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President Obama plans to increase government revenues by allowing the current tax legislation to expire in 2010 increasing the highest income tax rate to 39.6% from the current 35%. Who are the top 2% of Americans earning above $250,000 that the President refers to? What is their role in economic growth? Are there still 2% of Americans earnings above $250,000 after the collapse of multiple corporations, investment firms and hedge funds? What are your thoughts?
YES, i believe that the wealthiest 2% of Americans pay higher taxes because if their making a lot of money I’m sure they can give up some of it. Unlike the people who are struggling for money not to mention the unemployed people. i think it will help the U.S a lot of they raised the taxes for those 2 %. this is a grate idea, make the rich do more.
I don’t understand why the first answer that always comes up when there is financial crisis in this country that we go raise the taxes of the richest. Don’t the rich pay enough taxes, they already pay the majority of the income taxes in this country already. Why don’t we just cut spending, and instead of raising taxes on the people making 250,000, why don’t we give these companies tax breaks to create more jobs, instead of laying off more people due to higher taxes. The people that we think are rich, and should be taxed to the grave, are the same people that put a large number of people in this country to work. Don’t people understand that if small businesses, which makes up most of the businesses around this country and which most small businesses make more than $250,000 a year are taxed more then what they are being taxed now, than most likely they will lay off workers to compensate the tax raise, so if Obama wants to see the unemployment rate rise higher than its now, and see an inflation rate sky rocket then he should continue to pump more money into the system, and he should keep raising the taxes to the people that give work to the people of America. This taxing of the rich in an economy that is unstable could make a problem that is bad, even worse.
I think a tax increase for the wealthiest 2% of Americans is a good approach. It’s a fact that the wealthiest 1% to 2% of Americans control about 80% of the nation’s wealth. So if these people are making more than $250,000 a year, I think they can afford a tax increase. They certainly shouldn’t increase the taxes for working and middle-class people, because they are struggling the most right now, while CEOs, many of which were reciently found to be incompetant, are sitting on a fortune and reciving rediculous bonus checks. This will of course be remedied by Obama’s “Maximum Wage” policy. I believe a tax increase for upper-class Americans is a good way to better disperse the nation’s wealth.
I don’t think that anyone should get taxed. If they are rich or poor, everyone should be taxed the same amount. I think it wouldn’t be fair even though the rich make more money. The president needs to stop raising taxes for stupid things.
I mostly agree with Peter’s comment in that raising taxes for the top 2% of Americans is a bad idea. These people have been given the same opportunity to succeed or fail as anyone else. It is not right to pork these people for any more money, they are already carrying the country. They also provide jobs for the other 98% of people. I think America as a whole is a bunch of lazy people. Outside of the Native American’s, we are all immegrants so I can say without generalizing, that many of the people who come to AMerica to “escape their horrible living conditions elsewhere” sit on their asses and think that it is their “right” to collect benefits. That is absolutely not the case, and these people should be deported or shot or something. I think that one of the major issues that needs to be investigated more thoroughly is all of the benefits given to perfectly capable people. Why should our hard earned tax money be distributed to the lazy f***s of the country?? I guess it just tics me off because I see this on a daily basis. Ultimately, I think that this idea will have a reverse effect of how most people think the outcome will be. There are many other things that need some restructuring before we begin to juice the rich anymore. The real problem lies in the working and middle classes anyway. I wish I had a better plan than these dopes because I fear for our future…
I think taxing the weathliest 2% of Americans could gain a significant amount of money, but on the same side it could hurt us as well. I think instead of adding taxes to their basic incomes, tax them where it hurts on there multi-million dollar “bonuses” If you are already making an income of $250,000+ what the hell do you need another bonus for.
For example the CEO of a Bank in Flordia sold his bank he gave away the $60 million he made from it to his employees because he knew they needed it much for than he did. The average teller making $12.00 an hour could probably use the end of the year extra money alot more than the CEO of a Bank that probably drives to work in his H2 Hummer everyday. They should consider focusing more on what they are taxing, not who.
