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Re: A 62% Top Tax Rate?

By: fizzy in ROUND | Recommend this post (0)
Thu, 26 May 11 10:26 PM | 126 view(s)
Boardmark this board | De's Test Board 		Msg. 33097 of 45510
(This msg. is a reply to 33088 by Decomposed)
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Notice, AGAIN, they aren't talking about CAPITAL GAINS, where the REAL wealthy, the super wealthy, & Obama's PigMan Friends, make nearly all their money.

No ... they are talking about ORDINARY income; Income a person gets in return for hours worked.

Probably 99% of all professionals (doctor, dentist, engineer, lawyer) and SMALL BUSINESS OWNERS get the vast majority of their income in this form because -- unlike the Wall Street Pigs, which Obama so loves -- privately owned businesses can't convert their income to stock options and thus to capital gains.

A HIGH MARGINAL RATE ON ORDINARY INCOME WILL NOT BOTHER THE SPECULATORS AND SUPER WEALTHY AT ALL.

IT WILL DEVASTATE THE SMALL BUSINESS OWNER AND THE PROFESSIONAL.

In turn -- mark my words -- it will devastate the US economy as a significant percentage of the professionals and small business owners will simply stop working as hard, for as many hours, and will cap their own salaries and the US economy in the process.

There is probably no better indicator of the corruption at the heart of Obamanation than his DELIBERATE, systematic effort to avoid speaking plainly on the capital gains tax vs. ordinary income distinction. Instead, Obama, the majority of Democrats and Republicans, and the Mass Media persist with their "rope a dope" practice of obfuscating and misleading and preparing to gut the heart of America's professional and small business economy.

That isn't going to go well for the middle and lower classes as they will be the ultimate bag holders when their benefits and jobs dry up and blow away. But people like Clo are either too dumb to reason their way out of the bag or are just vicious in their desire to immolate anyone who does better than they -- so long as they aren't anointed by the political class.

I know you know this, De. Frankly, I'm not entirely sure why I keep writing on this clear, deliberate attempt to propagandize the American middle class to their own detriment. I guess I just can't keep my mouth shut in the face of creeping and vile evil.


I have come to realize that men are not born to be free. Liberty is a need felt by a small class of people whom nature has endowed with nobler minds than the mass of men. -Napoleon

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The above is a reply to the following message:
A 62% Top Tax Rate?
By: Decomposed in ROUND
Thu, 26 May 11 8:32 PM 		Msg. 33088 of 45510

MAY 26, 2011

A 62% Top Tax Rate?

Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.

By STEPHEN MOORE, wsj.com

Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.

If the Democrats' millionaire surtax were to happen—and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year—this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s.

Here's the math behind that depressing calculation. Today's top federal income tax rate is 35%. Almost all Democrats in Washington want to repeal the Bush tax cuts on those who make more than $250,000 and phase out certain deductions, so the effective income tax rate would rise to about 41.5%. The 3% millionaire surtax raises that rate to 44.5%.


Full article: http://online.wsj.com/article/SB10001424052702304066504576343611464445594.html?mod=googlenews_wsj

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