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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: geode00 who wrote (149074)12/5/2008 5:36:52 PM
From: Steve Dietrich2 Recommendations  Read Replies (1) of 173976
 
Yes, we should immediately have a very progressive taxation policy that brings back, say, a 75% tax rate (90% didn't hurt us either but that sounds excessive) on incomes over (just throwing out a number) $5 million. That could be $10 million or $2.5 million but it definitely applies to those making $3.7 billion and paying 15%.

Reagan presided over a huge increase in the regressive payroll taxes. That coupled with many cuts in progressive taxes: income, capital gains, estate has shifted the tax burden down towards lower income earners.

In my opinion, that needs to be changed. If it were up to me, the payroll taxes would be scrapped and replaced by raising the income tax enough to make the move revenue neutral. The government treats the payroll taxes like general revenue anyway, so i say junk the fiction and pay for everything with the income tax...

SD
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