No, I do not agree with increasing taxes on the wealthiest 2%. I believe in a flat tax. This Robin Hood approach to economics, stealing from the rich to give to the poor, has never worked throughout history. The 2% already pay the highest percentage of taxes, 50% according to the IRS. How much do you want to squeeze them? These same 2% are the ones who invest in the stock market, start businesses, and create jobs. If the price is to high to do business there just going to go somewhere else, as they have started to do already with outsourcing all our jobs.
I came across an interesting article titled “545 People” by a former columnist of the Orlando Sentinel Newspaper, Charlie Reese. He asks, “Have you ever wondered, if both Democrats and Republicans are against deficits, why do we have deficits? Have you ever wondered, if all politicians are against inflation and high taxes, why do we have inflation and high taxes?”
He goes on to explain that we have “one hundred Senators, 435 Congressmen, one President, and nine Supreme Court Justices, 545 human beings out of the 300 million who are directly, legally, morally, and individually responsible for the domestic problems that plague this country.” This is not the 2%ers fault and should not be the scapegoat for the incompetence of our government.
• The 2%ers don’t propose a federal budget. The President does.
• The 2%ers don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.
• The 2%ers don’t write the tax code. Congress does.
• The 2%ers don’t set fiscal policy. Congress does.
“The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes.”
• If the tax code is unfair, it’s because they want it unfair.
• If the budget is in the red, it’s because they want it in the red.
There are no insoluble government problems. Until, we the people, start holding these politicians accountable, which we can start doing by not voting for incumbents, we might as well bend over and shout, “Thank you sir, may I have another.”
Why are the rich always being picked on? Why are the poor always being babied? The rich worked hard for their money. Let them save it, spend it, or squander it. It belongs to them!!!
A 2% tax on the rich is no different than punishment for their hard work or smart investments. For those who say the rich won’t miss it, would you miss an extra 2% if someone took it from you? Come on!
There just isn’t a work ethic any more. People are so programmed to have their hands out that they forget to put them to good use and work! If people got their own hands dirty, they may get places, too.
If the government issued a flat tax for everyone, put our prisoners to good use by making them work for their room and board, and encouraged the citizens of the US to become industrious again, we’d be on our way to recovery rather than disaster…
I have mixed feelings on a 2% tax on the rich. The rich keep getting richer and should give back to the community and help out the people that are less fortunate. If they have all this money why not pay a little extra on taxes? I am sure 2% isn’t making a huge dent in their bank account. However, on the other hand it is almost like the government goes straight to the wealthy individuals and tells them that they must pay more in order to allow the rest of the people to survive. I don’t understand why the rich are always chastized for working for their money and being sucessful. Isn’t that the “American Dream”? ….
Some may disagree with President Obama’s most recent policies on how he is going to make this environment work with full support of the citizens as well as a good governmental plan. It has been addressed that the government is planning on increasing the tax pay of the wealthiest Americans by 2 percent. Although these people are already well off and more than likely wouldn’t be affected by such taxes may find it unfair and punishment for their extra success. The issue doesn’t affect me in these ways for the main reason that I am a middle class citizen who doesn’t fall in the category of these people in trouble of increased tax payments. I don’t really see a problem with the idea as long as those involved are willing to cooperate in making the United States a stronger community.
This is a tough one. Although I used to be one of those who thought, “Why not tax the rich?”, my views have changed now that I have a greater understanding of the big picture. Laura Ingram, talk 680 recently did a piece on this topic that really opened my eyes.
#1 This 2% is responsible for the majority of charitable contributions in this country.
#2 This 2% is responsible for employment of many in the services sector.
#3 This 2% includes small businesses owners that claim their revenue as personal income (a population that will indeed be negatively impacted by these increases).
To go back to the first question, as a Nanny in an affluent community, one only needs to be a fly on the wall of the Prima Ballerina Dance School or All Star Gymnastics Academy to realize this 2% exists, locally.
That being said this 2% is the reason these establishments are successful, not to mention the Super Stupendous Party Experience and others of the like. Also worth mentioning are those providing personal services such as myself. Along with my services, the family I work for employs a cook, housekeeper, personal organizer, landscaper/snow removal specialist, as well as a personal decorator and painter hired regularly.
