IMO, one of the first stealth tax increases is raising the FICA cap. It now stands at $102000 I think. Changing the way people who make most of their money via tips could be another by forcing an income level on them instead of voluntary compliance. Eliminating deductions is another and would be promoted as "eliminating loopholes or something like that. Seneca
Notice the Reaganophiles have ignored you. Rreaganophiles love to prattle on about Reagan's tax cut. It's very rude to point out that he actually raised taxes and that it was the largest tax increase in history. A big fat "F" for you in Reaganite ettiquite. Keep the truth to yourself.
Bush has been the first President with kick-ass tax rates. I think even with my futures blend I had a 36% year with Reagan. My rule of thumb until Bush was always figure a third. Now I figure a quarter. Once again though the point future GOP candidates must make is, it's not just income taxes but FICA-as a floor trader I had to pay it (I think it was at a reduced rate then)-state taxes and of course property taxes. Not everything is Federal. It's the overall rate of taxation that's becoming onerous. Utilities, phones, gasoline-every friggin' license and decal etc. I constantly hear liberals talk about how higher income taxes are needed to pay for important perks like roads and the FAA. WTF? The Federal gas tax doesn't help? Chicago takes in $100,000,000 a year in vehicle revenue. Maybe more if one includes every form of car related taxation like on parking ect. isn't that enough for Chicago to fill pot holes without bitching they're out of money. We pay for the privilege of usage and then are denied our money's worth. I make no bones about it. I believe governments on all levels are going to fail and I'll be the happiest I told you so mf in the whole world. Democracy fails when the majority are self serving and the hallmark of secular thought is never having to say I'm sorry, even to a higher power...
Obama's First 100 Days by Patrick J. Buchanan "Undeniably, a powerful tide is running for the Democratic Party, with one week left to Election Day. Bush's approval rating is 27 percent, just above Richard Nixon's Watergate nadir and almost down to Carter-Truman lows. After each of those presidents reached their floors -- in 1952, 1974, 1980 -- the opposition party captured the White House. Moreover, 80 percent to 90 percent of Americans think the nation is on the wrong course, and since mid-September, when McCain was still slightly ahead, the Dow has lost 4,000 points -- $5 trillion to $6 trillion in value. Leading now by eight points in an average of national polls, Barack Obama has other advantages. Not a single blue state is regarded as imperiled or even a toss-up, while Obama leads in six crucial red states: Florida, North Carolina, Virginia, Ohio, Missouri and Colorado. Should McCain lose one of the six, he would have to win Pennsylvania to compensate for the lost electoral votes. But the latest Pennsylvania polls show Barack with a double-digit lead. Lately moving into the toss-up category are Nevada, North Dakota, Montana and Indiana. All voted twice for George W. Bush. Not only is Obama ahead in the state and national polls, he has more money, is running far more ads, has a superior organization on the ground, attracts larger crowds, and has greater enthusiasm and more media in camp. And new voter registrations heavily favor the Democrats. Though Congress is regarded by Americans with a disdain bordering on disgust -- five of six Americans think it has done a poor job -- Democratic majorities are certain to grow. Indeed, with Democrats favored by 10 points over Republicans, Nancy Pelosi's majority could grow by 25 seats and Harry Reid could find himself with a filibuster-proof majority of 60 senators. Democrats already have 49, plus two independents: Socialist Bernie Sanders and Independent Joe Lieberman. Their challengers are now ahead in New Hampshire, Virginia, North Carolina, New Mexico, Minnesota, Oregon and Colorado, with a chance of picking up Georgia, Alaska, Kentucky and Mississippi. We may be looking at a reverse of 1980, when Reagan won a 10-point victory over Jimmy Carter, and Republicans took the Senate and, working with Boll Weevil Democrats, effective control of the House. With his tax cuts, defense buildup and rollback policy against the "Evil Empire," Reagan gave us some of the best years of our lives, culminating in America's epochal victory in the Cold War. What does the triumvirate of Obama-Pelosi-Reid offer? Rep. Barney Frank is calling for new tax hikes on the most successful and a 25 percent across-the-board slash in national defense. Sen. John Kerry is talking up new and massive federal spending, a la FDR's New Deal. Specifically, we can almost surely expect: -- Swift amnesty for 12 million to 20 million illegal aliens and a drive to make them citizens and register them, as in the Bill Clinton years. This will mean that Nevada, Colorado, New Mexico and Arizona will soon move out of reach for GOP presidential candidates, as has California. -- Border security will go on the backburner, and America will have a virtual open border with a Mexico of 110 million. -- Taxes will be raised