Jeb`s tax cuts not for everyone.

[slater71]

Just like his brothers tax cuts.
http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/03NewsHEAD02POL012305.htm

[The Backlash Cometh]

1. Here's a partial snip

TALLAHASSEE -- As Republican leaders have pushed in recent years to cut a tax imposed on investors, they have used a folksy message: Florida shouldn't penalize its "seniors and savers."
But with Gov. Jeb Bush signaling last week that he will lead a renewed effort to slash -- and ultimately eliminate -- the so-called "intangibles" tax, don't expect the senior and savers who would benefit from it to be the same ones you see bagging groceries at the corner store.

State figures show that fewer than 2 percent of Floridians are required to pay the tax, which is collected on stocks and bonds. And those who pay often are millionaires.

Bush, who wants to cut the tax by $132 million next year and eliminate it over two years, called the intangibles tax "insidious." He and other Republican leaders say it is unfair to tax people who have carefully saved and invested.

"We already tax them on their income (through federal income taxes)," House Speaker Allan Bense, R-Panama City said. "Why hit them again?"

[NickofTime]

3. Tax the H---L out of the Bloodsuckers!

[bahrbearian]

8. "But they worked hard for their money"

All the millionaires I know work a lot harder than the Poor, sometimes they can't go golfing on Wednesdays because they have to be in the office.

[Deja Q]

2. 'that's not right.'

They don't know what's right.

[Moderator]

4. slater71, please edit your post as per DU rule

When posting articles, please use the published title of the article as the title of the discussion thread.

[54anickel]

5. ARRRGH! I cannot believe people actually think this way!!! The "What's

in it for me" crowd. They just don't see the "intangible" benefits they receive by living in an educated society with programs that help those in need. F'ing greedy bastards. It's exactly these types of programs that keep their asses relatively safe while cruisin' to the mall.

snip>

Randall Holcombe, a Florida State University economics professor and member of Bush's Council of Economic Advisors, said taxes on savings and investments generally are "counterproductive to the economy." He also said the intangibles tax is paid by people who require few government services, such as schools and social programs.

"The people who tend to pay that tax are the people we would like to attract to Florida," said Holcombe, a graduate of Seabreeze High School.

[elehhhhna]

6. Yeah. If dividends and interest etc. are taxed, I 'spose all investors

will immediately liquidate their assets and what? Go to Paris on a 16 month vacation? Get another facelift? Invest in more Lexus'? Bury their bucks in the backyard and go on--gasp--welfare? What?

[alcuno]

12. "people who require few government services..."

Like my wealthy parents who live in Florida and are the first ones filing with Medicare. They could well afford to pay for their own health care.

[kcass1954]

14. "people who require few government services"

But they drive on the same roads that I do, and use police and fire services. They also are entitled to vote (another important service), although I suspect that their votes are actually counted.

[AP]

7. Some people amass fortunes without getting much money from earned income.

They start a corp, pay themselves low salaries, sell the shares, and pay tax on unearned income (cap gains). That income is flat-taxed, so they win big right there. No matter for how much they sell the shares, they pay 15% while people who work for a living -- even doctors and lawyers -- pay more than twice that rate.

I think it's sort of a myth these days that people with millions in the bank made that money from earned income taxed at higher rates.

I'd love to do a study on the source of the income that is subject to this tax. I bet a lot it came from sources that were taxed at 15%.

[TahitiNut]

9. Here's a beginning ...

From 2000 IRS data, this depicts the portion of Adjusted Gross Income that's attributable to Wages & Salaries (i.e. earned income). Unearned income can come from two general areas: (1) various 'safety net' sources such as Social Security and SSI, and (2) 'investment' income such as capital gains (much of which is not shown in AGI), dividends, and interest.

Wealth generates income (e.g. dividends and capital gains) at half the FIT rate as earned income (e.g. wages and salaries). What's particularly sad is the fact that 'safety net' income is taxed at earned income rates which are higher than unearned income rates.

[klyon]

15. that is correct

if you earn income no matter how, you should be proud to pay your fair share to support this great country even if it is stumbling a little at the moment.

KL

[AP]

16. ...and if you don't get your income from working, but from investing

or from buying and selling assets, do you tax it more or less than you tax income from work? And shouldn't unearned income be taxed according to progressive rates at least as steep as income from work (if not steeper) rather than at totally flat rates?

How is anyone going to make the shift from being a worker to being an investor if workers are subsidizing the tax burden so that investors have an easier time getting ahead?

[ChiciB1]

10. Just Read in My Paper....

The Sarasota Herald Tribune that FLORIDA will be the first state to TRY to pass legislation to CUT BACK ON MEDICAID!!! Then proceed with PERSONAL ACCOUNTS!

We are being FLEECED... these BUSH people have to be IMPEACHED or SOMETHING!!

I just saw Bill Nelson on Inside Politics and he sounded better than I've heard him in many months. Talking about SS and saying he DOES NOT agree with Boy King IDIOT about his proposals! But what will Martinez do??? I can't believe how ANGRY I am from just reading my Sunday paper. We are being TAKEN over by THUGS!!!

WE MUST STOP THIS!! I will try to write every Congress-person, I can with my outrage. Can't write MY congress-person, she' none other than CRUELLA, The wicked witch.... Katherine Harris!! The only time she writes me is to ASK FOR MONEY!! :nuke: :grr:

[iamjoy]

11. Letter To My Rep - Feedback Please...

Not that I think it will do much good (he's Republican) but I want to send it anyway.

I am very concerned about the new state budget. Governor Bush and many Republicans want to reduce or eliminate the intangibles tax on unearned income. To pay for this, the budget would reduce funding for many programs assisting the working poor. Florida is not “penalizing its seniors and savers” (with the intangibles tax) as some lawmakers are quoted as saying in the Daytona Beach News Journal (01/23/05). We are asking them to contribute their rightful dues as members of this society by paying taxes on unearned income.

According to the Orlando Sentinel (01/19/05), this budget would eliminate hospitalization coverage for 30,000 Floridians. Many of these people may be working full time, but unable to obtain (or afford) health insurance through their employer. Many of them may also be unable to work due to a disability. We have a moral obligation to help these people.

Meanwhile, in-state tuition for undergraduates at Florida’s public universities would increase 7.5% (Sun Sentinel, 01/19/05). This increase far exceeds inflation and average wage increases. Why are we penalizing ambition and making it more difficult for our young people to obtain a higher education?

I urge you and your colleagues, our elected representatives to remember the most needy of your constituents, not just the ones who donate to your campaigns.

[UL_Approved]

13. Talk about how they need the money

They tell us that they shouldn't have to pay more taxes than us. They tell us that they shouldn't be taxed on investments, on inheritance tax, or any other non-wage tax. They tell us that it develops the economy and gets us money from the top down. But they never tell us that they keep the money and never share. They want us to go to war AND pay for it.

It amazes me how easy it is for people to fall for the lines about greed, personal responsibility, and other divide-and-conquer tactics. Just like giving candy to kids...