One only needs to look at the suffering high end retail businesses to see that this 2% has been affected and luxuries will be the first to go. Reducing their expendable income via taxation will have a trickle down effect to the middle and struggling working classes, not to mention their charitable contributions will inevitably decrease as a result.
My thoughts? Let’s revisited the allocation of government funds….maybe Mr. President should personally foot the bill for Michelle’s recent trip to Paris to view the new Spring Lines, apparently she needed a government paid secretary to join her the work was so daunting! This was written off as some Cultural Enrichment Research Project, paid in full by the tax payer!!!! Not to mention the fact that she has hired one of the MOST expensive interior decorators to revamp the White House decor…the both of them should be ashamed of themselves, they are a disgrace to the American People!
I would suggest she read up on Eleanor Roosevelt’s history, get some ideas on what she could be doing as the First Lady that could truly be of help to the American People in these times!
I think Obama has laid out the most ambitious and expensive plan we’ve seen in years. Just now how is he supposed to pay for it and make it work? I think that if the president thinks he can increase taxes for people making $250,000+ and promise that households earning less then that amount won’t see their taxes increased by “a single dime.”
I’ll believe it when I see it. That would have to be some feat. I think his spending plan is so high that he would have to raise everyone’s taxes by 2% and I definatly think that’s a bad plan because that would affect me and my family. I’d like to see the committment in Iraq diminish drastically on the otherhand…and if thatmeans higher taxes…so be it.
I don’t see how Obama could even consider doing that. In most situations, those individuals making $250,000+ a year have worked their way up into that position. Why would he punish those who have accomplished so much and contributed to our nation’s capital to the extent that they have. His goal is to increase governement revenues when in actuality all he’ll accomplish is the pissing off of 2% of our country, not to mention the 2% that matters more than any other 2% I can think of when measuring our overall monetary value as a nation. Another reason I’m strongly opposed to this idea is, don’t you think higher taxation on the wealthy will discourage many of those entrepreneurs out their looking to make that amount and more? It might even have the adverse effect and slow down our economy even further. Money is always a motivation, whether you’ll admit it or not. If you know now that there’s going to be substantially less money waiting for you in the end, no matter how hard you work, don’t you think that might deter you a little from your work?
Yess i definitely think that the 2% should be paying more for taxes because they can actually afford it.. they’re making way more than average people so the extra money they have to pay most likely isn’t going to affect them at all. It would help our economy a lot like the people who are struggling.
…pardon me – I just noticed the mistake I made in my post. I was talking about a 2% increase, not an increase for the wealthiest 2%…I guess I didn’t pay close attention to the question. However, it only makes me believe even more strongly in my point – a 4.6% increase is even worse!!!
By the way, what’s the matter with some of you? You sound like a bunch of socialists, wanting the government to take the money from wealthy people so you don’t have to work! It’s soooo disgusting…
People aren’t taxed more for having more, theyare taxed more for having more income, which is an important difference. People who make more money are likely to require more resources. People who make more are more likely to have investments, which require government oversight. They are more likely to be involved in business, which needs laws and regulation. They have a larger stake in the continued prosperity of the country. I’d like a better tax structure, especially one which rewarded good use of money like investing back in the country, the environment, and so on, and which prevents the extra-rich from taking advantage of the system to pay much less than those who are just getting by.
I agree with anyone who thinks it is a BAD idea. If an individual is successful at what they do and earn a comfortable living at it…it’s because they put in the time and effort and worked for it. If an individual is poor and struggling…it’s because they don’t have a strong work ethic and simply didn’t try hard enough to become wealthy. This is the land of the free; we are all given equal opportunity to succeed in this world. It is not right to tax wealthier people more simply for the fact that they are wealthy. It’s not their fault that so many other Americans just float through life like lazy pieces of crap and expect a handout.
i dont know about htis one. I think both ways i guess. I mean people who acually earned there way up to having alot of money shouldnt have to pay more just cause they have more money. But then again it would help the economy a little. i think its stupid to raise the taxe for the “wealthiest” it will just cause more problems and we dont need anymore problems! Why dont they just “print” more money? This is stupid…if we didnt give so much money to the army or iraq than we wouldnt have this much of a problem! there was no need.
