Revive Main Street by Taxing Wall Street

Discussion in 'Politics' started by georgephillip, Feb 15, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    Instead of cutting the federal deficit, put more money into the pockets of average working families by expanding the Earned Income Tax Credit to include people earning up to $50,000 per year and reduce their income taxes to $0.

    Exempt the first $20,000 from payroll taxes.

    Pay 10% on incomes between $50,000 - $90,000/year.
    Pay 20% on incomes between $90,000 - $120,000/year.
    Pay 30% on incomes between $120,000 - $250,000/year

    Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:

    "Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.

    "And raise the ceiling on the portion of income subject to payroll taxes to $500,000.

    "ItÂ’s called progressive taxation."

    Robert Reich
     
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  2. ba1614
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    ba1614 Silver Member

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    As many others have suggested, a flat tax of around 15% on every cent earned, without ANY write-offs would, (I think) be the way to go.
    But without a little restraint in spending, and someone with the balls to tell these useless tits with their hands out to "fuckoff", it won't matter what convoluted taxing system you use to "get the rich".
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    Yes...Let's tax politicians and bureaucrats at a rate of 90%.
     
  4. georgephillip
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    georgephillip Gold Member Supporting Member

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    "Every cent earned" is the key phrase, I think.

    What about unearned income?

    It's my understanding the Forbes flat tax proposal, for example, would exempt FIRE sector income. (Finance, Insurance, Real Estate)

    Any solution that doesn't reverse the widening divide between the rich and the rest of America won't revive the American economy.
     
  5. georgephillip
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    georgephillip Gold Member Supporting Member

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    Why Not Speculators?

    "July 16 (Bloomberg) -- Why is Congress running away from a financial transactions tax?

    "The intensifying struggle on Capitol Hill over revenue, spending and deficits, coupled with the widely felt, reckless behavior of Wall Street, would seem to provide an ideal atmosphere to debate a major source of new income that also helps to restrict rampant speculation.

    "A bill to impose such a tax, introduced by Democrat Representatives Peter DeFazio and Peter Welch, is going nowhere.

    "Apart from sporadic mentions at various Congressional hearings on the financial meltdown, this levy, with antecedents back to Abraham Lincoln and the Civil War, is a taboo subject."
     
  6. DiamondDave
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    DiamondDave Army Vet

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    Selective equal treatment, support by wingers, AGAIN
     
  7. Oddball
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    Oddball BANNED Supporting Member

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    Waaawaaawaaa.

    What would work better is a tax on dingbats who profess that every human ill can be ameliorated with yet another tax.
     
  8. georgephillip
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    georgephillip Gold Member Supporting Member

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    If it's true the richest 1% of Americans have increased their share of the national income by about two percent (~37%-~39%) during the last two years would you call them selective or equal (or greedy)?
     
    Last edited: Feb 15, 2011
  9. georgephillip
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    georgephillip Gold Member Supporting Member

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    Or we could reinstate a military draft reserved for the richest 10% of Americans?
     
  10. DiamondDave
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    DiamondDave Army Vet

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    Not equality in outcome, you fucking idiot... equal treatment by government.... something you leftist winger tards love to spout, but not practice

    Go play in traffic
     
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