Word: kadlec
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...Daniel Kadlec is TIME's Wall Street columnist. Reach him at kadlec@time.com
...balanced-budget and tax-cut law "gives away something to just about everyone" [NATION, Aug. 11], but it's not true. The clear winners are the upper middle class and the rich. The tax benefits flow disproportionately to the wealthiest Americans. And I was horrified to read Daniel Kadlec's commentary arguing that the "victims" of this legislation are the "upper-income wage slaves." He describes an imaginary couple struggling to make ends meet on their $160,000-a-year income in their cramped $475,000 four-bedroom house. I don't know if Kadlec is serious...
...like to thank Kadlec for complaining about the "tax cut" for me. My financial situation is very similar to the one he described. The income thresholds are set too low for the new tax credits and deductions. As a result, we "wealthy" two-income professional families, making less than we did 25 years ago in inflation-adjusted dollars, will see no benefit from the tax changes. DAVID HEARD Seattle
...Daniel Kadlec is TIME's Wall Street columnist. Reach him at kadlec@time.com
...Daniel Kadlec is TIME's Wall Street columnist. Reach him at kadlec@time.com