Tax the Rich?

Do you support idea to put more of the burden on high-earning Americans, corporations?

President Joe Biden has made it clear he aims to push for significant tax reform. And he promises no one making under $400,000 a year will see their taxes increased. But who will?

Well, the details aren’t set in stone but it looks like the corporate tax rate may be increased from the current 21% to as much as 28%. Individuals (or couples) making more than $400,000 could see a higher personal tax rate and a limit on deductions. They could also start paying Social Security and Medicare taxes on income in excess of $400,000. And the estate tax could be expanded.

Limited-liability companies and partnerships might see their “pass-through” tax breaks paired back. And capital gains might be taxed as ordinary income for those earning $1 million or more.

We want to know what you think? Do you support tax reform that puts more of the burden on high-earning individuals and corporations and eliminate breaks that reduce their taxes? Or are you against the idea?

Send your response (50 words maximum) to opinion@texarkanagazette.com by Wednesday, March 24. You can also mail your response to the Texarkana Gazette Friday Poll, at P.O. Box 621, Texarkana, TX 75504 or drop it off at our office, 101 E. Broad St, Texarkana, Ark. Be sure to include your name, address and phone number. We will print as many responses as we can in next Friday’s paper.

Last Week: Save or Spend?

Last week’s question was about the new round of $1,400 per person direct stimulus payments.. Do you intend to spend the money for needs or wants? Or will you save or pay down debt?

From www.facebook.com/texarkanagazette

■ Do what it was meant for. Pay bills.

■ Pay my taxes and save the rest … I feel harder times are coming.

■ Paying off one credit card.

■ I am one of the 50% of the the population that actually pays income taxes so I’m really not getting nothing in the long run.

■ Paying bills.