Posted on 03/09/2009 6:57:52 AM PDT by Brookhaven
Conservatives and Republicans have been floundering in their opposition to President Obama’s proposals. Businesses and investors are starting to panic, because they believe Obama’s promises that he would raise taxes on the wealthy. It is clear Obama plans on raising taxes to punitive levels on investors, not because he believes that it will help the economy, but simply because he believes the rich and successful should be punished. There is a simple way to focus the public’s attention and drive back Obama’s efforts:
Cap taxes at 50% of income.
We should propose a change to the federal tax code that says when you add up all the local, state, and federal taxes (including social security and capital gains) that the total amount can not be over 50% of a person’s income. If it does go over 50%, the person (or business) is not required to pay the federal tax amount over 50%.
Nobody should be forced to pay more than half of their income in taxes. Taxing someone more than 50% of their income is simply not defensible, but Obama and the Democrats will try to defend it. When they do, it will lay open his plans to raise taxes to punitive levels (and destroy the economy in the process.)
Americans believe in everyone paying their fair share, but I don’t believe the majority of Americans favor unfair tax levels, much less punitive ones. Unfortunately, too many Americans don’t comprehend how much in taxes some people pay. Proposing a 50% tax cap will make them understand what is going on.
We can go on the offensive, instead of simply reacting. Obama’s war on investors and producers depends on punitive tax rates. We can undercut that war with this proposal. At the least, we can expose it to every American.
One of the reasons investment is frozen is investors have no way to calculate what their tax burden will be. Obama is sure to raise taxes not just once, but several times (all of which will be retroactive to the beginning of 2009.) How can a person decide how to invest if they don't know how much they will lose to taxes?
Lets have two tax system. One for Democrats, another for Republicans. Exposes the fraud
Are you looking at a cap of gross tax rate or marginal tax rate?
I appreciate the sentiment but fear that this would be portrayed as an endorsement by conservatives of tax rates up to 50%. I favor lowering the maximum rate to at least 33%.
Sort of an inverse AMT. I dig it! Although I think the %50 is still to high. 40% sounds better, and 33% sounds ideal.
“Sort of an inverse AMT. I dig it! Although I think the %50 is still to high. 40% sounds better, and 33% sounds ideal.”
I agree with your numbers also, but I’m not sure we can push that through. Obama has already promised to increase the federal tax rate to 39% and there isn’t a huge outcry.
We have to start somewhere, and I think 50% is a number that will resonate with people. Asking someone to give more than half their income to the government just smacks as fundamentlly unfair. It is an issue that will resonate.
Why should ANYONE pay 50%of their income in taxes? That is absolutely insane and is a direct attack on success.
What is the point of investing, or trying to be successful in your business, if the government will take an ever-increasing chunk of your revenue? And as you clearly indicated, with the uncertainty of just how much MORE of a chunk Obama and his Satan-inspired cabal of Socialists are going to extract, by force if necessary, from those who actually DRIVE our economy... what is the point of investing?
Ladies and gentlemen - we are seeing a very real coup take place, right before our eyes - without a shot fired, and without so much as a whimper from those being deposed.
This isn’t a new occurrence - it is one that has been in the making for decades. God was kicked out of schools, then the full-bore indoctrination began. First in big cities and other liberal bastions. But it has spread over the years to the whole country. Enough generations have been lied to and brainwashed into believing that socialism is a fine and wonderful system. That the rich should pay for the poor, that the real savior of everyone is the government. Well- if the government is going to “save” everyone - then it needs more money... and the onlyones with money are the wealthy... so lets lower our definition of wealthy to get more folks... and before long, everyone is tapped out and completely under the hand of government.
Welcome, Freepers - to the USSofA.
“Are you looking at a cap of gross tax rate or marginal tax rate?”
It would be a cap on your net income taxes.
We can argue the technical aspects, but the core principle should be that nobody should pay more than 50% of their income in taxes.
If you made made $1,000,000, you shouldn’t pay more than $500,000 in total taxes (local, state, federal) for the year.
I believe “Nobody should pay more than 50% of their income in taxes” is wrong.
It should be, “You shouldn’t have to pay 50% of your income to the government”.
To me, the first version implies assent.
I do agree with you, 50% is a number that really isn’t defensible to most reasonable individuals. I suggested to another online message board that 33% is quite sufficient and I was deluged with posts about the tax rates in Sweden. Since when the @^%#@$^ do I live in Sweden? And why would I give a rat’s flea-ridden behind what their tax rates are? I’m talking the US, baby, leader of the FREE world. Of course no one knew what I meant, I had to just go turn out the lights and cry.
50%?
God only requests 10%.
You are confusing the federal tax rate with total taxes. Fed tax rate 39% (Obama plan) SS tax 15% (Obama plan to eliminate upper limit) State taxes 10% (higher or lower depending on state) --------------------- Combined tax rate 64% Do you see the problem now? A small business person under Obama is going to easily be paying 60%+ of their income in taxes. Capping TOTAL taxes at %50 percent would effectivly reduce the federal tax rate of the sample small business person above by 14% (down to 25% federal tax rate.)
“Why should ANYONE pay 50%of their income in taxes? That is absolutely insane and is a direct attack on success.”
I agree 50% is insane, but we’re already heading in that direction. They total taxes (state, local, ss, etc..) for a small business person will be well into the 60% range by the end of the year.
We have to start somewhere. At the moment, the left feels the sky’s the limit when it comes to raising taxes. By proposing some type of limit (any limit) we have a starting point to turn that around.
“I appreciate the sentiment but fear that this would be portrayed as an endorsement by conservatives of tax rates up to 50%. I favor lowering the maximum rate to at least 33%.”
Reposting because of formatting problem (hope I get it right this time.)
You are confusing the federal tax rate with TOTAL taxes.
Fed tax rate 39% (Obama plan)
SS tax 15% (Obama plan to eliminate upper limit)
State taxes 10% (higher or lower depending on state)
Do you see the problem now? A small business person under Obama is going to easily be paying 60%+ of their income in taxes. Capping TOTAL taxes at 50% percent would effectivly reduce the federal tax rate of the sample small business person above by 14% (down to 25% federal tax rate.)
On that note why should anyone be robbed of 50%?
Legend has it that the reason why the Constittutional Amendment authorizing the income tax had no cap is that politicians thought that the people would go ballistic if they had known that there was a possibility of a 10% income tax.
How would you feel about a flat tax of 15% ON EVERYBODY?
“50%?
God only requests 10%.”
And Obama is planning of returning to the pre-Kennedy tax rates where some people were in the 90% tax bracket.
We all agree taxes are too high, the question is how do we turn back the tide of Obama’s attempt to raise them to punative levels to punish the rich.
Setting a total cap of 50% will at least stop Obama’s plans in their tracks. We can then work on lowering taxes.
“I believe “Nobody should pay more than 50% of their income in taxes” is wrong.
It should be, “You shouldn’t have to pay 50% of your income to the government”.
To me, the first version implies assent.”
It sounds just the opposite to me. The word TAX has always implided a forced taking by the goverment (the government passes a tax and you must pay it whether you like it or not.) The word PAY has alway implided a voluntary action (I’m going to pay $100 to buy my wife a present.)
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