Tax Dividend
Calculator
The
Tax Dividend Calculator (Flash 6 plug-in required) allows
individuals to calculate their personal savings if double-taxation
on stock dividends is ended.
Death Taxes
Death Taxes: Killing
the Economy by William W. Beach
Just What the
Economy Needs
, a commentary
by Bill Beach, Director of Heritage's Center for Data Analysis.
Talking
points: Americans
want more freedom and opportunity
-
President
Bush's plan is a bold and visionary step that will make our nation
stronger and improve the living standards of all
Americans.
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The president's call to end double
taxation of dividends is sure to give the stock market a boost and
improve America's global competitiveness.
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There's no
question a dividend tax cut would produce
growth.
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Discarding
one of these extra layers of taxation will encourage businesses to
invest more, leading to more jobs and higher living
standards.
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Removing the second tax on dividends will
increase future income flow and therefore help the stock market,
potentially boosting national wealth by nearly $1
trillion.
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Even
Marxist economists recognize that investment is the key to long-run
growth and rising
wages.
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But this isn't just an economic issue:
It's time the government stopped imposing penalties - or granting
preferences - depending on how people get or spend their
income.
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You don't
help the poor by imposing high taxes on the rich. Such policies
simply drive money form the U.S. economy and benefit our
competitors.
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Critics claim the tax cuts will explode
the deficit. As President Kennedy explained more than 40 years ago,
the purpose of cutting taxes is not to incur a deficit, but to
achieve the more prosperous, expanding economy that can bring a
surplus.
For more see An
Economic Plan That Adds Up by Dan
Mitchell
Talking points:
What Every American Wants
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A major tax cut will be
a step toward smaller government.
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Government is too large
and intrusive.
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Americans do not get
their money's worth for the roughly 40% of income that is spent by
government -- federal, state and local -- supposedly on their
behalf, or the additional 10% or so of income that residents or
businesses spend in response to government mandates and
regulation.
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There is only one way to
cut government down to size: the way parents control spendthrift
children, cutting their allowance.
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For government, that
means cutting taxes.
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Resulting deficits will
be an effective -- the only effective -- restraint on the spending
propensities of the executive branch and the legislature. The
public reaction will make that restraint effective.
-
First step: Make the
already voted tax reductions permanent, bring their effective dates
forward, and lower the rates further to improve the quality of the
already enacted tax cuts.
For more see Milton
Friedman's commentary, What Every American
Wants, from Wednesday's Wall Street Journal. [
Subscription required].
Who Are the
Rich?
The National Center for Policy Analysis
breaks down a New York Times article examining who makes up the
"rich" in America:
Some debaters base their
definition on salaries -- and claim that any household making
$100,000 a year is rich. Others ignore
salaries and base their definition on household assets.
Complicating the effort to define personal wealth is the
question
of economic geography -- with $1 million going much further
in
some areas of the country than in others.
What can't be denied is
that the ranks of the well-off have
multiplied in recent years.
-
The fortunes of many
families that were already rich have soared since 1980 -- as did
the ranks of the newly
wealthy, with the ranks of households making at least $1 million
almost doubling to 4.8 million from the early
1980s to the late 1990s, even after accounting for
inflation.
-
Almost three million of
the 130 million U.S. families
filing tax returns in 2001 reported at least $200,000 of
income -- up from 1.3 million in 1995.
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Wealth in the United
States remains concentrated in
metropolitan and coastal areas -- but some rural enclaves and
growing wealth in the Rocky Mountain states have somewhat altered
that picture.
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Some 13 percent of
Americans consider themselves either rich or upper income -- while
59 percent say they are in the middle-income crowd, and 27 percent
identify
themselves as lower income or poor.
It took an income of only
$83,500 in 2001 to place an American in the top-fifth, or quintile,
of earners.
The source
article: David Leonhardt's, "
Defining the Rich in the World's Wealthiest Nation," New York
Times, January 12, 2003.