Democrats considering pushing top tax rate over 50%

[wrobert]

Boy am I glad that I do not make a lot of money. It is going to get expensive to be rich if this happens.

Socialist Surtax for Health Care | Cato @ Liberty

 

[Lynnie]

Passing this healthcare bill will ENSURE your taxes will increase. On the wealthy first, then all the way down to just above poverty level.......but, the healthcare will be 'free.'

 

[TooFarTampa]

While the surcharge idea is giving me the heebie jeebies, the numbers in your link wrobert are not accurate. The latest from today's WaPo says the surcharge would not be 4 percent, as stated by Cato.

The plan would impose a graduated surcharge on income over $350,000 for families and $280,000 for individuals, according to Democratic sources. Families earning $350,000 to $500,000 would face a surcharge of 1 percent beginning in 2011, and families earning more than $1 million would face a surcharge of about 3 percent. Those percentages could rise in 2013 if lawmakers think additional cash is needed to cover the costs of reform.

washingtonpost.com

"Income," I believe, is Adjusted Gross Income, but I don't think most political journalists do their own taxes so they don't know to be specific. Therefore I am unsure.

The debate goes on in the Senate. The blue dogs will have their say, as they should. I don't disagree with letting the tax cuts for the top rates expire, but they will have to be careful about piling on.

 

[30ashopper]

Geez imagine having to turn over half of everything you make to the federal government? I don't feel sorry for folks who make money at these levels but really, 50% of your income? That's just plain wrong. :angry:

edit - Actually, I guess these are top marginal rates. So the effective tax rate would be lower, but still.

 

[Bob]

push it up to 60 percent to pay for last 8 years of fiscal rape

 

[Miss Kitty]

push it up to 60 percent to pay for last 8 years of fiscal rape

nah...70% is mo better!

 

[Geo]

Geez imagine having to turn over half of everything you make to the federal government?

(Dare I say)
Most folks in this tax bracket are business owners. The tax system is set up so that these folks are able to write off many things that folks who aren't in this bracket (and who are not business owners) are able to...

Joe Sixpack who makes $50k a year working in a trade- He pays for his own cell phone, his internet, his SUV (and mileage), his meals, his airfare and lodging, etc., etc. out of his pocket...

Joe might not be in a high tax bracket but the deductions he can't take really add up to be a significant percentage of his income.

I'm just saying-

50% of what you earn isn't really 50%...

 

[Bob]

nah...70% is mo better!

75 would cover beach replenishment and seawall removal

 

[Miss Kitty]

75 would cover beach replenishment and seawall removal

and lots of people not able to pay for that private beachfront property.

problem solved.

 

[Bob]

and lots of people not able to pay for that private beachfront property.

problem solved.

let's go to cuba and meet fidel