To My Progressive Friends Here, How Would You Make The Tax Code

[rexanglorum]

To my Americans progressive friends in this community, I have heard a lot of talk about taxes recently. The discussion is usually centered very narrowly on whether or not to increase taxes households making over 250k per year. I wanted to get your thoughts on taxation more broadly and wanted to see if would liketo expand the scope and rate of taxation on income, wealth, consumption or anythin gelse. 



 (A.) if taxes were increased for those making over 250k, how much more money would the government get in revenues, (B.) how would it use the revenues.(C.) how that use of those revenues would alleviate this current economic depression and (D.) what else should be done to alleviate or end this economic slump and (E.) would you like to see taxes increased for Americans making between 100k and 250k and would you like to see tax rates increased higher than pre 2001 levels, to 40% or 50% or 60% or more.

Finally (F.) what other changes would you make to the tax code, if you were president and had a compliant Congress and courts and what you wanted became law, what major changes would you institute, if any?

Thank you for any responses on your part.

 

[rexanglorum]

To my Americans progressive friends in this community, I have heard a lot of talk about taxes recently. The discussion is usually centered very narrowly on whether or not to increase taxes households making over 250k per year. I wanted to get your thoughts on taxation more broadly and wanted to see if would liketo expand the scope and rate of taxation on income, wealth, consumption or anythin gelse. 



 (A.) if taxes were increased for those making over 250k, how much more money would the government get in revenues, (B.) how would it use the revenues.(C.) how that use of those revenues would alleviate this current economic depression and (D.) what else should be done to alleviate or end this economic slump and (E.) would you like to see taxes increased for Americans making between 100k and 250k and would you like to see tax rates increased higher than pre 2001 levels, to 40% or 50% or 60% or more.

Finally (F.) what other changes would you make to the tax code, if you were president and had a compliant Congress and courts and what you wanted became law, what major changes would you institute, if any?

Thank you for any responses on your part.

 

[Betonblck]

To garner more support politically, I'd raise the cap to $500K and raise taxes for people making $500K or more.  I'd raise the estate taxes also.  These would be used to balance the budget.  I'd also eliminate the capital gains loophole by having capital gains taxed at normal income tax rates any time it exceeds regular employment or self employment income. 

I would then end the war in Iraq and cut defense spending by around 30-35%.  I would then divert these funds toward energy independence in the form of government intervention in private markets, tax credits and rebates, etc.  This would offset the economic impact of the cuts in defense and war spending.  My hope would be that the investment in alternative energy would pay off and the resulting increase in tax revenues and wealth would bring our nation back to prosperity. 

I wouldn't make drastic changes to the tax code, just tweak it.  In general my personal feelings are that if we "have to" do things like bailout banks, the higher income people should pay higher taxes if they want the government to step in and protect their wealth.  I don't mind paying higher taxes if it will extend unemployment so that I don't have to worry about getting knocked over the head and robbed.  If you live in a rural area and/or are isolated from people of lower incomes, perhaps you may disagree.  For people living in urban/inner city areas, it's different. 

 

[Betonblck]

To garner more support politically, I'd raise the cap to $500K and raise taxes for people making $500K or more.  I'd raise the estate taxes also.  These would be used to balance the budget.  I'd also eliminate the capital gains loophole by having capital gains taxed at normal income tax rates any time it exceeds regular employment or self employment income. 

I would then end the war in Iraq and cut defense spending by around 30-35%.  I would then divert these funds toward energy independence in the form of government intervention in private markets, tax credits and rebates, etc.  This would offset the economic impact of the cuts in defense and war spending.  My hope would be that the investment in alternative energy would pay off and the resulting increase in tax revenues and wealth would bring our nation back to prosperity. 

I wouldn't make drastic changes to the tax code, just tweak it.  In general my personal feelings are that if we "have to" do things like bailout banks, the higher income people should pay higher taxes if they want the government to step in and protect their wealth.  I don't mind paying higher taxes if it will extend unemployment so that I don't have to worry about getting knocked over the head and robbed.  If you live in a rural area and/or are isolated from people of lower incomes, perhaps you may disagree.  For people living in urban/inner city areas, it's different.