taxation

[Spexxvet]

Maybe if tax rates were higher on wealthier Americans, we could balance the budget. And maybe even pay off some of the national debt, to boot.

There will never be a consensus on budgetary cuts among Americans in general - too many people think in "I" terms, instead of "we". When you throw in the ulterior motives of our legislature, it's guaranteed that there'll never be a balanced budget, without tax increases.

[glatt]

When you start to cut funding from programs I use, like mortgage deductions, that's going to get my attention. I'm ok with my programs being cut, but they damn well better be cutting everyone else's too, especially the breaks the wealthy get. I'm fairly certain most people feel the same way. Most people are willing to do their part, but not if everyone else is getting off scot-free.

[TheMercenary]

Originally Posted by glatt

When you start to cut funding from programs I use, like mortgage deductions, that's going to get my attention. I'm ok with my programs being cut, but they damn well better be cutting everyone else's too, especially the breaks the wealthy get. I'm fairly certain most people feel the same way. Most people are willing to do their part, but not if everyone else is getting off scot-free.

Oh I agree, so why is it that nearly 50% of the income earners don't pay Federal income tax again?

[classicman]

Originally Posted by Spexxvet

Maybe if tax rates were higher on wealthier Americans, we could balance the budget. And maybe even pay off some of the national debt, to boot.

I really don't think that's feasible.
You do realize that there are only 124,647 filers with incomes over $500,000.
If you add in those over $200,000 it totals 1,223,244 filers as compared to 68,400,596 of those under $200,000.
(figures from 2008)
Adjusting the rates on just over a million filers... I don't see where there are enough of them.

[TheMercenary]

Originally Posted by classicman

I really don't think that's feasible.
You do realize that there are only 124,647 filers with incomes over $500,000.
If you add in those over $200,000 it totals 1,223,244 filers as compared to 68,400,596 of those under $200,000.
(figures from 2008)
Adjusting the rates on just over a million filers... I don't see where there are enough of them.

Wait now, are you saying that if we take all the money from the "Rich" and tax them on 99% of their income we couldn't balance the budget? That's not what President Zero is telling us...