President to propose tax increases <shocker!>

[StarTech]

Just make the rich pay SS with no CAP, Same should go for the profits on Corporations.

Corporations are like "people". They should pay at least the AMT.

 

[werepossum]

Maybe, but in good faith lets see the cuts and then we'll talk about tax increases. Until then its all BS.

Absolutely. So far the left's "spending cuts" are renamed tax increases and the right's spending cuts are minimal. When government shows it can make significant progress in cutting the budget and sticking to it - NOT adding back the spending off the budget or in emergency bills - then we'll talk about tax increases. I'll happily support matching actual spending cuts with tax increases across the board, back to Clinton era rates or even higher if need be.

 

[ElFenix]

interesting:

And the rate of increase is even higher for the very richest of the rich: the top 400 income earners in the United States. According to another analysis by Johnston (2010a), the average income of the top 400 tripled during the Clinton Administration and doubled during the first seven years of the Bush Administration. So by 2007, the top 400 averaged $344.8 million per person, up 31% from an average of $263.3 million just one year earlier. (For another recent revealing study by Johnston, read "Is Our Tax System Helping Us Create Wealth?").

How are these huge gains possible for the top 400? It's due to cuts in the tax rates on capital gains and dividends, which were down to a mere 15% in 2007 thanks to the tax cuts proposed by the Bush Administration and passed by Congress in 2003. Since almost 75% of the income for the top 400 comes from capital gains and dividends, it's not hard to see why tax cuts on income sources available to only a tiny percent of Americans mattered greatly for the high-earning few. Overall, the effective tax rate on high incomes fell by 7% during the Clinton presidency and 6% in the Bush era, so the top 400 had a tax rate of 20% or less in 2007, far lower than the marginal tax rate of 35% that the highest income earners (over $372,650) supposedly pay. It's also worth noting that only the first $106,800 of a person's income is taxed for Social Security purposes (as of 2010), so it would clearly be a boon to the Social Security Fund if everyone -- not just those making less than $106,800 -- paid the Social Security tax on their full incomes.

clinton cut taxes for the uberrich more than bush did :shock:
and the uberrich got wealthy faster under clinton than bush :shocked:
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html



edit: we seriously need more smileys