I think that the wealthiest 2% of Americans should pay higher taxes. They are above average and already have to much money. Average Americans in pay taxes of their own money that they worked hard for too and still can survive with their money…why can’t wealthier Americans do the same. Paying a little more won’t hurt. That 2% still end up wealthier than average Americans, I don’t get the problem.
Let me start first off by saying that, I think it’s a little wrong when people say that the rich are wealthy because they worked hard and the poor are struggling because they are lazy and don’t work as hard. Even though I am a strong believer that America is the land of opportunities, and those opportunities are equal to everyone, in reality we should all know that even those opportunities are limited in some ways. I would consider my family in the middle/working class. That is not because my parents were too lazy to work as hard as the wealthiest 2% of America, but because we come from another country, and even though we have opportunities we could never dream of in my country, we are still not equal to the people who were born and raised in America.
Now, getting to the whole issue here. I don’t think it is very moral to force taxation on the wealthy, who have obviously worked very hard for their money. However, in the economic crisis we are in today, I don’t think our biggest concern should be what’s moral and fair, it should be what can we do to get our country out of this mess. Yes, those very important 2% might and probably will be upset with the change, but, in the risk of sounding a little cheesey, we all need to come together as a nation. We shouldn’t fight over who is working or doing more, but we all need to help somehow, and the ones that are more financially stable should help out more than the rest of us who struggle. Not because, “they won’t miss their money”, but because the are in a position were they CAN help out more. Yes, we all work hard for our money, as little or as much as that might be, but that money won’t get us anywere if we don’t think about the economy first and how we can improve it.
To add a little more to my last comment: I do aggree with the people who say that raising taxes for the 2% wealthiest people won’t make that much of a difference. I think that we should of all though carefully before bowing over Obama and his genius plans to fix all of our problems by just paying for everything and not raising taxes. Reality check! How are you planning to pay for all these things? Where the hell are you getting the money? He said he’s not going to raise taxing, he obviously meant for the middle class, that’s ok for now, but eventually he will be forced to raise taxes for everyone, because there is no way that everything we want will magically happen because Mr. President said it will! In my oppinon, he just told us all what we wanted to hear. Even though I am really glad I get to live in this time of history where we have a black president, that absolutly should not be our main interest when it comes to chosing our president. My first suspision was when he started apearing in magazines, and his wife on talk shows. Who really cares if his daughters get to bring a puppy with them to the White House, or what Michelle Obama is wearing. Presidents are supposed to be this popular people! I really could care less about how “in-love” he is with his wife, I care about what good he will do for our country. And even though I can’t really judge too much because he hasn’t been our president for long and we have yet to see his important work, I am a little scared because only few of us are focusing on the politics. Which is the only thing we should be focusing on since he is the president.
I think it is a great Idea to make the 2% of the rich folks to pay more in taxes because while they pay, the people in the poverty category can save just a little more so that they can as well try to become wealthy, but it will take a while. Just play smart. Also at the same time I think it’s a bad situation for the U.S. due to the fact that most of the support in the United State comes from the wealthiest and the rich.
First of all, i hate how bad the media has influenced college students into becoming such weak liberals. It seems like the cool new thing for college kids is politics. the media has targeted the college demographic, promoting the idea that we all need to vote. I am not disagreeing with the fact that we should vote, i am just saying that the media is pushing this idea for the wrong reasons. The liberals have used the media to make voting seem like the cool new thing to do. The result of this tactic was gaining the vote of a large group of young ignorant voters. This is a very imorral and decitful tactic. So when the liberals claim that we should raise the taxes for the wealthiest 2% of americans maybe we should not be so quick to assume that this is a great idea and that it will fix the economy and make everything better. Also, we should not be so quick to villainize this Wealthiest 2% group of americans. It seems like our society has created this image of rich people as stuck up and selfish. Are these people stuck up and selfish when they are donating tons of money to charity or employing thousands of people?Why does this group deserve to be taxed more than another group? because they worked hard and make alot of money. Taxes should not be determined by the amount of money you make. Taxing someone more for being successful is descrimintation, and descrimination is something that we as americans stive to be free of, so by taxing the wealthiest 2% of americans we are one step further away from being a nation free of discrimination.
