Higher tax rates and income averaging

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Sunday February 10, 2019 · 8:43 AM PST

2019/02/10 · 08:43

In addition to very high tax rates in the upper brackets, we used to have income averaging.

What has been proposed is far more modest than what we had decades ago.

This is from Google.

“The top marginal tax rate in 1960 was 91%, which applied to income over $200,000 (for single filers) or $400,000 (for married filers) – thresholds which correspond to approximately $1.5 million and $3 million, respectively, in today's dollars.”

But another part of the tax code that was eliminated under Reagan was income-averaging. If you made a modest income for years, then had a windfall, for example, you published a best-selling book, you could adjust your income averaging it over 5 years. Again from Google:

“Since 1987, the federal tax code requires taxes on an extraordinary income bulge to be paid in full in the year the money was paid, regardless of whether this pushes the taxpayer into a higher tax-rate bracket. The major exceptions are for farmers and fishermen, who are still allowed to use income averaging, and, in some cases, for lump-sum retirement plan distributions.”

Income averaging was enacted in 1964, as far as I can tell, so it was in effect for over 20 years. I think adding averaging to the proposed higher tax rates might help ease some of the fears. Perhaps some people are genuinely concerned that a one time windfall might be taken away by the higher tax rates. I think they are set so high that’s not really something 99% of us need to worry about, but so many of us think we are just a step away from vast riches. Personally, I am more concerned that so many people are struggling with poverty, and that so many more are one accident, illness, or layoff away from poverty.

Mueller plus strategy

MagentaMN

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Wednesday January 24, 2018 · 9:17 AM PST

2018/01/24 · 09:17

We can't count on Mueller

We can't count on him, because he may or may not be able to bring in more indictments. I hope he does, I hope I live to see the whole dumpster fire go to prison and have all their assets confiscated – money laundering and campaign finance violations should trigger that, if nothing else does

But it may not happen. Or he may only be able to get the small fry.

That is why we have to keep organizing, keep marching, keep working.

A friend of a friend said we need a “Mueller plus strategy”

We need to register voters, make sure everyone can vote, with lawsuits if necessary. And then we need to get as many people as possible to the polls. Remind everyone, offer to drive people, babysit kids, whatever it takes.

We need to ignore people who say both parties are the same, and whoever you vote for, the government gets elected. That may have been true at some point, but it sure isn't now.

We need to push the Democratic Party to have a clear set of principles and values for the elections this year, and in the future. And no “it's his turn to run”. Or even, “it's her turn to run”. We need honest primaries and candidate selection. Any skimping on this increases the perception that politics is an insiders game

Democrats need a positive narrative, the story they tell of what needs to be done and why. This needs to be clear and easy to understand, with three or four quick points people can agree with: the elevator speech to the people.

And last, but not least, we need to be prepared to defend democracy, if the administration tries to fire Mueller, tried to stop the investigation, or tries to interfere with, or prevent, elections in the coming months.

With Liberty and Justice for All

MagentaMN

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Sunday August 20, 2017 · 12:51 PM PDT

2017/08/20 · 12:51

I just wrote several checks to political candidates and causes, and charged them in a ritual to increase their effect. The mantra I am using for this and other political work is "with liberty and justice for all", and I wrote that on the memo line of the checks. I am wearing my liberty dime pendant, which I have been charging using that mantra as well. I would encourage other people to use the phrase, and to write it on the memo line of checks when they contribute, to spread this idea. This is our heritage, Liberty and Justice, for All.

Programmer admits computers rig elections

MagentaMN

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Sunday October 23, 2011 · 8:31 AM PDT

2011/10/23 · 08:31

I don't think I've seen this here yet, if someone else has posted it, I'm sorry for the the duplication. I think this is very important. It is the testimony, under oath, of a computer programmer, admitting that computers were used to rig elections in Ohio, and probably Florida. If nothing else, we need to start now to keep this from happening in 2012, if it is possible.

I know it's a long video, about 12 minutes, but there is a lot of information. I know this is a short diary, but what else is there to say? I don't have the skills to make a transcript.

http://www.youtube.com/...

edited to correct the link. I hope it works now. I'm not very experienced doing this. I would love to embed the video, but I don't know how.

