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I know. I read some of these people and its like they are amazed that the US has a progressive income tax.
Its only been around for 100years or so.
I consider the tax meaningfully progressive only at very low and at higher levels of income, and pretty flar across the broad range of middle incomes. Families with very low incomes can get a meaningful amount of free money (childless adults not so much), and above $100K or so, a number of deductions and tax breaks get phased out or disappear completely.
In the middle, deductions and tax breaks allow many middle class taxpayers to enjoy effective tax rates comparable to what working class taxpayers pay.
So, just raising taxes to the Clinton era rates will fix everything, right? I further assume that these rates will be raised on everyone? And, spending will be back to Clinton era levels?
I think eventually everyone's taxes will have to be increased.
In terms of Clinton era spending, why would you set this arbitrary limit?
We have like 30million more people than when Clinton was last president.
The over age of 65 population is exploding. We face an increasing demand for a better educated populace.
To tie this nation to some artificial limit that may prevent us from meeting the current challenges is kind of foolish.
I think eventually everyone's taxes will have to be increased.
In terms of Clinton era spending, why would you set this arbitrary limit?
We have like 30million more people than when Clinton was last president.
The over age of 65 population is exploding. We face an increasing demand for a better educated populace.
To tie this nation to some artificial limit that may prevent us from meeting the current challenges is kind of foolish.
Exactly! Obama's cronies want more money on top of what they were already paid to support him. He has the perfect set up to make it happen. If nothing is done before the end of the year. Everyone's (except for the parasitics) taxes go up. Obama, unions and cronies get what they want.
If Republicans fight it... everyone's taxes go up and Obama gets to blame the republicans... and Obama, unions, and cronies get what they want.
Why would Obama want to do a thing. He wants as much money as possible.
I consider the tax meaningfully progressive only at very low and at higher levels of income, and pretty flar across the broad range of middle incomes. Families with very low incomes can get a meaningful amount of free money (childless adults not so much), and above $100K or so, a number of deductions and tax breaks get phased out or disappear completely.
In the middle, deductions and tax breaks allow many middle class taxpayers to enjoy effective tax rates comparable to what working class taxpayers pay.
Yes, the income tax is progressive, but basically all other taxes are regressive. And many of the tax savings are regressive as well.
The 401k tax savings where a person's taxable income is lowered by the amount they put into the 401k, is a huge giveaway to higher income earners who were already saving for retirement, and many low income workers have employers who don't offer 401k plans or they earn so little that they need all of their income to live.
The mortgage interest deduction is another giveaway to higher income earners while those who pay rent get nothing. Those who own homes have higher incomes than those who rent on average.
The employer provided health insurance tax exclusion is another giveaway to higher income earners while those low income workers often don't have employer provided health care or can't afford because they earn so little.
Not to mention, the regressive sales taxes in many states.
So, yes low income workers do get certain tax benefits, but they also are penalized.
High income earners can pay a lot of income taxes, but they also benefit in the ways I listed.
I'd say the US has a progressive income tax, but our overall taxes are fairly flat.
Exactly! Obama's cronies want more money on top of what they were already paid to support him. He has the perfect set up to make it happen. If nothing is done before the end of the year. Everyone's (except for the parasitics) taxes go up. Obama, unions and cronies get what they want.
If Republicans fight it... everyone's taxes go up and Obama gets to blame the republicans... and Obama, unions, and cronies get what they want.
Why would Obama want to do a thing. He wants as much money as possible.
Lol, well you have to basic reality correct. The President and the democrats don't have to do anything and they get what they want.
Understand you think this is some nefarious plot, but it is the result of the negoiations at the end of 2010 to raise the debt ceiling.
The conservatives thought President Obama would lose his re-election bid and the new conservative president would make the tax cuts permanent.
President Obama thought he'd get re-elected and end the tax cuts on income above $250,000. He won so its happening.
The US has had a progressive income tax for many decades.
The reason the top 5% pay 40% of income taxes is because the top 5% earn 20% of all the income. With a progressive income tax, that means they'll pay more of the income tax.
If thr top 5% earned 10% of all income they'd pay less of the income tax. If lower income Americans earned more they'd pay more of the income tax. This is not difficult.
Those at the top have taken basically all the income gains for over 30years, while the rest have only gained a little. In terms of income taxes, you go where the income is located.
Exactly. Most of the gains in income since 1971 have gone to the wealthy. Middle class incomes have remained flat or even decreased.
That is because the middle class have to work. Labor doesn't bloat with asset inflation. Taxes on labor build the infrastructure and prosperity which jacks up the value of real estate which increased the cost of it use. Then these fat slugs have the nerve to whine about the fact that the middle class has nothing left to pay because Wall Street slugs put them in debt to consume their own produce with credit out of thin air.
I think eventually everyone's taxes will have to be increased.
In terms of Clinton era spending, why would you set this arbitrary limit?
We have like 30million more people than when Clinton was last president.
The over age of 65 population is exploding. We face an increasing demand for a better educated populace.
To tie this nation to some artificial limit that may prevent us from meeting the current challenges is kind of foolish.
Why do lefties feel as though the Clinton era tax rates were the exact, right tax rates that we need?
What is foolish is the belief that we can continue to allow our government to spend without limits and then blame successful people for the deficit.
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