How much would you be willing to pay in taxes...

  • Posted by a hidden member.
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    Dec 22, 2010 7:08 PM GMT
    How much would you be willing to pay in taxes - and would you be willing to see public services cut drastically to balance the budget?

    I'll throw some odd choices out there just for discussion's sake:

    A: Bush-era tax cuts should go away across the board, and the top bracket should go up to 75% over the next three years for persons making over 200,000, and other tax brackets increasing proportionately with preference for married-filing-jointly or head-of-household status no longer considered. 50% capital gains tax for short term holdings and 25% for long term holdings.

    B: Same as Option A, but with a maximum bracket of 55%; Short term capital gains tax of 30% and long term tax at 15%

    C: Same as Option B, but with a maximum bracket of 40%

    D: Bush tax cuts expire, no increase in tax brackets beyond the 39.5% pre-Bush era.

    E. Extend the Bush tax cuts as passed recently by Congress.

    F. Permanently extend the Bush tax cuts for all time and establish the AMT cutoff that adjusts for inflation.

    G. Establish a flat tax of 10% across the board for everyone making over $100,000 per year, and 5% for those in the $50,000 to $99,999 bracket, with everyone under $50K not having a payroll tax burden. Capital gains taxed only at a short term rate of 5% for holdings under a year old.

    Just kind of curious to see what RJ'ers would be willing to put up with in terms of the government's cut of what you earn.
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    Dec 22, 2010 9:10 PM GMT
    alphatrigger saidHow much would you be willing to pay in taxes - and would you be willing to see public services cut drastically to balance the budget?

    I'll throw some odd choices out there just for discussion's sake:

    A: Bush-era tax cuts should go away across the board, and the top bracket should go up to 75% over the next three years for persons making over 200,000, and other tax brackets increasing proportionately with preference for married-filing-jointly or head-of-household status no longer considered. 50% capital gains tax for short term holdings and 25% for long term holdings.

    B: Same as Option A, but with a maximum bracket of 55%; Short term capital gains tax of 30% and long term tax at 15%

    C: Same as Option B, but with a maximum bracket of 40%

    D: Bush tax cuts expire, no increase in tax brackets beyond the 39.5% pre-Bush era.

    E. Extend the Bush tax cuts as passed recently by Congress.

    F. Permanently extend the Bush tax cuts for all time and establish the AMT cutoff that adjusts for inflation.

    G. Establish a flat tax of 10% across the board for everyone making over $100,000 per year, and 5% for those in the $50,000 to $99,999 bracket, with everyone under $50K not having a payroll tax burden. Capital gains taxed only at a short term rate of 5% for holdings under a year old.

    Just kind of curious to see what RJ'ers would be willing to put up with in terms of the government's cut of what you earn.


    H. G but 2% for $1,500 - $49,000
  • tongun18

    Posts: 593

    Dec 22, 2010 9:34 PM GMT
    D. But inclusive of all taxes. Set Income, Capital Gains, and Estate Taxes to Clinton Era levels. Our economy was growing at a healthy rate (after the '94 dip that is) at that time and we were left with a budget surplus at the end of Clinton's term. And yea, cut spending too.
  • conservativej...

    Posts: 2465

    Dec 22, 2010 9:59 PM GMT
    A good question actually. I suspect I am not the one to give an opinion on this as it is very easy for me to reduce taxable income......by simply not producing income. I'll give it a stab however with these numbers:

    ** 35% maximum income tax on income over $200,000.

    ** 6.0% total tax on income up to $150,000 for Medicare, Medicaid, and Social Security.

    ** Dividends and the like taxed as capital gains (see my rate below)

    ** 15% capital gains tax.

    ** No extra (new) taxes for Obamacare (although I want that defunded.)

    ** A flat $500,000 inheritance tax on cash inheritance over $5MM.

    ** No inheritance tax on business assets, e.g. publicly traded stocks or privately held businesses that may not be stock owned. This includes the old farm.

    This is a partial list when you begin to look at taxes, but a good start of which I would accept.


    As to services, yes, pull them back until the budget balances.


    In case you wonder, I do have a personal income over $200,000. Income however is a rather fluid thing, as is ownership and who actually collects a tax due.
  • conservativej...

    Posts: 2465

    Dec 22, 2010 10:16 PM GMT
    southbeach1500 saidFlat tax of somewhere between 15% and 20%, kicking in oh, say, around $30,000 of taxable income (that's less savings, investments and charitable contributions).

    As for cuts.... it would be fairly easy to go through all those Federal government departments, agencies and programs and eliminate duplicative efforts AND eliminate programs that the government is involved in that are not Constitutional. Plus, a drastic cut in the military budget - that would save tens of billions (much to the dismay of all the countries who are benefitting from our huge military umbrella).


    That would work. I would accept that.
  • Posted by a hidden member.
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    Dec 22, 2010 10:23 PM GMT
    southbeach1500 saidFlat tax of somewhere between 15% and 20%, kicking in oh, say, around $30,000 of taxable income (that's less savings, investments and charitable contributions).

    As for cuts.... it would be fairly easy to go through all those Federal government departments, agencies and programs and eliminate duplicative efforts AND eliminate programs that the government is involved in that are not Constitutional. Plus, a drastic cut in the military budget - that would save tens of billions (much to the dismay of all the countries who are benefitting from our huge military umbrella).


    I like! I'm sure there are a few departments we could get rid of and/or drastically reduce. A huge cut in the military budget, particularly in regards to the war would save billions, nay trillions!

    I think countries like Germany and Japan can take care of themselves and their own citizens seem to agree as well. Why in God's good name are we still in these places?