with business taxes. I do a lot of business income tax filings down here (small business less that $1 million in revenue per year) and, what folks fail to realize from the article, is that businesses get tax breaks that everyday folks...including the rich...don't get. When I do business taxes, after all of the deductions they are allowed to take, the bottom line taxable revenue is much lower than when I started. But, I agree with your original question. There needs to be a separate tax bracket for the very rich who pay themselves very high salaries or who enjoy very large revenue shares from their businesses.