Trickle-down is a scam, extending the Bush tax cut is wrong:

[75th]

This may be a chicken vs. egg debate at this point, but the fact is that the IRS was originally formed as a special TEMPORARY fund for the efforts of World War I, and was to be abolished after the war. President Woodrow Wilson is the original liar on taxes. Guess what: We're now 92 years past the end of WWI, and the IRS has grown like a fungus in an a basement in New Orleans in the summertime. Since Wilson started it, no president has done a thing to fix it. The Dems try to worsen it, and the Reps try to lessen it.

And on the subject of "temporary" taxes, how about the CA State temporary tax for the rebuilding of San Francisco after the 1903 (or whatever year) quake & fire? Jeez: I knew that building permits in CA are a bitch, but I didn't know it took 107 years to get something rebuilt!

As long as Wilson's "temporary" income tax means pushing 100 years, let's be fair and have Bush's cut push a century as well

Charles

I'm not sure what chain email led you to believe that, but the first income tax was enacted in 1862. The 16th amendment passed in 1913.

 

[75th]

Well duh...

Moody's warned Monday that it could move a step closer to cutting the U.S. Aaa rating if President Obama's tax and unemployment benefit package becomes law.

Moody's estimates the tax bill could cost up to $900 billion.

The plan agreed to by President Obama and Republican leaders last week could push up debt levels, increasing the likelihood of a negative outlook on the United States rating in the coming two years, the ratings agency said.

 

[mrplunkey]

Well duh...

So trim the pork and extend the cuts.

Problem solved.

 

[75th]

lol

 

[kx250rider]

I'm not sure what chain email led you to believe that, but the first income tax was enacted in 1862. The 16th amendment passed in 1913.

Here's from the IRS historical site: Brief History of IRS

I'll give you that it's a bit blurry and subject to opinions of what "the beginning" is, but basically World War I was the beginning of the IRS as we know it. Prior to that, there were only true "temporary" income taxes, which would come & go, as needed. The most we were taxed prior to 1918 was 1% for most everybody except the ultra-rich ($500,000 in the early 1900s is about equal to Bill Gates' income today), and they were taxed 6%. And then Wilson put it to 77%!!! It was reduced, but never got back to the 1% of before WWI, and absolutely never went away altogether even during prosperous times after WWII, when everybody was working, and even the milk man could buy a house and have a family on one income.

Charles

 

[Mr. dB]

...and absolutely never went away altogether even during prosperous times after WWII, when everybody was working, and even the milk man could buy a house and have a family on one income.

So somehow between 1946 and 1957 we managed to have a prosperous economy even though tax rates were at a record high?

 

[mrplunkey]

So somehow between 1946 and 1957 we managed to have a prosperous economy even though tax rates were at a record high?

Maybe because the rest of the world was in ruins and we had a massively upscaled, 100% intact industrial base combined with millions of young, healthy, living males? I'm pretty sure those dead German and Russian men were not very productive.

We've been coasting every since.

 

[kx250rider]

So somehow between 1946 and 1957 we managed to have a prosperous economy even though tax rates were at a record high?

I don't know the details on that, but I'll find out... I tend to think it's more to do with the amount of tax revenue taken in; not the tax rate on the individual. That would make sense, and supports the theory of lower taxes = higher tax revenue.

Charles

 

[stevesmi]

just for shits and giggles FL has TWO fortune 500 companies yet is what the 4th or 5th largest population? it has no income tax, and has the 2nd lowest corporate tax rate in the country. that is pathetic.

can you guess which states have the most fortune 500 companies? Cali and NY. can you guess what they rank as far as corporate tax rates? I'll give you a hint, its higher then what we pay in FL.

nobody likes taxes, I hate em. but taxes pay our military, roads, schools, etc etc. and we have the best of all 3 in the world. no one can debate that fact.

 

[jestro]

wtf, I can't embed images cause I'm not plat? or am I just retreaded? Both?