or should it be higher? How much is enough?
http://online.wsj.com/article/SB10001424052702304066504576343611464445594.html
"A 62% Top Tax Rate?
Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.
Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.
If the Democrats' millionaire surtax were to happenand were added to other tax increases already enacted last year and other leading tax hike ideas on the table this yearthis could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s. . . ." more at the link
is the sky the limit?
Post edited by Killet at 5/27/2011 12:23:31 PM
http://online.wsj.com/article/SB10001424052702304066504576343611464445594.html
"A 62% Top Tax Rate?
Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.
Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.
If the Democrats' millionaire surtax were to happenand were added to other tax increases already enacted last year and other leading tax hike ideas on the table this yearthis could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s. . . ." more at the link
is the sky the limit?
Post edited by Killet at 5/27/2011 12:23:31 PM