Yes i agree that they should be paying higher taxes if you really do think of it the more money you make you should be paying higher taxes and some of this money should help us live our lives. Its hard enough as it is living and paying taxes so the wealthier people should be paying a bit more. Whats a little bit more money to them its not like they are going to miss the money at all they can try it and see how it works.
I did some research on the topic and this is what I feel about the topic.
First- I believe no one, no matter who it is will like to pay more taxes than they already pay. Especially does who make a really good income. People need to stop saying the wealthy are wealthy because they were born rich and they should pay higher taxes because they don’t do anything. It works the same way for wealthy people. The rich say, people not earning enough money should stop being lazy and start working to get up where we are and feel if a tax increase should be the best thing for them. We need to stop that because their wealthy people that don’t do anything as well as low income people who don’t do anything. Then we have the hard workers who work like crazy from both sides of the issue.
Second- We need to understand that taxes are high as it is for everyone. We have the income tax rate at about 35% now and with the Obama administration it will go up to 39.6%. Plus all other taxes and let’s say the total comes down to 42% for everyone. Now let’s place a family who make in a joint income about 275,000 a year. So in total it will be by calculations
275,000 * .42= 115,500 Total Taxes
The following is an equation
Gross – Tax deductions = Left Income
275,000 – 115,500 = 159,500
Is this fare that only 159,500 after all taxes are taken away will be left for those who make 275,000? I don’t think so.
In conclusion. No, I don’t agree with this 2% increase because they pay enough as it is in taxes.
Also I looked up in the IRS data base of 2006 that “the wealthiest 2%” of Americans roughly 3.8 million filers had adjusted gross incomes above $200,000 which equals to about 7% of all returns. These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest or wealthiest 1% about 1.65 million filers making above $388,806, paid $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
President Obama isn’t trying to attack the rich people of America with the new tax legislation. He is trying to keep things equal and balanced for everyone. It is an ideal thought that no one should have to struggle. But if we can get a little more from those who can afford it but still be comfortable in order to give the many who have to struggle just to pay the grocery bills a break then I think that is one step in the right direction.
I believe President Obama has the right idea to tax the rich in our country. Who were the ones to bring our country into this economic situation to begin with? Mostly the rich investors and the corporate executives stealing from their employees and keeping tons of money for themselves putting many businesses in the gutter. Why not tax them since the middle working class has to suffer from corporate mistakes. We are the backbone of this country while the richest 2% are the economic backing to our country but alittle tax increase on them shouldn’t hurt since they are making a bunch of money to begin with. The rich should suffer alittle bit in this terrible economic situation like the everyday person is suffering. It’s not like Obama is personally targeting the rich, hes just doing whatever he thinks is necessary to help restimulate our economy.
Yes the wealthiest 2 % should pay higher taxes. First of all why wouldn’t they? If your making more money you should pay more taxes. Instead our government takes money from people that are barley making enough money to get buy. President Obama is trying to finally make things fair among everyone. I believe that just becasue your making a certain amount of money you should not be getting any breaks. If you are making 250,000 + why would you need a tax break. You have enough money to live comfortably. Many of these executives that are getting the tax breaks that are making 250,000 + aren’t counting the bonuses and the incentives that they also recieve. I don’t think that we should raise taxes forever, but we are currently in an economic crisis and I believe that everyone has to take a bit of a pay cut and help our country to getting back to normal.
I agree with Bianca. Why shouldn’t they get taxed higher. They have more money then we do and more many then we may ever have. I hate hearing the rich people cry because the economy is down. I think the average american is in more trouble then they are and they go about their daily lives. Yes they may have to sell their 25,000,000 dollar home but seriously…you don’t need it. I believe everything should be fair and that everyone should feel the effect of the economic crisis.
