School Finance Solution Is State Income Tax

RECEIVED Tue., Jan. 13, 2004

    The plain, simple, fair, and painfully obvious solution to the school finance problem is being avoided like a leper in the mosh pit. Income tax. Surprise! The wealthy ones have the money the state keeps looking for. If you need water, go to the well.
    I have a client who makes $600,000 a year. He pays 3% of his income in property taxes. I make $25,000 a year and pay over 20% in property taxes. This method of taxation is designed by someone who has a lot of potentially taxable income.
    So, property taxes totaling $150 a month in 1998 should be, at the current pace, just shy of $2,000 a month at my "no collar," pensionless, health-care-less, ripe old retirement age of 62 years in AD2016.
    Don't get me wrong, there is a certain satisfaction in paying for all the government pensions and benefits. I'll just have to settle for the vicarious experience.
James M. Paine
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