Comments on: How Obama wants to cut taxes on million-dollar incomes http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: TFF http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17310 Sun, 15 Aug 2010 19:19:30 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17310 I think the government should nationalize 25% of all domestic assets and use that to pay off the national debt.

Actually, I don’t. But it doesn’t seem any less confiscatory than a 90% income tax bracket.

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By: STORYBURNthere http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17299 Sun, 15 Aug 2010 00:49:18 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17299 I think we need to move back to the tax rates we had before Reagan took office. The top bracket was 90%

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By: macdoodle http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17284 Sat, 14 Aug 2010 16:54:52 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17284 what wold be nice is to have several charts
show what is
and what would be under each scenario.

if that is tax savings
that jump at 200k should not be –
2000 savings should be the cap AFTER the economy gets better.

min wage earners / below ( who are not students) live in unsustainable poverty and need a bigger tax break now. BELOW AVERAGE INCOME earners should also get the loins share of the rest.

This is old info, but i doubt its changed-
The highest income earners typically put the least amount of income back into the USA economy where the lowest income earners spend all or mostly all in USA. So for more economic bang for the buck give more to the lower income people if you want to see it work in and for the USA.

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By: FifthDecade http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17271 Sat, 14 Aug 2010 01:25:38 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17271 Sadly, much so called “independent” economics these days is actually partisan politics dressed up to steer innocent readers and even some analysts and commentators down blind alleys that always end up supporting the view of a politician or party.

Whatever happened to independent thought?

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By: y2kurtus http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17263 Fri, 13 Aug 2010 16:22:49 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17263 Come on now Felix…

You’re one of a handful of bloggers who are usually good at running some numbers. Assuming tax rates revert up by 3% on income over 250,000 than the tax increase on 750,000 above that benchmark is exactly $22,500. Not hard math. Are you (or anyone else) inferring that the presidents tax package will cut taxes on the first $250,000 of income by more than $22,500 to offset that difference.

Now I realize that the figures you quoted are from what should in theory be a respected source; but to quote a universilally hated past president… “I belive your figgers are inackerate.”

-y2kurtus

P.S. still longing for a peice on how Goldman can possible live without its sexiest business lines.

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By: scarpy http://blogs.reuters.com/felix-salmon/2010/08/13/how-obama-wants-to-cut-taxes-on-million-dollar-incomes/comment-page-1/#comment-17262 Fri, 13 Aug 2010 16:06:52 +0000 http://blogs.reuters.com/felix-salmon/?p=4940#comment-17262 It seems like you’re mixing up your baselines here. The Obama bill will cut taxes for virtually everyone, including the well-to-do, compared with the current law — but the current law is an automatic tax increase on everybody. Since the Obama bill would reduce the rates in the lower few tax brackets, everyone with income in those brackets, including the wealthy, would see a cut.

But if you compare the Obama bill with the GOP’s preferred option, i.e. extension of ALL the tax cuts including the top two marginal rates, then upper-income folks do wind up losing out. You’re right that they don’t get hurt as much as you might think until you get into the million-dollar incomes, and some folks in the six-figure range may come out ahead under Obama’s plan.

But that’s because most estimates of Obama’s plan also include his proposed extension of the alternative minimum tax “patch,” which isn’t technically part of the Bush cuts and which helps those six-figure professional types the most. That’s really an independent issue, though — it’s hard to see Congress extending all the Bush cuts but letting the AMT patch expire.

So anyway, you should be clearer about what you’re comparing with what here, or things get pretty tangled up.

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