Posted on 11/29/2007 10:15:30 PM PST by ChicagoHebrew
We ended the last century with America's economic might at its zenith, with Americans at their most optimistic, and with nearly all who endeavored to make the most of their opportunities and talents getting ahead in life. John F. Kennedy's declaration that a rising tide will lift all boats was alive and well. Middle-class Americans generate little or no national savings. We've had four straight years of rising productivity and falling incomes. Many Americans are earning less, while the costs of a middle-class life have soared: In the last five years, college costs are up 50 percent, health care up 73 percent, and gasoline more than 100 percent. Rising housing costs have driven people farther and farther from their work. These trends undermine our way of life because middle-class strength and growth represent the backbone of American life. Our national political discussion about how to grow the middle class often becomes just that, a political discussion punctuated by harsh talk of "class warfare." In fact, class warfare is under way — as billionaire Warren Buffet is fond of saying — and the middle is not winning. To address the challenges of the middle class, Democrats should advance an agenda that aims to do something loftier than just repeal the Bush tax cuts on millionaires. It should boost incentives for average Americans to increase savings and investments, and help them participate more fully in the upside of economic growth. Toward that end, here are a few ideas that will help more people share in the rewards of the modern economy: • Middle-class flat tax:
(Excerpt) Read more at washingtontimes.com ...
What is it about Tennessee that makes it so amenable to decent, sensible Democrats? I'm not just talking Ford -- Governor Phil Bredesen has shown more courage and political will in tackling growing government entitlement spending (particularly in health care) than any Republican out there.
Fred Thompson has propsed an opt-in flat tax of two rates: 10% up to 100K and 25% over 100K.
I met a former Hewlett Packard network analyst and administrator earlier today. He was working in a car parts store, where mostly Canadian, Mexican and Chinese items are sold. He said that the systems and software development jobs that he once saw Americans working at are now done in India for American company bosses. He’s no longer part of the middle class.
BARF!!! The entire Democrat party is sold off to the liberal socialist special interests, they have already proposed multiple tax hikes this year. Decent Democrat is an oxymoron, in all 50 states.
A joe lieberman and “moderate” Dems are there selling us short on immigration, taxes, ‘gay rights’, defeat in iraq and everything else.
“Governor Phil Bredesen has shown more courage and political will in tackling growing government entitlement spending”
oh please, when Romney does it, he’s bashed, when a Democrat does it, he’s praised. bass-ackwards.
What we need is real conservative leadership: The Tax Choice Act.
http://travismonitor.blogspot.com/2007/10/taxpayers-choice-act.html
There is someone from Tennessee in support of it. Maybe you should look him up.
And who does Junior claim is in the middle class? Did he lay out income numbers?
How about a 10% rate for EVERYBODY, regardless of annual income? People often make a million or several million in the space of several years—preceded and followed by years of little income. Why punish those people?
The biggest cuts in marginal tax rates under Bush went to the middle class.
Yes, he did. If you’re actually curious, read the damn article yourself.
Everyone curses the AMT, but isn’t that simply a flat tax? What’s the difference?
Can anyone explain to me why capital gains taxes are taxed differently than income? Why should a blue collar guy have a higher rate than an investor?
everybody ought to have a stake in supporting the government and it’s spending. not just certain socia-economic groups.
a flat tax of whatever percent applied to everybody will fix a myriad of ills.
In principle, we should tax capital gains as ordinary income, but only after indexing them for inflation. That gets very complicated.
A consumption tax would make that problem go away.
To spur investment.
I know several "blue collar guys" that have plenty of investments. Why do you think capital gains are only available to white collar workers?
Do you have a 4 year degree? Can you get a clearance? Do you have a good set of skills? If so, there are hundreds of job openings open. Why work for wages when you can land a good salaried position with decent benefits?
I know that. The tax cut made my refunds so large that I purchased another house as an investment. My W4 is set at single/0 dependents to compensate for the impact of my wife's income that isn't sufficiently taxed at the marginal rate caused by adding her income on top. I end up paying about $4,000 of her federal taxes with my excessive witholding. If she was taxed at the same rate as I am, she would quit her job. Losing 50% of her income wouldn't make it worth her time. I realize that her income is really subject to that 50% rate, but it isn't as obvious to her when I "cover" the difference. I permit her to work so she will have a fall back if I happen to die prematurely. The mortgage is paid off. The property taxes are far less than local rents for small apartments.
I've got a better plan: 10% for registered republicans, and 25% for registered democrats, To each according to his or her belief.
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