Post by Admin on Oct 4, 2012 22:23:17 GMT -5
My View
In the 2008 U.S. Presidential Campaign Candidate and Senator John McCain proposed even more tax cuts across all brackets, however mostly favoring the top two brackets, right in lock step with conservative views. My response to this is of course he did, the Republican party has been bought and paid for by private multinational corporations and he was simply towing the line. This is ultimately the big picture and folks it said to say the picture is broken.
There is no doubt that before we can ask anyone to pay more in income taxes or new fees, the nation needs to sit down and go through not only the tax code itself, but every entitlement and pet project that would be up for elimination or decrease in funding. The Republicans have the right idea that there are some federal and state programs that are duplicative, ineffective, or even down right corrupt. But for every one of these wasteful programs there are three fantastic programs that have saved lives and helped lift many out of poverty and on the road to self sufficiency.
A two phase approach to handling the expiration of the Bush tax cuts is my proposition, and one that you haven't heard anywhere else. The first phase is to actually do nothing but let the entire realm of Bush tax cuts expire.
The 10% bracket would be eliminated and reverted to 15% for all incomes below $34,550. The 25% bracket would raise to 28%, the 28% rate would revert to 31%. 33% bracket would revert to 36%, and 35% would return to 39.6%.
As you can see even at this rate the top 3% of earners are still better off than their counterparts in comparable nations in the table above. This is not enough to sustain growth and to support middle class families however, so the second phase is the crucial part that will ensure we can balance tax cuts with necessary spending.
[CONTINUED IN "THE PATH AHEAD" BY R. STITH]
Pre-order Your Copy of "The Path Ahead" today!
In the 2008 U.S. Presidential Campaign Candidate and Senator John McCain proposed even more tax cuts across all brackets, however mostly favoring the top two brackets, right in lock step with conservative views. My response to this is of course he did, the Republican party has been bought and paid for by private multinational corporations and he was simply towing the line. This is ultimately the big picture and folks it said to say the picture is broken.
There is no doubt that before we can ask anyone to pay more in income taxes or new fees, the nation needs to sit down and go through not only the tax code itself, but every entitlement and pet project that would be up for elimination or decrease in funding. The Republicans have the right idea that there are some federal and state programs that are duplicative, ineffective, or even down right corrupt. But for every one of these wasteful programs there are three fantastic programs that have saved lives and helped lift many out of poverty and on the road to self sufficiency.
A two phase approach to handling the expiration of the Bush tax cuts is my proposition, and one that you haven't heard anywhere else. The first phase is to actually do nothing but let the entire realm of Bush tax cuts expire.
The 10% bracket would be eliminated and reverted to 15% for all incomes below $34,550. The 25% bracket would raise to 28%, the 28% rate would revert to 31%. 33% bracket would revert to 36%, and 35% would return to 39.6%.
As you can see even at this rate the top 3% of earners are still better off than their counterparts in comparable nations in the table above. This is not enough to sustain growth and to support middle class families however, so the second phase is the crucial part that will ensure we can balance tax cuts with necessary spending.
[CONTINUED IN "THE PATH AHEAD" BY R. STITH]
Pre-order Your Copy of "The Path Ahead" today!