Republican President Dwight Eisenhower’s idea of a significant marginal rate cut was to push the top rate down to 91 percent from 92 percent. Corporate taxes hit 50 percent. Jobs proliferated, wages rose, and the economy prospered.
- 65% of voters believe that President Obama has a mandate to raise taxes on the wealthiest Americans after being reelected last month. That includes 45 percent of the Republicans surveyed as well.
- 64% of voters believe that President Obama also has a mandate top protect programs like Medicare and Social Security during his next term. Considering Senate Republicans are now relying on filibusters of their own proposals related to the “fiscal cliff,” something tells us that Speaker Boehner was probably correct in telling House Republicans not to make holiday plans this year. source
By MICHAEL COOPER
The figure comes from the Tax Policy Center, which found that 46.4 percent of households paid no federal income tax in 2011.
But most households did pay payroll taxes. Of the 18.1 percent of households that paid neither income taxes or payroll taxes, the center found that more than half were elderly and more than a third were not elderly but had income under $20,000. Roberton Williams, a senior fellow at the center, wrote in a blog post last summer that about half of those were off the rolls because they had low incomes.
“For example, a couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero,” he wrote. “The basic structure of the income tax simply exempts subsistence levels of income from tax.”
A major reason that many poor people no longer pay federal income taxes is the Earned Income Tax Credit, which has long been supported by Republicans. The credit was added to the tax code when Gerald Ford was president, and was expanded by President Reagan in 1986 and by George H.W. Bush.
When President Reagan urged the passage of the 1986 tax overhaul, he said that ”millions of working poor will be completely dropped from the tax roles,” which he said would make the tax overhaul package ”one of the best anti-poverty programs this country has ever seen.”
Let`s start with fat cat. I`m glad he [Pres. Obama] used the word fat cat. It helped me go on a diet, I lost 30 pounds.
Let`s be blunt here. We had been called a lot of different things by a lot of different people. Whether he used that term or another term, it`s really meaningless, and what we have accomplished over the last four years, which now segues right into the Lehman weekend. No disrespect to everyone who talks about the Lehman weekend. I was one of the 12 individuals sitting there for the three days of the Lehman weekend. When Governor Romney or Congressman Ryan say, are we different than four years ago? I mean, come on. January 2009, we lost 800,000 jobs. The most in 60 years. OK? The stock market`s up since the president took office almost 100 percent. We have 500,000 more manufacturing jobs than we`ve had. That`s the best since the `90s. Our exports as a percent of GDP have been gaining double digits ever since he`s been in office. …
They all give the president grief about clarity. This is very straightforward. We could pass right now tax relief for 98 — the extension for 98 percent of this country. Let`s do it. Then let`s have the argument on the last 2 percent and see which way it goes, but let`s bring clarity to 98 percent of this country.
Moon landing was real. Evolution exists. Tax cuts lose revenue. The research has shown this a thousand times. Enough already.
America has been fantastic to me. I have no problem paying whatever I need to pay to keep my country growing.