Do You Favor Raising Income Taxes On The Wealthy? (wages, salary, Glenn Beck)

[texdav]

First thing is to get spending and debt under control :IMO. Then look at the tax structure and simplify.

[ChristineVA]

Originally Posted by kevinm

These are no longer the "Bush tax cuts". They became the "Obama tax cuts" the day they EXPIRED and HE renewed the rates.

If anything, they are the rolling back of the "Clinton tax increases" of the 1990s.

Fair enough.

I would like the Obama Tax Cuts rolled back to the Clinton Tax Increases. Bush has nothing to do with this.

[Swingblade]

I voted no today and would vote no until my death. The progressive income tax is right out of Marx's manifesto. Like I always said the two parties are so much alike and when it comes to this Marxist idea there is bi partisan support.

[oldtimer2]

Originally Posted by miyu

I favor raising everyone's tax rates to whatever the highest tax bracket has to pay. Just to be fair. After all, don't people have their "standard deductions" already? That should prevent people from starving. If you can't maintain your current lifestyle then maybe it is time to downgrade. Because if you raise taxes on the wealthy, they would have to downgrade too - why should they have to be the only ones to do that? Everyone should need to do their part. Otherwise they are just being leeches. Fair is fair. I know plenty of people who earn less money than me who have more luxury items and lifestyles. And if you are telling me I need to pay more % taxes than they do, you are out of your mind.

You may have a good idea.

I never liked flat taxes because they seem regressive.

Perhaps we need to exempt the first 15-25K of income and then flat tax everybody at the same rate of say 30-40%.

We could also add an additional 10% on incomes in excess of 1 Million.

Eliminate all tax write offs. No exceptions.

Drop corporate tax rates to 20%.

Set capital gains to 20%.

Simplify the tax code.

[Swingblade]

One of the things our freinds from the left should consider before voting yes, is why are they not holding their leaders and their rich leftist counterparts feet to the fire on taking deductions? Do we maybe have a case they want others to pay more but oh no not me. Well our President is a perfect example of this hypocricy, here is what he says :

"As a country that values fairness, wealthier individuals have traditionally borne a greater share of this burden than the middle class or those less fortunate. Everybody pays, but the wealthier have borne a little more," the president said.

Here is what he wants to do :

So he wants to raise the top marginal tax rate to 39.6 percent and eliminate itemized deductions for the top 2 percent of earners.

And here is his record on taking every deduction that he could muster :

What the president didn't say is that he has taken full advantage of each and every tax deduction available to him in order to lower his taxes on his income of more than $5 million per year. No one forces Obama to take these deductions, which he objects to so strenuously for everyone else in his income bracket.
So let's take a look at the deductions he took last year (the president's 2009 return and that of Vice President Joe Biden are available online): In 2009, Obama took itemized deductions of $514,819, a foreign tax credit of $59,372, and a deduction for interest on his home of $52,195. He was also able to take a deduction for $49,000 he contributed to his self-employed retirement fund.

Due to forum rules I can not post all of the deductions that Obama claimed but you can read it here :
Linda Chavez: Obama should put his money where his mouth is | The Columbus Dispatch

[Miborn]

Originally Posted by oldtimer2

Should the U.S. raise Income Taxes on the wealthy?

Maybe on 500,000 and up
250,000 hurts small business owners who are responsible for 80% of the job creation in this country

[Willsson]

Originally Posted by oldtimer2

Should the U.S. raise Income Taxes on the wealthy?

Interesting you've included two income points for taxation, 250k and 150k. I voted NO.

Taxing the wealthy is a moving target, usually down. At what point do we consider a person below the wealthy level? After the market crashes and anyone with over a hundred bucks is wealthy, do we tax half of their possession? If that's your hundred bucks would you be willing to give it up for Planned Parenthood? Even if your own children are hungry? Maybe you should have invested in PPH'd sooner?

Taxing the wealthy is like a dog chasing its tail... you can be the dog. At some point, you're going to bite your own butt.

[ringwise]

Originally Posted by oldtimer2

Should the U.S. raise Income Taxes on the wealthy?

I think they should raise taxes on all wealthy people. Then give exemptions to people that contributed to republican campaigns.

[Wapasha]

Originally Posted by oldtimer2

Should the U.S. raise Income Taxes on the wealthy?

The federal government gets enough blood and sweat out of the American people now, they need to live on what they get, and stop spending more tax dollars on their pet reelection projects.

[Calvinist]

Only if they apply the increased revenue from it directly to debt reduction. Because it's going to kill jobs and we'll be worse off in a year.