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- Wednesday, August 11, 2010, 5:20 PM Obama’s plan to let lapse the Bush-era tax cuts for upper-income Americans would have little effect on those taxpayers, according to the Joint Committee on Taxation. The 3.8M filers who fall in the $200K-$500K income range would pay an average of $532 extra, the study says.
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This news story has 42 comments:
There is no free lunch....Galt knows
yo do know that when the tax cuts were passed, we had an annual surplus then and the stated intention was to discontinue them if we went into a deficit. One year later, Dick Cheney said "deficits dont matter" and that was that.
we need money.
we never should have given the rich the tax break to start with. it never trickled down. it did nothing for the economy. nothing except out us closer to bankruptcy.
enjoy your freedom and the absolute best military money can buy, and pay your taxes.
I'm counting on you to stimulate the economy!
Please start with buying Madden 11.
So you think you have already paid your share for the $1,000,000,000,000 iraq/afghanistan adventure over the last 9 years or so??? oh wait, that was all done off-budget while the last president decided to cut taxes for the rich.
Hmmmm, wonder how WE will pay for this tab .....
The rich are benefiting from the perverted economic system we have. Good thing they are doing their part by all volunteering to fight the wars.
No everyone quit your whining, get up tomorrow and go to your mcdonalds job or down to the recruiting office. And quit disturbing the rich who are letting some of their ever-growing capital make the economy better for you.
Quit pissing on my leg and calling it trickle down.
The US has one of the most progressive tax regimes in the world and your answer to what this has wrought is more of the same? This isn't about the middle or lower classes - they won't benefit by this heist. This is about you and your cronies selling snakeoil to keep the ponzi scheme of bloated government payrolls, overpaid civil "servants", and obscene public pension systems going as long as you can.
Oregon authorities have already come out and said that the portion of this $28B "stimulus" allocated to Oregon is going to shore up the vastly under-funded and obscenely generous PERS (public employee retirement system). The lies of the democrats and Obama were just that - LIES. This is not going to help children or keep teach layoffs from occurring (which always hit the most recently hired with the least union weight and thus expendable).
Clinton era job creation = 22.5 million
Bush job creation = 3 million
Aaaaa the good old days.
Nope wouldnt want to go back to that repressive time. We need some more Bush tax cuts?
seekingalpha.com/news/...
Thus, it will be a burden on everyone else - repeating FDR's large mistake of raising taxes; this administration is beginning to look like a bad season of repeats from almost 80 years ago; had television been consumer operational back then.
This has very little to do with reducing the debt or putting the country on firmer financial footing. It is all about class warfare in America.
Even the advocates admit it will only "hurt" the rich to the tune of $38 billion (They won't feel a thing).
This is from the WSJ:
"The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.
Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009."
online.wsj.com/article...
So the leftists want to take money from a small % of Americans (because they don't fight the wars, or get their hands greasy working at McDonalds), yet it will be wasted in less than 1 month. Not spent wisely or to the benefit of the rest of the country-- wasted.
It is foolish to raise taxes on anybody before the government stops the out-of-control spending. It takes the money out of the economy-- it does not come back in except as a much, much smaller %, if ever, due to a wasteful government. Not sure why some are unable to learn from a very, very long history of government waste.
Any new tax revenue will be absolutely be wasted by this government. If you think that is not true, just wait until next week. Or the week after that. Or pick a week at random-- you could even use last week.
But here is te
Look at the 100s of billions of dollars thrown at education. I have 2 in private school, because the public schools(Ga) are sooo bad. The more we spend, the worse it gets. Govt unions are ripping us off. I dont have a pension, why should I be forced to pay someone elses.
Why are we still funding PBS,the arts.etc.........
Give the "worthy" govt functions back to the states.
A little competition among the states, would be a good thing.
Either way, time for the rich to quit whining and pay a bit extra to save the country. Or maybe they are not interested in that?
Who do you expect to help pay down the debt? The people with 90% of the money or the people with 10% of the money?
Soooo, if it doesnt hurt them, we may as well do it.
The US situation, under that thinking, then, is the classic catch-22. If you tax the really rich your receipts fall and your capital flees while the inflows to campaign funds drop; but if you just tax the rest of the population, as it has been, your receipts drop as employment drops. So, you increase taxes on the larger plurality of the population and your likelihood of returning to office drops.
As I noted, somewhere, part of the solution is eliminating whole non-performing sections of the government such as Education and Energy, but that is about as likely as taxing the really rich in this government. Do I remember a proposal for a flat tax, somewhere in the dim and distant past?