Bizarre, Congress, Politics

Democrats Reveal Tax Proposals — Triggering Complaints that Some Rates Threatened to Go as High as 57 percent

thumb_bag_of_moneyMany of us have expressed concern about the pork-laden appropriation bills and stimulus package this year. Just as Republicans showed little restraint in spending in the war bills, Democrats have treated the economic recovery bills as a license for unlimited spending. Now, massive taxes and sur-taxes are being proposed. New York officials are complaining that, if passed, the rate for some of its citizens could reach almost 60 percent. Some Democrats are now seeking to reduce a proposed 5.4% sur-tax to 1 %.

The taxes are being proposed to reduce the towering deficit and pay for the national health care plan — which the Obama administration is pushing through as a breakneck speed — demanding passage by the August recess. This reminds many of us of the Patriot Act where precious little time was allowed to consider its implications and language.

However, the New York Times has an editorial detailing the fairness of the plan and questioning the criticism over tax increases. I happen to support the policy agenda of the Administration in this area, but I think that the administration can be faulted for pushing such an important piece of legislation through on an expedited schedule.

Biden reportedly entered the fray today with a classic statements: “Well, people when I say that look at me and say, ‘What are you talking about? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, I’m telling you.”

Nevertheless, opposition to the sur-tax is growing among Democrats and Pelosi is indicating that she may try to reach a compromise, here.

For the New York objections, click here.

78 thoughts on “Democrats Reveal Tax Proposals — Triggering Complaints that Some Rates Threatened to Go as High as 57 percent”

  1. “What more is necessary to make us a happy and prosperous people? Still one thing more … a wise and frugal government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from labor the bread it has earned.” – Thomas Jefferson

  2. As long as the tax burden is shifted to the maximum extent possible to the wealthy I think it’s just fine. They have gotten a virtual free ride the past 10 years and now they need to start paying. I would tax Goldman Sachs employees and those at similar firms at 99% to help offset the costs they have foisted upon the federal government via their chicanery and fraud.

  3. Oh Please OH Please Oh Please OH Please raise the tax rates!

    Let’s go back to the Eisenhower Tax Rates, a 91 percent top marginal tax rate on the very rich. In his time we had prosperity and no bubble-induced crashes caused by excess wealth in the hands of rapacious speculators.

    So yeah, RAISE TAXES! Do it NOW!

  4. bdaman I don’t want to play this game. You seem to have an IBD or Fox Business agenda.

  5. Swarthmore mom Quote: I am against the preferential treatment given to the banking industry.Unquote

    And who allows this to happen?

  8. I am not against profit. I am against the preferential treatment given to the banking industry. I bought GS last week before the earnings. I knew they could make a profit, but why should they get so much help from the government when everyone is suffering?I don’t think Obama has proven to a “robin hood” as you said.

  9. Speaking of Goldman Sachs and the travesty of the bailout accompanied by the very sleezy actions by the Fed Revserve, this report from NPR’s Here and Now is a must hear. It further links to an investigative article. The segment is about 10 mins. from July 15th program. Following this segment is an equally important one on the TARP money mismanagement with Elizabeth Warren:

    “Goldman Sachs, the “Bubble Machine”

    The financial powerhouse Goldman Sachs just posted its biggest quarterly profit ever in it 140-year history. How did they do this, just months after receiving federal bailout money? Our guest, Matt Taibbi, writes about Goldman Sachs in Rolling Stone. He says the firm has engineered every major market manipulation since the Great Depression, and is about to do it again.”

    http://www.hereandnow.org/

  10. Thanks Vince. I will add the link and thanks again for being such substance to the site.

  11. Swarthmore mom

    Did you notice how much money Goldman Sachs made?

    And Goldman Sachs is in business to do what exactly?

  12. By the way Quote: The only link in the opening of this thread is to an article in the tabloid New York Post. For an alternate view, see the New York Times lead editorial today: Unqoute

    Are you some how suggesting that because there is a link to a tabloid that Prof. Turley reads Enquirer, Star and the rest to get his info. Cause if you are I’m starting to believe you.

    I’ve recently been schooled by you and I promise that the only two links I will ever provide again are to the NY Times and Dr. Conspiracy. Keep up the good work, you are changing the minds of millions.

  13. Give me a break. Reminds you of the Patriot Act? Yes because I remember all the committee hearings and hundreds of hours of discussion and committees aired on cspan and cspan2 before the Patriot Act passed. Oh wait, no I don’t.

  15. The only link in the opening of this thread is to an article in the tabloid New York Post. For an alternate view, see the New York Times lead editorial today:

    “The legislation would pay for half that cost by reducing spending on Medicare, a staple of all reform plans. It would pay for the other half by raising $544 billion over the next decade with a graduated income surtax on the wealthiest Americans: families with adjusted gross incomes exceeding $350,000 and individuals making more than $280,000.”

    http://www.nytimes.com/2009/07/16/opinion/16thu1.html?ref=opinion

  16. The president doesn’t look like a modern day robin hood at all. Did you notice how much money Goldman Sachs made? The banks took all the available resources. Now they are waiting for some of the banking profits to “trickle down”.

  17. bdaman posted : Health Care Post
    http://www.ibdeditorials.com/IBDArticles.aspx?id=332548165656854

    This quote is all over the Internet:

    QUOTE It turns out we were right: The provision would indeed outlaw individual private coverage. Under the Orwellian header of “Protecting The Choice To Keep Current Coverage,” the “Limitation On New Enrollment” section of the bill clearly states:

    “Except as provided in this paragraph, the individual health insurance issuer offering such coverage does not enroll any individual in such coverage if the first effective date of coverage is on or after the first day” of the year the legislation becomes law. UNQUOTE

    It looks to me like they were wrong. The provision applies only to “grandfathered health insurance coverage” that is offered and in force and effect before the first day of year one of the proposed law. It does not appear to “outlaw individual private coverage.”

    But see for yourself: here is a link to the full text [scroll down to page 16, line 10:

    http://docs.house.gov/edlabor/AAHCA-BillText-071409.pdf

  18. You know someone has to pay the debt incurred by the former administrations. If business does not have to pay for it the people will. If you give the business enough of a tax advantage then they can save the money and then move out of the country, thereby avoiding all taxes together.

  19. Am I the only one who considers these actions of our “leaders” as an attempt to finally, purposefully destroy our Republic? I do not ask this tongue in cheek and have never been more serious.

    Foolishness, stupidity and bone-headedness does not explain a path they are directing that simply takes us to destruction. As FDR said, nothing in politics happens by accident. If it is happening, it is purposeful.

    I can only hope that Obama’s is the last term for Bush:

    http://buelahman.wordpress.com/2009/07/14/how-barack-obama-became-a-one-term-president/

  20. The President as advertised is/will be the modern day Robin Hood. I really feel sorry for all who live in N.Y. I’m not sure if you read/heard about Mrs. Clintons slap but just when New Yorkers need money to pay for basic services like so many other municipalities, she lets millions of dollars slip right thru New Yorkers finger tips.

    http://wcbstv.com/national/hillary.clinton.flip.2.1084002.html

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