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Thread: Volcker: Taxes likely to rise eventually to tame deficit

  1. #41
    onomatopoeic
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    I think Income taxes need to be Raised to More Historical NORMS.
    The Class Warfare (Surprise! Someone tell Hannity it didn't start in 2009) of the last 25 years has really increased the Deficit and shifted the burden Down
    (and this doesn't even include Bush's near Halving of the Capital Gains and Dividend taxes, 28/15%, and the gutting of the estate tax.)
    Top US Marginal Income Tax Rates, 1913--2003 (TruthAndPolitics.org)
    Historical rates (married couples, filing jointly)

    Year/ Top Rate%/ Over

    1913 --- 7% 500,000
    1914 --- 7% 500,000
    1915 --- 7% 500,000
    1916 --- 15% 2,000,000
    1917 --- 67% 2,000,000
    1918 --- 77% 1,000,000
    1919 --- 73% 1,000,000
    1920 --- 73% 1,000,000
    1921 --- 73% 1,000,000
    1922 --- 58% 200,000
    1923 --- 43.5% 200,000
    1924 --- 46% 500,000
    1925 --- 25% 100,000
    1926 --- 25% 100,000
    1927 --- 25% 100,000
    1928 --- 25% 100,000
    1929 --- 24% 100,000
    1930 --- 25% 100,000
    1931 --- 25% 100,000
    1932 --- 63% 1,000,000
    1933 --- 63% 1,000,000
    1934 --- 63% 1,000,000
    1935 --- 63% 1,000,000
    1936 --- 79% 5,000,000
    1937 --- 79% 5,000,000
    1938 --- 79% 5,000,000
    1939 --- 79% 5,000,000
    1940 --- 81% 5,000,000
    1941 --- 81% 5,000,000
    1942 --- 88% 200,000
    1943 --- 88% 200,000
    1944--- 94 200,000
    1945 --- 94% 200,000
    1946 --- 86% 200,000
    1947 --- 86% 200,000
    1948 --- 82.% 400,000
    1949 --- 82% 400,000
    1950 --- 84.36% 400,000
    1951 --- 91% 400,000
    1952 --- 92% 400,000
    1953 --- 92% 400,000
    1954 --- 91% 400,000
    1955 --- 91% 400,000
    1956 --- 91% 400,000
    1957 --- 91% 400,000
    1958 --- 91% 400,000
    1959 --- 91% 400,000
    1960 --- 91% 400,000
    1961 --- 91% 400,000
    1962 --- 91% 400,000
    1963 --- 91% 400,000
    1964 --- 77% 400,000
    1965 --- 70% 200,000
    1966 --- 70% 200,000
    1967 --- 70% 200,000
    1968 --- 75.25% 200,000
    1969 --- 77% 200,000
    1970 --- 71.75% 200,000
    1971 --- 70% 60% 200,000
    1972 --- 70% 50 200,000
    1973 --- 70% 50 200,000
    1974 --- 70% 50 200,000
    1975 ----70% 50 200,000
    1976 --- 70% 50 200,000
    1977 --- 70% 50 203,200
    1978 --- 70% 50 203,200
    1979 --- 70% 50 215,400
    1980 --- 70% 50 215,400
    1981 --- 69% 50 215,400
    1982 --- 50% 85,600
    1983 --- 50% 109,400
    1984 --- 50% 162,400
    1985 --- 50 % 169,020
    1986 --- 50 % 175,250

    1987 --- 38.5% 90,000
    1988 --- 28% <8> 29,750 <8>
    1989 --- 28% <8> 30,950 <8>
    1990 --- 28% <8> 32,450 <8>
    1991 --- 31% 82,150
    1992 --- 31% 86,500
    1993 --- 39.6% 89,150
    1994 --- 39.6% 250,000
    1995 --- 39.6% 256,500
    1996 --- 39.6% 263,750
    1997 --- 39.6% 271,050
    1998 --- 39.6% 278,450
    1999 --- 39.6% 283,150
    2000 --- 39.6% 288,350
    2001 --- 39.1% 297,350
    2002 --- 38.6% 307,050
    2003 --- 35% 311,950
    Last edited by mbig; 04-07-10 at 11:30 PM.
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  2. #42
    The Almighty
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Meh. I don't mind paying higher taxes. I enjoy the services my country offers me, and we quite obviously can't pay for them with our current tax rate.
    be humble for you are made of earth; be noble for you are made of stars

    Serbian proverb

  3. #43
    onomatopoeic
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    I think we need..

