The tax hike that began on ppl making 250K, that Now I heard on knbc in LA he said, well we might have to rethink it in liu of the circumstances and make it 150 k, will soon be 50 K. I guess he’s trying to be the knew Robin Hood, he’ll be robin from us to give to his choosen few.
You guys really ought to read up on the history of the US income tax, the rates and that it’s always been progressive. Keep either pretending or wrongfully panicking that what obama is talking about is any different than the last 100 years of US tax policy. The income tax was created to get revenue from the rich!
i repost:
The progressive (termed because your tax rate progresses with your income) tax system has been around in the US since the 16th amendment was passed in 1913. In fact it only targeted the wealthy.
Quote:
By 1913, 36 States had ratified the 16th Amendment to the Constitution. In October, Congress passed a new income tax law with rates beginning at 1 percent and rising to 7 percent for taxpayers with income in excess of $500,000. Less than 1 percent of the population paid income tax at the time. Form 1040 was introduced as the standard tax reporting form and, though changed in many ways over the years, remains in use today.xxxhttp://www.ustreas.gov/education/fact-sheets/taxes/ustax.shtml
Today republicans are complaining that 40% of people in the US end paying no income taxes because they make too little. So today 60 times as many American by percant/per capita pay income taxes than when first enacted.
Does that sound like socialism to anyone else?