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| Re: LIC Yuppies get steamed (805247) | |||
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Re: LIC Yuppies get steamed |
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Posted by BMTLines on Sun Jul 5 23:24:01 2009, in response to Re: LIC Yuppies get steamed, posted by Nilet on Sun Jul 5 22:11:27 2009. You speak about the 90% marginal rate. What is the incentive to invest in income producing ventures at that point?It existed but virtually no-one ever paid it. Don't forget that the high marginal rates also came with a lot more deductible items. Things like credit card interest, car loan interest, medical expenses in excess of 3% of AGI, full casualty losses, full deductibility of miscellaneous deductions, etc. On the income side all passive losses and real estate losses could offset other income classes, social security and unemployment was not taxable, etc... If you restore the high marginal rates then it will be only fair to restore all deductions and the tax-free status of such things as social security and unemployment. |
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