cwc (04/27/83)
Are so-called "progressive taxes" really progressive, or are they only so for wage-earners and even then only to a point? My feeling is that they are a big hoax hiding behind a "tax-the-rich" smoke screen. As my income has crept into supposedly higher brackets, and as I have managed to add "unearned" income, i.e., other than salary, it seems as though I am able to find more ways to shelter my income from Federal taxes (all legal, too). For the last several years, I have received refunds from the U.S. Treasury despite taking the maximum allowable withholding exemptions. At the same time, I have owed the State of New Jersey larger and larger amounts each April. NJ allows very few deductions and has currently only two brackets <= 20k, > 20k. So, you tell me which system takes a proportionally bigger bite as my income rises. Chip Christ, BTL, Murray Hill, NJ