[jeffkrol]

Doesn't mean I wont grumble though......
.......pushed into a corner and not liking it.........
Obama basically wants "temporary" tax cuts on the rich and permanent on the middle class... Sorry i'll pay more to get the 700 billion........

The president said he hoped to extend the cuts for all but the top two percent of earners, declaring: "I believe we can?t afford to borrow and spend another 700 billion on permanent tax cuts for millionaires and billionaires."..........Republicans have said they will fight to make all of the cuts permanent during a "lame-duck" session due to start the week of November 15, and Obama's words left open the prospect of a temporary extension for those at the top.

"Something?s got to be done. And I believe there?s room for us to compromise and get it done together," said Obama, who admonished his fired-up foes "the campaign season is over."

"This a great opportunity to show everyone that we got the message and that we're willing, in this post-election season, to come together and do what's best for the country we all love," he said.

AFP: Obama seeks tax deal, Republicans warn of 'ruin'

[lowspark86]

So you'll be in the top 2%.

You'll get over it. Hard times for a lot of people out there.

If ALL the tax cuts get extended I'll just be here waiting for the trickle down Reaganomics money to make its way back to society. It has been at least 20 years...has the trickle started yet?

[jeffkrol]

So you'll be in the top 2%.

You'll get over it. Hard times for a lot of people out there.

If ALL the tax cuts get extended I'll just be here waiting for the trickle down Reaganomics money to make its way back to society. It has been at least 20 years...has the trickle started yet?

Sorry to be clear I'll gladly have ALL of the cuts expire.......

[lowspark86]

Ahhh I see. I misunderstood.

That is a responsible view point!

[Parallax]

Sorry to be clear I'll gladly have ALL of the cuts expire.......

Jeff, you are certainly free to donate your tax savings back to the government if it will make you feel better. There's even a web site for it.

[jeffkrol]

Jeff, you are certainly free to donate your tax savings back to the government if it will make you feel better. There's even a web site for it.

No I want ALL Americans to work together.......
I hate being a lone wolf........
Besides it's not that much.. probably can make it up selling Chinese trinkets on ebay... you know be responsible for yourself and help others.....
Besides this is america.. there's money laying everywhere..




EDIT: The'll get it anyways..... somehow some way

[Parallax]

No I want ALL Americans to work together.......

Well that's a pretty radical approach, don't you think?

[jeffkrol]

Well that's a pretty radical approach, don't you think?

silly me......

[mikemike]

No I want ALL Americans to work together.......

So why not support a flat tax?

With such a progressive taxation system like we currently have, about half of all americans pay no federal income taxes, aside from FICA. The top 1% of households pay 25% of the federal income taxes, the next 4% pay 25%, and the next 45% provide 50% of tax revenue.

I agree though, let all of the tax cuts expire. The government needs the revenue. They also need to cut spending, starting with social security and medicare, then wrapping up this thing we've got going on in Afghanistan, then focusing on domestic spending.

[Oldschool]

The problem is because of income disparity. We are at the largest income disparity between rich and poor since the 1920's. We all know what happened in 1929. Based on your numbers, the top 1% are underpaying according to how wealth is split in the US.

[mikemike]

The problem is because of income disparity. We are at the largest income disparity between rich and poor since the 1920's. We all know what happened in 1929. Based on your numbers, the top 1% are underpaying according to how wealth is split in the US.

Income does not equal wealth.

A doctor fresh out of med school could easily be in the top 5% of income earners but have zero or negative wealth due to student loans. A median wage earner who diligently and aggressively saved their entire life could easily be in the top 5% of wealthy households the day he retired even though they aren't very high income.

Income is what is taxed, not wealth.

[Parallax]

Income is what is taxed, not wealth.

Not yet, anyway.

H. R. 4646

We have gone into THOMAS (Library of Congress) and printed out and read all 15 pages of this bill which has been given the "Short Title" of "Debt Free America Act." It is the most socialistic thing I have ever read. Just think, if you deposit $5,000.00 into your checking account or savings account the bank has to take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank they will deduct 1% from what is still in the bank and send it to Washington. Total put in the Bank $5,000.00. $100.00 of that you give to Washington.

This bill spells it out that everyone will pay the Government 1% of their gross income.
Page 9 states the House and Senate shall convene not later than November 23, 2010 and Page 11 states the vote on passage shall occur not later than December 23, 2010.

Bill Text - 111th Congress (2009-2010) - THOMAS (Library of Congress)

[mikemike]

Just think, if you deposit $5,000.00 into your checking account or savings account the bank has to take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank they will deduct 1% from what is still in the bank and send it to Washington. Total put in the Bank $5,000.00. $100.00 of that you give to Washington.

That is even more onerous than the worst tricks and traps the banking industry has though of. Just imagine the overdraft fees that will be levied. Not only the double edged get you coming and going, they also get you whenever you move money around between your accounts. Have a MMA, get you depositing and withdrawing to checking, then when you write the checks.

Talk about slowing down the flow of money! I think I would be investing in a bigger mattress.

[jeffkrol]

So why not support a flat tax?

With such a progressive taxation system like we currently have, about half of all americans pay no federal income taxes, aside from FICA. The top 1% of households pay 25% of the federal income taxes, the next 4% pay 25%, and the next 45% provide 50% of tax revenue.

I agree though, let all of the tax cuts expire. The government needs the revenue. They also need to cut spending, starting with social security and medicare, then wrapping up this thing we've got going on in Afghanistan, then focusing on domestic spending.

Did I miss the jobs?????????

[Nesster]

So why not support a flat tax?

With such a progressive taxation system like we currently have, about half of all americans pay no federal income taxes, aside from FICA. The top 1% of households pay 25% of the federal income taxes, the next 4% pay 25%, and the next 45% provide 50% of tax revenue.

I agree though, let all of the tax cuts expire. The government needs the revenue. They also need to cut spending, starting with social security and medicare, then wrapping up this thing we've got going on in Afghanistan, then focusing on domestic spending.

Though Reagan was for a flatter, broader, and simpler tax system - this formulation is not just the number of tax brackets, tis also about all the tax expenditures they tack on in the back room - expenditures such as the deductability of home mortgage interest, state taxes paid, for businesses their medical insurance contributions, and a variety of other more or less targeted tax deductions or credits. Indeed these expenditures were pruned by various presidents, but invariably they make their comeback.

In specific the Earned Income Credit is a tax expenditure that is used to reduce or eliminate taxes on the lowest incomes.
What is the Earned Income Tax Credit?

Ronald Reagan heralded it as "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress."

Tax Credit or Income Transfer? by Laurence M. Vance

In other words, seems like some means of redistribution downwards are OK to conservative politicians, unless of course they wish to revolt against St. Ron.

The beauty of these expenditures, from a politician's pov, is that they are seldom scrutinized, unlike the official budget items and tax brackets. The ugliness is the same, there's a lot of pork and special provisions in there, and eliminating any one will trigger a lot of lobbying.

These expenditures should be brought out to the open, disclosed as part of the budgeting process... and treated as 'government spending' rather than 'tax cuts', though the effect is the same. These expenditures need review and pruning, to make taxation broader and more equitable.