Health care bill would deliver pre-Reagan tax rates

Washington Times ^ | 7/15/09 | David M. Dickson

[Nachum]

Small-business owners are warning that the economy would suffer under a health care bill proposed by House Democrats, which would drive tax rates for high-income taxpayers to levels not seen since before President Reagan's tax reform of 1986.

The top federal income tax rate, which Mr. Reagan and a bipartisan Congress lowered from 50 percent to 28 percent, would reach 45 percent in 2011 if Congress and President Obama enact the surtaxes that are part of the health care reform plan that House Democrats announced Tuesday.

[Nachum]

Welcome back Carter

[Nachum]

The list, ping

[Selmore]

AND it would become the third rail of politics, just like Social Security, etc.

All of these perks will probably take up about 75% of each budget

[The Magical Mischief Tour]

BOHICA...

[Myrddin]

The high marginal rates are a disaster. This year my company graciously covered my paycheck during an unproductive period. I also burned vacation hours over some of the slack time. By the time I had reached the middle of the year, I had to find work that paid appropriate to my income range. My marginal rates (fed & state) reached a point where I'm paying nearly 50% of every dollar earned in taxes. Can you imagine being in that position and taking a minimum wage job? I would take away $4 an hour. It would be a financial disaster. If you're going to be forced into a lower paying position, do it early in the year before you are faced with intolerable marginal rates.

[Selmore]

and not even a reach-around

[gwilhelm56]

All of these perks will probably take up about 75% of each budget
probably 110% for the first 3 years then 125% to 170% of GDP after that just for healthcare..

Either way, it’s NOT going to be Pretty!

When did Jimmuh LOWER top marginal taxrate from 70% to 50%??
My tax bill back then was DEFINITELY more than 50%

[Jet Jaguar]

Welcome back Carter

Well put.

[Nachum]

Hopefully we'll get another Ronald Reagan.

Reagan... Palin...

Kind of similar...

[SirJohnBarleycorn]

Does this mean Disco will be back, too?

[Nachum]

http://www.youtube.com/watch?v=ETQ3U-a4x5k&feature=fvw

[Arizona Carolyn]

People better go start reading that bill and get active, I'm not seeing any threads on the bill here on FR tonight, Redstate is already all over it and finding out that only 16 pages in you learn they lied about people keeping their own insurance... Wake up Freepers! Palin and other subjects can wait, this is critical....

http://www.redstate.com/swamp_yankee/2009/07/14/dear-house-republicans-and-conservative-activist-you-have-1018-pages-to-read/

[Nachum]

Wake up Freepers! Palin and other subjects can wait, this is critical....

Thanks for that. I put a link to the bill up on my site today. (nachumlist)

Laura Ingraham was talking about it today also. Nasty.