I keep hearing liberals say day after day, "the rich need to pay their fair share!"
But when asked how much the "fair share" actually is, they have no idea and never come out with a specific number. Others just beat around the bush and talk about periods in our history when top marginal tax rates were in the 90% range, but say that's not really what they want. Maybe out of fear they'll get called communists.
Anyways, I thought I'd put an end to the confusion once and for al with this poll.
Liberals, what should be the "fair share" the rich have to pay in taxes?
Conservatives, feel free to chime in as well.
You either misunderstand the issue or are misrepresenting it.
The issue has nothing to do with a ‘fair share ‘ or some ‘specific number.’
The issue concerns the fallacy of ‘trickle-down economics,’ where taxes are lowered for high-income earners, yet tax rates remain the same for middle and low-income earners.
Hmmm, what a load of crap...
The Bush tax cuts reduced the then 39.6 percent rate to 35 percent, the 36 percent rate to 33 percent, the 31 percent rate to 28 percent, and the 28 percent rate to 25 percent. It created a new 10 percent bracket, and there was no change to the 15 percent rate. The last years fiscal cliff deal retained all those rates except the top rate, which it allowed to rise back to 39.6 percent.
Beside change in tax rates, Bush tax cuts included some other policy changes:
Doubled the child tax credit from $500 to $1,000
Reduced the marriage penalty by doubling the standard deduction for married filers compared to single filers and doubling the income threshold for the 15 percent bracket for married filers compared to single filers
Increased the earned income tax credit (EITC)
Raised the annual contribution limit for Coverdell education savings accounts to $2,000 per year and relaxed other limitations
Extended the exclusion for employer-provided educational assistance
Eliminated the 60-month rule and the disallowance for voluntary payments for the student loan deduction
Eliminated tax on certain scholarships
Reduced taxes on bonds for school construction
Increased the dependent care tax credit
Increased the adoption credit
Provided credit for employer-provided child care
Changed tax treatment of Alaska Native Settlement Trusts.
Reminder: The fiscal cliff deal made each of these policies permanent.
So explain again, how exactly taxes are lowered for high-income earners, yet tax rates remain the same for middle and low-income earners???