2/3 of Americans want repeal of Bush tax cuts

The Bush tax cuts lowered the bottom bracket from 15% to 10%. That is a 33% cut, which is far more significant than the 11.6% cut received by top earners (from 39.6% to 35%). It is intellectually dishonest to claim that the Bush tax cuts were merely "tax cuts for the rich."

As of CY2003, the top 5% of wage earners in the United States pay approximately 54.36% of income taxes. The top 50% pays 96.54% of the share.
 
Tabasco tool
thAt was funny smoke and mirrors. How about show t in dollars paid for the typical payer in each bracket. The higher bracket made out like bandits.
 
My proposal for tax reform is this: implement a 20% tax on all income exceeding $45,000, and a 30% tax on income over $1,000,000. The latter bracket would be repealed once the national debt is eliminated. This system is progressive, will generate more revenue, and will close many of the loopholes associated with the current system.
 
Tabasco said:
The Bush tax cuts lowered the bottom bracket from 15% to 10%. That is a 33% cut, which is far more significant than the 11.6% cut received by top earners (from 39.6% to 35%). It is intellectually dishonest to claim that the Bush tax cuts were merely "tax cuts for the rich."

As of CY2003, the top 5% of wage earners in the United States pay approximately 54.36% of income taxes. The top 50% pays 96.54% of the share.
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Because they have 97% of all the money.
 
Tabasco said:
My proposal for tax reform is this: implement a 20% tax on all income exceeding $45,000, and a 30% tax on income over $1,000,000. The latter bracket would be repealed once the national debt is eliminated. This system is progressive, will generate more revenue, and will close many of the loopholes associated with the current system.
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How about no?
 
Topspin said:
Tabasco tool
thAt was funny smoke and mirrors. How about show t in dollars paid for the typical payer in each bracket. The higher bracket made out like bandits.
Click to expand...

As stated, during CY2003 the top 5% of Americans are responsible for over 55% of all income tax revenue. That was an increase over CY2001, when the top 5% paid 53% of income taxes. So much for "tax cuts for the rich."

I understand tax evasion is a problem, but raising tax rates will not solve it. The only way to put an end to tax evasion is significant tax reform. A flat tax is the best solution.
 
My proposal is five tax brackets 0%, 10%, 20%, 30% and 40%. The highest rate would only be levied on those who make more than 500k a year. The other brackets would be adjusted as needed to get the required amount of income (although society would, of course, be allowed to borrow in times of bust). All brackets would be indexed to inflation. The tax code should be simplified to have only a few credits, the earned income tax credit being one I'd like to keep. The AMT would be eliminated, along with all tariffs.
 
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Watermark said:
My proposal is five tax brackets 0%, 10%, 20%, 30% and 40%. The highest rate would only be levied on those who make more than 500k a year. The other brackets would be adjusted as needed to get the required amount of income (although society would, of course, be allowed to borrow in times of bust). All brackets would be indexed to inflation. (And possibly regional cost of living?) The tax code should be simplified to have only a few credits, the earned income tax credit being one I'd like to keep. The AMT would be eliminated, along with all tariffs.
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Your proposal is very moderate and reasonable, and an improvement over the current system, but it is still too complex. I'd prefer a two-bracket model with a limited number of deductions.
 
And how does capital gains tax cuts figure in there?

Imho capital gains should be taxed at about 50% for those held less than 6 months.
30% for those held a year and graduated down to 0% for those held 20 years.

Support investment not vegas style gambling.
 
And 2/3 of americans love getting big tax refunds, despite the fact it means that they have been giving the government an interest free loan for a year.

2/3 of americans probably couldn't explain the difference between capital gains taxes and tipping the waitress at IHOP.
 
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