Jack_Squat
The senate passed the tax hike today
November 9, 2012 at 4:32 PM
What are your thoughts? Is it fair to raise taxes to 39.(something)% on people who earn over $250,000 a year, when almost 50% of Americans paid NO federal taxes last year? How many layoffs and closing business do you predict?

Replies

  • Healthystart30
    November 9, 2012 at 4:36 PM
    39% taxes is a lot! But no I think everyone should pay taxes, people should definitely not be getting money out that they never put in!
  • NWP
    by NWP
    November 9, 2012 at 4:58 PM

    I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.

  • SunshneDaydream
    November 9, 2012 at 5:02 PM

    Everybody does pay taxes, unless they live in a cave.  True, people who don't even make enough money to survive don't have to pay income taxes, but they still pay sales tax, gas tax, and property tax.  

    To the OP, yes, it's fair.  Wealthy people can afford higher taxes, poor people can't afford ANY *income* taxes.  

    Quoting Healthystart30:

    39% taxes is a lot! But no I think everyone should pay taxes, people should definitely not be getting money out that they never put in!


  • erika9009
    November 9, 2012 at 5:03 PM

    And if those tax cuts expiring cost you your job because your employer cannot afford to keep you, are you still for letting them expire?

    ( i really do want an answer)

    Quoting NWP:

    I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.


  • OHgirlinCA
    November 9, 2012 at 5:03 PM

     No, it isn't fair.  Everyone should be paying the same percentage across the board.

  • JMmama
    by JMmama
    November 9, 2012 at 5:12 PM
    This. Or get rid of the income tax and make a higher federal sales tax.

    Quoting OHgirlinCA:

     No, it isn't fair.  Everyone should be paying the same percentage across the board.

  • lga1965
    by lga1965
    November 9, 2012 at 5:13 PM
    Well then the owner, the manager, the CEO ...the ones making the big bucks can take a salary cut so they don't have to let anyone go. Its all about greedy people wanting to keep things the way they are and screw the little guys. They need to get over themselves.

    Quoting erika9009:

    And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

    ( i really do want an answer)


    Quoting NWP:

    I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.


  • NWP
    by NWP
    November 9, 2012 at 5:14 PM

    In all seriousness erika, have you read the bi-partisan report that dealt with this very issue that the GOP repressed? It was published last month and includes decades of data on this very topic.

    Quoting erika9009:

    And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

    ( i really do want an answer)

    Quoting NWP:

    I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.



  • NWP
    by NWP
    November 9, 2012 at 5:16 PM

    The link to the actual report is at the bottom of this article

    Congressional Research Service Report On Tax Cuts For Wealthy Suppressed By GOP

    Posted: Updated: 11/01/2012 4:05 pm EDT

    The New York Times reported on Thursday that Senate Republicans applied pressure to the nonpartisan Congressional Research Service (CRS) in September, successfully persuading it to withdraw a report finding that lowering marginal tax rates for the wealthiest Americans had no effect on economic growth or job creation.

    "The pressure applied to the research service comes amid a broader Republican effort to raise questions about research and statistics that were once trusted as nonpartisan and apolitical," the Times reported. Democrats in Congress, however, have resurfaced the report and published it in full. It can be read below.

    Republicans told the Times they had issues with the tone, wording and scope of the report, but they clearly objected most strongly to its findings, which undermine the governing fiscal philosophy of the party, that tax cuts for the wealthy will spur growth and benefit everybody.

    GOP officials told The Times that the decision by the CRS came after a cooperative discussion, but Democrats have suggested that the move is part of a broader effort by Republicans to squelch legitimate research that runs counter to their economic principles.

    The CRS concluded:

    The results of the analysis suggest that changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth. The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie.

    However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution. As measured by IRS data, the share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession. At the same time, the average tax rate paid by the top 0.1% fell from over 50% in 1945 to about 25% in 2009. Tax policy could have a relation to how the economic pie is sliced—lower top tax rates may be associated with greater income disparities.

    Rep. Sandy Levin of Michigan, the top Democrat on the Ways and Means Committee, demanded the CRS explain its decision. "The impartial research and advice provided by CRS experts informs and strengthens the work of Congress. However, this valuable role hinges on the impartiality of CRS analysts and their freedom from political pressure. As with other non-partisan institutions, subjecting CRS analysts to political considerations undermines the legislative process and the American people’s trust in it," Levin wrote in a letter to CRS. "Therefore I was deeply disturbed to hear that Mr. Hungerford’s report was taken down in response to political pressure from Congressional Republicans who had ideological objections to the report’s factual findings and conclusion."

    The report is extensive, but the reasoning behind its conclusion is fairly straightforward. The richest Americans are the least likely to spend extra money they get as a result of a tax cut, and are more likely to save it or invest it offshore. Those on the lower end of the economic spectrum, meanwhile, are the most likely to spend transfer payments they receive from the government.

    A release by the Democratic Policy & Communications Center on Wednesday accused Republicans of attempting to bury the report because its "findings undermine a central tenet of Republican party orthodoxy on taxes." They included a copy of the original report, which is available below:

    CRS Report: Top Tax Rates

    Quoting erika9009:

    And if those tax cuts expiring cost you your job becasue your employer cannot afford to keep you, are you still for letting them expire?

    ( i really do want an answer)

    Quoting NWP:

    I believe that it is fair to let the Bush tax cuts expire for everyone who makes over $250,000 a year.



  • Sisteract
    November 9, 2012 at 5:17 PM

    What is the alternative?