tax rates when Jimmy Earl Carter served as "president" in '78... Carter's tax rates "spread the wealth" by confiscating 70% of any earnings over $203K.
Posted on 11/09/2008 8:22:24 AM PST by CedarDave
Letting Bush’s tax cuts expire at the end of 2010 might not be a good idea for Congressmen/Senators seeking re-election.
The ‘rich’ to whom that may mean $100/month would certainly feel the difference. To the Warren Buffetts/George Soroses it would mean nothing.
You forgot one:
I want my car's gas tank filled.
Exactly!
Obama’s tax plan: First, he promises to end the Bush tax cuts, allowing the top two tax rates to return to 36 percent and 39.6 percent. Second, he promises to end the Social Security payroll tax cap for incomes above $250,000. Individuals making more than $250,000, therefore, would face a 15.65 percent tax rate from payroll taxes in addition to a top income tax rate of 39.6 percent for a combined tax rate topping 56 percent. Individuals living in cities or states with high taxes such as New York City or California would have tax rates approaching 70 percent, levels not seen since Carter was president.
Cosat Rica, et al will welcome them with open ARMS.
Zero will keep handing out slices of pie funded not by taxing the rich into the ground (well ... that too, of course) but by borrowing. That is the answer to the question “How will he pay for all this crap?”
Where do you think all that money spent on the bailouts ($850 billion was just part of the giveaway) came from? And the stimulus package? And the NEW stimulus package? It’s all borrowing, folks ... billions and billions of it.
As scary as that may be, there is a ray of sunshine.
SCARY: One of these days, our rich international friends will no longer loan us any more money. Faith in the United States is all that keeps our dollar as the world’s reserve currency. But one day, sooner or later, our friends will pull the plug on our drunken spending binge and tell us to sober up. Or worse, they’ll announce the sale of all their U.S. financial assets on the open market, then the dollar will once again be “not worth a Continental.”
HOPEFUL: Real, rock-ribbed fiscal conservatives will have the only answer, and it will sell with taxpayers, especially after four years of Zero’s abusive taxation coupled with a plummeting standard of living and wild inflation. We got into this mess because GWB wouldn’t veto any of the drunken spending that crossed his desk and now we’ve got to settle the bar tab. Conservatives will be the only voice of reason in four years, so start laying the groundwork.
Stupid America. Our constitution is dead. We are enslaved to the government. Used to be government by the consent of the people.
And that will be after the Stock Market tanks (again) from Capital Gains tax cut not being renewed and everyone bailing from the market before CG tax zooms to 28%
Tax the rich. Roll back tax cuts. Aid the middle class.
Two truths, one lie.
Better than average score for a RAT.
tax rates when Jimmy Earl Carter served as "president" in '78... Carter's tax rates "spread the wealth" by confiscating 70% of any earnings over $203K.
Raise taxes with an economic s*** storm headin our way. Hello Herbert Hoover!
OMG. Podesta? He is bringing back the CLinton administration isn’t he... Let’s see.....where’s forhead and Carville?
Agreed... And I’m still PO’d that whack job Martin managed to finesse a run off.
That’s odd, I seem to remember getting an additional $1200 credit on my taxes and I am NO way rich.
So rolling that back would be taking money from a not rich family.
“Tax and spend” is the Democrats’ mantra, and the Kenyan Clown is happy to continue that long tradition.
Yes, but you could get a second job. If your wife doesn't work, she could get a job, or even two jobs. You could help make America a better place if only you were willing to share your wealth and your time.
Before the blood vessels in your eyeballs rupture, I am joking. The above scenario is EXACTLY what the Donkey in Orwell's classic "Animal Farm" did, and look where he ended up (dead).
Which Presidnet was it that had a top tax rate of 90%? Roosevelt?
Funny how few people actually paid taxes then, which is the big “d’oh”! that libs like Barack and his mentors have to see for themselves to believe. At some rate, tax avoidance (including downright cheating, barter and black market economic activity, or just refusal to work) overtake collections.
Hedrick Smith’s book of the 1980’s, “The Russians” describe how a resourceful people managed to live and make do even in a totalitarian oppressive economy. Funny how I never could envision it happening here.
History and facts about the failures of scialism and communism are not sufficiently compelling to guys like Barack and his team.
Since Obama will try to spend his way out of a deep recession, we may have a spell of hyperinflation. Knowing Obama will probably be an ideologue, I will not be surprised if he tries the failed wage-and-price control policies of the Nixon and Ford administrations. We can then expect shortages of all kinds of goods like flour, sugar, soy beans, gasoline, etc. High inflation or shortages? and I don’t see how either scenario can be avoided. I forgot to throw in high unemployment, that Obama’s neo-WPA will not be able to dent.
“When will he start taxing the endowments of Universities? Last I heard, Harvard had $35 Billion.”
######
And how about the “greed” and “windfall profits” of BigEducation.
For those that haven’t been in the market lately, the costs of higher education have been steadily skyrocketing (not easy to do, but they are).
All of this while delivering their product in an abysmally inefficient manner; there is NOTHING more consistently unproductive as your average college professor. At least the oil companies deliver their product with maximum, market-constrained efficiency.
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