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For those who think tax cuts should expire, read this
Posted: Jul 26, 2010
Tax hikes for the rich: Can the economy afford them?
NEW YORK (CNNMoney.com) -- Would making the rich pay higher taxes next year hurt the economy?
That question underlines one of the trickiest fiscal questions facing Washington policymakers: What to do about the 2001 and 2003 Bush tax cuts, which are set to expire at the end of the year.
President Obama wants to let the cuts lapse for joint tax filers who make at least $250,000 ($200,000 for individuals) but extend them for everyone else. That means the top two tax rates would revert to where they were in the late 1990s: The 35% rate would go to 39.6% and the 33% rate would go to 36%.
The highest-income filers would also see their tax rates on capital gains and dividends go up. And, if they're in line for an inheritance, they will see the reinstatement of the estate tax, although Obama's proposed estate tax is a less onerous version than the one scheduled to be in place under current law.
The debate over what Congress should do, which has been playing out for months in policy circles, is now receiving more prominent attention.
The stakes are high: On the one hand, there are fresh concerns that the economic recovery might be faltering; higher taxes on the rich could dampen spending and investment. At the same time, the nation's fiscal hole is deep, and the tax cuts cost the federal coffers badly needed revenue.
The deficit concerns were amplified last week by former Federal Reserve Chairman Alan Greenspan. Once a big supporter of the tax cuts, he now believes they should be allowed to expire not only for the rich but for everyone. He said the cost of extending them -- which could run as high as $3 trillion over 10 years -- will make the economy worse by adding to U.S. debt.
More here: http://money.cnn.com/2010/07/26/news/economy/Bush_tax_cuts/
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Sounds like propaganda from the mainstream media to me. - sm
[ In Reply To ..]There are 400 US families with $1.27 trillion of the wealth in this country . Of course they don't want to pay more taxes. You don't think they have the power to influence what you read and see on the media about this?
But I love how they have the $25,000 a year MTs feeling scared that the top 2% to 3% are going to have to pay more in taxes. That's some good propaganda.
Truly amazing, isn't it? Defies logic, but there it is. - Catddoa.
[ In Reply To ..]Citizens Against the Dumbing Down of America.
Ain't it the truth - sm
[ In Reply To ..]If cutting the taxes on the rich keeps America going, why did we show a steady decline after they were cut? If you believe the reasoning for cutting taxes for the wealthy, shouldn't that have propelled us into a surplus?
Plus, not even some of the great economic minds feel that way. Warren Buffet, who will go down in history as a financial genius, believes the wealthy should be paying more than they do. And, yes, he puts his money where his mouth is and is quite philanthropic.
I really don't think it is totally fair - sm
[ In Reply To ..]to take 50% or more of someone's income....no matter if they are rich or not. The upper class folks already pay for over 50% of our tax revenue. The biggest problem we have is that the tax code is so confusing...even Tim Geithner couldn't understand it and didn't pay his taxes....but we need a flat tax. Make it simple. Each person pays x amount of taxes per x amount of dollars they make. The rich would still be paying more as they make more and it would close the loopholes for the rich and those sneaky politicians who try and get out of paying their full share of taxes.
Close the loopholes....go for a flat tax. That right there would bring in a heck of a lot more revenue.
However....we still need to cut govt spending. With the combination of the 2....we might actually be able to start paying off some of this deficit the pubs and crats have accumulated.
It is not 50 percent. - sm
[ In Reply To ..]Current tax rate for the wealthy is 35% and propose expiration of Bush tax cuts would raise it to 39.6%. This does not account for all the dodges and loopholes they can take advantage of. Their tax burden is greater beause there is such an inordinate disparity in the sheer AMOUNT of wealth held by the top 10% and all the rest, as is clearly illustrated in these statistics.
To gain a little perspective on why these rates are considered to be historically low, take a look at the history of highest marginal tax rates since 1913.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213
The rich pay for over 50% of the tax revenue. - sm
[ In Reply To ..]I didn't mean they pay 50% of their own income but they do pay 50% of all tax revenue received by taxpayers. That is what I meant.
