I am a senior with a comfortable income resulting partially from practicing a lifetime credo of “waste not want not” and the belief that, except for a major purchase such as a home, interest should be received, not paid. But although frugal, I do believe in paying my way so tax breaks for seniors should only be for those with lower incomes. Therefore, they should be means-tested. Merely being a senior should not relieve one of their tax obligations. Does this mean I favor a “tax and spend” government? Absolutely not!
Harry Kenton Wilmington
We’re not sure what “tax breaks for seniors” Harry had in mind, and the term “tax obligations” is subject to interpretation. Our instinct would be to eliminate tax preferences (for seniors as well as others) and offset the resulting revenues by slashing tax rates. SAFE’s SimpleTax proposal would retain graduated tax rates, however, on grounds that “ability to pay” is a valid consideration in imposing taxes.