Posted on 11/18/2010 5:25:22 PM PST by PROCON
WASHINGTON (AP) - After meeting with President Barack Obama Thursday, Democratic leaders in Congress said they plan to hold a series of politically charged votes to extend middle-class tax cuts while letting tax cuts for the wealthy expire. Excerpted per FR posting rules.
(Excerpt) Read more at breitbart.com ...
How’s that “compromise” thing workin’ out for ya, Republicans?
Once again, the utterly untrustworthy Democrats talk a good line of bull. And then they’ll screw ya.
Exactly what do you mean they are not in place? I would think they are in place until expiration.
The best tax system would make those who benefit from government largesse pay back the money through increased taxes. And to increase taxes on those who call for and get more federal government spending.
They won’t remain “in place” without overt congressional action. They are sun-setted. That was my point.
Please speak English. What is sun settled?
SunsettED. It means they had an expiration date of Jan.1, 2011. The only way they were able to pass in the first place is with the promise of the tax cuts being sunsetted.
Which was a demand by the democommies before they would vote for it’s passage...
Exactly.
“It may surprise dim pols to learn that many in the middle class understand that it is investing by the wealthy that creates jobs.”
I’m afraid I must be dim myself. For the last ten years that I ran my own business, I was in the top 1 to 2% of wage earners. I can’t see that it would have made any difference in the way I ran my business if I had had my taxes raised from 35% to 38%.
When I first started earning enough to be in the top 2%, the top tax bracket was taxed at a 50% rate. A few years later, it dropped to 28%. At the higher rate, I would tend to invest more in my business because it only cost me 50 cents on the dollar in after tax income. That is to say, if I gave someone on my staff a $1,000 bonus, it only cost me $500, because if I kept the money for myself, it would be taxed at 50%. Whereas when the top tax rate dropped to 28%, giving a $1,000 bonus cost me $720.
“SunsettED. It means they had an expiration date of Jan.1, 2011. The only way they were able to pass in the first place is with the promise of the tax cuts being sunsetted.”
As I recall, there was a Congressional rule in place that tax cuts would have to have equal spending cuts to balance the loss of revenue. To avoid trying to come up with more than a trillion dollars in spending cuts, the Republican Congress sunsetted the tax cuts before the critical ten year period came into play.
L O L
This will prevent the people with the most capital from investing. Instead the money flows—or is supposed to flow—into the hands of the government. I fear capital light.
The capital gains tax is going up as well,along with the Estate tax.
I’m speaking from personal experience of how I ran my business. I explained the logic of my behavior. Maybe you could explain the logic of why you think raising the maximum tax rate to 38% will slow down investment by small businesses.
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