weak Obama proposal

[PaulS]

Restore the Bush tax cuts and cut spending to balance the budget. I can do it. No one will be happy.

[Jim in CT]

Originally Posted by PaulS

Restore the Bush tax cuts and cut spending to balance the budget. I can do it. No one will be happy.

Lots and lots and lots of people would be happy. Everyone killing themselves to make ends meet would be happy. Freeloaders wouldn't be happy. Those abusing the system wouldn't be happy.

I don't believe we have to make masive cuts, I just think we have to eliminate the stupidity. Consider a local example. I have said this before, and I'll say it again. Public unionized employees have absolutely no right collecting pensions while the rest of us live with 401(k)s. Here in CT, a whole lot of state and local debt would go away if we demanded that public servents be compensated in a way that doesn't dwarf what's available to those they claim to serve. Cops retiring at age 45 with masive pensions? We simply cannot have that anymore.

I believe those cuts would do it. But the liberals won't go against their constituency.

the other problem with hitting filers that make over $250k is that a lot of small businesses file that way. This is no time to increase taxes on small businesses, but liberals think that's free money to them.

[mosholu]

For the sake of discussion at what point should higher rates kick in if not 250k. If it is not 250 should it be 300 or 500? I personally find it offensive that the tax rates stop increasing at a certain point. I have read a lot of articles that point to the higher concentration of wealth in the top 1% of the country. I think that it is only fair that these people have a higher rate of tax as their income goes higher especially given the crisis we are facing.

[zimmy]

Originally Posted by mosholu

For the sake of discussion at what point should higher rates kick in if not 250k. If it is not 250 should it be 300 or 500? I personally find it offensive that the tax rates stop increasing at a certain point. I have read a lot of articles that point to the higher concentration of wealth in the top 1% of the country. I think that it is only fair that these people have a higher rate of tax as their income goes higher especially given the crisis we are facing.

I would be in favor of a higher starting point than 250000 since it really isn't that much many places. 350,000 would be my vote, but again I would defer to economists who know a heck of alot more about what drives the economy.

[Jim in CT]

Originally Posted by mosholu

For the sake of discussion at what point should higher rates kick in if not 250k. If it is not 250 should it be 300 or 500? I personally find it offensive that the tax rates stop increasing at a certain point. I have read a lot of articles that point to the higher concentration of wealth in the top 1% of the country. I think that it is only fair that these people have a higher rate of tax as their income goes higher especially given the crisis we are facing.

The top 1% of Americans pay about 38% of the federal taxes. The share they pay is higher than it was 15 years ago. To me, that's pretty damn progressive.

I agree no one needs a billion dollars. But if someone has the ability to earn it and does, how much of that should be confiscated by taxes? How much of someone else's pile do you feel entitled to?

Here in CT, those at the top pay 35% in federal income tax, and 6+% in state income tax. That's 41% of their earnings that they hand over. That seems like a whole lot to me.

As I said, let's restore some sanity to the spending levels, and see where that gets us. If we can't eliminate the deficit with reasonable cuts, then yes we have to raise taxes, and common sense says you start with the billionaires. But you have to cut spending as much as you can, before you take more of someone else's money.

How do you raise taxes on working folks so that cops can keep retiring in their 40's? Anyone want to try explaining that to me?

[Chesapeake Bill]

Jim, You said, "...those at the top pay 35% in federal income tax, and 6+% in state income tax. That's 41% of their earnings that they hand over. That seems like a whole lot to me." That's a good point.

Don't forget that they probably also hit the AMT so the 35% is on the first dollar earned (that is, the entire amount with no deductions). That adds to the total tax burden.

Home ownership meant something before the Supreme Court (particularly Justice Souter) ruled in favor of imminent domain and destroyed the concept af ownership.