    $250,000 ..... 40%
    $500,000 ......50%
    $1,000,000....60%

    that would probably do it and affect few.
    And no need for a "Pay Czar" any more.
    Just take 60%.
    Bonus away!
    And that way they'll be more deservant of the next bailout.
    I'm personally sick of not being able to dunk a basketball because of racism.
    anon

  4. #44
    warrior of the wetlands
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Kelzie View Post
    Meh. I don't mind paying higher taxes. I enjoy the services my country offers me, and we quite obviously can't pay for them with our current tax rate.
    everyone should pay the same rate

    right now, the majority can be bought by those who pander to them by promising them goodies paid for by the ten percent that already pay 70% of the taxes

    everyone should be able to keep the same percentage of the next dollar they earn

    everyone should suffer the same percentage decrease with tax hikes

    people who don't pay taxes shouldn't have a say in the rates others pay



  5. #45
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    everyone should pay the same rate

    right now, the majority can be bought by those who pander to them by promising them goodies paid for by the ten percent that already pay 70% of the taxes

    everyone should be able to keep the same percentage of the next dollar they earn

    everyone should suffer the same percentage decrease with tax hikes

    people who don't pay taxes shouldn't have a say in the rates others pay
    Yeah....I don't really agree. I can certainly afford a lot larger percentage of my income than say someone who makes 20k a year.
    be humble for you are made of earth; be noble for you are made of stars

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  6. #46
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Kelzie View Post
    Yeah....I don't really agree. I can certainly afford a lot larger percentage of my income than say someone who makes 20k a year.
    so you support a system where the majority of voters can keep demanding more and more spending and since they don't face additional taxes those of us who are net tax payers have to see our rates go up and up and up since we cannot outvote them

    you do know you can give more than your legal responsibility now.

    I believe in starving the beast since right now the vast majority of voters are net tax consumers and feel no need to reign in spending they don't pay for in the first place

    a progressive income tax will always result in pandering and giving the government far more power than intended as the government plays Net tax consumers against net tax payers

    right now almost 2/3 of the public gets more than they pay in


    I cannot understand the sanity of allowing the many to vote away the wealth of the industrious



  7. #47
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by TurtleDude View Post
    so you support a system where the majority of voters can keep demanding more and more spending and since they don't face additional taxes those of us who are net tax payers have to see our rates go up and up and up since we cannot outvote them.
    Well, not more and more forever. I mean, somewhere between here and Europe, I'd put my foot down (figuratively) about government spending. I don't think we're there yet though.

    you do know you can give more than your legal responsibility now.
    Well, I do if you count charities.

    I believe in starving the beast since right now the vast majority of voters are net tax consumers and feel no need to reign in spending they don't pay for in the first place

    a progressive income tax will always result in pandering and giving the government far more power than intended as the government plays Net tax consumers against net tax payers

    right now almost 2/3 of the public gets more than they pay in


    I cannot understand the sanity of allowing the many to vote away the wealth of the industrious
    Wait, people get back more than they've paid in taxes? Truely?
    be humble for you are made of earth; be noble for you are made of stars

    Serbian proverb

  8. #48
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Kelzie View Post
    Well, not more and more forever. I mean, somewhere between here and Europe, I'd put my foot down (figuratively) about government spending. I don't think we're there yet though.



    Well, I do if you count charities.



    Wait, people get back more than they've paid in taxes? Truely?
    most people have more government money spent on them than what they paid in taxes

    I support charities since that does not create the cancer that a spreading government does

    interestingly, the people who are most in favor of tax hikes tend to be the people least likely to support private charities

    and once you start the cancer its hard to say you are gonna stop it at a certain point

    we need to get rid of the income tax and the divide and conquer mentality it causes

    but its late here and I have to pick a jury in a federal employment discrimination trial tomorrow

    Night



  9. #49
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by Goldenboy219 View Post
    What factors do you believe will push the price level and output in opposite directions?
    Much of what we consume is produced outside the U.S. The wage diferential is so big that even a devaluation of the dollar probably will not increase prosuction substantionally. Let's remember that China has revalued it's currency by about 20% over the last few years with very few jobs coming home.

    Oil will rise in dollar terms as well if the dollar in devalued. The oil producing nations look at the buying power of a dollar. How else to value a piece of paper backed by nothing printed by a country that has no fiscal discipline.

    So a devaluation against other currencies is likely to cause increases in prices with little increase in output.

  10. #50
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    Re: Volcker: Taxes likely to rise eventually to tame deficit

    Quote Originally Posted by mbig View Post
    I think Income taxes need to be Raised to More Historical NORMS.
    The Class Warfare (Surprise! Someone tell Hannity it didn't start in 2009) of the last 25 years has really increased the Deficit and shifted the burden Down
    (and this doesn't even include Bush's near Halving of the Capital Gains and Dividend taxes, 28/15%, and the gutting of the estate tax.)
    You might agree that the list produced does not take into account inflation. So perhaps we may be missing a bracket or two at the top.

    It seems like you only focused on Federal Income taxes. As you know payroll taxes are materially higher than they were 30 years ago. Also state, local, property and sales taxes are all higher.

    So look at what Obama called wealthy, $250K. Then when you add up all the taxes and understand living costs in let's say New York or LA and tell those people how grossly undertaxed thye are.

    Oh, BTW we are in the process of increasing these people's taxes with the HC program as well as the tax cuts that will expire in 2011.

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