Posted on 10/27/2007 7:15:04 AM PDT by shrinkermd
Edited on 10/27/2007 7:23:55 AM PDT by Admin Moderator. [history]
WASHINGTON -- Wondering how Democrats might approach income taxes in this already heated election season?
The House tax panel chairman introduced a bill Thursday that would repeal the alternative-minimum tax and substitute the loss of nearly $800 billion over 10 years with a "replacement tax." The new surtax would kick in for couples with incomes more than $200,000 and singles making at least $150,000. (The specific threshold would be set by the Treasury Secretary.) The surtax would be 4% for most people but would rise to 4.6% on incomes of more than $500,000.
(Excerpt) Read more at online.wsj.com ...
Gradually, beginning with Bush I, this agreement has been breeched so the top marginal rates keep going up.
Since the government never stands short and always spends more who of you think you are going to benefit by this absurdity?
The short memory of voters is encouraged by rat talk about class warfare. Sometimes it seems we are back in 1789 on the brink of Frog anarchy. The rats do not want to put the wealthy on the guillotine. They just want to confiscate their assets and income and give it to the mob, especially the most worthy members of the mob.
On income taxes, the rats have already won. They are just trying to consolidate their victory. Top marginal income tax rates have moved from 28% (1986), 31% (1990), 39.6% (1993), to 35% (2003). In addition, the Medicare tax cap was lifted so that the 3.2% applies to all income. The top rate (35% but really 38.2%) is well above the Reagan rate (28%) so the rats should just declare victory.
The rats are greedy so they want to raise the top rate even higher. They have proposed returning the top rate to 39.6%. In addition, they want to increase the maximum amount of income subject to FICA taxes. Some rats have proposed lifting the income limit entirely (12.4% increase) leading to a stunning top marginal tax rate of 55.2%!
The tax rates on investment income have the rats in anger. They are seething about the tax rate on dividends, capital gains, and private equity funds. I expect these tax rates to rise sharply. The rats may choose small increments to avoid huge movements of capital in the equity markets. Over 2 to 6 years, I expect investment tax rates to double.
Conservatives should never play ball with rats on taxes. In 1986, some predicted that the rats would eventually scream about marginal tax rates even though the rats were heavily involved in the tax rate changes. The rats just forgot about the deal to eliminate deductions. The same short memory goes for the tax treatment on lower income individuals. The rates were decreased on the lower class and tax credits were increased.
We are close to mob rule. The mob pays little or no income taxes. The mob wants additional money from the wealthy class. The rats have promised to deliver big time. The IRS is primed to crack down again to enforce this mob rule.
This rat utopia will clash with economic reality. The wealthy will resist these new attempts at confiscation. Wealthy will flee, hide assets, and produce less. Outsiders will invest less. These actions will stir the angry mob leading to even more confiscation. Unless the angry mob can develop some economic sense, the prospects are grim over the long run.
The founding fathers would be turning in their graves about this situation. The constitution was designed to protect the rights of the minority and prevent mob rule.
How much did you make?
Send it in.
If income tax were 100%, they would still be looking for ways to get more money.
How Rangel Aims to Pay for AMT Cut...
100% tax rates!!!!!
It’s not about greed. It’s about control of the people. The less money people have the more control the politicians have over you. We need to go back to the Constitution and look for the true reasons for taxation. Most would be surprised to see why we were taxed to begin with. We need to change the whole tax system to either a Fair Tax or a Flat Tax. You never hear them talk about this in Congress.....they are trying to ignore the whole idea. Why? Because it’s not about the money.....it’s about control.
Although I would be happy with the flat tax or fair tax, I do not see how to get there. Conservatives have no chance in the near term to take control. The rats and rinos are never going to even consider these ideas.
We need to develop a strong conservative opposition. We should never deal with the rats. The rats only want control. They will break any agreement to gain control. We need to stick with our principles about limited government and economic freedom. Eventually, rat policies will bear bitter fruit. Then we can take control and establish policies to protect the rights of the minority.
People wake up.
THIS IS NOT THE PROPOSAL. This is subterfuge.
The real focus of Democrat tax raising is going to be “one time only surcharges” of 15% on your IRAs and 401Ks. The left is enraged that a huge part of American wealth is shielded altogether from taxation. And that the part in question has become overwhelmingly popular.
Enormous wealth is in 401Ks and IRAs. They will be coming for them soon if Hillary is elected with a Dem Congress.
If we don’t get that “conservative opposition” going now, the Democrats can cause this country so much damage that I doubt I would live long enough to see it corrected. It would be like the control of this countries oil today. Congress will not allow us to produce out own oil, which we have plenty of. We bought oil from other countries because it was cheap. Today, it’s about “Control”. Our people should start demanding a tax structure change.......as was done concerning our borders. The people shut down Congress and it can happen again. Take the money control away from Congress and put it back in the hands of the people that earn it.
