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Status:
"everybody getting reported now.."
(set 17 days ago)
Location: Pine Grove,AL
29,550 posts, read 16,528,077 times
Reputation: 6031
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Quote:
Originally Posted by nvxplorer
I like what Joe Scarborough said on his show: (paraphrased) "Today's Republican Party is so far right that the difference between capitalism and communism is two percentage points on the top bracket."
umm, did you notice that the huge Obama tax increase of 2012 came in legislation that had a name? It took positive action by the Democrats to RAISE taxes. And they did, and did again, and want to again, and after that they will decide they need to...raise taxes.
It is what they do.
And no, the Bush tax cuts did not "expire." They were continued for most people. The poor and suffering middle class, particularly.
So, the Bush tax cuts were allowed to continue for two-years for everyone; they were allowed to continue past 2012 for low and middle income earners, yet you claim the Democrats have again and again raised taxes? That's some strong snake oil you're sellin'.
Yet another excellent proposal by this great President Obama, trying to undo the colossal damage caused by Republican Bush's economic policy of giving the rich tax breaks. During the horrific Bush years, the rich enjoyed a record windfall, while the country nearly went into another Great Depression. Policies which benefit the rich don't help the country, only the rich. Republicans are digging their own grave by failing to acknowledge this, which I am all for.
The Republican response to anything the President proposes is, as usual, absurd and entirely wrong.
His reasoning for the $500 credit/2 working spouses bothers the hell out of me. It's meant to tip the scales for a working mother to STAY working and not stay home.
It's also discriminatory. It applies to only middle class people with kids. What about childless people?
The top bracket already shells out 39.8% of their income to Uncle Sam. When you factor in state and local taxes, you are pushing what 50%? Isn't that enough?
Anyone paying 39.8% of their income to Uncle Sam needs a new accountant.
The 400 couples/ individuals reporting the highest AGI have been tracked for more than 20 years. One needs a minimum of $ 99 million to be amongst the top 400. In 2010, the most recent year of available data, the average rate paid was 18% of their earnings to Uncle Sam. More than half had effective tax rates between 10-20%. 37 of these people had effective tax rates less than 10%. LESS THAN 10%!
Capital gains represent 57% of total Income for those in this elite earner group.
Many people confuse marginal and effective tax rates. Some do so intentionally. Hannity on Fox is one of them.
Tax is owed on AGI, after deductions, credits and exemptions. The highest rate applies only to that portion of income in excess of the bracket.
The tax code favors high incomes and the working poor.
High earners are already getting slaughtered on taxes and if they are not protected they will simply take their business (and their smarts) elsewhere.
What the world need now is another hedge fund trader, eh.
The average tax rate of the 400 couples/ individuals reporting the highest AGI is 18%. More than half had effective tax rates between 10-20%. 37 paid less than a 10% rate.
Where are they going to go and pay less?
In contrast, the wealthy in China are leaving in droves and the U.S. and Canada are the preferred destinations.
Clean air, ability to have more than one child and reduced regulations are the big attractions.
I wasn't speaking of only Congress; even so, they just may have that "veto proof" majority. The vast majority of Americans support it, including Richard Trumka. Now if that doesn't tell you something, it should.
Negotiation 101: you don't give without getting. Keystone is a bargaining chip.
I have no doubt that it will happen and 20 years +/-, people will shake their heads and collectively wonder what people were thinking in 2015-8 and blame Obama. See you then.
You're right. That doesn't help the lower income families.. What would? Incentives to reinvest for corporations. Take the penalty out of bringing income back into the states with the provision that those funds be reinvested in growth. Create more jobs, not more welfare.
Tuition free community college could be an opportunity for some.
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Excellent proposal
