Categorized | General Interest

Taxes and Deficits

  We are still not being serious about asking people to pay their fair share:

Taxes on high-income earners would rise by nearly $1 trillion over the next 10 years, under the budget plan put forward by President Barack Obama on Monday.

The bulk of that increase comes as tax cuts enacted under President George W. Bush expire at the end of 2010.

The top two income-tax rates, which affect people earning more than $200,000 a year, or $250,000 for married couples, will return to 36% and 39.6%, from 33% and 35% now.

   Those top rates should be higher and they will not drive out the rich, despite the common rhetoric. After the president was elected, I suggested that we could raise taxes on the wealthiest Americans much higher than what he is currently proposing. This is not enough.

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