There is much disagreement right now about taxes. One candidate says he wants to reduce them for everyone but will not give any details about how this will not add to our deficit. The other candidate wishes to increase taxes on those earning more than $250,000 per year, back to what those rates were under Bill Clinton, so he can reduce the deficit.

I decided to use my calculator to see what this would mean for a person whose W-2 says $500,000. These people have lots of deductions, but for this purpose, I am assuming the standard deduction with two exemptions. Current tax would be $138,763, leaving $361,237 for this couple. Under the Clinton rates, this same couple would pay $148,464, leaving $351,536. These unfortunate people pay a whopping $9,701 more in taxes. If this person is so unhappy about this, I will gladly change with him, since I  would be very happy to pay this higher tax.

Ronald Wood