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White House Proposes "Wealthy Tax"
President Obama is proposing a new tax rate for people making over $1m a year. The new rate is part of a larger plan which seeks to bring in $1.5 trillion in new tax revenue and is sure to meet opposition in congress. From the article: "The core of the president's plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare." GOP Rep. Paul Ryan of Wisconsin said, "Class warfare may make for really good politics but it makes for rotten economics."
It sometimes still amazes me when I meet liberals who don't understand that many people who "make $1M" actually don't keep most of it even before taxes because they run sole proprietorships or partnerships. It's a testament to the fact that we need a "you must know this much to have a right to be heard" sign next to the soap box.
I'm all for giving men like Buffet and Gates precisely what they want. They want more taxes, have at it. Instead of starting the curve ramping up in the low millions, let's have it really start hitting home in the tens of millions and then go nuts when someone takes home over $100M. That way we know we aren't hitting small businesses.
Since most of the truly wealthy seem to have a left-wing streak, I as a conservative, see no reason to not give them what they want good and hard so long as we can spare small businesses.
The money is their property AFTER taxes. Get over it. You owe society more than society owes you.
The world's burning. Moped Jesus spotted on I50. Details at 11.
"The US right now has THE MOST progressive tax system in the world"
The extra caps doesn't make this statement any less ridiculously false.
It's true. Check the stats. Lowest 50% don't pay any income tax, many of those get distribution FROM the tax system, and the payroll taxes in most European countries is much higher, and they are paying VAT taxes which is also paid by every consumer.
I won't link the Wikipedia article (since it's not really a source), but it's even acknowledge there that the US has the most progressive tax policy.
"Somebody has to do something. It's just incredibly pathetic it has to be us."
--- Jerry Garcia