Coming Attractions: Rep. Paul Ryan Warns of a Top Marginal Tax Rate of 88% (Video)

ThreeFingersofPolitics.com ^ | March 19, 2010

[Rufus2007]

Since the health care debate has swung into high gear, Republican Wisconsin congressman Rep. Paul Ryan stock has gone up as well, coming off as smart, intelligent and able to take the . He was Larry Kudlow’s CNBC program last night criticizing what health care reform would do to the deficit. But he said something else that really caught my ear. As he explained, based on projections from the so-called non-partisan Congressional Budget Office tax-rates will skyrocket with the wealthiest pay an astounding 88-percent rate within 30 years. [Transcript below video]

[Rufus2007]

Wow. Look out Western Europe - here comes the U.S.

[EagleUSA]

What a crock. The country would have collapsed well before such a tax rate on the job producers and large tax payers in America.

[boxerblues]

there will be a bloody mess in DC before I would ever pay that much

[GUNGAGALUNGA]

Uhmmm....Paul Ryan aint an idiot.

[Inyokern]

Bump

[afraidfortherepublic]

Paul Ryan is one of the sharpest knives in the drawer when it comes to the economy. I believe him, and you’d better believe him too.

Look at all the South American economies that have collapsed over my lifetime. Those countries still exist, but most of the people are very poor. I can happen to us too.

[EagleUSA]

Uhmmm....Paul Ryan aint an idiot.
:::::::
No, but the idea that the REAL TAXPAYERS in this country could tolerate (or would tolerate) an 88% tax rate is absurd. The incentive to produce would have long disappeared before such a situation.

[Armando Guerra]

88% top rate

63% middle income

25% low income pairs

[Pollster1]

88%? In other words any doctor who doesn’t retire out of irritation at Obama and Pelosi trying to turn him into a slave will retire out of irritation that the thugs are stealing the vast majority of what they permit him to earn.

I have already cut back 70% of my taxable income by choice and even more of my spending, and I’ll simply withdraw from the grid if rates go anywhere near that high. They’re welcome to 88% of nothing!

[Uncle Miltie]

"the wealthiest pay an astounding 88-percent rate"

No they won't.

They'll stop working rather than pay those rates. Jobs will flow overseas.

[himno hero]

Unless there is fiscal restraint and the people enforce it. There is a process, to conserve....

Which means, Americans as a whole are failing immensely in policing Obama. The upshot? HUGE unemployment and NO standard of living, let alone no defense.

[autumnraine]

“No, but the idea that the REAL TAXPAYERS in this country could tolerate (or would tolerate) an 88% tax rate is absurd. The incentive to produce would have long disappeared before such a situation.”

This statement below would have been “absurd” even last year.

“The idea that the Congress would pass a piece of legislation that forces every citizen of the United States to purchase a health insurance policy at the risk of jail without even requiring a VOTE on it is just absurd.”

[DontTreadOnMe2009]

Marginal Tax Rates of Over 100%

http://economics.about.com/b/2008/02/10/marginal-tax-rates-of-over-100.htm

[DontTreadOnMe2009]

Over 100%

Moreover, families with incomes between $250,000 and $500,000, the “marginal” tax rate paid on the next dollar of earned income could soar to 80 percent, or in some cases even above 100 percent.

http://www.freerepublic.com/focus/f-news/1850257/posts

[LibLieSlayer]

I will close all three of my businesses and bury my wealth... **** obama and his wh0re momma.

LLS

[Graybeard58]

In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000) in 1945. During World War II, Congress introduced payroll withholding and quarterly tax payments, Franklin D. Roosevelt tried to impose a 100% tax on all incomes over $25,000 to help with the war effort. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%.

[FreeReign]

What a crock. The country would have collapsed well before such a tax rate on the job producers and large tax payers in America.

You should check the Marginal Tax Rate history.

[SaxxonWoods]

I remember 91%. (I’m old). I also remember my Dad saying he was turning down work for the last couple of months of the year (ca. 1959) so as to not incur that tax rate. The self-employed can do that.

[BunnySlippers]

Is this a blog?

[Gaffer]

The top marginal tax rate before Reagan was higher than that. However, there were scads of deductions, reductions, etc. that have since been erased. I think we’d all better start self-identifying ourselves as minorities, under-represented minorities, etc. on EVERY piece of paper we are required to fill out. Myself, I just became Cherokee Indian - bwaha! NATIVE AMERICAN - under-represented....(actually am 1/16th, but what the hell).