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Does this include capital gains? Lets say that they pay 15% now and that it is raised to 50% with the additional 35% to go to the deficit. I like that.
Let's just say raising capital gains would be a disaster as people would sell all their American stock in favor of foreign stock where they could get a better rate of return.
Instead of raising the normal income tax rates. How about a flax tax of X% for all incomes above $XXX,XXX. This tax would be collected separately and would ONLY go toward DEBT REDUCTION. This tax would be on top of the already existing marginal rate.
Think of it like this. "Sorry rich people, the Bush tax cuts were a bad idea, so we are effectively reversing them."
This way the government doesn't have extra money to waste because it only goes toward one thing.
Does "equal protection" mean anything to you libs?
Explain how it is punishment? The wealthy pay alot on either capital gains and actual tax rate....and your suggestion that high earner keeping more of their own money is in some way taking from others? Please explain -
are you going to tell me that low earners should be exhempt from paying for services they recieve, and that high earners should pay for their services...tand that by keeping more on one's wn money that is stealing?
If you want to blame, blame the Govt for spending and getting us in this mess...
Paying more than someone else is punishment for the simple fact that they are paying more because they have more to steal from... if everyone paid a flat percentage than that would be equitable... you seem to think the wealthy get more government "services", if they are wealthy, they are highly unlikely to use government "services"... I do blame the government for overspending, they are overspending on "services"... the wealthy aren't the ones using them but they are paying for the bulk of them which is fair if the income tax was fair...
Instead of raising the normal income tax rates. How about a flax tax of X% for all incomes above $XXX,XXX. This tax would be collected separately and would ONLY go toward DEBT REDUCTION. This tax would be on top of the already existing marginal rate.
Think of it like this. "Sorry rich people, the Bush tax cuts were a bad idea, so we are effectively reversing them."
This way the government doesn't have extra money to waste because it only goes toward one thing.
I did some work and prepared this:
The idea of taxing those earning > $250k is laughable because even at 50% on top of what they pay it hardly makes a dent. As shown if you tax everything for those earning $250k and above, this includes take the $250k so they get nothing at all, it is enough to run the government for less than two months.
Let's just say raising capital gains would be a disaster as people would sell all their American stock in favor of foreign stock where they could get a better rate of return.
Lets not say that because 1) there is no evidence of that; 2) not all capital gains are stock. I thought you were an accountant?
[quote=VTHokieFan;19883765]Instead of raising the normal income tax rates. How about a flax tax of X% for all incomes above $XXX,XXX. This tax would be collected separately and would ONLY go toward DEBT REDUCTION. This tax would be on top of the already existing marginal rate.
Think of it like this. "Sorry rich people, the bi-partisan tax cuts were a bad idea, so we are effectively reversing them."
This way the government doesn't have extra money to waste because it only goes toward one thing.[/quote
I fixed it for you.
Bad idea. All you and all those that want to punish the achievers have to do is write checks to the gov't.
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