Falling off the cliff is better than any of the plans put forward. Let the tax credits EXPIRE. Taking away the mortgage deduction and taxing dividend and investment income is going to SAP the recovery much more than expiration of the Bush era tax credits
Sentiment: Strong Buy
@jmkdog said "taxing dividend and investment income is going to SAP the recovery much more than expiration of the Bush era tax credits".
The expiration of the Bush era tax policies is one of the things that will cause dividend and investment income to be taxed at a higher rate. One of the key provisions of the Bush era tax policy was the idea of qualified dividends, which results in a lower tax rate for dividends that meet certain criteria.
Agree. We pay 28 cents tax on every dollar we earn while the rich guys like Romney only pay 14 cents for each dollar they "earn." If we need to go over the cliff to remedy this unfairness, then make it so.
LOL, You dont pay 28 cents on the dollar- 80% of tax payers under 100k pay an effective rate closer to 5% or so, no one pays their marginal rate... Dig up your return and divide the tax paid by your income - no where near 28% in all likleyhood. The arguments about "rich " people,capital gains and income taxes is so misleading. I find it comical that there is an audience that actually believes all of the #$%$ . Just goes to show how financially illiterate this country really is.
Originally, Romney had paid 28% on his money or what ever his individual rate is, top rate: 35%, then he takes that money and he takes the RISK and invests that money and if he makes money THEN it is taxed at the CAPITAL GAINS rate which is 14%. Don't get sucked in on that "unfair" #$%$. There is the individual rate and the capital gains rate. Do your own due dilligence on this subject. That rate was estatblished for sound reason, because invested money is put at risk thus the capital gains rate creates the incentive to INVEST .
Sentiment: Strong Buy
you need to study the tax code... there is NOTHING in the code that says rich ppl pay just 14% of what they 'earn'.. investment income may be taxed at 14% but 'earned income' would be taxed at 28 or 35 rate depending on bracket... will you dems ever be able to comprehend this?
really, 14%, that money has already been taxed at the highest rate when he earned it to begin with, now it is invested, so if he pays 14% it is on top of the original tax paid (35% original puls 14% per year) plus the companies paying dividends are paying, primarily, post tax (except for RIC and reits), so if he pays 14% on a div a company already paid 35% on, that is 49% of that dollar taxed....
I can't believe that intelligent people don't see right through this class warfare, rich people are bad, stuff