Report: Dems On Super Committee Favor Pushing Top Tax Rate To Almost 50%…
Should do wonders for the economy.
(Weekly Standard) — Barack Obama has said that raising taxes in a struggling economy is “the last thing you want to do,” but for some Democrats on Capitol Hill raising taxes is a top priority. A proposal from Democratic members of the House Ways and Means Committee obtained by THE WEEKLY STANDARD favors raising top marginal income tax rates to nearly 50 percent.
Alarms of a double dip recession grow louder by the day. “If history is a guide, the odds that the American economy is falling into a double-dip recession have risen sharply in recent weeks and may even have reached 50 percent,” wrote New York Times economics writer David Leonhardt in Thursday’s paper. Leonhardt writes, “[J]ob growth has slowed to a pace that typically signals the start of a recession. Over the last 50 years, every time that job growth has been as meager as it has been over the last four months, the economy has been headed toward recession, in a recession or in the immediate aftermath of one. From early 2010 through this spring, by contrast, employment was growing fast enough to make the economy look as if it were in a recovery, albeit a modest one.”. . .
And yet that is exactly what some in his party are prescribing for the struggling economy. According to guidelines prepared by Democratic staff on the tax writing committee — the Ways and Means Committee — for Democrats on the so-called supercommittee: “This proposal would bring the top marginal income tax rate on ordinary income to 40.4 percent for years before 2013, and to 48.8 percent in 2013 and afterwards (after taking into account the expiration of the 2001 and 2003 tax cuts and the 3.8 percent additional tax on unearned income).”
Posted by ZIP on Thursday, September 8, 2011, at 3:40 pm | 
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Tax and spend. The demos never change. They just can’t do it.
Why does paying their “fair share” keep getting redefined up?
This just might a lot of dem voters over to the tea party, in droves. There has to be a lot of old school dems that have had enough of this.
it was at 50% during the Reagan Administration
I favor a 95% ‘Green-wealth’ tax.
It lets us recoup some of the tax money that Liberals steered to all their pet projects.
Why is our side taking the bait to be on this super committee when it stinks of not being constitutional?
I’m at the point, just pass a 50% tax rate, pass cap n trade, pass all this crap, the productive people in this country, just go John Gault and sit back.
Nothing is going to get resolved until this crap way of thinking is completely voted out. And the country’s going down the tubes anyway, and people still don’t get why….
@Steven V
“William A. Niskanen, one of the architects of Reaganomics, summarizes the policy as “Reagan delivered on each of his four major policy objectives, although not to the extent that he and his supporters had hoped,” and notes that the most substantial change was in the tax code, where the top marginal individual income tax rate fell from 70% to 28%”
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Lie much? Or just confused?
Taxes,taxes,taxes and more dirty taxes from the demacraps
The problem with socialism is that you eventually run out of other people’s money to spend. Of course the Dems don’t care about that. Cross that bridge when you get to it, let’s tax the rich people and get rich themselves! Woo! Let’s go gold rush!
Sincerely,
Revshawn
I think we need to tax people on the bottom half of the spectrum.
Half of the country doesn’t pay income tax, but nearly all of the social program funding is directed at the bottom half.
This is the reason that there is no push back on the enormous size of government. The people who are using the social programs are not the ones paying for them. If they had to pay for them, then all would support limits to the size of government.
So what’s it gonna be? Should we figure out how to pay for the wasteful spending programs that are jam-packed with corruption, and designed primarily to give a tidy profit to the allies of politicians, or should we get rid of those programs?
Wow – I never saw that coming. sarc
Why even have a “private sector” ?
If 50% is the magic number, if a 50% tax rate will solve all our problems, why didn’t Democrats pass this when they had control of all houses of government?
and I see my own asshole senator in the photo – that criminal bobby menendez. POS
A 50% tax rate, not counting local, withholding, cost of regulation etc…
A 50% means for 6 months a year an individual will be working, uncompensated for the government.
I’m with gastorgrab.
