Obama '08?

@okie,

http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates
"The Kennedy tax cuts
President Hoover dramatically increased tax rates in the 1930s and President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. Recognizing that high tax rates were hindering the economy, President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).

According to President John F. Kennedy:

Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now."

3 Replies

@okie,

After GWB's tax cuts and the deficit it caused combined with the war costs shows your lack of basic arithmetic. Okie dokie you eed to have your head examined for the bumps on your head from the golf balls that hit your head.

0 Replies

@okie,

I agree with JFK that 90% tax rates are too high. Do you agree with him that 70% is just about right?

1 Reply

@okie,

okie wrote:

One proposed solution:
Eliminate all income tax for businesses and corporations. At the same time, institute higher marginal tax rates for individuals, the details and numbers could be argued about and worked out, but perhaps about 2.5% on anything up to 50K, 5% on 50K to 100K, 10% on 100K to 150K, 15% on 150K to 200K, 20% on 200 to 300K, 30% on 300 to 400K, 40% on 400 to 500K, 50% on 500K to 1 million, and 75% on everything after that.

Remember also that we are already paying 15% of our income for social security and medicare. If we don't pay it, the employer does, but I would propose ending the payments by employers, it should all come from employees, the entire 15%.

I would favor instead a national sales tax and total elimination of all income tax entirely, but given the fact that we probably will never agree upon that, my next best solution to hopefully satisfy the liberals would be the above. At least it would tax the bejeebers out of their entertainment buddies in Hollywood, and it would cut down on some of the abuse by executives in corporations and sports stars making obscene salaries.

A slight revision to my marginal tax rate proposal.
0% up to 25,000
2.5% over 25,000 to 50,000
5% over 50,000 to 100,000
10% over 100,000 to 150,000
15% over 150,000 to 200,000
20% over 200,000 to 300,000
30% over 300,000 to 400,000
40% over 400,000 to 500,000
50% over 500,000 to 1 million
75% over 1 million to 10 million
85% over 10 million to 25 million
90% over 25 million

2 Replies

@JPB,

Has Obama given his annual "state of the world" speech yet?
I dont remember him ever giving one.

Speaking of taxes, Obama pledged that he would end all income taxes on seniors earning less then $50,000 per year.
How and when is he going to do that, and how will that raise the tax burden on everyone else?

0 Replies

@parados,

parados wrote:

I agree with JFK that 90% tax rates are too high. Do you agree with him that 70% is just about right?

It depends upon the margin points. I will need to check that out further. How far off from JFK am I with my proposed table of rates?

0 Replies

@okie,

Your own party would tar and feather you for suggesting those rates, Okie. Though I totally agree with you that these tax hikes are exactly what we need; I'm surprised to see you write this, because it's significantly higher than what currently exists, yet you constantly claim the economy would do better if they were lowered.

The '90% over 25 million' part especially, I mean hell, that looks like something I would write!

Cycloptichorn

2 Replies

@okie,

I can't believe your post, okie. Your cut taxes meme doesn't fit your tax rate chart.

0 Replies

@Cycloptichorn,

You should know this is not the first time I have proposed something like this. You also need to know or should know that I only propose these rates for personal income tax, if and only if all business or corporate income tax is totally eliminated. We would instead collect the tax at a different point, such as from stockholders collecting dividends from companies that are making huge profits or from executives of those companies that are being paid unearthly sums of money.

Also, I am not married to specific numbers, as those could be debated. I am in favor of a fairly simple table of margins however. It is important to remember too that I favor first the total elimination of the income tax for everybody, to be replaced by a national sales tax, but this marginal table is a compromise that we could look at.

1 Reply

@okie,

okie, I thought you said those CEOs "earned" their money - under the free enterprise system of capitalism?

1 Reply

@Cycloptichorn,

Cycloptichorn wrote:

The '90% over 25 million' part especially, I mean hell, that looks like something I would write!

Cycloptichorn

I would love that for one aspect, that it would hit George Soros pretty hard perhaps, and might cut in on the Democrats funding setup?

1 Reply

@okie,

okie, Your myopia will hurt more than one democrat on your radar; it'll hurt many republicans too! But, I agree with the rate you suggest.

0 Replies

@cicerone imposter,

cicerone imposter wrote:

okie, I thought you said those CEOs "earned" their money - under the free enterprise system of capitalism?

Perhaps you have not fully interpreted correctly my opinions here. I have often criticized executive compensation in corporations, and that something needs to be done to cut down on abuse. I used to work for a major corp so I know what can go on in companies.

You need to remember too that your Dems turn a blind eye to abuse when it is being done by your own. Examples, Terry MacAuliffe with corrupt trading, and Franklin Raines ripping off Fannie or Freddie while he was cooking their books.

1 Reply

@okie,

okie, They are not my dems! dammit! Don't you ever remember anything? I voted for several republicans and democrats in this election, and some Independents. I don't vote like you do; straight GOP candidates. That's a stupid way to vote.

1 Reply

@cicerone imposter,

I hope you voted for some Repubs or Tea Partiers this election, ci. If you did, thanks!

I am not ashamed of saying however that I no longer vote for any Democrat, as I believe the party is totally corrupt, from top to bottom. And if a local Dem cannot figure that out, then he or she is too dumb to be anything, even dog catcher, that is my opinion now. Remember too that my parents were FDR Democrats.

2 Replies

@okie,

Republicans are controlled by the Bush family. You should see "the Panama Deception" documentary. George Bush, Sr. does everything underhanded.

1 Reply

@okie,

okie, The only thing corrupt is your thinking; not all democrats or republicans are honest and deserve our vote. You have no understanding of human nature or politics. ..

In your world, all democrats are corrupt. You can't see your own bigotry and blindness.

0 Replies

@okie,

I wanted to point this out -

Quote:

"The Kennedy tax cuts
President Hoover dramatically increased tax rates in the 1930s and President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. Recognizing that high tax rates were hindering the economy, President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).

hmm, an increase of 33% after inflation - and this is supposed to show us that tax cuts ALWAYS cause the economy to grow?

I can't help but look at the Clinton era - after he RAISED taxes, we saw tax revenues climb by somewhere around 60% over an eight-year period. How do you account for the fact that this happened?

Cycloptichorn

1 Reply

@talk72000,

talk72000 wrote:

Republicans are controlled by the Bush family.

Why is it the libs hate Bush so much that you guys simply cannot let go of it, and your mind has become twisted.

3 Replies

@okie,

Since Bush came in the Republicans turned from honorable to underhanded. Even when Ronald Reagan was president things were up front and personable. With Bush it had turned nasty a trademark of Bones?

0 Replies

Related Topics

Quick Links

My Account

able2know