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General discussion

Read my lips Kerry

Mar 10, 2004 1:52AM PST
'Kerry Asking Wealthy to Pay Old Tax Rate...(but)...pledged to retain the Bush tax cuts for the middle class and even add to them.'

Everybody with an income of $200,000 and below is considered middle class by Kerry. Since all the money comes from the middle class, I hear an echo from the elder Bush. BTW, I thought the deficit was a horrendous, terrible thing. Has that now changed?

'Responding to Kerry's criticisms, Bush-Cheney campaign spokesman Steve Schmidt said Kerry "has voted for higher taxes 350 times and his numbers for new spending don't add up. His campaign trail promises mean that he is going to raise taxes by at least $900 billion. It is a tax increase for every American."'

Discussion is locked

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Re: Read my lips Kerry -- It's an excellent idea.
Mar 10, 2004 2:29AM PST

Hi, KP.

Bush's ill-advised giveaway to the wealthy has mushroomed the deficit, which is now being used as an excuse for cutting domestic (but not military) spending. And I note you don't highlight Kerry's simultaneous call for increased tax credits, and perhaps even more tax cuts for middle America. It's about time that someone had the courage to take on the Republicans' "reverse Robin Hood" tax policies directly -- and given that Post-ABC poll, I think your tired old "tax increases hurt the economy" mantra has about run its course. After all, the longest expansion in American history included Clinton's tax hikes on the wealthy...

-- Dave K.
Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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Ahhh, suddenly tax cuts are good, and
Mar 10, 2004 5:48AM PST

who cares about the deficit? Now, we're on to Robin Hood. Sounds hypocritical to me.

BTW, 'the longest expansion in American history' was kicked off by Reagan's tax cuts, and boosted by the Gingrich tax cuts. Clinton was just along for the ride. I see economics was not high on your list of academic accomplishments. If it were, you'ld know more about it.

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Re: Ahhh, suddenly tax cuts are good, and
Mar 10, 2004 9:34AM PST

Hi, KP.

I know lots about it -- first Reagan dumped the economy (depsite his campaign promise not to), converted us in a year and a half from the world's largest creditor nation to the world's largest debtor, and THEN corrected some of the problems he created. BTW, would all those in this forum who make more than 200k please raise their hands? They (and only they) are the ones who should be upset about this idea! (I'm sitting on mine, btw...)

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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In case you forgot. Reagan's first order of business
Mar 10, 2004 1:30PM PST

was to clean up the MESS that Jimmy Carter made of it. I guess that's what you mean by 'dumping' the economy. Once the clean up was done, solid growth was possible. A very successful exercise.

Yes, I know not many people make more than 200K. That's why I sense emanations of 'read my lips'. Kerry will raise taxes on the middle class in spite of current campaign promises. He'll have to. That's where all the money is.

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Want to help the poorest and middle class? and be fair?
Mar 10, 2004 6:15AM PST

Right now, if I have correct table,

$0 to $7150 tax is $0 plus 10% of over $0

$7,150 to $29,050 is $715 plus 15% over $7,150

$29,050 to $70,350 is $4,000 plus 25% over $29,050

$70,350 to $14,6750 is $14,350 plus 28% over $70,350

$146,750 to $319,100 is $35,717 plus 33% over $146,750

$319,100 is $92,592.50 plus 35% of over $319,100

You want to help the poor, the retired, any on fixed income?

Eliminate all tax on the first $15,000 per household. Bump the rest of the tax brackets up proportionally in percentage of tax to compensate.

That means subtract $15,000 off total income before anything else. Everything above that taxed according to rules with deductions etc.

Personally, I think the brackets should be spread a bit more also, however, I'm not an economists.

RogerNC

click here to email semods4@yahoo.com

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We have that in England Roger - Using a personal tax code system
Mar 10, 2004 8:33AM PST

Basically how it works is that every wage earner is allotted a tax code according to his needs.
A married man would have a higher code to a single man for obvious reasons. Say if a married man's code was 250, it would mean that he would be able to earn

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Re:We have that in England Roger - Using a personal tax code system
Mar 10, 2004 8:59AM PST

A married man would have a higher code to a single man for obvious reasons.

And if both spouses work,why should either get more than single?

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If they both work then the code is less for the married man - If I have remembered correctly :)
Mar 10, 2004 9:52AM PST

The higher code is suppose to help the man keep his wife and children, but if there are no children and the wife works then the benefit of being married falls off sharply. One of the reasons why so many people over here do not marry at all. Sad

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Here is a link Roger which shows that being married and both working has no benefits it would seem
Mar 10, 2004 10:06AM PST
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Anyone who considers the tax code when deciding to get married
Mar 10, 2004 11:01PM PST

should put all of their tax refunds into a deferred divorce attorney fund!

Dan

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Re: Want to help the poorest and middle class? and be fair?
Mar 10, 2004 9:43AM PST

Hi, Roger.

$15,000 isn't even the poverty level -- And Bush's heralded tax cuts did NOTHING aboiut reducing the marginal tax rate for those at the 15% level and below, which according to your table goes up to 29,050. BTW, the median family income for a US family for 2002 (last year for which there's complete data -- see this site) was $54,400.

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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Re:Re: Want to help the poorest and middle class? and be fair?
Mar 10, 2004 12:49PM PST
"$15,000 isn't even the poverty level -- "

So? my proposal was to exempt the first $15,000 for everyone. Figure taxes based on gross minus $15,000, with all it's dependants, head of household, mortgage, et al then.

Not taking any taxes from the first $15000 would make a huge difference to people all the way up to about $100K line.

"the median family income for a US family for 2002 (last year for which there's complete data -- see this site) was $54,400. "

Hmmm, I don't know about how much of the country that is good or bad income, but around here it's quite respectable. Not rich, but enough to do quite well and save a bit.


RogerNC

click here to email semods4@yahoo.com