I think it is something we should look into. Not that we all don’t pay enough as it is in taxes. I think much like a soldier, if I were that rich, I would gladly give up extra money to help stable the economy for the rest of the country. Sure you might not have enough to by another Lamborghini this year aw so sad!!! Considering those who make that much are probably many responsible for this in the first place but what do I know. There is a reason behind that line “The rich get Richer” because a lot of them do what it takes to get that extra dime out of us. Greed. Thats what this country is built on. But like I said I’d gladly give up a little extra to help stabalize the economy. As long as I can go out once or twice a week, pay all my bills, there is no care in the world. No need for a huge TV in every room, a car for every day of the week, etc. I hate those people that make that much and there is like 2 of them yet they have 50 rooms. “Oh I’m rich im supposed to have that much room” Sure a lot of them worked hard to be where they are , but also probably stepped on people to get there and probably to this day are doing so. Those who have more money should pay more. But I also don’t believe that 50% of Americans should support the other half as we are doing RIGHT NOW. For what, to win the electoral votes next year? Let the lazy people, the foreign illegal aliens, be supported so we show compassion and let the lazy people not pay taxes. I’m sure their are other factors but there are people we are supporting that don’t deserve it all. NO WAY should 50% be taken care of and not have to pay taxes, doubling what us hard workers do. EVERYONE should pay taxes that way it is more divided, much easier to pay for us all.
I dont think that the wealthiest 2% should be taxed for some of the same reasons that were said above. The wealthy 2% would be the people that are employing the rest of the country. They should not be penalized for succeeding in life and employing the majority of the nation but they should instead get some sort of a break for their contribution to the people. If it wasnt for them unemloyment would have been an issue long before now.
I dont believe that the top 2% of americans should pay more in taxes. Charging them more would discourage them from working more because why should they work more to have more money taken out.
also the top 2% of americans are usually owners of businesses who employ others. by increasing there taxes it is going to cause them to potentially make cut backs and letting some of their employees go, to keep their salary up.
yes i believe that they should be taxed more cause they are more welthy and they have the money to give up. if they have all of that money they can replenish all of it quicker then we could.
I would also liek to defend the side for people who believe that the welathiest 2% should be taxed higher. The wealthiest people in the world obviously do have enough mopney to afford a slight increase in taxes. Don’t forget they already do get taxed higher than average people. I beleive this queston is asking should they be taxed even higher then they already are. So should they have an increase, maybe, if it means less money from most people. But the welathiest 2% are already gettign taxed hgiher then us so to keep going to them to bail the country out when in need of money seems a little bit unfair. I guess i couldnt really argue the otherside as well as i thought.
Coming from a lower middle class family who can barely pay for taxes, I believe that the wealthiest 2% should be taxed higher. It doesn’t make since for people who cannot afford it to be taxed a lot so I feel that the wealthiest should be taxed more. And hopefully by doing this the economy will stabilize.
Wow, after reading all the wonderful comments I only have a couple things to say. First, I am going to be one of those “rich” people sitting in the higher bracket of wealth one day. I grew up, one of five boys, in Dorchester. My father and mother moved here from Portugal in 1975 w/ nothing. My father worked for the same flooring company for 35 years and just retired a few months ago. His hard work over the years is a classic example of the “American Dream.” The reason I’m pointing this out is to remind some of you that back in the 80’s the percentage of taxes taken out of someone’s check was substantially higher than it is today. He as well as many other “average joe’s” managed to pull through! “Stop Complaining”
Right now I’m not in that high wealth bracket but I still don’t believe that they should be taxed more. I believe that for the most part, the people who approve of this should look elsewhere to try to stabilize the economy.
Just adding so to clarify my point: Everyone should be taxed the same. It only seems unfair to the less wealthy. If you want to make more money, do it! The situation is not as hopeless as you might think it is. One day you could be one of the “wealthy” ones wondering why you’re being penalized for achieving in life. P.S. I’m a broke college student and still feel that way!