Taxing the Rich to the Extreme -- A 90% Tax Rate?

Axis of Right ^ | 2/24/2009 | Sal

[SalAOR]

Currently, the highest tax bracket is for those making over $250,000. Under the Bush tax cuts, they are taxed at a rate of 35% (still too high in my opinion). This figure will increase to 39% when the Bush tax cuts expire, or when Obama raises them, whichever comes first. Yet there are elected Democrats who believe that giving nearly 40% of one’s income to the government is not enough. Congressman Jerry McNerney (D-CA) is one such Democrat.

[Buddygirl]

If McNenerey (sic) is so adamant about getting 40% of income, then let HIM be first to give it!

[Tenacious 1]

This only accounts for the federal government tax collection against one’s stated/corrected income.

Factor in state taxes, county taxes, fuel taxes, sales taxes, capital gains taxes, phone taxes, utility taxes, etc.? It’s over 50% for this tax bracket.

[Billg64]

Under the benevolent FDR, taxes were 100% for anything earned over $25,000. By increasing the rate at which a person is taxed as their income increases, the logical conclusion is a maximum wage.
The minimum wage, a “living wage”, oppressive taxation; these are all steps in that direction.

[livius]

You didn’t read the article. He wants the top taxpayers to be subject to a rate of 90%. “Top” taxpayers, btw, seems to be a very fluid category. Most people in this world are not Bill Gates and thus the government wouldn’t be able to reap the big bucks it wants with this. So the income level to qualify as a “top taxpayer” always seems to creep down to the point where it hits fairly average incomes.

If you bother to work, that is, which Barry’s followers do not.

[RayChuang88]

Is he nuts? Does he remember what happened to the British economy by the early 1970's when they had these confiscatory income tax rates?

How about switching to the FairTax consumption tax system? That way, when the rich buy an expensive item they'll definitely be paying their fair share of taxes anyway?

[Jess Kitting]

But with Obama's "maximum wage" rule, fewer people will be making enough money to pay the huge tax bill, and what does that mean, boys and girls?

It means You and I (in the middle class) will be considered "rich," and therefore our taxes will be raised to compensate for the decline in revenues going into the government coffers along with the concurrent increase in expenditures.

Isn't Obammunism great?

[Fresh Wind]

Factor in state taxes, county taxes, fuel taxes, sales taxes, capital gains taxes, phone taxes, utility taxes, etc.

Not to mention the taxes on businesses that are hidden in retail prices and quietly passed on to the consumer.

[mo]

The top 1% have paid 40% of the income tax in the past......they’ve got a huge problem....the top 1% have disappeared....they were all in finance...

[Gondring]

If the GOP were smart, they’d point out that such a plan is designed to keep poor people in their place and not let them get rich. The rich already have assets...income isn’t as important to them as it is to those who need to buy assets.

[Billg64]

GOP, smart
Hmmmm not exactly synonymous lately.

[Just mythoughts]

The only thing about liberals taxing the rich ‘god’ complex that surprises me is they are going to ‘wait’ to let the tax cuts expire.

Why are they waiting? It is quite nauseating to remember how the control freaks would only allow the Bush tax cuts to pass if they had an expiration date. These control freaks must get some sort of self pleasure in playing ‘god’ taking what is not theirs to take.

[Realism]

“they are taxed at a rate of 35% (still too high in my opinion). This figure will increase to 39% when the Bush tax cuts expire”

BEFORE deductions, after deductions likely around 6-10%. It’s all too confusing and needs to be straightened out with a “Fair Tax”.

[Doogle]

...the rich are rich because their not stupid.
I made my first “contribution” yesterday, very simple, very quick,and to the point.
I got a call (like most of us do) from an organization, state government run, which I pay taxes for, to run most efficiently for a donation. (????)
I politely told them I can't donate since President Obama has seen to it, that I no longer have “spare” money. I'm listening to what he says when he says we must all be “prudent” and “thrift”. Thank You, *click*

[arthurus]

What happened to the British economy in the 70s is irrelevant. He probably even understands what happened and why. Almost everyone makes the mistake of believing Hussein's goals to be the same as conservatives' goals- he just has a mistaken notion of how to attain prosperity. Remember, though, the man is a revolutionary Marxist. He wants a two level society. That is Equality of condition for most of the population at a level high enough that they are not starving but low enough that they have not leisure enough to contemplate changing the system. The people who run the society cannot be relegated to such a condition, however because they must have the time and the proper environment for using their minds to go about the business of running the society. That requires dachas homes in the mountains and/or at the beach, healthful and pleasing food, choice of women(such equality societies always are dominated totally by men at the top)armored limos, etc.

[Leftism is Mentally Deranged]

Add state taxes. And property taxes. And double taxation at death. This is capitalism?