etson–I think you are right. It was an election that many different people can find glimmers of hope in. On the house side, it was obviously a whitewash and the dems find themselves in approximately the same position in the coming session that Repubs were numerically in this session.
On the senate side, some of the more highly publicized races broke for the Dems, in a sign (one more clear sign I think) that the Palin wing of the Republican Party is not the one to win them national office. On a local level the Tea Party did pretty well but on the national level much more mixed bag. Marco Rubio won Florida but with less than 50% of the vote, Rand Paul won in Kentucky but I suspect a Republican jellyfish could win in Kentucky. But if the Republican primary base hadn’t over-reached and booted out their more electable candidates in Delaware and Nevada we might be looking at very different results today. So Republicans should definitely fear the Tea Party effect at the national level I think.
Just curious – how many of us deduct the mortgages on our lovely brownstones? I really can’t morally complain about marginal tax rates when so much of my income is legally sheltered from them.
And of course tax cuts that overwhelmingly favor multimillionaires and billionaires kick in at lower limits. That’s so supporters can say they kick in at lower limits even though the bulk of the beneift dollar-wise goes to the seven, eight and nine figure income folks. Warren Buffet still has a lower marginal tax rate than his assistant that makes $60k.
ishtar – thats populist poppycock. Salaried employees earning over 250K can do comparatively little to reduce their taxes. All those imagined tax havens and stories of overall taxes being less than those earning 20K etc are horseshit.
Now if you’re talking hedge fund compensation, those getting remunerated from capital gains, those able to cook the books etc. then thats a different story.
greater than 50% is a psychological limit for me. When you keep only 49 cents for each dollar earned and the gubermint gets 51 cents, you’re paying more than your fair share.
From what I’ve read, the tax would not have an impact on most people – even those earning over $250,000. – because it’s not on the gross. Similarly, most small businesses would be spared.
There are sooooo many areas of waste in federal, state & local governments that it should be no problem to extend the tax cuts, CUT THE WASTE, and balance the budgets.
In fact, if most of the waste and beauracracy is cut, there’d be extra money to spend on stimulus.
We need to start with getting out of Iraq & Afghanistan. Let those places go to rot and start spending the money here at home
“but I suspect a Republican jellyfish could win in Kentucky.”
Such loyalty to the party could similarly explain why Sheldon Silver enters his 17th year of representation.
etson–I think you are right. It was an election that many different people can find glimmers of hope in. On the house side, it was obviously a whitewash and the dems find themselves in approximately the same position in the coming session that Repubs were numerically in this session.
On the senate side, some of the more highly publicized races broke for the Dems, in a sign (one more clear sign I think) that the Palin wing of the Republican Party is not the one to win them national office. On a local level the Tea Party did pretty well but on the national level much more mixed bag. Marco Rubio won Florida but with less than 50% of the vote, Rand Paul won in Kentucky but I suspect a Republican jellyfish could win in Kentucky. But if the Republican primary base hadn’t over-reached and booted out their more electable candidates in Delaware and Nevada we might be looking at very different results today. So Republicans should definitely fear the Tea Party effect at the national level I think.
Cgar -haaaaaaa – let’s just say JackSlade is like my brother in law – so no worries -we will reach out to him 🙂 and no you are not chopped livah!
Just curious – how many of us deduct the mortgages on our lovely brownstones? I really can’t morally complain about marginal tax rates when so much of my income is legally sheltered from them.
And of course tax cuts that overwhelmingly favor multimillionaires and billionaires kick in at lower limits. That’s so supporters can say they kick in at lower limits even though the bulk of the beneift dollar-wise goes to the seven, eight and nine figure income folks. Warren Buffet still has a lower marginal tax rate than his assistant that makes $60k.
ishtar – thats populist poppycock. Salaried employees earning over 250K can do comparatively little to reduce their taxes. All those imagined tax havens and stories of overall taxes being less than those earning 20K etc are horseshit.
Now if you’re talking hedge fund compensation, those getting remunerated from capital gains, those able to cook the books etc. then thats a different story.
greater than 50% is a psychological limit for me. When you keep only 49 cents for each dollar earned and the gubermint gets 51 cents, you’re paying more than your fair share.
“Only a fool would allow their income to be taxed at 50%.”
Heard of the AMT? Talking the marginal dollars, not the whole income.
From what I’ve read, the tax would not have an impact on most people – even those earning over $250,000. – because it’s not on the gross. Similarly, most small businesses would be spared.
There are sooooo many areas of waste in federal, state & local governments that it should be no problem to extend the tax cuts, CUT THE WASTE, and balance the budgets.
In fact, if most of the waste and beauracracy is cut, there’d be extra money to spend on stimulus.
We need to start with getting out of Iraq & Afghanistan. Let those places go to rot and start spending the money here at home