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House plan boosts taxes on rich to 20-year high

by 158 | July 15, 2009 at 12:17 pm

276 views | 22 Recommendations | 13 comments

Increasing taxes is a

bad idea. The economy

needs to grow to recover

from the recession. More

taxes will just slow down

any possible recovery.

House Democrats scrambling for ways to pay for overhauling health care would raise taxes on the wealthiest Americans to levels not seen since the 1980s, breaking one of President Barack Obama's campaign pledges.

The tax increase would be limited to the top 1.2 percent of earners — families that make more than $350,000 a year. But it would raise a total of $544 billion over the next decade, covering a little more than half the cost of the health care plan.

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Uwe Paschen

at 15:14 on July 15th, 2009

It is about time to implement a fair tax system.

nukegingrich

at 20:05 on July 15th, 2009

Implementation of the Fair Tax would step on too many toes.

It is a wonderful idea, but there are simply too many interests who profit from the current mish-mash of the IRC for it to have any realistic chance of passing.

But, not to worry. The current system cannot sustain itself much longer. There will be change. Unfortunately, it probably won't be the kind of change many people voted for.

158

at 15:18 on July 15th, 2009

This may not be fair and it made be bad for the economy.

158

at 15:21 on July 15th, 2009

Taxing the rich is good up to a point.

The Reagan and Bush deficits were far less than Obama's.

Clinton was god for the economy.

Obama deficits, not Bush, were the worst in history.

notadumbassrepublican (not verified)

at 16:02 on July 16th, 2009

well who left who with what mess? Are you just oblivious?

Karl Gotthardt - albertacowpoke

at 15:41 on July 15th, 2009

Taxing those with a family income of more than 350,000 includes small businesses in the US. They are the ones creating the most jobs in the economy. In any case, looking at all the programs that are being put in place in the US, such as Health Care Reform and Cap and Trade will eventually force Congress to increase taxes on everyone. There is no free lunch.

Whether you agree or disagree with the direction the Obama Administration is going, one has to realize that these deficits have to be paid sooner or later. This is done either by increasing taxes or printing more money. Printing money will cause inflation.

Rich is a relative term, people that are filthy rich can hire lawyers and find loopholes in the tax code or move their money offshore. That's the way it has been and will continue to be.

158

at 17:12 on July 15th, 2009

Capitalism with rules is the best economic system,
There must be a progressive tax but it must be limited so that those creating jobs are not so heavily taxed that they quit hiring.

Raising taxes are almosr always counter productive.

notadumbassrepublican (not verified)

at 16:06 on July 16th, 2009

yes capitalism was the best. But then the mid 2000's happened and the markets that were the forefront of bringing technologies to the population had to start throttling the rate at which it was advancing. Intel for example would of fizzled if they didn't act in this capitalistic fashion. Capitalism holds technology back from the people for the greater good of the rich.