Are you ready to get hit with more taxes?
Your federal income tax rates are going up, capital gains tax, and dividend income tax up. In addition new taxes to pay for Obamacare: Medicine Cabinet Tax, Brand Name Drug Tax. Then student loan interest can't be deducted, no deduction on tuition and fees and employer-provided aid will be restricted, a tax on people who don't buy health insurance...and that's just for now. How's that hope and change working for you?
Since the top marginal tax rates are the lowest in a generation or two then there doesn't seem to be any way to go but up. We need to bring in more revenue AND cut spending, so it's likely that tax rates will go up.
I don't think the government should be in the business of subsidizing home ownership or college loans, so I'm perfectly fine with those deductions going away if it means the tax rates can stay the same for the time being.
It seems like you're a conservative, so you'd likely not want the government involved in these things (or some of the items you list as positives above) either. I'd think that would be a safe assumption.
The budget deficit is problem and there is no reason to cut taxes for those earning more that $200,000/yr. They will not go hungry or lose their life style. The already enjoy on of the lowest tax rate when compared with many other countries.
Due to the recession, government will have to spend more to stimulate this economy. The private sector is ailing and cannot do this.
Read my hub on Government spending and taxes during recession.
To answer your question, no I'm not ready to get hit with more taxes. By the time my money is earned and used to earn the things I work hard for it, it's taxed 40-50%. So in-fact, I'm already working 1/2 the week to pay for taxes, that I believe are being used un-wisely. Being as far in debt as we are in the U.S., if our government wants to last, it needs to rethink the poor decisions it's making to use our money for ("for our own good no doubt"), and we need to start making sacrifices. It's going to take much more than increasing taxes, at any level, to fix the mess that's going on right now.
Let's don't forget about the hidden tax we're all effected by, which is inflation, that's increasing every day...
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by Ralph Schwartz 13 months ago
Can someone define what their, or anyone else's "fair share" is?Each day I hear complaints about rich people not paying their "fair share" of taxes - someone define "fair share" for me.
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