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HomeOff Topics News & Politics › New Cafferty file Question--Raising taxes on rich best way for states to fix deficits?
04-01-2009 09:07 PM  9 years agoPost 1
minan

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Janesville Wi. USA

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As states try to deal with their own massive deficits, many are turning to higher taxes on the rich as the answer. A proposal here in New York would follow in the steps of California and Maryland in pushing the wealthiest into higher tax brackets — several percentage points above most workers.

New Jersey is considering raising its highest bracket to more that 10 percent from the current five-plus percent. And Wisconsin and Delaware are also considering higher tax brackets.

The head of one political group that supports the higher taxes tells the Wall Street Journal, “Most people are treading water. Others are drowning. That gave politicians the courage to say the rich have to pay their fair share.”

But critics say the higher taxes wouldn’t only affect those in the financial industry. They say small-business owners are concerned, since a lot of them report their business earnings on their personal income-tax returns.

And the libertarian Cato Institute found that higher taxes hurt economic growth, and the places that imposed an income tax to generate revenue ended up with poorer growth rates than places that used other kinds of taxes.

Meanwhile — where is the talk in these states of cutting spending, firing government workers, consolidating services, etc.? It’s practically nowhere to be seen. The plans seem to be mostly tax wealthy people more and more and leave the government bureaucracy as it is. Morons.

Here’s my question to you: Is raising taxes on the highest earners the best way for states to deal with their deficits?

Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.

http://caffertyfile.blogs.cnn.com/2...o-fix-deficits/

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04-01-2009 09:31 PM  9 years agoPost 2
jsenicka

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Eagle River, WI

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So lets say you make twice as much as me.
You call Heliproz and order a Trex 700N. It cost you 900 dollars, while mine cost me 450. Your "fair share" based on your higher wages offsets me buying cheaper due to my lower wages. But we both are getting a Trex 700.

The issue is somehow we believe that it is "fair" for someone to pay more when they make more for exactly the same services. The guy in the higher bracket does not use more government services. He is not somehow safer from terrorism, guaranteed a job, etc. So every time you hear about tax breaks for the rich, etc, you have to factor in they are already paying far more for exactly the same services as the guy paying less, or in many cases, none.

Jim Senicka
Team Manager, GrandRC Flight Team

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04-01-2009 10:12 PM  9 years agoPost 3
JohnLund

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Corpus Christi, TX

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Hmmmm

California
Maryland
New Jersey
Wisconsin
Delaware

All governed by....drumroll please............

Democrats!!!!!!!!

This eat the rich mentality is destroying America. Punishing people for succeeding is something that I hoped I would never see, at the very least not become the norm of accepted political thought process. Sickening, vile, repulsive and wholely Anti-American, not unAmerican, Anti-American.

Ron's Heliproz South

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04-01-2009 10:25 PM  9 years agoPost 4
Dennis (RIP)

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Oregon

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This eat the rich mentality is destroying America. Punishing people for succeeding is something that I hoped I would never see
We will all see it.

It will slow down our recovery, if not stop it entirely, and keep many out of work much, much longer than necessary. There is no getting around that.

Liberty once lost, is lost forever.

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04-02-2009 02:03 AM  9 years agoPost 5
minan

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Janesville Wi. USA

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Interested to know which ones made it on air?

Paul from Phoenix writes:
Jack, Raising taxes on the upper class is a way for the states (and Congress on the federal level) to use class warfare, which leads to public outrage, to cover their own inability to create a budget and manage that budget. In short, no, raising taxes is a cop-out for the government.

Ryan writes:
Redistributing the wealth of the rich will not create the kind of new economy that Obama envisions for America. Having successful individuals give more money to the states will only limit discretionary spending and stifle small business expansion — two things that the economy desperately needs.

Ruth from Indianapolis writes:
Yes, raise taxes on the rich. Conservatives call this socialism. It’s not. It’s merely a correction for a little of the skewed distribution of wealth in this country.

Mitchell from Arkansas writes:
No. We can just keep taxing poor people who happen to smoke or drink. In the meantime, drug cartels operate tax-free, because of prohibition.

Ryan writes:
It’s called Hauser’s Law - raising tax rates never has produced higher government revenues. It only inhibits economic growth, as the wealthy are the primary investors and job creators in this country. Just don’t tell the crazy Keynesians running the Obama administration.

Pat from New York writes:
Heck, yes, raise the highest earners’ taxes! They can contribute like the little people have been doing. The working class in this country has been taxed to death making us eat bologna and cheese while the rich eat caviar and get bailouts. I say tax them and tax them again and them tax them some more.

It would appear that 4 out of 6 people agreed with the sentiments on RR.

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04-02-2009 02:05 AM  9 years agoPost 6
kurtk

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Fuquay Varina

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04-02-2009 02:21 AM  9 years agoPost 7
JohnLund

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Corpus Christi, TX

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Ruth from Indianapolis writes:
Yes, raise taxes on the rich. Conservatives call this socialism. It’s not. It’s merely a correction for a little of the skewed distribution of wealth in this country.
I like that one, it typifies the lefts, class warfare mentality.

merely a correction for a little of the skewed distribution of wealth in this country

skewed distribution of wealth? You mean, people working and earning money, and people that don't...well...don't? How does someone come to the idea that someone earning more money than them is skewed distribution? Is there some birth right entitlement to a certain amount of success that I was not aware of?

This guy is classic too...
Heck, yes, raise the highest earners’ taxes! They can contribute like the little people have been doing. The working class in this country has been taxed to death making us eat bologna and cheese while the rich eat caviar and get bailouts. I say tax them and tax them again and them tax them some more.
this guy really has not a clue does he? Someone want to give him a call and let him in on the fact that, what is it, the top 1% pays 90% of the taxes in this country? Does this moron really think that us middle/lower class earners that actually get tax money back, and pay only a small amount into it, are funding this trillion dollar a year government? Really? Wow.

Ron's Heliproz South

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04-02-2009 02:25 AM  9 years agoPost 8
Dennis (RIP)

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Oregon

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skewed distribution of wealth? You mean, people working and earning money, and people that don't...well...don't? How does someone come to the idea that someone earning more money than them is skewed distribution? Is there some birth right entitlement to a certain amount of success that I was not aware of?
Yes, Its called a Palosi run Congress with a Obama run presidency
this guy really has not a clue does he? Someone want to give him a call and let him in on the fact that, what is it, the top 1% pays 90% of the taxes in this country? Does this moron really think that us middle/lower class earners that actually get tax money back, and pay only a small amount into it, are funding this trillion dollar a year government? Really? Wow.
Actually, the poor that work, don't pay any fed taxes at all. They get it all back. Now, of course, they will get some of what others earn. Truly, no clue at all.

Liberty once lost, is lost forever.

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04-02-2009 03:14 AM  9 years agoPost 9
baby uh1

rrVeteran

St. James, Mo.

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The other problem with this "plan" is that the wealthy can afford to move to lower taxed areas leaving places like New York to go broke!
Make it worth their while and they'll leave and you can pay all of the taxes.

Anything is possible if you don't know what you are talking about!

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04-02-2009 03:31 AM  9 years agoPost 10
Dennis (RIP)

rrApprentice

Oregon

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The other problem with this "plan" is that the wealthy can afford to move to lower taxed areas leaving places like New York to go broke!
Make it worth their while and they'll leave and you can pay all of the taxes.
They can also leave the USA.

Some will, and may take their businesses with them.

Liberty once lost, is lost forever.

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