Date: Fri, 11 Feb 2000 20:33:22 -0500 To: lbo-talk at panix.com From: "Kevin O'Brien" <6ko at qlink.queensu.ca Subject: Taxing income over a lifetime Mime-Version: 1.0 Content-Type: text/plain; charset="us-ascii"; format=flowed
Yesterday's Globe & Mail contained an article by the Dean of Management at the U of T wherein he proposes, among many other things, that income be taxed over the lifetime of an individual, rather than on a yearly basis. Tax brackets could be set at $500,000 intervals (e.g., the lowest tax bracket would apply to the first $500,000 one earns, the middle tax bracket, to the next and the highest to everything after $1M). The advantages he foresees is that it preserves a progressive tax system while making it more sensitive to the income needs of people over the course of their lives, particularly for younger people (he thinks his changes would most advantage younger people who tend to be in greater need of disposable income than older people who tend to have fewer financial 'worries'). I'm wondering what others think of this proposal?
The entire article can be found in the archives of the paper at http://www.theglobeandmail.com Do a search for the word 'martin' and it should show up. I'm skeptical of many of his other claims, but this one strikes me as something plausible. Thoughts?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Kevin O'Brien | Queen's University 6ko at qlink.queensu.ca | Philosophy
Our achievements make us interesting, but our darkness makes us loveable. - Douglas Coupland ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~