Brain
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Joined: 2/14/2007 Status: offline
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They have to change the tax rates but not the Clinton years. FTA: As many of you know, the fact that the top marginal rate (now 35%) was 90% in the 1950s – arguably, the most prosperous decade of any decade in any country in recorded history – is one that I love. As I've also said, I'm not sure about 90%. That strikes even me as a tad high. (Remember, we're talking marginal rates, meaning that rate is paid only on dollars earned above X; lower rates apply to dollars earned below X.) But I really do not see why we can't create brackets at $1m and $5m and $10m that run, say, 45 and 55 and 65%. From there, it wouldn't be too long before America became like a third world country in terms of vital social and quality-of-life statistics. But most of these people are from the south, and most southern states are little third world countries now, really, so they wouldn't notice – at least, until all the largesse that comes their way from the high-tax and high-productivity northern states started to dry up. Soaking the super-rich Should LeBron James and LeBron James's dentist pay the same tax rate? Jim Surowiecki of the New Yorker puts on the table a question I've raised here for some time, that of the top marginal tax rate for very high-income Americans. He writes: Even within the top one per cent, income is getting more concentrated: the top 0.1 per cent of earners have seen their share of national income triple over the same period. All by themselves, they now earn as much as the bottom hundred and twenty million people. So at the same time that the rich have been pulling away from the middle class, the very rich have been pulling away from the pretty rich, and the very, very rich have been pulling away from the very rich. The current debate over taxes takes none of this into account. At the moment, we have a system of tax brackets well suited to nineteenth-century New Zealand. Our system sets the top bracket at three hundred and seventy-five thousand dollars, with a tax rate of thirty-five per cent. (People in the second-highest bracket, starting at a hundred and seventy-two thousand dollars for individuals, pay thirty-three per cent.) This means that someone making two hundred thousand dollars a year and someone making two hundred million dollars a year pay at similar tax rates. LeBron James and LeBron James's dentist: same difference. http://www.guardian.co.uk/commentisfree/michaeltomasky/2010/aug/10/usdomesticpolicy-soak-the-superrich quote:
ORIGINAL: Whiplashsmile4 quote:
ORIGINAL: mnottertail So, what is the Grand Old Parties plans to get us out of our current difficulties? How will they create jobs? How will they balance payments, and pay down our debt? How will they fix our infrastructure? How will they deal with the global community to keep us safe and competitive? I'm listening. Ron, I'm listening as well and I ain't hearing anything intelligent from the GOP either. In fact some of the things from the GOP side is just as alarming. Seriously, America is bung hole deep into debt. The tax cuts the GOP is wanting ain't in the right places and seriously... We need to have taxes like they were around the Clinton years, and be way more responsible with spending. I'm not in favor of this tax cut madness and In favor in cutting back or being more responsible in spending. I really don't see the GOP pitching any plans that are worth a grain of salt. Just the same old same old stale cracker ecomonic plans that have time tested and proven to not work. Trickle downs. I'm still listening for more details from the GOP, I'm very interested in hearing more. Seriously, the GOP is lost and clueless. At the moment they seem to be focused upon their war campaign against the Obama administration and side stepping coming up with a solution. Solutions that just might make a change in their own party ways of thinking about shit. The GOP needs to seriously make some changes in their philosophy if they wish to do anything Good. A crowd of protester at the statehouse in Atlanta, part of nationwide Tea Party protests of taxation and government spending. Photograph: KPA/Zuma/Rex Features
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