Oh nooooooo! Those who can most afford to pay a little more might get a tax hike!
Oh how the wealthy hate taxes,won’t they all leave?
What? What’s that? Oh, it’s barely even on the table yet?
Wow, with all that screaming I thought someone was in real pain…
Thatcher Moats of the Vermont Press Bureau reports
In an effort to ease the impact of proposed budget cuts on vulnerable residents, a group of Progressive and Democratic lawmakers announced a plan Thursday to increase taxes on the wealthiest Vermonters.
Offered as an alternative to continued cuts in critical state services Rep. Chris Pearson, Rep. Susan Davis, Sen. Dick McCormack and Sen. Anthony Pollina as part of a broader plan have proposed a tax hike on those earning more than $171,000.
Under the plan, the top income tax rate would increase from 8.95 percent to 10.45 percent and the second highest tax bracket would increase from 8.8 percent to 9.8 percent, said Pearson.
Before the anguished screams get too loud please note what Sen. Dick MCormick points out about this plan
not a scheme to “eat the rich,” but a method for going where the money is.
“The people who will pay this if this passes will be rich after they’ve paid their taxes,”
… did they give a figure for expected revenue?
I’d like the top marginal rate to go up to 13.5%.
I read a long time ago somewhere (in a Galaxy far away) that before the new tax law was enacted in 1942 (for the war effort) about 85% of Americans didn’t pay any taxes, cause the deductible was $1500.00, and, with the Depression, etc., 85% of Americans were making less than that. ($1500 is about $30 a week–good wages at that time.)
Then, n ’42, with Americans going back to work, and getting better wages, Congress sweetly decided to share the war burden with the workers, and lower the deductible to $800-something, and then in ’43, lower it to 600-something. Supposedly, it was rumored that these were ‘temporary’ adjustments, and the deductible would go back to $1500 after the war emergency was over. But corporations and the rich felt that these adjustments were ‘fairer’ for all involved.
Now imagine–only the wealthiest 15% of Americans, including the corporations, paid the taxes to run and pay for one of the biggest (perhaps the biggest?) economies in the world, all the way up to 1942/43.
??? Hey! I’ll vote for that.
And now, sadly, the 85% have become the 95%, and the 15% have become the 5%–and guess who’s paying all the taxes to let them to run the country?
Something to consider. The rich CAN pay the tax burden and still be rich. Been there, done that.
North Reports had something up on this. Slamming the folks who wrote this for not having any sort of business and job creation experience. Asking ‘who are these people doing this work, and are they qualified? ‘
From memory, they were elected. And I’m not sure what job creation has to do with having a slightly less unfair tax system.
P.S. I have no idea what set of clicks and links brought me over there…