Obama rules out any compromise that would extend the Bush-era tax cuts for the rich

• fish82

  

  The current largest tax increase is the one done in 1942, which equated to about $110 Billion annually in current dollars. So, that's the number to beat.
• Footwedge

  Percentage wise, this is one of the smallest tax hikes ever. JFK was lauded, and rightfully so, in implementing one of the biggest tax cut programs in American history.
  
  Yet, when he was done, the highest income tax bracket was maxing out at 62%. Remember, the booming US economy post WWII, from 46 through 62, showed the top marginal bracket paying 90/91% in federal taxes.
• believer

  

  I Wear Pants;501594 wrote:It isn't the largest tax increase in history nor will it be even close to the highest tax rates we've had. But go ahead and freak out like it is.

  We'll all be freaking out when we begin coughing up a significant amount of cash every payday, when our utility bills begin to skyrocket, when the alternative minimum tax which hasn't been adjusted for decades hits middle income wage earners it was never intended to hit, and when the elites stop hiring to compensate for much higher tax burden.
  
  Go ahead and feel all giddy and patriotic about paying higher taxes but until the Feds do their part by STOPPING THE FUGGING SPENDING MADNESS, there will be a giant howl throughout the land.
  
  If you think the economy is bad now, let the tax cuts expire. You ain't seen nothing yet.
• fish82

  

  Footwedge;502023 wrote:Percentage wise, this is one of the smallest tax hikes ever. JFK was lauded, and rightfully so, in implementing one of the biggest tax cut programs in American history.
  
  Yet, when he was done, the highest income tax bracket was maxing out at 62%. Remember, the booming US economy post WWII, from 46 through 62, showed the top marginal bracket paying 90/91% in federal taxes.

  And yet even at those confiscatory rates, the top 1% paid 19% of the total tax bill. Today they pay more than double that.
• QuakerOats

  http://www.heritage.org/research/reports/2010/09/obama-tax-hikes-the-economic-and-fiscal-effects
  
  
  Change we can believe in ............
• ptown_trojans_1

  

  QuakerOats;502260 wrote:http://www.heritage.org/research/reports/2010/09/obama-tax-hikes-the-economic-and-fiscal-effects
  
  
  Change we can believe in ............

  
  Heritage against the Obama tax plan. I'm shocked! lol.
• Footwedge

  fish82;502129 wrote:And yet even at those confiscatory rates, the top 1% paid 19% of the total tax bill. Today they pay more than double that.

  And...they make 10X more per annum as a ratio to "grunt " Americans.....when comparing today's top 1% versus the 1% of the mid 80's. Seems to me they're making out pretty well on this deal...over the past 25 years...higher tax burden or not.
• HitsRus

  

  Manipulate the stats however...the bottom line is this:

  STOPPING THE FUGGING SPENDING MADNESS

  before you go to the taxpayers for more money, stop increasing spending. PRETTY SIMPLE.
• fish82

  

  Jake Tapper does a nice job of yet again making Gibbs look like a circus monkey on this issue. http://www.realclearpolitics.com/video/2010/09/30/press_batters_gibbs_over_blaming_gop_for_no_tax_cuts.html
• QuakerOats

  Maybe I can boil it down:
  
  Say your wife keeps writing checks and overdrawing the checking account. Do you then go to your "rich" boss and tell him you need a raise in order to "pay for" your wife's spending habits? Or, do you tell your wife to limit spending in order to solve the problem? I think I know what 99% of us would do. Thus, why do politician's think they can spend money they don't have, and then turn around and ask the "rich" guy(s) that he should pay more to cover it, as though their spending problem was his fault? BIZARRE!!!
  
  {no intent to disparage women or wives in the above example}.
• BGFalcons82

  

  If you want to be startled, check out this total tax calculator from the Buckeye Institute: http://www.buckeyeinstitute.org/tax-calculator
  
  I did mine and found I get to keep 72% of what my family earns and we are not anywhere close to qualifying as EEEEvil rich. For those that don't think people pay enough in taxes...check out your results and see how many there are that you might not even know about.
• jmog

  BGF, I "get to keep" about the same percentage as you...its sickening when you see how much per year you pay in total taxes (not just federal).
• BGFalcons82

  

  jmog;507958 wrote:BGF, I "get to keep" about the same percentage as you...its sickening when you see how much per year you pay in total taxes (not just federal).

  
  The Progressives call it, "incrementalism", and it's how these things get so out of control. For current example, Obama wants to raise taxes on the EEEEvil rich by "only a couple points", so that they pay their fair share (who decides fairness anyways?) So next time, when they want to raise taxes...it will be "only a couple points" and thus be fair.
• Footwedge

  HitsRus;502415 wrote:Manipulate the stats however...the bottom line is this:
  
  
  before you go to the taxpayers for more money, stop increasing spending. PRETTY SIMPLE.

  The only person that would actually take the axe to the Federal budget is Ron Paul. If people were really that hacked off....then why didn't they vote for him last election? I sure did.
  
  When it comes to government spending, Nixon was the biggest culprit....and started the ball rolling.
  
  Up until 1971, countries "settled" their debts with other countries with gold. If one googles "Nixon shock", he will see that the official "money don't matter" scheme was put into full motion.
  
  Nixon is famous for 2 quotes...
  
  1. "I am not a crook"......and
  2. "We are all Keynesians now".
• QuakerOats

  "Treasury May Act On 2011 Income Taxes Before Congress Does.
  The Wall Street Journal (10/7, Saunders) reports that the lack of congressional action on income taxes for 2011 could force the Treasury Department to move on its own. Treasury usually releases income tax withholding tables by mid-November, but Congress may not act on taxes until December. Treasury may maintain tables at the 2010 levels until Congress acts, or could simply set 2011 tables at current levels for most taxpayers, making an assumption that Congress will act on the alternative minimum tax and other unresolved matters."
  
  Unbelievable ------ the socialist leaders in congress adjourn without acting on tax rates leaving taxpayers and businesses unable to plan. These idiots should be extradited to Greece.