If taxes gp up for the wealthy to help pay for the recovery/stimulus & also reduce budget deficits?
...yes even reduce the 14 trillion dollar national debt which is out of control and if it goes up in the following manner: Once someone makes one dollar over $300,000 any such additional dollars are taxed at at 40% top marginal rate while everything less is taxed at lower rates. Once someone makes one dollar over $500,000 any such additional dollars are taxed at at 45% top marginal rate while everything less is taxed at lower rates. Once someone makes one dollar over $700,000 any such additional dollars are taxed at at 45% top marginal rate while everything less is taxed at lower rates. Once someone makes one dollar over $1,000,000 any such additional dollars are taxed at at 50% top marginal rate while everything less is taxed at lower rates. Once someone makes one dollar over $2,000,000 any such additional dollars are taxed at at 55% top marginal rate while everything less is taxed at lower rates. Once someone makes one dollar over $5,000,000 any such additional dollars are taxed at at 60% top marginal rate while everything less is taxed at lower rates. and finally once someone makes one dollar over $ 10 million any such additional dollars are taxed at at 70% top marginal rate while everything less is taxed at lower rates. Also all estates worth greater than $5 million pay a flat estate tax of 15%. All american companies that closed factories in the last 10 years and who are currently now importing the goods that they used to make in the USA now from foreign counrtries with dirt cheap labor back into the USA to sell to americans must pay a tariff equal to 100% of the average cost of making and transporting the goods back to USA.. All tax loopholes for large corporations with sales in excess of one billion dollars are eliminated, but those for small companies with sales of less than one million dollars are increased and their taxes lowered a bit. If all the above happened and became policy, would you be ok with it?? If anyone here is in the income categories mentioned above, could you please indicate how you "personally" would be ruined by such policies?
Public Comments
- It's not going to work. First off, with all with what's been going on there will be not so many huge profits this year - so the income will not be there, and the estimates will fall far short. Also remember most wealthy people don't work, so taxes are mostly collected on new income. Since the market sucks, there are few dividends to tax. And since most of the high income earners are celebrities, athletes and lawyers, it will not make much of a difference. Bottom line is total wealth has been reduced, and Obama will get rid of what's left. There will not be enough rich people to pay for this plan and ultimately the middle class will pay for it, as well as State taxes and local taxes going up so everyone is going to pay for Obama's plan. Most educated people don't see how Obama is going to pay for it, but siting my first paragraphs you can see the numbers will not add up. already, 35% of Americans don't pay any taxes are get it all back in a refund. So to pay for the $25,000 per person share the next budget will provide it'll be interesting to see who will pay the fair share for those who do not pay their fair share of taxes now. We're screwed and the rich are no longer rich enough to bail us out. I expect world wide government bankruptcies this year. Then when all the wealth is gone, the people will finally all be on the same playing field. 99.9% of the world will be poor, and .1% will rule it all. POINT 1% (1/10 of 1% = 6 million people). Trust me, 6 million rich will not be able to pay for free everything, which is what Obama promised. We are done. The good days are done. I pity young people, your life will suck.
