Ok, I'll go to fairtax.org and take a look. Pulled the 150K out of the air. Please no references to what you may believe to be inside my skull.
The 50% would only be on the 1k over 150k. Giving more money to those making less than 150K seems to me would spur the economy. Out of curiosity, how many billions of dollars would be put into the hands of those earning under 150K if they did not have to pay taxes? What would that extra money do to a struggling economy? How much in tax dollars would be raised if folks who earn more than 150K would only pay 50% taxes on the amount over 150K? Just curious.
CAB - Seems to me you have made my point even sharper. He can certainly afford to make the financial sacrifice. By the way, i have to work on MLK day. As for being involved in the community, it is a committment made and kept for several years.
And yes, if he does do it, it will be for the sake of the American people.
I agree with every thing you say. It does not bother me that he is making the money he makes. Lord knows he’s working hard enough for it. I cannot think of another president who is smarter, harder working, or more deserving. My suggestion is based upon leading by example. Many Americans are suffering tremendously. President Obama is telling us that we must be willing to sacrifice. I agree with him and am willing to sacrifice whether or not he takes a pay cut. I am currently doing what I can. My suggestion goes to the politics of good will that will come from making just such a sacrifice. For example, Congress has put into legislation automatic pay increases. How does that look in the current economy? What if the President took a pay cut as an example of personal sacrifice? How would that look to the American people? No, I cannot afford to make such a cut. I did buy the president’s recent book, the Audacity of Hope. It would not surprise me that he can make a decent living off that income. By the way, I believe the President now makes 200K, but the amount is not the issue. I was not being critical, but offering a suggestion to lead by example. Hope this clarifies my point. Thank you for taking the time to write. While we may disagree, we are on the same side. Peace. Steve Crane
Interesting reply. Maybe you should try taking the Bible seriously instead of literally. Even fairy tales often have a moral point.
Why not tax at a rate of 50% over a certain amount. For example, how much money in taxes would be raised with no taxes for those under 150K and a 50% tax on earnings 150k and above? There would be no tax on capital gains, but capital gains would be added to total income. Interest and dividends would also be added to income. No deductions. Over simplistic, yes. Practical, I dont know. Just an idea. Looking at the replies, there does not seem to be a consensus on what is fair, which seems to be relative on where one is on the income scale.
I'm talking about a 10% reduction in the president's salary and those on his staff.
What is or is not fair is a relative question. IWhy not put a 50% tax on earnings over a certain amount, $150K for example. Remove capital gains tax, but add capital gains to income. Exempt capital gains on the primary residence.
I am involved in a community garden at our church. One plot is dedicated to the local food pantry. We grow more than we can eat or give to our neighbors so much of what we produce also goes to the food pantry. The community garden is well known and has inspired other gardeners to bring their produce as well. I suspect there will be more community gardens as time goes on, especially if folks have trouble buying food.
I also serve on the board of the local HIV/AIDS clinic. We have had a clinic for several years and are now trying to open it up to the full community. Finding funding to provide health care to non-HIV/AIDS patients is a challenge.
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