62% Federal Tax rate??!!

[Riot]

Originally Posted by Antitrust32

think about how much more money would be pumping through the economy though! it would be like churn at a race track.

Churn is good for the economy, especially now. But I think that would decrease churn - it is an effective cash flow (buying power) decrease of 25%, which nobody can afford right now. Having 25% less to spend on gas, groceries, clothing?

Obama really screwed up by not allowing the Bush tax cuts for the rich to expire last year. They will next year, with taxes not going up on the lower 98% of income (I think they should) That will make a huge income difference to start. Then we have to address corporate income taxes, eliminating loopholes. It's ridiculous that the ten top richest companies in this country pay little to no income tax. The Republican "jobs plan" is to lower the corporate tax rate to 25%. But they pay little to nothing now. Ridiculous, aside from the American history lesson that unemployment increases as corporate taxes lower.

Doing those two easy revenue-producing things alone - plus being out of Iraq, and drawing down in Afghanistan - will markedly decrease our deficit and put us in a very strong position financially. That's a good start.