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I don't have a problem with it, but ALL tax rates should go back to the Clinton era rates. And, while we're at it, reduce government spending to 1990s levels.
The fallacy of the 'the 1990s had higher taxes and the economy was roaring' argument is that the economy depends on ALL revenue and ALL spending, not just select tax rates.
Personally, I think all Bush tax cuts should be eliminated. But since people are too scared to go back to the 1990s rates, then tax hikes on $1M+ is the much better level with minimal economic impact.
How much revenue does that raise?
Boehner is being sneaky. He knows that raising the ordinary income rate over $1 million isn't going to effect million+ earners because they make most of their money from capital gains.
Why not just put a sales tax on Wall St.? They currently engage in tax-free financial transactions, except in New York but New York refunds the tax receipts
How much revenue does that raise?
Boehner is being sneaky. He knows that raising the ordinary income rate over $1 million isn't going to effect million+ earners because they make most of their money from capital gains.
Obama ran and won on having those who make 250K pay a little more on income over 250K (not the first 249K). No need to take Boners weak deal. Obama holds all the cards, the people will blame the republicans and Obama will get everything he wants if we go over cliff and Boner will be left to explain why he never passed the middle class tax cuts that could've been handle weeks ago. Republicans are playing with the future viablility of their entire party.
Obama and the Democrats had been calling for the "millionairs" to pay their fair share. Boehner said okay, let's have "millionairs" pay more but Obama rejected it so he can increase taxes on everyone, a broader tax increase, everyone pays higher taxes.
Obama wants the debt ceiling raised reeeeaaally bad so he can spend more money and put this country in more debt. Of course many of you just hanging on by a hair wouldn't understand the concept.
You have it backwards and don't understand the concept. The debt ceiling must rise to to pay for spending that Congress approved in 2012. It's got nothing to do with future spending.
Bush tax cuts expire on $1 million and higher small business will be able to hire again.
We all heard Boehner saying that raising taxes on $200K / $250K and higher would hurt small businesses and that and wanting cuts in spending has been Boehners main reason for not agreeing to the expiration of the Bush tax cuts.
Boehner suggested expiration of Bush-era tax rates for annual incomes of $1 million or more annually, beginning Jan. 1. Obama is not agreeing to the $1 million. Obama is adamant that any deal include an increase in the debt ceiling. Obama wants more spending.
The Republicans would also pass a competing bill to extend the Bush tax rates for all wage earners but that legislation would be derailed in the Democratic-led Senate.
The question is will Obama go along? Or will Obama allow a default and everyone pay higher taxes?
Obama should tell Johnny Boy to go pound sand. Let Boehner accept the Obama plan as written or be blamed for middle-class tax increases and diselected. His choice.
I don't have a problem with it, but ALL tax rates should go back to the Clinton era rates. And, while we're at it, reduce government spending to 1990s levels.
The fallacy of the 'the 1990s had higher taxes and the economy was roaring' argument is that the economy depends on ALL revenue and ALL spending, not just select tax rates.
Personally, I think all Bush tax cuts should be eliminated. But since people are too scared to go back to the 1990s rates, then tax hikes on $1M+ is the much better level with minimal economic impact.
rep Bobby Scot Democrat Congressman from Virginia said he also favors letting the Bush Tax Cuts expire on everyone.
Why not just put a sales tax on Wall St.? They currently engage in tax-free financial transactions, except in New York but New York refunds the tax receipts
Let's call it a Casino tax, shall we.
Seriously now, Wall Street is in so deep with Washington, regardless of who is sitting the oval office, there's no taxing the hand that feeds ya.
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