Quit Double-Taxing Seniors
Washington Times (02/04/03) ; Craig, Larry

The current tax on investment dividends is neither fair nor low, particularly for senior citizens, who pay nearly half of all dividend taxes, according to this opinion piece. Senior citizens pay federal and state income taxes on Social Security payroll taxes while they work, pay taxes on Social Security benefits after retirement, are hit by double taxation of dividends, and then end up with the death tax. President Bush's proposal would eliminate double taxation of investment dividends and would raise income taxes for families with higher incomes while lowering them for families with lower incomes, and would increase incentives for citizens to save for retirement, this commentary says.


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