Hey Prof
The way Rangel Aims to Pay for AMT Cut will be to “tax the rich”. Democrats always promise tax business and “the rich” for their schemes. Unfortunately the gimme voters vote for them because of this and most of the gimme voters pay no taxes. They’re just takers
The middle class may also fall for Rangel and Hillary “something for nothing” schemes. Eventually the tax burden for these redistributionist schemes will fall on the great American middle class despite the “tax the rich” lies
What tax is 3.2%?
It’s called socialism............share the wealth. Work harder so your neighbor can benefit from your work. Remember the Pilgrims? They tried this and failed. Communism failed in the USSR because of the same system....they’ll fail again if they go back to it. This country will fail also if the people don’t take this country back.
That becomes obliterated once you have national healthcare
Mark Styne had seen the European way of governance. Once national health care is instituted there is no going back to limited government. A line has been crossed due to people being so firmly clamped onto the government teat for "healthcare"
I was mistaken. The Medicare payroll tax is 2.9% (1.45% employee and 1.45% employer), not 3.2%. The top marginal rate in my post should have been 54.9%, not 55.2%.
A kolkhoz (Russian: колхо́з (help·info) IPA: [kʌlˈxos]), plural kolkhozy, was a form of collective farming in the Soviet Union that existed along with state farms (sovkhoz). The word is a contraction of коллекти́вное хозя́йство, or "collective farm."
In a kolkhoz, a member, called kolkhoznik (колхо́зник, feminine колхо́зница), was paid a share of the farmÂ’s product and profit according to the number of workdays, while a sovkhoz employed salaried workers. In addition the kolkhoz was required to sell their crop to the State which fixed prices for the grain. These were set very low and the difference between what the State paid the farm and what the State charged consumers represented a major source of income for the Soviet government. In 1948 the Soviet government charged wholesalers 335 rubles for 100 kilograms of rye, but paid the kolkhoz roughly 8 rubles.[1] Nor did such prices change much to keep up with inflation. Prices paid by the Soviet government hardly changed at all between 1929 and 1953 meaning that the State did not pay one half or even one third of the cost of production.[2]
Members of kolkhoz were allowed to hold a small area of private land and some animals. The size of the private plot varied over the Soviet period but was usually about an acre. Before the Russian Revolution of 1917 a peasant with less than 13.5 acres was considered too poor to maintain a family.[3] However, the productivity of such plots is reflected in the fact that in 1938 3.9 percent of total sown land was in the form of private plots, but in 1937 those plots produced 21.5 percent of gross agriculture output.[4]
Members of the kolkhoz were required to do a minimum number of days work per year on both the kolkhoz and on other government work such as road building. In one kolkhoz the requirements were a minimum of 130 days a year for each able-bodied adult and 50 days per boy aged between 12 and 16. That was distributed around the year according to the agricultural cycle.[5] If kolkhoz members did not perform the required minimum of work, the penalties could involve confiscation of the farmer's private plot, a trial in front of a People's Court that could result in three to eight months of hard labour on the kolkhoz, or up to one year in a corrective labor camp.[6]
Back in 93 or 94, looting peoples' retirement accounts was proposed as a way to fund Hillary's health care mess. Typical leftist trick, to punish those with foresight and thrift in order to give a handout to the armies of useless eaters who reliably vote Democrat. It's the Ant and the Grasshopper all over again.
I'm sure that the Democrats will still be glad to tax you at your regular rate when you reach retirement age and start drawing out what's left.
-ccm
THAT needs to be plastered out in emails to every friend and family member.....that SHOULD scare the BEJEEZUS out of them.....and into voting for Conservatives....too many people own 401K's and IRA's.
Enormous wealth is in 401Ks and IRAs. They will be coming for them soon if Hillary is elected with a Dem Congress.
The thing that angers me about the whole idea is that this "bounty" WILL eventually be taxed! Those funds invested aren't "tax free," but "tax deferred," meaning that they will eventually be taxed.
For example, when my uncle died, he had a lot of money in IRAs and 401Ks. In those cases, even though money that you inherit isn't taxed as income, because it came from tax deferred accounts, in this case, it DID count as income, and I had to pay tax on it. And of course, it bumped me up into a higher tax bracket, so the rate I had to pay was higher than my normal rate (thanks dems, for getting rid of "income averaging").
The simple fact is that if the dems try to do this, there's going to be a huge outcry, about the fact that those funds haven't been taxed YET!
But then, there's no limit to the avarice and greed of a politician, when he sees untapped "bounty."
Mark
Funny, that was the reason for the AMT in the first place...
Mark
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