Tax hikes - Yay or Nay?

[merithyn]

In general, I think the across-the-board cuts that are going on are a good thing. However, I also think that taxes need to be raised, as well, probably to the 1960s levels. I didn't break it down regarding economic levels because I'm assuming a graduated tax increase.

What say you, Languish?

[CountDeMoney]

Raise 'em to the roof.

[Grey Fox]

Of course, your taxes are too low. But which one?

What you really need is a Product & Service Tax of 5-8%

[merithyn]

Of course, your taxes are too low. But which one?

What you really need is a Product & Service Tax of 5-8%

I'd be okay with taxes being on par with how they were in the 1960s, plus adding a VAT. I've long thought we've been stupid not to have that.

[Grey Fox]

Of course, your taxes are too low. But which one?

What you really need is a Product & Service Tax of 5-8%

I'd be okay with taxes being on par with how they were in the 1960s, plus adding a VAT. I've long thought we've been stupid not to have that.

How different are they now from the '60s?

[merithyn]

How different are they now from the '60s?

[lustindarkness]

As much as I would like to be taxed less, I know we may need to be taxed more in some areas, less in others and cut spending. Voted option 3. In my opinion, the whole tax law needs to be redone.

[Grey Fox]

@Meri, you a commie?

[merithyn]

As much as I would like to be taxed less, I know we may need to be taxed more in some areas, less in others and cut spending. Voted option 3. In my opinion, the whole tax law needs to be redone.

I think that's everyone's opinion. The problem is in figuring out how to get the Dems and the Repubs to work together to find a reasonable compromise. Of course. As if they haven't hit us over the head with that "little" problem already.

[garbon]

Raise 'em to the roof.

Too funny.

[merithyn]

@Meri, you a commie?

That's the tax rate for those at the top tier of income levels, I think. Not your average Joe Shmoe.

[11B4V]

Raise 'em to the roof.

Yea, the forty seven percenters need their hand outs.

[Eddie Teach]

I'd go with something like:
1 million+ - 50%
250k-1mil - 40%
100k-250k - 35%
Under 100k, same rates as now.

Considering there's also state & local taxes to deal with, once over 50% federal income tax you're getting into the area where the Laffer Curve will start having effect.

[Grey Fox]

@Meri, you a commie?

That's the tax rate for those at the top tier of income levels, I think. Not your average Joe Shmoe.

Of course but in this age of world finance anything over 50% is crazy. What's the threshold of the top tier income?

[merithyn]

I'd go with something like:
1 million+ - 50%
250k-1mil - 40%
100k-250k - 35%
Under 100k, same rates as now.

Considering there's also state & local taxes to deal with, once over 50% federal income tax you're getting into the area where the Laffer Curve will start having effect.

I could get on board with that.