Quote:
Originally Posted by 12clicks
FICA is social security. I'm glad you're ok with giving people a completely free ride and then pay for their retirement and give free healthcare to the children they can't afford to have but I'm not.
please don't confuse income tax with FICA, FICA is where the poor pay a small token to receive many times that in return during "retirement"
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A tax is a tax....what the tax pays for is irrelevant. You said 13% of US workers pay zero tax. That is a false statement.
13% of US workers pay no federal income tax, but they still pay taxes. You may want to clarify that statement to say "income tax", but once you do, then you can't call Obama a liar because he didn't say he was going to give 95% of families "an income tax cut" he said he was going to give them a "tax cut"
Quote:
Originally Posted by 12clicks
silly kid. the democratic controlled congress blocked Reagan from lowering taxes:
http://query.nytimes.com/gst/fullpag...pagewanted=all
"""Prospects are considered slim that President Reagan's call for lower capital gains taxes will go anywhere in the Democratic-controlled Congress in the forseeable future.
President Reagan, who is expected to propose such a reduction in his State of the Union Message Monday night, has pressed the idea before - in his first and second terms. But his only success with Congress came in his first year in office.
In the past two years, Congress has soundly rejected various proposals to cut capital gains taxes in considering major tax legislation."" |
Calling me a kid doesn't make you look like a grown up, it makes you look like an asshole.
Capital gains tax rates.
1978 - 39%
1979-80 - 28%
1981 - 23.7%
1982-86 - 20%
1987 - 28%
1988-1990 - 28%-33%
http://www.ctj.org/pdf/regcg.pdf
Quote:
Originally Posted by 12clicks
no, again you're wrong. The republican controlled congress lowered the rate. Not Clinton
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Clinton signed it into law did he not? By that logic it was the democrats in congress who cut taxes in the 1980's.
Quote:
Originally Posted by 12clicks
I alreaded quoted obama on this and he did not say 20%.
I won't call you a liar if you can come up with a quote of his saying 20%
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http://blogs.abcnews.com/politicalra...clarifies.html
The top capital-gains rate for families making more than $250,000 would return to 20% -- the lowest rate that existed in the 1990s and the rate President Bush proposed in his 2001 tax cut. A 20% rate is almost a third lower than the rate President Reagan set in 1986
Quote:
Originally Posted by 12clicks
incorrect as well as irrelevant.
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Income tax rates, from the same source as above.
1981 - 70%/50%
1982-86 - 50%
1987 - 38.5%
So with the exception of Reagan's last two years, Obama's income tax proposals will have high income earners paying a lower rate than they did under the bulk of Reagan's term.
Also, the lower brackets will be much lower under the Obama plan than they were under the Reagan plan. (And don't forget, you pay taxes in those lower brackets too, you only pay the higher rate on income over and above the 200K threshold, on your first 20K, 50K, 199K, etc, you pay the same tax rates as everyone else)
I realize you object to taxes no matter what, but we have a national debt of $10+ trillion....and 8 trillion of that was under the watch of Ronald Reagan and George W Bush, both of whom brought in sweeping tax cuts and claimed they would pay for themselves.
They obviously didn't and if we don't get our fiscal house in order the dollar will be worth about as much as a peso.