Get Ready for a 70% Marginal Tax Rate

[mick silver]

That sucks, maybe time to get the hell out of dodge, if things turn for the worse. It may boil down into a lawsuit that will cost out of the ass. So are you in the village limits? Does anyone in the village have water , and the other things that you will be forced to pay for?

were he going to run to . it coming to a town or city near you . they cant not live of us all without sucking as all dry . this is my last place that why i moved out of the city like many others here . i have no were else to run an hide . i guess i am saying this is my last stand . it a sad time in our history when free man are saying things like this

[platinumdude]

http://www.businessweek.com/news/201...ompromise.html

Not a Tax Increase

“They would argue that this is not a tax increase, so I want to give them the benefit of the doubt,” Rubio said in an interview.

The proposal would require Senate committees to produce legislation to reduce spending and raise revenue. The Senate Finance Committee would be instructed to lower tax rates, eliminate the alternative minimum tax and “reform” tax breaks for health care, charitable giving and homeownership.

The outline calls for three individual income-tax brackets with a top rate between 23 percent and 29 percent, down from 35 percent now. The corporate rate would drop to a single rate of between 23 percent and 29 percent, down from a top rate of 35 percent. The tax system would need to retain its current progressivity and retain benefits for low-income workers such as the earned income tax credit.

Some lawmakers hold out hope for the compromise offered by the three Senate Republicans and three Democrats after months of opposition to new revenue among House Republicans.



That article mentions lowering the tax brackets. I don't see how they can balance the budget and lower taxes.

[Joe King]

The cancer is metastatizing.

It's going to get much worse before it finnaly breaks.

Think the UK and where thay take 100% and then give you what they think you "need".

Seriously?!? They do that and people just go along with it? Wow! I never knew that.

Those people are fools.

[mamboni]

This debt ceiling crap is NOT about balancing the budget, it is nothing but a smoke screen to reduce taxes on the wealthy, I'm betting Obama waits until the final days and then comes out and says he had to agree to a tax cut for the upper class to save the people from an imminent default if he didn't agree.

It is no different then what we just went through with the extending unemployment benefits, the rich fukkers got 2 years of continued tax breaks and the average joe got one year of unemployment.

There's a lot of truth in what you're saying here. These cuts to high income and corporate tax rates are the same old supply side mentality and they will not work to stimulate growth or create jobs. It will worsen the federal deficit. America is like a wealth sieve - any cash or credit injected into the domestic economy quickly leaks abroad to China et al. This is why QE1 and QE2 failed and why QE3 and QE4 will fail to accomplish anything positive (for America). Anyway, paying for government spending with income tax receipts is an obsolete quaint notion from the past. If one analyzes the federal budget the true annual deficit is over $5 trillions - we are way past the point of being able to pay for spending with taxes. The order of the day is monetization, be it above or below the table. It continues now and will accelerate - the junkie must have it's monetary fix. But the greedy bastards in Washington will fudge the CPI down and squeeze the elderly on SSI and slowly bleed Medicare and ration care for us, the unwashed masses. The US dollar's reserve status is slowly being eroded and central banks have stated their intent to diversify away from the dollar towards a basket of currencies plus gold. When the dollar falls off a cliff in a couple of years, we will be a third world country and many imports will cease as no one will accept the dollar in payment. It's going to get very ugly out there, as the middle class transmogrifies into a mass underclass subsisting on government handouts and cable TV.

[steel_ag]

Good point Mamboni. Property tax is the one area that really bothers me because i haven't found a workable solution to get out of it. If you have a decent piece of land you can always produce most of what you need from it even if everything else goes to shit. But if they keep raising property taxes they could steal pretty much everything away form you.

Paul John Hansen's been fighting property taxes.... he's got an updated website with some newer info based off of a disbarred attorney...haven't looked at it yet myself, but I heard him talking about legal topics on a myprivateaudio podcast recently that sounded plausible...

freeinhabitant.info
www.pauljjhansen.com
http://www.edrivera.com/?p=978