Tax everything “green” at 95%. That includes everything “organic” too.
I have stood by for many years watching my beloved nation whither into something unrecognizable, this is just one more stitch in the quilt.
I don’t know where the Feds get the idea they are entitled to anyone’s money – either that they earn, save, or leave to their family. If they want to be able to supply certain services until the Constitution that is one thing – then institute a fair tax on everyone – no matter their income. The Feds should not look at someone and say give me a piece, you have too much. It is none of their business!
Wanted – One nubile female to provide me with Earned Income Children for my taxes. All that is required is you pop em out & I claim them on my taxes.
Brilliant move,a real job producer/ as the savvy rich move their assets offshore, those with small business making more than 250K will be picking up the tab as they drown in red ink and regulations. This guy is a wrecking ball on meth.
Despicable Commie Demonrats
Google Swipe your EBT it’s free.
The Super Committee was a reallyy bad fucking idea and I blame the Republicans just as much.
What do they mean, “bring it to 50%”? Add up state, local and property taxes on top of fed income and fica, and you’re already at 50%.
Why should the rich keep working? I’d say, take a sabattical for a couple yrs, close down your businesses, lay off your workers, scale back and live off your savings. See how well the country does without the rich.
I’m in favor of pushing those Socialist Bastards out of our lives. It’s time the big spenders of tax payer money are held accountable for their criminally wreckless spending.
He handles everything the way he handled the BP oil spill – plug the damn hole – presto chango
Taxes for all wealthy demacrats like the KENNEDYS and the GORES
Let them and every liberal do it first. Then if it works we’ll think about it.
Why not take it all you thieving rat cock suckers? And you do suck rat cock don’t
you lib commie Democrats?
It will be over YOUR dead bodies, not ours.
A 19.5% across the board flat tax on everyone (even the “poor”) will be enough to sustain us because no matter how high they want taxes, 19.5% is all they get when you consider portfolio flight and tax loopholes (on avg). It better to tax everyone so that there would be a larger tax base and these blood suckers won’t use class warfare in their rants.
95% tax on organic and green…I love it!
Yeap…the republitards are every bit to blame for supporting the “super committee”.
All the dhimmicrats need is one RINO and they have a majority.
What are the chances?
IronMaiden is correct: The committee itself is unconstitutional!
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TAX & SPEND the way liberal demacraps solve everything
“…A proposal from Democratic members of the House Ways and Means Committee favors raising top marginal income tax rates to nearly 50 percent…”
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The UK has a 50% income tax…and economists say its killing Britain…
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UK Economists Call For End Of 50% Tax Rate
http://www.businessinsider.com/uk-top-tax-bracket-2011-9
Twenty economists have called for an end to the UK’s top tax bracket in a letter to the Financial Times.
The economists, including academics from Warwick and Cardiff universities, wrote:
“…We are concerned that Britain’s 50p income tax is doing lasting damage to the UK economy. It gives the UK one of the highest personal tax regimes in the industrialized world, making it less competitive internationally and making us less attractive as a destination for both foreign investment and talented workers.”
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48.8% would actually make USA the highest taxed country in the world. Other countries if they have local income taxes have it so standardized that it is counted in international statistics as national average. For my country the highest tax bracket is 34%, but since the municipal almost-flat tax (16% effective tax rate for low paid jobs, 18% for highest paid, give or take couple percentage units depending on the municipality), so in international statistics our highest tax bracket is around 50%. So in many states the tax rate would be over 55%, which can’t be found from any other Western country.
Can any of these assholes explain how a top tax rate of over 50% after state taxes is any kind of incentive for entrepreneurs? If I had a company I would seriously be looking to leave the US and find a more friendly environment.
Democrats and their Socialist, Communist, Progressive Liberal loving minions will destroy this country. They have no shame and consider this to be a necessary step in rebuilding it in accordance with the new world order. F___ You Democrat Traitors. I want to see everyone of you supporters of Zero behind bars, for life.