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The House is scheduling a vote on a new top tax rate for the highest-paid employees, presently to be applied only to employees of companies that get big Federal bailout packages.
The new tax rate is supposedly for people getting bonuses, but seems to be worded in such a way that it will be levied on ANYONE in the company whose income exceeds $250,000.
Joe the Plumber raised the issue of Obama raising taxes for people like himself, who might purchase a business whose receipts could be legally interpreted by the IRS as "income" above that level. But no one dreamed the increase would be so draconian.
There's even a quote from Charlie Rangel, who seems happy that state governments can tax away the other 10% of people's incomes.
We get the government we deserve.
Not since the depths of World War 2 have tax rates been so high.
Elections have consequences. And when you elect a bunch of extreme leftists to the national government, as we did last November, tax increases are one of those consequences. Even shockingly high ones.
As mentioned, some of the leftists are assuring us that these 90% tax rates are presently only for people getting bonuses the leftists don't approve of. The fact that this sets an ominous precedent, is to be dismissed.
Can I have a show of hands, of those who honestly believe that tax rates for the rest of us will NOT start heading in that direction pretty soon? After a 90% tax rate like this, hiking rates on the rest of us to a mere 50% or 60% should be much less shocking.
BTW, the Senate is currently considering similar taxes up to 70% (35% for the employer and 35% for the employee).
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House sets up vote today on taxing AIG bonuses (OneNewsNow.com) (http://www.onenewsnow.com/Headlines/Default.aspx?id=457634 - broken link)
House to vote on 90 percent tax for AIG bonuses
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer 1 hr 2 mins ago
WASHINGTON – The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
"We figured that the local and state governments would take care of the other 10 percent," said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.
(Full text of the article can be read at the above URL)
The House is scheduling a vote on a new top tax rate for the highest-paid employees, presently to be applied only to employees of companies that get big Federal bailout packages.
The new tax rate is supposedly for people getting bonuses, but seems to be worded in such a way that it will be levied on ANYONE in the company whose income exceeds $250,000.
Joe the Plumber raised the issue of Obama raising taxes for people like himself, who might purchase a business whose receipts could be legally interpreted by the IRS as "income" above that level. But no one dreamed the increase would be so draconian.
There's even a quote from Charlie Rangel, who seems happy that state governments can tax away the other 10% of people's incomes.
We get the government we deserve.
Not since the depths of World War 2 have tax rates been so high.
Elections have consequences. And when you elect a bunch of extreme leftists to the national government, as we did last November, tax increases are one of those consequences. Even shockingly high ones.
As mentioned, some of the leftists are assuring us that these 90% tax rates are presently only for people getting bonuses the leftists don't approve of. The fact that this sets an ominous precedent, is to be dismissed.
Can I have a show of hands, of those who honestly believe that tax rates for the rest of us will NOT start heading in that direction pretty soon? After a 90% tax rate like this, hiking rates on the rest of us to a mere 50% or 60% should be much less shocking.
BTW, the Senate is currently considering similar taxes up to 70% (35% for the employer and 35% for the employee).
----------------------------------
House sets up vote today on taxing AIG bonuses (OneNewsNow.com) (http://www.onenewsnow.com/Headlines/Default.aspx?id=457634 - broken link)
House to vote on 90 percent tax for AIG bonuses
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer 1 hr 2 mins ago
WASHINGTON – The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
"We figured that the local and state governments would take care of the other 10 percent," said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.
(Full text of the article can be read at the above URL)
Eventually, a 90% tax rate will be required to pay off our debts. It's either that, default, or hyperinflate. This will confirm third world status as very few will remain in this country. Then the gubmint will do the only thing it knows how to: regulate - in this context regulate people physically leaving (quotas to get out, massive financial penalties for renouncing citizenship, etc).
The OP is a slippery slope fallacy. Since there is nothing to support the argument - no administration or congress, Republican or Democrat, has raised taxes to anything close to what the OP claims - any debate would be futile.
Eventually, a 90% tax rate will be required to pay off our debts.
Hee hee hee.
That little joke got told a lot in the 50s, 60s, and even the 70s. As though raising tax rates actually resulted in raising revenues. Yep, a real knee-slapper there, it was.
To talk to various persons of the southpaw persuasion nowadays, you'd think they actually hadn't noticed what happened in the 60s, when Kennedy/Johnson lowered those top tax rates from 91% (fact!) to 75%, and in the 80s when Reagan lowered them from 75% to 50% and then to 33%. There was a brief dip in revenues, of course, as companies tooled up, hired up, created new designs etc. And then revenues blasted off, and have soared ever since, except for brief times when Bush 41 raised rates. Clinton ducked the effect of his tax increases, when a Repub congress cut the Capital Gains tax the following year, and the net revenues stayed up.
Now you're talking like raising rates to 90% again, will somehow result in a longterm revenue increase, despite decades of hard practical evidence showing otherwise.
Quite a sense of humor you've got there!
Quote:
It's either that, default, or hyperinflate.
Yep, those are the only other alternatives, according to the same joke. That's the not-so-funny part. Hee hee, hmmmm.
Course, there IS one other possibility: The one that has worked before, every time it's tried.
Lower tax rates. Get rid of the Capital Gains tax, the corporate income taxes (corporations don't make money, their employees and shareholders make the money), and the Death tax. Slight decreases in personal income taxes would be good too, down to the level where Reagan left them.
This is laughable... although I understand they want to recoup those bonuses (which is a good thing)... but 90%? Say you make 250k... 90% taxes means you get 25k... divide that by 12 and you get roughly 2k per month... which is roughly someone making BELOW the average US salary... hehehe... I understand the politics of it all but I doubt that it will even pass... why are they doing this? They KNOW the way they have "phrased" it will make it a DEAD bill in congress... its all grandstanding without any real action? They are trying to draw voter sympathy for politicians but at the same time removing the bite of any actual reform... If it did pass (one in a billion chance), I guarantee Obama will veto it...
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