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Why not raise the tax rate on the largest earners to 91%? They did in the UK and under FDR. We survived so I say anyone earning over $250,000 should be able to survive on half that income. They should be willing to downsize into a small house or condo and chip in. 39% is nothing. Along with a flat 10% tax and it should be applied to the working poor as well. They can buy cigarettes so tax them as well.
Where we fundamentally differ is I believe an individual can better decide how and where to spend money than the government does.
Obama wants taxes to go higher for everyone. Obama wants to push all of us off the cliff.
Look at how much Obama wants to take out of the economy.
I go to work and make money
I spend my money paying bills and buying stuff
When I buy something, I win because I got something. The company I buy from benefits. Local and state benefit. Employees also win. Government gets their take too.
Obama wants to bypass everyone and no one but Obama and his cronies benefit. Obama is going to hurt everyone.
If you want to "raise" taxes on the 47& of tax filers who currently pay no fed. Income tax (or less), I am all for that. I paid fed income taxes when I was 16 years old making $1.35 an hour at a Holiday Inn.
Returning to the Clinton tax rates is not punishment. They were doing just fine than. The current path is not viable, so change must occur. While I am not a liberal, I do believe we should all pay our fair share. The wealthiest of Americans have enjoyed 8 years of record low tax rates. The party is over because it didn't work out. Now they have to figure where their money is best invested... Hording cash or investing in labor. If you bother to read a history book, you'll notice America's most prosperous years also coincided with the highest tax rates on the highest income earners.
will you agree also then that increased government spending did not work out, and that needs to be stopped also?
will you agree also then that increased government spending did not work out, and that needs to be stopped also?
Unfortunately, America is in deep trouble in one regard... Government spending accounts for a large chunk of what drives our GDP. Get rid of that, and I guarantee we will be back in recession territory. The painful truth is spending cuts were needed 10 years ago when the country could bare the brunt and readjust. Today, the market is hooked on the juice.
On the bright side, China will make sure we get all the capital required to keep this ship moving. They need our consumer base more than we need a capital injection. If you think America has problems, take a look at the rest of the world...
To put it in simpleton's terms lets say you and I owned an apartment complex of 100 apartments and the property tax of $120,000 was due January 10 of every year.
So built into the $800 monthly rent we have $100 earmarked monthly from each apartment going into paying the property tax.
At the end of January we have a $10,000 surplus after paying all the expenses. At the end of June we should have a $60,000 surplus and at the end of October we should have a $100,000 surplus!
But it is not s surplus, come January 10 we got a tax payment due and you better have the money to pay for it. Kind of like future social security recipients expecting their social security checks come their 66th birthday.
That is exactly how Clinton "balanced the budget".
The effects of the president's tax plan on households with incomes above $250,000 but below $500,000 will be minimal.
A household making between $250 and $300K will pay $669 more in federal tax.
A household with income between $300 and $350K will pay an additional $1,481.
It's not until you get to households with incomes over $500,000 that you see any significant increase. They will see an average tax increase of $16,000.
In other words the president's proposed tax increases will only affect the very wealthy, which is exactly as intended.
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