Top 10 percent earn 50 percent of the income - Why shouldn't they?
[ In Reply To ..]Go to page 7 of this study:
http://elsa.berkeley.edu/~saez/saez-UStopincomes-2008.pdf
So what? This is all so crazy. We should just have - a flat tax of some sort and end this.nm
[ In Reply To ..]nm
But we dont, so these numbers matter - A LOT. nm
[ In Reply To ..]nm
You ar right, and the rich already pay much much more - than the average person, so
[ In Reply To ..]lets stop hating the rich since they might give us our next job.. gee
Speak for yourself. - sm
[ In Reply To ..]Oh please, master, throw me a crumb. I promise to be a good little lackey and not complain or make waves while you suck the life out of me and destroy the heart and soul of my country. When you say jump, I will gleefully ask how high. Next time you threaten to bankrupt the economy, I'll go stand over in the corner and cower in the shadows until dawn. I won't mind a bit if you give my human rights rights away to the corporations and mute my democratic voice for all eternity. Just please, master, please, please, please throw me a crumb.
I don't think so.
My God. Maybe you should move to Mexico. - You are such a downer and
[ In Reply To ..]I hope you dont teach young people how to be successful in this country. If you do, I bet they all apply for welfare when they grow up and sit on the couch crying a lot.
Here are some numbers of interest - sm
[ In Reply To ..]The top 5% of wage earners pay 53% of all federal income taxes paid in the US.
The top 10% pay 64% and the top 50% pay 96%.
Source please. - nm
[ In Reply To ..]Thanks.
Here is a chart from taxes paid in 2007 - sm
[ In Reply To ..]http://www.heritage.org/budgetchartbook/top10-percent-income-earners
Thanks for providing the source - but
[ In Reply To ..]I have to agree with the post directly below. These numbers are irrevelant in the absence of other data, such as the amounts of aggregate wealth held by each of those income brakets (stocks, bonds, mutual funds, real property, etc), how much of it is generates income, how much of it is exluded by tax loopholes and the reality of what percentage of adjusted gross income is actually paid out of each bracket's available wealth (or lack thereof).
One has to ask why the Heritage Foundation would not present the entire picture so that valid assessments could be made and more sound and accurate conclusions drawn.
Either way, letting the tax cuts expire will affect us ALL - Do you realize this??
[ In Reply To ..]and not in a good way.
I don't think so. - sm
[ In Reply To ..]I think that rich folks and their party want us to BELIEVE it will hurt us. Frankly, I am tired of their greed, threats and scare tactics. They ALREADY are not hiring and have overplayed their hand.
Letting the tax cuts for the rich expire will only pinch THEIR pockets, not ours. Why do you think they are making such noise.
Yep, that is where your ignorance comes through. - You need to look into it more.
[ In Reply To ..]Part of the hiring freezes going on are in part due to the fact they are already scared they will be losing money. We all have a right to be rich, even you. If you want it, go after it. Why the Robin Hood attitude?
Yep, and you who think otherwise are just - doing what the party and
[ In Reply To ..]Fox want you to do-keep repeating the lies and more people will believe it. Kind of like, as Bush said "sometimes you have to say things over and over to catapult the propaganda." Probably the only true thing he said his entire presidency and he didn't mean to say it. How sad is that?!
Another interesting article regarding taxes - sm
[ In Reply To ..]http://www.kiplinger.com/features/archives/how-your-income-stacks-up.html
those numbers are not relevant in discussing - percentage of income taxed
[ In Reply To ..]more info on how those numbers were derived would be helpful.
Quite phlanthropic means lots of tax deductions. - Backwards Typist
[ In Reply To ..]Nothing against Buffet, but he doesn't do it just out of the goodness of his heart. None of the rich do. They pick some group or start their own 501(b)to give their money to and that also allows them plenty of tax deductions at the end of the year.
Hey, if I were that rich, I'd probably be doing it too, just to get out of paying taxes.
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