by Jim » Mon Dec 06, 2010 1:43 pm
The tax arguments are class-related and, whether by design or not, induce class warfare. In this country, that war is not between the poor and the rich as much as between the so-called middle class (whatever that is) and the rich. The differentiation in tax rates does what Obama said (during his campaign) the Constitution neglected, i.e., redistribution of the wealth. People in the middle class desire a certain life-style that they can’t afford, so through the tax system their life-style is subsidized by those who earn more than they. The top tax-rate 1951-63 was more than 90% (everything over $400,000) every year. The guy who earned $1,400,000 in 1953 could expect to pay at least $920,000 in income tax, though, of course, he would figure an adjusted gross income like everyone else. This is the situation many people in this forum would like to see now, the better to have life-styles they can’t afford but expect someone else to fund.
Current tax rates per (head of) household (adjusted gross income): 0% up to 11,950; 15% up to 45,550; 25% up to 117,650; 28% up to 190,550; 33% up to 373,650; 35% over that amount. Median household income in 2008: 52,029, income taxes – 13,007.25 less deductions. The guy who makes a million, if not 27 times as much, will still pay many times as much in taxes for the same protections and services as that median household. That does not seem unreasonable, but the president wants to make that guy even further subsidize those who intend to live above their means on his dime by taking 39.6% of his income. The guy who makes a million will probably cough up close to 59 times as much as the household earning 45,000. Just crunch the numbers, taking into account all deductions/loopholes (designed by Congress) for all parties. This is the stuff the media rarely if ever mentions.
The top tax-rate was 70% in 1980 (Reagan election) for ADJ of 215,400 and over. By 1988, while the nation prospered, that rate went down to 28% (29,750 and over). Reagan and the democrat Congress lowered the taxes, while George Bush and a democrat Congress raised the top rate to 31% in 1991 and Clinton and a democrat Congress raised it again to a whopping 39.6% in 1993. George Bush and a republican Congress cut it back to where it is, while the social engineers (mostly nutcase democrats and fast-asleep republicans) told every head of household he/she could own a house whether or not it was affordable, thus being the absolute and only cause of the recession as the truth set in. To his credit, Bush tried to fight this as far back as 2003-04.
The whining middle class needs to admit that it intends to make those who honestly and legally acquire wealth pay for their life-styles, thus putting themselves on the public dole. A blue-collar pensioner, I never made as much as $50,000 a year in my working life. My wife, who had a trade before we married whereas I was unskilled, never worked outside the home after our marriage, thank God in multi-anthems of praise, and we lived on what we had, precious little, especially when I worked in public schools and churches…just month-to-month. At age 43, I made a down-payment on a house, finally. In light of that and the envy some of the people in this forum have regarding those who are smart, industrious, lucky or brave enough to take risks, I don’t believe in soaking the rich to subsidize any other class. I believe that those who make it should get to keep it.