Posted on 05/29/2011 8:42:50 AM PDT by Nachum
Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.
Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.
If the Democrats' millionaire surtax were to happen—and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year—this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s.
Here's the math behind that depressing calculation. Today's top federal income tax rate is 35%. Almost all Democrats in Washington want to repeal the Bush tax cuts on those who make more than $250,000 and phase out certain deductions, so the effective income tax rate would rise to about 41.5%. The 3% millionaire surtax raises that rate to 44.5%.
(Excerpt) Read more at online.wsj.com ...
A bit early for that. We still have at least four decades of ex-president obama's world wide diss America tour to look forward to.
The list, ping
Let me know if you would like to be on or off the ping list
FRIGGIN IDIOTS, THE WHOLE LOT OF THEM!
Democrats don't have much say about this right now. What do the RINOs think?
ML/NJ
When it comes to a dimocrat, there is only one direction to go and that is up.
It's just a matter of how much taxes go up as hashed out by the dim's and RINO's.
The club doesn't allow conservative membership.
Exactly!
The political bar has been shifted so far to the left (no thanks be to RINO's in preventing it) that the scale now only moves in one direction, to the left, and how fast and how much it moves to the left determines the conservative and liberal center scale.
But, in reality, the Republican led House would have to go along with this and there ain't no way they would do that.
Or would they?
He leftists...do you remember the word revolution? And I don’t mean at the ballot box, I mean the one the founders fought for, against much less taxation than you are burdening us with now!We are literally slaves to a welfare state. There should never be a tax on income, how dare you!
RINOs never met a tax increase they couldn't vote for.
Even if they taxed the “rich” 100% they’d still have a huge deficit.
No matter how high the tax rates, revenues to the Treasury are always about 20% of GDP. If the rates are high, the rich just hide more money. When their lower, they keep more of it in the economy.
When Reagan cut the top tax rates down to 28% back in the 1980’s, and got rid of most of the deductions and loopholes, I said to myself, “It will only be a matter of time before those top rates go back up to 50% WITHOUT the deductions and loopholes.”
I hate being right.
what do liberal elites call a 62% tax rate?
a good start
for other people who don’t have tax shelters, tax lawyers, and CPA’s
Democrats raise taxes. Republicans are supposed to cut spending.
When is that 62% spending cut coming out of the House of Representatives?
Almost out of other peoples money ya socialist ass hats .....
Stay Safe Nachum ...
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