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View Diary: Maneuvering in the middle on fiscal cliff is still veering too far right (189 comments)

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  •  If it is 37 or 38 in the end I am giving up hope (0+ / 0-)

    of ever getting the fiscal house in order. You simply cannot cut yourself back into balance (unless you decide to cut military spending to somewhere near 1.5% - the rates of many NATO countries - from the current 4.7%). The revenue is crucial. It's not like we're talking 50% top rates of the early 1980's. A little perspective would certainly help. For Republicans these days, rates are never low enough. Maybe they'll be satisfied with 0% for these awesome rich job creators.

    We don't inherit the world from the past. We borrow it from the future.

    by minorityusa on Tue Dec 11, 2012 at 08:32:23 AM PST

    •  Taxes are complicated. (3+ / 0-)
      Recommended by:
      tardis10, pamelabrown, minorityusa

      The bottom line is revenue raised. If they can get to 1.2 trillion plus,with rates at 37%,along with deductions on high income earners going away,along with capital gains on high earners going up,along with estate taxes on wealthy going up,along with surcharges on top earners going up....then I am fine with it.

      Rates are sexy,and they do have to go up,but the loopholes,deductions,and capital gains are important also.

      They can raise the rates to 39.6% on Mitt Romney and in his last tax year his tax liability would go up from 13% to maybe 13.2%,because of his 22 million in income,he only paid regular rates on about 400k of it,speaking fees income. The other 22 million was taxed at 15%,and if cap gains is not raised,he will continue to pay less than 15%,forever.

      Lets consider the whole package before going doom and gloom on this issue.

      •  ok, well put (1+ / 0-)
        Recommended by:

        Obviously all of those things in your first paragraph would be a huge surprise (apart from the lower rates), but I'd take it. Have to concede the point about income tax rates not being the only measure to consider. It is complicated. The end effect is what matters.

        We don't inherit the world from the past. We borrow it from the future.

        by minorityusa on Tue Dec 11, 2012 at 09:54:04 AM PST

        [ Parent ]

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