We really need to raise taxes - Democratic Underground

Onlooker

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Mon Sep-06-10 11:23 AM
Original message

We really need to raise taxes

We need to spend more because right now a lot of people are hurting, and even before this crisis a lot of people were hurting. But, a lot of people are getting freaked out by the deficit, so we really need to raise taxes.

Here's what I propose: Income under $100,000 pays no income tax (other than state). Anyone earning over $100,000 pays progressively more to cover the cost of this tax break. In addition, charge capital gains, even on holdings, to brokers, banks, etc. in the same way that with managed money they charge for their services a percent of your investments, whether those investments grow or not.

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Warpy

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Mon Sep-06-10 11:31 AM
Response to Original message

1. We also need to slash Pentagon spending

which is being done slowly and quietly right now, but at too slow a pace to make an appreciable dent in the budget.

We the people can't afford the empire the rich are exempted from paying for.

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Madam Mossfern

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Mon Sep-06-10 11:32 AM
Response to Original message

2. Redistribution of wealth.

Hmmmmmmm.

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RUMMYisFROSTED

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Mon Sep-06-10 12:17 PM
Response to Reply #2

5. Actually, re-redistribution of wealth.

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TCJ70

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Mon Sep-06-10 01:25 PM
Response to Reply #2

8. No one is interested in the wealth people already have...

...It's what they're GOING to have that applies in this case.

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pnwmom

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Mon Sep-06-10 11:34 AM
Response to Original message

3. Charge for capital gains even if they are losses?

That'll go over big.

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Lasher

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Mon Sep-06-10 11:47 AM
Response to Original message

4. Taxes are the lowest they've been since 1950.

http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

That's what's causing most of the deficit. I have a simpler solution: Let every single one of the Bush tax cuts expire. No more of this bipartisan bullshit trying to work out compromises. Just let them expire.

If Republicans win control of Congress they will surely try to use reconciliation to renew them all. If it comes to that I would hope Obama would veto such a measure.

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dkf

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Mon Sep-06-10 12:48 PM
Response to Original message

6. I think I calculated once that if we taxed people making over $250,000 everything

Above that amount we still wouldn't pay off that year's deficit.

I'm not sure taxing just income above $100,000 will do it. Have you done any calculations? I.e looked at how much that would generate?

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Mon Sep-06-10 12:53 PM
Response to Original message

7. Yes, raise taxes on the 1% & 2%'ers

but raise minimum wages to $10. or so too...that will also increase tax revenue...

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