on the top 5 percent of wage-earners, who now carry 60 percent of the U.S. income tax burden, and tens of millions of checks will be sent out to the 40 percent of wage-earners who pay no federal income tax. Like the man said, redistribute the wealth, spread it around. -- Social Security taxes will be raised on the most successful among us, and capital gains taxes will be raised from 15 percent to 20 percent. The Bush tax cuts will be repealed, and death taxes reimposed. -- Two or three more liberal activists of the Ruth Bader Ginsberg-John Paul Stevens stripe will be named to the Supreme Court. U.S. district and appellate courts will be stacked with "progressives." -- Special protections for homosexuals will be written into all civil rights laws, and gays and lesbians in the military will be invited to come out of the closet. "Don't ask, don't tell" will be dead. -- The homosexual marriages that state judges have forced California, Massachusetts and Connecticut to recognize, an Obama Congress or Obama court will require all 50 states to recognize. -- A "Freedom of Choice Act" nullifying all state restrictions on abortions will be enacted. America will become the most pro-abortion nation on earth. -- Affirmative action -- hiring and promotions based on race, sex and sexual orientation until specified quotas are reached -- will be rigorously enforced throughout the U.S. government and private sector. -- Universal health insurance will be enacted, covering legal and illegal immigrants, providing another powerful magnet for the world to come to America, if necessary by breaching her borders. -- A federal bailout of states and municipalities to keep state and local governments spending up could come in December or early next year. -- The first trillion-dollar deficit will be run in the first year of an Obama presidency. It will be the first of many. Welcome to Obamaland!"
A couple of points. As Brandof pointed out a slight increase in his marginal rate probably won't affect him much and, more importantly, he probably will not change his behaviour much, at least when it comes to investing/spending. But imagine an increase in cap gains taxes and taxes on dividends that Obama is proposing across an entire economy. It will have an affect and it won't be good. Someone pointed out that McCain wants to tax health care benefits payed by the employer. That's true and there is a very good reason for it. Right now people with good jobs have their HC payed for mostly by the employer. Poor people and people working part time or hourly jobs don't. What McCain wants to do is level the playing field. The way the system is now, those people with employer payed HC benis are being subsidized by other taxpayers. McCain would offset some of this tax with a tax credit to ALL workers. He also wants other reforms like allowing ins co's to sell across state lines. Obama's HC plans are really just an expansion of the status quo, which hasn't worked very well. I have never understood the thinking behind making employers pay for your health care. Maybe it made sense in WWII, which is when it started, but it makes no more sense than asking your employer to supply your groceries.
You know, for someone that purports to correct others and then call them an idiot, you are about the most unreliable person I've seen on here when it comes to facts. If you simply go to http://en.wikipedia.org/wiki/Tax_Equity_and_Fiscal_Responsibility_Act_of_1982 and read the VERY FIRST LINE, you'll find that "The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), a United States federal law, rescinded some of the effects of the Economic Recovery Tax Act (ERTA, colloquially known as the Kemp-Roth Tax Cut) passed the year before." Notice it says that TEFRA rescinded SOME of the effects of his tax cuts. Would you please stop calling everyone an idiot?
and couple all that shit with hyperinflation and you have a train wreck!! What will they do then? I don't think they will have any political capital at that point... In Venezuela they would send in guys to take your property if you oppose them, in Russia they would kill you, in the USA we still have the constitution, they will be talking about a new constitution likely...
Color me surprised, but it looks like Obama is starting to lower his definition for who is "rich": http://corner.nationalreview.com/post/?q=MzI3ODEyM2U4YWQxZDU4ZWQ5Yjk4YWNmZjIzM2U3NmY= He's down to incomse of $200,000 from $250,000, but Biden's number seems to be more like $150,000.
It's pretty widely understood that anybody who's not on the government dole is "rich" and not paying their fair share. Meanwhile, everybody who isn't paying taxes is getting "soaked" by the "rich". This isn't news.
...and now with no sense of irony you shall quote Wikipedia... Yeah, and that was just in 1982. He then followed up his tax increase with an increase in the gas tax. Then he raised the social security tax rate. Then he signed the "Deficit Reduction Act" which jacked up taxes another almost half percent. Then he signed "The Consolidated Omnibus Budget Reconciliation Act of 1985" which (guess what!) increased taxes AGAIN. Not everyone, and I rarely do it, only those who are 1) ignorant and 2) abusive.