Do you think Obama's tax hikes will look like this?

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income from $300,000 to $500,000 at 40%
$500,000 to $5 million at 45%
$5 million $ 7 million at 50%
and any income over $7 millon at 55%

Tax cuts for all business making less than $500,000 in profits, but raising taxes by 5% for businesses with profits in excess of $50 million??

an estate tax of 15% for all estates in excess of $5 million dollars and remove their loopholes.

Do you think it will be something like that?

I ask cause someone told me it might look like that. He also said that americans have paid taxes much much higher than those in the past and the country functioned well and the economy did fine.
 
Holy hell! I knew he was crazy but I didn't know he'd go that far. Then again, if you take into account all of the programs he is proposing--mainly his health care programs--it is very plausible.

To those of you who think, "Good for the rich! They're too greedy and it's time for them to give back to society!" I say this: you're idiots. Even though I am a average middle class child, I realize that by taxing the rich you'll make the economy even worse. Why are they rich? Because they are the producers, the employers of America. Tax them, they have less to invest (slowing growth), and will have to compensate for there losses through other means such as lowering their worker's wages, hiring less, and raising their products' prices which is regressive if you think about it (it hurts the poorest the most; the very people "taxing the rich" is supposed to save).

Who is your "someone" by the way? Is he a credible source?
 
Most of the increases will not use the term tax. Watch for penalty payments, fees, duty payment and a lot of other gangland Chicago terminology.
 
Personally I doubt your "friend" wrote all this down for you - what is your "friend" anyway a psychic?

I suspect you made these numbers up cause you are a "rabble rouser"..

have a nice day!
 
It is interesting. I think $300,000 to $500,000 will be higher than 40%. It all depends on how much national healthcare he proposes. If he federalizes the medical industry the taxes will have to be higher. Anyone who tells you otherwise just isn't doing the math.

Every country who has socialized medicine pays more in taxes than we do currently. If you don't believe me, do some research.
 
Your friend is correct about the past. When Eisenhower was President the highest marginal rate was 91%.

As for the rest of the schematic, I don't think that will happen, I think the marginal rates will simply be rolled back to what they were under Clinton, either through letting the Bush tax cuts expire or by doing it before they expire. And I think the estate tax will be put back into place. I also don't foresee a windfall profits tax being implemented, but that's just my prediction.
 
It does not matter, the tax rates will go up and if you think things are tight now then wait until Obama gets out of office and look back at today it will look like you were a millionaire enjoy what little you have now because Obama will take it away to pay for his bigger government stimulus packages. The new saying for the ompa lompas wil be print and spend, print and spend and then raise taxes take from the poor and bail out the rich.
 
During a Recession most of congress and the Preident will rarely raise taxes when history shows us and congress that it only becomes a bigger mess because it could result into a Depression and get much worse!

Recessionn are normally ridden out and tax cuts are made in some area's too boost an economy. Over-all in past Recession's where more brought on by work and unempoyment data! However this Recession borders a depressed economy! This time Banks, Investment Companies , Stock Market, and Complete Greed Fueled this recession into an EXplosion of Credit and bad morgages! All of this peeked in January 08' and around March 08' the markets and the Public felt it very fast!
I would say Obama, will keep taxes the same as far as the rich! The middle class 200,000 and below will see tax breaks or get relief in some form.... In order too get out of this mess, the problem was not The American People who got us here! Banks/Investment Companies need a Drastic Overhaul in how they use there cash flow! Remeber Cash is KING! These bankers know this and its a Golden Rule! We as citizens however rarely use cash and use credit or plastic too have a purchase power! The banks have you and I over a barrel but you see the only power we hold isthe right too buy or not too buy! This is why the banks are holding cash!
 
If not, it should be.

That sounds like a good plan to me.

When you consider he is cutting taxes for everyone below $200,000, what you have outlined would provide the extra funds into the treasury to pay for the new government expenditures and help us towards a balanced budget maybe even a surplus if we reign in military spending a bit and cut out some domestic waste.

I like the estate tax too and the tax cuts to small businesses.

The brilliance of the plan that was mentioned to you is that 99% of americans would come out ahead in this tax plan and would get tax cuts, but yet the tax hikes only affect those who make the most and can most afford to pay more to help their country run.

Sign me up.
 
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