Re: Cut spending, don't increase taxes
Posted by Barbara on December 18, 2006 at 07:41:51:

First, as a reminder to Brian, the $106K refers to a two-figure income. In 2004, the median household income with two income earners was $67,348. That's for the entire U.S. In California, where the median home price in some areas is $500,000 and above, and home ownership in the U.S. stands at about 70%, I would guestimate that median incomes for two-income families, as a whole, are higher in California than the U.S.

Second, I'd like to add that the Bush tax cuts cut the lowest tax bracket from 15% to 10%. The fairness was right down the line.

Mike, as for your comments that the "truly rich got a higher percentage tax break" and "are laughing all the way to the bank," may I remind you that the tax revenues went up after the tax cuts and the economy benefited as a whole. The "rich" are able to keep more of their money and invest it or spend it. Capital gains on investments are taxed and, if they spend their money, then it helps those who sell those services or goods.

Lastly, may I remind all of you, that the top 50% of all income earners pay 96.54% of all income taxes. (Alternatively, the bottom 50% pay $3.50 of every $100 in income taxes.) The top 1% pay more than a third: 34.27%. 83.88% of all federal income taxes are paid by the top 25% of income earners. How much more do you think they should pay?

Once again, I reiterate that the government should cut spending, not increase taxes. I'm sorry if the budget for the USGS has been cut and I'm sorry that Congress voted in a huge prescription drug plan that is unfunded (we'll worry about paying for that later) -- Congress chose poorly on what to cut and what to increase. I have always wished that the government could give each voter a laundry list of items to choose from. "We have $xx trillion dollars that we are expecting in tax revenues, please check off below how you would like it spent." That would be a true democracy, albeit a cumbersome one. Instead, we live in a republic and we leave it up to elected representatives to make those weighty decisions for us and they don't always do such a hot-shot job, do they?

Barbara


Follow Ups:
     ● Re: Cut spending, don't increase taxes - Roger Hunter  09:07:21 - 12/18/2006  (61285)  (0)
     ● Re: Cut spending, don't increase taxes - Mike Williams in Arroyo Grande  09:07:15 - 12/18/2006  (61284)  (1)
        ● Re: Cut spending, don't increase taxes - Barbara  07:43:56 - 12/20/2006  (61335)  (2)
           ● Re: Cut spending, don't increase taxes - Canie  22:37:13 - 12/24/2006  (61467)  (0)
           ● Re: Cut spending, don't increase taxes - Mike Williams in Arroyo Grande  08:50:50 - 12/20/2006  (61336)  (0)