Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
See this discussion.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Sep 19th, 2008 at 07:15:27 AM EST
[ Parent ]
I'm with Linca on that discussion. The upper middle class isn't the problem, it's the tiny number of people at the top. If you look at where income gains have gone over the past couple decades, it's the tiny number at the top. What I'd want is a return to Clinton era tax rates for most people, plus (indexed) capital gains counting as straight income, plus ending the cap on SS, plus a new tax bracket for folks earning over $1million/year of sixty-seventy percent, federal. Europeans, who don't have local/state income taxes should have the national tax at a correspondingly higher level.
by MarekNYC on Fri Sep 19th, 2008 at 11:00:25 AM EST
[ Parent ]
Note that the median household income for a family of four in the wealthier parts of the US is on the order of $90K - $100K. Incomes are not perfectly stable - they go up and down for each household. What that means is that the majority of couples in this region will at certain points in their lives be earning six figures. A 200K level for punitive rates seems a bit low under those circumstances.
by MarekNYC on Fri Sep 19th, 2008 at 12:12:26 PM EST
[ Parent ]
... being rolled back if implemented.

I still like the idea of converting the estate tax to a cumulative gift tax, with the first $2m of gifts received free of gift tax, then next $2m at 25%, then next $2m at 50%, then 75%, then 100%.

That would break the aristocracy of self-perpetuating fortunes, as marginal income taxes even of 90% at their height in the US never could.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Sep 19th, 2008 at 01:02:41 PM EST
[ Parent ]


Occasional Series