Could extremists could open the door to compromise?

[redandguilty]

Republicans want to tax income over $1M, Obama is pushing Dems to budge from $250k to $400k, but some Republicans won't vote for any tax hike, so they might not have the votes for the Republican plan.

http://www.nytimes.com/2012/12/19/u...eal-boehner-invokes-plan-b-on-taxes.html?_r=0


edit:
BLARG!!! TITLE LANGUAGE BRAIN FAILURE!

 

[Slick]

the man campaigned on 250k.....Boenher gonna school O again ?

 

[redandguilty]

the man campaigned on 250k.....Boenher gonna school O again ?

...and Boenher said he would extend the rates for all Americans.

 

[redandguilty]

http://www.reuters.com/article/2012/12/21/us-usa-fiscal-idUSBRE8A80WV20121221

Amazing. It's not Republicans v Democrats, it's not Far Right v Center Right. It's Right v Far Right.

 

[JScottWriter]

Agree Red, they can't even compromise in their own party. The Democrats are going to try and get enough House Republicans to push something the far right will hate way more.

 

[byco42]

The term "extremist" conjures up someone with C4 strapped to his torso and his thumb on the switch, not a politician who wants a lower marginal tax rate than another politician.

Unless I am allowed to call president Obama an "extremist" because he willfully obliterates kids and civilians with drones. I'm good with that.

 

[redandguilty]

The term "extremist" conjures up someone with C4 strapped to his torso and his thumb on the switch, not a politician who wants a lower marginal tax rate than another politician.

Unless I am allowed to call president Obama an "extremist" because he willfully obliterates kids and civilians with drones. I'm good with that.

The word probably brings terrorists to mind for a lot of people, which is a sad observation about the state of things.

 

[byco42]

Well, I commend the 13 Republican Congressmen who blew up Plan B, because it stunk.

 

[redandguilty]

I'm absolutely for adding another tax bracket (an independant comment to where the rates should be) and won't be upset over the difference if that extra bracket is 400k or 1M. These things (if we're going to have them) should increase with time.

(And we should get rid of the penny-personally, I'd get rid of pennies, nickles, and even dimes if it were up to me.)

 

[Slick]

wow....Boner sure stepped in it yesterday , when they gonna strip the clown of his leadership ?

 

[redandguilty]

Of course, all we're discussing here is small potatoes compared to past changes. The swings from '86 to '88 put this in perspective:

http://taxfoundation.org/article/us...-2011-nominal-and-inflation-adjusted-brackets

 

[redandguilty]

...and can someone help me out with some tax history. in the 60's and 70's when there were brackets clear up to 70-90%, was there some alternative minimum or some loophole or did people actually pay that? I knew rates went nuts post WWII, but not 90% nuts.

 

[turok]

...and can someone help me out with some tax history. in the 60's and 70's when there were brackets clear up to 70-90%, was there some alternative minimum or some loophole or did people actually pay that? I knew rates went nuts post WWII, but not 90% nuts.

I read a post very recently online where someone who claimed to be a tax attorney or accountant, explained in some depth how few if any paid those high percentages while earning annual income that put them in those brackets, but I didn't bookmark the website page, and can't remember enough now to repost even some of it.

This article is probably close to what he/she replied with though, and likely similar was involved in calculations during the 60s and 70s:

http://www.politifact.com/truth-o-m...l-moores-film-capitalism-claims-richest-paid/

 

[byco42]

wow....Boner sure stepped in it yesterday , when they gonna strip the clown of his leadership ?

I think it happened in fact, with the formality to follow soon, hopefully. Someone needs to step in who is willing to tell the president that his plan is not sustainable and 4T in budget deficit cuts is unacceptable.

 

[Michchamp]

I read a post very recently online where someone who claimed to be a tax attorney or accountant, explained in some depth how few if any paid those high percentages while earning annual income that put them in those brackets, but I didn't bookmark the website page, and can't remember enough now to repost even some of it.

This article is probably close to what he/she replied with though, and likely similar was involved in calculations during the 60s and 70s:

http://www.politifact.com/truth-o-m...l-moores-film-capitalism-claims-richest-paid/

what those high rates DID do was help to keep executive salaries in check. and the higher corporate rates in turn gave companies an incentive to keep people on the payroll, as it made sense from a tax perspective since they could keep their tax liability lower by deducting payroll expenses.

 

[redandguilty]

I read a post very recently online where someone who claimed to be a tax attorney or accountant, explained in some depth how few if any paid those high percentages while earning annual income that put them in those brackets, but I didn't bookmark the website page, and can't remember enough now to repost even some of it.

This article is probably close to what he/she replied with though, and likely similar was involved in calculations during the 60s and 70s:

http://www.politifact.com/truth-o-m...l-moores-film-capitalism-claims-richest-paid/

I'm thinking there's more to it than just the difference between average and marginal tax rates, but maybe not. They got away with it when there was a war to pay off and didn't want to let go of the gravy train for decades.

 

[tsmith7559]

Well, I commend the 13 Republican Congressmen who blew up Plan B, because it stunk.

Agreed. Lets just go over the cliff. Tax rate hikes for everyone and new payers to boot.
20 new taxes begin under Obamacare beginning 1/1/13. People apparently wanted it and so does Obama.

 

[Michchamp]

the "cliff" is a misnomer. according to some non-mainstream media or non-DC-politicians, all the "cliff" involved was the expiration of the Bush tax cuts & cuts to the defense budget. The latter is of course UNCONSCIONABLE, and the former was also UNCONSCIONABLE to the extent it affected very wealthy people, who should not have to pay a higher percentage of their top income brackets to taxes since they are more important than us.

 

[redandguilty]

Looking at the 1963 rates, average at $44,000 would be 38%, at $100k it's 62%, at $200k it's 71%, and by $500k, it's 83%.

Hope they had some deductions.

 

[Michchamp]

Looking at the 1963 rates, average at $44,000 would be 38%, at $100k it's 62%, at $200k it's 71%, and by $500k, it's 83%.

Hope they had some deductions.

note... you needed a lot less money to live, pay the doctor, buy a house, go to college, raise your kids, retire, or be happy in those days.