New taxes

I'm covered...I make less than 250K/yr.

All the people who became suddenly worried about the deficit in the last year are also the ones who don't want their taxes raised to pay it down.

Can't do one without the other.

Simple math.

Im the one that didnt want to borrow lebenty-zillion dollars to bail out filthy rich bankers, investors and wall street fuck-ups with money we do not have.

Simple math.

That's why they were making all the noise. They didn't want the deficit raised even more.

That's the only way not to have to raise taxes.

Simple math.

I know that in the simply math I use to balance my household budget...I don't spend more than I make. It doesn't get any simpler than that!!!!!!

No doubt Volcker's a smart guy but he's ignoring history. The past 4 times the top tier tax rates have been raised, the amount of money that was paid in taxes by those earners has dropped.

High earners, particularly the very wealthy, have elastic income amounts so they'll do things to reduce their income and tax burden. Putting money in tax free investments, deferring income, offsetting it with losses, leaving money in cash and not investing etc. etc.

But, as EIDave will tell us, this is a new economy and history has no place in fiscal or monetary policy these days.

so we should lower their taxes to nothing...then they'll pay a whole lot more in taxes?

Now that has some truth to it fishn...

PAY-ROLL taxes, via Medi-CARE-CAID-etc., are gonna hit EVERYONE.

I can't believe NO-ONE'S done the Demo's on how many (How FEW) Tax-Payers there are in the aforementioned "bracket". WTF?

I'm done arguing over the issue: It's time to be honest about the impact and how to "lighten-it" on ourself/our-selves.

Me?

Keep my personal income minimalized; therefore, my "taxation".

Simple.

Hell, I "Qualify" for most-all of it. "Households under $88,000"...W-T-F?

That's jus' fuckin' RIDICULOUS!

I'll bet my "Income" is amongst some of the Lowest between those of us that throw this issue around in here.

I'm jus' plannin'...

Once they get their money into cash form they can put it wherever they like. Like offshore where they'll pay no taxes on the appreciation. If a few transfers can save you $54K then you'll do it.

All income/revenue for a Citizen comes under the pervue of the IRS.

Game-over.

Bottom line EVERYONE SINGLE AMERICAN is going to have to pay higher taxes in order to bail out our government.

Trying to put the bulk of that burden on the upper-middle class is just stupid (and is ultimately nothing more than buying votes). It needs to be carried by every American.

They need to eliminate loop holes....I'm not okay with the lower income brackets making a profit off the country (getting back at tax time more than they paid). Everyone needs to pay SOMETHING. If that is $100 for the poorest Americans, so be it...but everyone needs to pay something. (And we can thank the past two administrations, and congressmen/women of the past 20 years for that....and we should do so by voting them out.)

IF we don't, I'm worried there will come a time when America won't be able to take care of the Americans that have become used to living off of the government (welfare, food stamps, gov housing, etc)....or, we won't be able to defend ourselves....and that will be a sad day.

But, my fear with raising everyones taxes is that congress will just take the figurative "raise" we gave them, and just like a fiscally incompetent household (they type that did 10 "debt consolidation" cash out mortgages on their home during the boom, only to go right back in debt...and the type that gets a $300/month raise at work, and promptly goes out and finances a new boat at $300/month), will just spend more money.

so with that in mind, I'm not sure the solution to the problem is to give this incompetent congress MORE money they can squander....i think the real solution is to vote out the morons that caused this mess, and start over with some people that will spend less than the country currently makes.

just like our economy was artificially inflated....I think the living standard of our society also artificially inflated. We've gotten used to a lot of luxuries this country can no longer afford, and it's time we stop spending money on them. Yes, that will make our lives a bit "harder" in certain areas....but at least our government won't have the country on a one way road to "bankruptcy"....