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Friday, February 20, 2009

What stimulus is really all about

How about a billion-dollar tax break for Paul Allen? (Via TaxProf Blog.)

Comments (6)

Rich folks, regardless of party, are going to game the system.

We need to repeal the Reagan tax cuts and to pass a *higher* inheritance tax to recoup the ill gotten gains of the last 30 years.

Beyond that (and with apologies to H&R Block), deep six the entire income tax code. Give us an aggressive, progressive tax code with nothing beyond personal/dependent deductions.

How about no deductions at all? Just pay a percentage based one your income level and move on. Have it automatically deducted from your pay. If you make money, you pay taxes. Simple.

Is this story correct? I'm seeing some commentary suggesting it is way off base. Here, for instance.

It take a lot to stimulate Paul.

Jon, i'd accept that too. But at least with the personal/dependents deduction, you're being fairer to single income couples and it serves to make the income tax more progressive (i.e. least onerous on the poorest income earners).

Let's scrap the whole stimulus cuz one rich dude makes out good. Maybe.

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