Get Ready for a 70% Marginal Tax Rate

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Get Ready for a 70% Marginal Tax Rate

"To cover the Congressional Budget Office projection of Mr. Obama's $841 billion deficit in 2016 requires a 31.7% increase in all income tax rates (and that's assuming the Social Security income cap is removed). This raises the top rate to 52.2% and brings the total combined marginal tax rate to 68.8%. Government, in short, would take over two-thirds of any incremental earnings."

...."There is only one solution to this growth-destroying, confiscatory tax-rate future: Control spending growth, especially of entitlements. Meaningful tax reform—not with higher rates as Mr. Obama proposes, but with lower rates on a broader base of economic activity and people—can be an especially effective complement to spending control. But without increased spending discipline, even the best tax reforms are doomed to be undone."

Read more at:

online.wsj.com...


That is completely insane - your looking at a tax burden of close to 50% for middle income earners.

Why would you even go to work. Even if this gets passed (but it won't there would be blood in the streets first) the problem isn't in how to get more money out of people - IT IS OVERSPENDING by the government.

nothing new here in california. after all the taxes i pay im already at 52% and im middle america

Originally posted by MidnightTide
That is completely insane - your looking at a tax burden of close to 50% for middle income earners.

Why would you even go to work.

Some people are already choosing not to. Instead they are choosing to cut their own expenses, grow gardens, and trade wares and skills within their own communities.

If the scale tips towards people who begin to do this more and more...I wonder what will happen to the economy and the government budget then.

Guess it might be the one time it pays to be unemployed.

Taxes suck. I do not see the need for them when they will waste it on non infrastucture things.

No offense but I do not want to pay taxes for someone to work on art.

You want to be an artist be one, do not go for a gov grant freeloader.

reply to post by MidnightTide


These seems to be fear mongering, IMO. The Wall Street Journal is a mouthpiece for big business and the wealthy. Big business is pushing for "entitlement" cuts so they won't be faced with having to pay their fair share, like they were before.

Originally posted by nunya13
reply to post by MidnightTide

 

These seems to be fear mongering, IMO. The Wall Street Journal is a mouthpiece for big business and the wealthy. Big business is pushing for "entitlement" cuts so they won't be faced with having to pay their fair share, like they were before.

edit on 18-7-2011 by nunya13 because: (no reason given)

Yep! But you know what? Their money talks louder than our screams.
And that suggests the eventual solution to be attempted that will not be pretty, desirable or a solution..

reply to post by MidnightTide



I so feel like a hamster on a wheel.

Two words:

Population Control

Originally posted by MidnightTide
Even if this gets passed (but it won't there would be blood in the streets first) the problem isn't in how to get more money out of people - IT IS OVERSPENDING by the government.

AMEN! We have got to get a handle on spending. Bridges to Nowhere, turtle tunnels, Cowboy poetry festivals...all of these types of things should be cut, and cut now. That is why Americans are so ticked. When our own household budgets are tight we don't waste money on nonessentials.

IF something like this were to happen, I will quit paying ALL bills except for house, utilities and groceries. How, in their greedy little minds, will this help? Take as much as possible from the people and then shake their heads in wonder when the economy gets worse. This is beyond stupid. My credit rating? Who cares. When the big companies start feeling the pinch because of non payment, then you'll see them back peddle.

I am betting that not one person in this thread will be affected by the increase in marginal tax rates -- after WW2 there was a 90 percent tax rate -- in the old days when you went to war you paid for it. Bush got a freebee/ went to war borrowed all the money to pay for it an made certain there wasn't a conscription. And in the mean time blew the surplus that was left to him -- he would be affected by a marginal tax increase -- if he had an income. The more money you make the more tax dodges there are -- funny how that works.

Just to reitereate before you get your panties in a wad you might want to find out what it is all about. If you are worried about unemployment or know people who are unemployed you are very probably not going to be affected by the marginal tax rate.

Originally posted by nunya13
reply to post by MidnightTide

 

These seems to be fear mongering, IMO. The Wall Street Journal is a mouthpiece for big business and the wealthy. Big business is pushing for "entitlement" cuts so they won't be faced with having to pay their fair share, like they were before.

edit on 18-7-2011 by nunya13 because: (no reason given)

Since every tax cut since the great depression has resulted in INCREASED government revenue, do you still favor business stifling tax hikes? I personally have not started my business and scaled back because of tax issues and health care costs created by Obamacare. That business could have brought a few folks off of the government dole. That's what socialism does. It's a destroyer. It creates misery everywhere it's tried.

True liberals don't care if tax hikes lower government revenue. They are all about the process. The process of destroying America and replacing it with international socialism. The more authority we hand over to the UN and the 'benovolent' elitists the better. If someone is prospering because of all their hard work and perseverence, they need to immediately be punished with confiscatory taxes.

Originally posted by SevenThunders

Originally posted by nunya13
reply to post by MidnightTide

 

These seems to be fear mongering, IMO. The Wall Street Journal is a mouthpiece for big business and the wealthy. Big business is pushing for "entitlement" cuts so they won't be faced with having to pay their fair share, like they were before.

edit on 18-7-2011 by nunya13 because: (no reason given)

Since every tax cut since the great depression has resulted in INCREASED government revenue, do you still favor business stifling tax hikes? I personally have not started my business and scaled back because of tax issues and health care costs created by Obamacare. That business could have brought a few folks off of the government dole. That's what socialism does. It's a destroyer. It creates misery everywhere it's tried.

True liberals don't care if tax hikes lower government revenue. They are all about the process. The process of destroying America and replacing it with international socialism. The more authority we hand over to the UN and the 'benovolent' elitists the better. If someone is prospering because of all their hard work and perseverence, they need to immediately be punished with confiscatory taxes.

Do you have anything that backs up that tax cuts increase revenue -- if thats the case then there should be no tax cuts = infinate revenue. Like the Bush tax cuts perhaps. We are at the lowest tax rate in 60 years -- where is the revenue.. Just show me.

Originally posted by camaro68ss
nothing new here in california. after all the taxes i pay im already at 52% and im middle america

Does that count car licensing fees, property taxes, sales taxes, fees and taxes on your drivers and hunting licenses, fuel taxes, cigarette and alcohol special taxes, and then the hidden taxes on merchandise that occured before you even purchased it?

In reality, we pay about 50% taxes before we even look at income and social security tax!!

Jesus christ wept, 50% tax is insanely unbelieveable, everyone move to cash in hand jobs and reject tax. Its the only way to fight it.

Yes in Central Valley California we pay almost 50% at least in taxes. With the health care coming out pretax. If you take gas into consideration, we pay more. Not to mention the other power related *charges* if you are not off the grid. This is just astounding, fear-mongering or not. And as I have seen it, if someone in the gov. mentions it, its only a matter of time before it is tried out.

Originally posted by spyder550
I am betting that not one person in this thread will be affected by the increase in marginal tax rates -- after WW2 there was a 90 percent tax rate --

Which was not enforced and easy to circumvent. Only an idiot would pay that amount anyway.

Does that include the tax hikes hidden in the Obama Healthcare bill?

If so, then why not just have the government just give us an allowance??!!