NYTimes: it is necessary to raise taxes on the middle class

He had the opportunity to do this in 2010 but he caved. 250k does not need to be the ceiling either. Create another category for 1mil earners. Those are mainly people in finance anyway.

 

basso-style reading comprehension.

"Until the rich pay more..."

So, basso posted this article to support Romney's plan to raise taxes on the middle class, but conveniently omits the fact that Romney's plan cuts taxes on the wealthy.

Great thread.

 

a basso article that i actually agree with. /bewildered.

(however, basso's analysis is certainly on par with expectations)

 

Exactly. I'll glady pay more taxes, but if someone wants to decrease the taxes on the wealthy while raising them on the rest of us, they better play that abortion and gay marriage wedge while they can before the guns come out. It's like they want a revolution.

 

Raise taxes, by decreasing refundable credits and most tax breaks.

 

If you look at the taxes though, the wealthy already pay 50% of their income in taxes. Now I'm not even near that, but why penalize people that worked hard for their money (most of them). That means the middle class isn't paying their "fair share", as Obama would say. This is why Herman Cain's plan was good in theory, although there was still obvious flaws. The tax system needs serious reform to be fair.

 

No they don't, not even close. Not sure where you are getting your information but it is profoundly wrong.

 

Depends on the individual. Between all the types of taxes, there are many that do come close. Not everyone is Warren Buffet.

 

Seriously name some examples. I'm tired of anecdotes when it comes to issues like taxes.

Income taxes are at historical lows. I dont know how people get off crying about paying too much in taxes.

 

That's not even remotely true. The top marginal rate is 35%, and remember, that's a MARGINAL rate so that the effective tax rate is necessarily lower.





There's basically almost no conceivable way you could have to pay over 50% of your income in taxes unless you face some extremely bizarre sets of circumstances.

 

You want me to name names of ordinary people you don't know at all and violate client confidentiality?

 

I'm all for raising taxes on the rich until they actually prove they're being over-taxed.

I'm tired of cowing to a bunch of crybabies who have done little to actually demonstrate their supposed unfair tax-burden.

We're destroying programs that help the poor and balancing a budget on the backs of the poor and elderly because some rich people are crying about their taxes so until they prove it, I dont believe a word they say.

We are engaging in a politics of selfishness and that isn't sustainable and it needs to end at some point.

 

35% Federal income taxes
6.2% SS (Maxed at $110k, 4.2% for this year)
1.45% Medicare
7.65% Self-Employed side (1.45% after $110k)
9% state rate (highest is 11% in Oregon, but no sales tax)
1% local income taxes
7% Sales tax (just using my local rate)
Property taxes
Fuel taxes
Sin taxes

It isn't an extremely bizzare sets of circumstances.

A couple who made $593k in 2010 paid:
$143k fed income tax
$48k state income tax
$10k FICA
$20k Self-employment tax (Sole proprietor)
$10k in employer's share of FICA (as S-Corp owner)
$20k in property taxes

Total of $251K = 42%

That doesn't include sales taxes, fuel taxes, or sin taxes. It is also in a state with a lower marginal rate and no local sales tax. They also had a substantial number of deductions for mortgage interest and charity.

 

That is INCOME tax. Factor in all the other taxes and it's a lot more. Add in someone who started their own business, that's more taxes. I have a relative who worked hard to get out of the ghetto and is now a millionaire by starting his own business. He is not a millionaire by much, but he still is. Even he has to pay much of his wealth in taxes. He's not Warren Buffett. Does it make sense to penalize someone who has achieved high grades in high school, college, and then it paid off by getting a good job?

 

I'm a high school student right now and I have a high GPA, plan on getting into a good college, and hope to get a great job. Someday I hope this work pays off and I don't want to be taxed heavily because of it. It seems like many of the people that are saying "Raise the taxes on the wealthy! I want my fair share!" never made it because they didn't work hard enough. Just look at the people that were protesting at Wall Street.

 

That's about what I pay and I make a fraction of that. I think a 35% marginal tax rate is pretty reasonable considering it use to be 90% not too long ago.

 

You think only the wealthy are the ones who have worked hard????

 

My income tax return for 2011:

$42,542 income
($2,680) Fed income tax
$1,400 property taxes
$1,145 state income tax
$2,678 FICA (W/B $3,626 in a normal year).

 

The income tax rates aren't the problem. It's the special tax rates and the various deductions, credits, and loopholes.

Edit: I'll add that tax laws screw over small business owners more often than anyone.