House Democrats May Raise Taxes for Wealthy

[Marnie]

NY Sun

House Democrats may raise taxes for those earning more than $500,000 a year, the newly elected speaker, Rep. Nancy Pelosi of California, said yesterday. "I think you can put everything on the table," Ms. Pelosi said on CBS's "Face the Nation.

Ms. Pelosi said Democrats would first look to raise revenues by going after uncollected taxes, closing loopholes for corporations, and targeting "waste, fraud, and abuse." But she warned that the tax burden may have to go up for wealthy Americans.

"We're not going to start with tax

[Ovedya]

Well I think it's plain to see that the Democrats are against our system of capitalism.

As it stands, the wealthiest 8-10% of our population pay up to 70% of all taxes. They also happen to provide millions of jobs to both the middle and lower classes.

[forrestkc]

Well I think it's plain to see that the Democrats are against our system of capitalism.

As it stands, the wealthiest 8-10% of our population pay up to 70% of all taxes. They also happen to provide millions of jobs to both the middle and lower classes.

That has nothing to do with an unfairness in the tax code though. You are buying into the chain email dribble that floats around. The weathiest one percent in this country have more wealth than the bottom 90%. Thus, they pay more in taxes. If you look at taxes as a percentage of your income, the middle and upper middle class by far pays more than anyone.

Historically, over the last 100 years Democrats have been in power much more often than Republicans, I have yet to see capitalism go anywhere.

[JustinM]

Flat Tax rates.

That's the only fair thing to do, if you are gonna force your citizens to pay taxes.

[Marnie]

That has nothing to do with an unfairness in the tax code though. You are buying into the chain email dribble that floats around. The weathiest one percent in this country have more wealth than the bottom 90%. Thus, they pay more in taxes. If you look at taxes as a percentage of your income, the middle and upper middle class by far pays more than anyone.

Historically, over the last 100 years Democrats have been in power much more often than Republicans, I have yet to see capitalism go anywhere.

The top 50% pay 96.54 % of all income tax in America. The top 1% actually pay more than 34%. The problem I have what you wrote Forrest, is this sentence: The weathiest one percent in this country have more wealth than the bottom 90%. Thus, they pay more in taxes. Now, I am likely what you consider wealthy, yet my wealth is not inherited wealth, it is not a trust fund generating my income, it is earned income, just like yours. Your sentence suggests that since I earn more, then I should be expected to pay more, I am assume, as a percentage of my income. Now, it is highly unfair that I shoulder a greater tax burden than you do simply because my income is higher. The fairest tax of all in a consumption tax, but since the flat tax is preferred around here, then surely that is more fair, too. Every, and I mean every person in America who makes a paycheck should pay the exact same percentage, say 7 or 10%. So, whether you make $10,000 a year of $100,000 a year, we all pay the same percentage. Now that's fair.

Your last sentence, sadly, is true.

[forrestkc]

The top 50% pay 96.54 % of all income tax in America. The top 1% actually pay more than 34%. The problem I have what you wrote Forrest, is this sentence: The weathiest one percent in this country have more wealth than the bottom 90%. Thus, they pay more in taxes. Now, I am likely what you consider wealthy, yet my wealth is not inherited wealth, it is not a trust fund generating my income, it is earned income, just like yours. Your sentence suggests that since I earn more, then I should be expected to pay more, I am assume, as a percentage of my income. Now, it is highly unfair that I shoulder a greater tax burden than you do simply because my income is higher. The fairest tax of all in a consumption tax, but since the flat tax is preferred around here, then surely that is more fair, too. Every, and I mean every person in America who makes a paycheck should pay the exact same percentage, say 7 or 10%. So, whether you make $10,000 a year of $100,000 a year, we all pay the same percentage. Now that's fair.

Your last sentence, sadly, is true.

I believe that fairness should be based on a percentage of income, not a dollar amount. The logic employed by some is that well, Joe that made 2 million last year paid a 2 hundred grand in taxes. Jim that made 90k last year only paid 17k in taxes. So the tax system is unfair, is kind of absurd. Using that example, Jim actually paid in a higher percentage of his income in taxes than Joe did. Thus Jim is getting the shaft not Joe. Moreover, because of progressive taxation, Joe pays the same rate on his first 90k that Jim does.

The vast majority of the income for the wealthiest 1% is through options, dividends, and capital gains, not income. All tax rates that are much lower than the income tax. Moreover, the payroll taxes, the most regressive form of taxation there is, caps at I think 92k a year. Any income over that is not subject to them. So if you are in the vast, vast, vast majority of American households that earns less than 92k a year, you pay a 15% tax on all your income earned.

If you are in the middle class in this country, chances are as a percentage of your income, you pay more in taxes than the vast majority of those in the top 1%. How is that fair? I remember a few years ago Warren Buffet wrote an OP-Ed where he talked about how in 1999, he paid in about 30% of his income in taxes and his secretary paid in about 30% of her income in taxes. He said that thanks to the changes in tax law over the last few years, because of the differences in how he is paid and his secretary, he pays in about 12% of his income in taxes, while his secretary still pays in about 30% of her income. The sacrifice is no longer equal. The burden is being shifted from wealth to work. I would be all for a flat tax if its proponents were not looking to get over on me. See they want a flat tax on income alone. Thus, most of us would pay it, and guys like Steve Forbes would get off owing practically nothing. Instead, if we are going to have a flat tax, then it ought to be a flat tax that applies to any income. Say if we did a flat tax at 17% then it ought to be a flat income tax at 17%, a flat capital gains tax at 17%, a flat dividend tax at 17%, and a flat estate tax at 17%. That would be fair.

[ted]

There's quite the incentive to be successful in business: Make a bunch of money, and the Congress will simply take more.

I especially love the phrase "May raise taxes..." when talking about Democrats. Like they are still debating the idea, or something.

t.

[Leonard]

I remember when Bill Clinton increased taxes on the 'rich.' My wife and I and our little girl were barely scraping by: Driving a 15 year old junk heap, living in a small apartment, making about $20,000 a year. Well, sir, the Clinton program made ME RICH! Although my yearly income had fallen by about $120, my taxes increased $24!!!!

Thank you, Demoncrat party, for making me "rich."

[kat8585]

I am one of the wealthy people that got hit back then as well, making less than $14,000 a year. In all fairness, the Dems never will specify how much income one must make to be considered wealthy when they raise taxes on the rich.

They don't have to. We know they mean everyone.

[forrestkc]

I remember when Bill Clinton increased taxes on the 'rich.' My wife and I and our little girl were barely scraping by: Driving a 15 year old junk heap, living in a small apartment, making about $20,000 a year. Well, sir, the Clinton program made ME RICH! Although my yearly income had fallen by about $120, my taxes increased $24!!!!

Thank you, Demoncrat party, for making me "rich."

I don't know what to tell you. From 1993 thru 2000, 22 million new jobs were created, thats well over twice the job creation rate of the last 6 years. The poverty rate dropped to its lowest level in history, and the median household income increased every year. Over the last six years, the median household income has fell every year and 2006 may be the first year it actually increases, and the poverty rate has went up every year.

From every economic measure, the Clinton years marked the greatest period of peace and prosperity in the history of the United States. The economy is good today, but comparing it to the Clinton years would be like comparing a dime to a dollar.