Edited to add:
I saw this video for the first time this morning. The friend who posted it to his Live Journal had not see it before either. So some of us are behind the curve.

It's still an important issue - the security of our elections. With the increase in ID required, and the closeness of some recent elections, I still say we need to be thinking about what we are going to do to keep our elections free and accurate. And un-hacked.

I'm in the state that elected Al Franken by 312 votes. I am acutely aware that every vote counts.

I was just push-polled for Norm Coleman

MagentaMN

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Tuesday September 16, 2008 · 4:33 PM PDT

2008/09/16 · 16:33

And I feel like I need a shower to wash off the yuck! Very poorly done polling, too.

MagentaMN

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Sunday October 21, 2007 · 1:35 PM PDT

2007/10/21 · 13:35

The House did NOT uphold Bush's veto, the House failed to overturn Bush's veto. Important sematic difference.

MagentaMN

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Thursday August 02, 2007 · 7:08 AM PDT

2007/08/02 · 07:08

I have lived in Minneapolis for most of my adult life. I have driven over the 35W bridge many times. I was by it just a few days ago. The collapse of the bridge is a terrible tragedy for the dead and injured and their families and friends. My heart goes out to all of them. The loss of the bridge will be a dreadful nuisance for everyone for a long time.

But...

MagentaMN

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Wednesday September 20, 2006 · 9:13 PM PDT

2006/09/20 · 21:13

I searched and there didn't seem to be a diary on this. I think it could be vital in the 2008 election.

The House just passed H.R. 4844, which would require i.d. cards in order to vote in federal elections. Read More

Happy New Year - a fantasy

MagentaMN

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Friday December 30, 2005 · 6:23 PM PST

2005/12/30 · 18:23

Holiday 2007 Diary

What a year this has been! In January, thanks to the Democratic majority in both houses of Congress, we saw the speedy impeachment of both Bush and Cheney. Bush didn't have the sense Nixon did, and sat through the conviction hearings like he was expecting his fairy godmother to rescue him. She didn't of course, since Rove was in jail by then. I don't think he really understood that he was being removed from office. I understand there was an offer that if he would resign, he could just go back to his ranch. But he stayed, and now he is back on the ranch under house arrest while the trials drag on. Cheney was considered a flight risk, and now languishes in a federal holding facility. Read More

Disgusted with Minneapolis Democrats

MagentaMN

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Saturday May 14, 2005 · 11:19 AM PDT

2005/05/14 · 11:19

Today is the Minneapolis Democratic Party city convention. It was supposed to officially start at 10 am, with registration starting at 9 am. On the agenda, endorsing candidates for mayor, Park Board, Library Board. At noon, we were already home again, but not because it was over. Read More

Open your mind and see the women...

MagentaMN

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Saturday March 19, 2005 · 11:51 AM PST

2005/03/19 · 11:51

Lately, there has been a lot of buzz in the MSM that there aren't many women bloggers. Of course there are women blogging. And blacks, and old people and teens. But the norm, the default in many peoples' minds in this culture is white, male, straight (heterosexual), able-bodied, middle class. The internet is a metaphorical mirror, in which you see what you expect to see. The old New Yorker cartoon caption still applies "On the internet, nobody knows you're a dog." Because no one is expecting a dog on the internet, and the MSM isn't expecting women bloggers. Read More

Twin Cities Kossacks

MagentaMN

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Monday March 14, 2005 · 1:26 PM PST

2005/03/14 · 13:26

I've noticed that there are a number of cities where the kossacks get together in person. Are there enough of us in the Twin Cities to make such an event worthwhile here? Read More

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Higher tax rates and income averaging

Mueller plus strategy

With Liberty and Justice for All

Programmer admits computers rig elections

I was just push-polled for Norm Coleman

To the Mainstream Media

It's a tragedy, but we still need to impeach

Will you be able to vote in 2008?

Happy New Year - a fantasy

Disgusted with Minneapolis Democrats

Open your mind and see the women...

Twin Cities Kossacks