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Look what happened when Hoover upped the taxes on a much smaller percent of the wealthy during a recesion. People need to look at the reaction of the payroll tax, capitol gains tax and other Palosi/ reid taxes not just the few percent were getting screwed on over 120Know..
I predict if Obama is the man, 6 months into it we will hear somthing like, “The american people need to understand the Bush politics put us worse off than even I iomagined, we will need to call on the Americans to rise up and accept a 10% increase in taxes across the board to resolve this matter left to us”
@slotplayer 184123 wrote:
This is just from memory so correct me if I’m wrong.
With out looking anything up, I’d say that you have painted a good picture of what’s up!
@allfreechips 184128 wrote:
Look what happened when Hoover upped the taxes on a much smaller percent of the wealthy during a recesion. People need to look at the reaction of the payroll tax, capitol gains tax and other Palosi/ reid taxes not just the few percent were getting screwed on over 120Know..
I predict if Obama is the man, 6 months into it we will hear somthing like, “The american people need to understand the Bush politics put us worse off than even I iomagined, we will need to call on the Americans to rise up and accept a 10% increase in taxes across the board to resolve this matter left to us”
I think that everyone upset by Obama’s plan should stop bitching about it and find a way to make more money so that you don’t feel the pinch of having your tax break expire after all of these years of getting “welfare” off the back of the tax payers. :tongue:
It’s time to PAY your FAIR share! It’s only 3% for christ sake. :santa2:
Once again, we can’t just continue to increase the national debt.
Doesn’t anyone have any common sense?
I’m really sick of hearing how “Obama’s going to raise taxes, just like Hoover did”. Obama has announced increase in income tax for those in top bracket (everything over $349,0000), Hoover raised income taxes across the board, by 25%-60%+, only 250% to 600% times more of an increase than Obama is discussing. Obama will raise top tax rate by from 35% to 39% an increase of less than 10% for all dollars earned over $349,000.
You folks really should read some history and get the facts straight.
SEE Tax Tables for rates at bottom of page: http://www.irs.gov/pub/irs-pdf/i1040tt.pdfThe Hoover Tax increase:
The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by President Herbert Hoover.
the only source with some details: http://en.wikipedia.org/wiki/Revenue_Act_of_1932
So basically because Charlie Gasperino or the Fox “news” folks keep saying “he’s doing the exact wrong thing, just like hoover”, you guys are running around telling us the Sky is Falling. The truth is that Obama’s “tax increase” is restoring rates to where they were when there was a budget surplus -2000 and are considerably smaller than Hoover’s huge tax increase. You can still argue it’s too much, but your claims are about as valid as those who compare George Bush to Hitler.
Dom:Once again, we can’t just continue to increase the national debt.
Doesn’t anyone have any common sense?
No. We keep adding more and more debt on to slow down the panic and the US dollar keeps getting stronger. Apparently the rest of the world think US debt is still rate “AAA as Sub-Prime” :roflmao:
