Don't blame me, that's what the Wall Street Journal says.

WSJ’s Stephen Moore: Tax Rate Will Soar to 62% If Dems Aren’t Stopped

 


 

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If the Democrats get their way on taxes, the top combined tax rate would soar to 62 percent, warns economist Stephen Moore of The Wall Street Journal.

A combination of higher income tax rates, phasing out of deductions, payroll taxes, state taxes, new healthcare taxes, and a 3 percent “millionaire’s tax” would add up fast, Moore says.

Essentially, the Democrat’s plan is more Jimmy Carter than Bill Clinton, he writes in an Op Ed for the newspaper.

“If the Democrats' millionaire surtax were to happen — and were added to other tax increases already enacted last year and other leading tax-hike ideas on the table this year — this could leave the U.S. with a combined federal and state top tax rate on earnings of 62 percent,” he figures.

“That's more than double the highest federal marginal rate of 28 percent when President Reagan left office in 1989. Welcome back to the 1970s.”

The problem, he says, is that the United States is trading places with once non-competitive rivals in the rest of the world. America’s largest trading partners in 1990 had individual income tax rates as high as 51 percent, compared to 33 percent in the United States.

“It's no wonder that during the 1980s and '90s the U.S. created more than twice as many new jobs as Japan and Western Europe combined,” he writes.

Now taxes abroad are falling while U.S. rates are set to rise. “What all this means is that in the late 1980s, the U.S. was nearly the lowest taxed nation in the world, and a quarter century later we're nearly the highest,” he explains, even without the proposed increases to come.

Meanwhile, former President Bill Clinton plunged into the debate on the debt ceiling, suggesting that a failure to raise the $1.43 trillion spending l

Almost forgot to post a link to that article.

http://www.newsmax.com/Headline/StepenMoore-WallStreetJournal-democrates-taxes/2011/05/27/id/398034

Can't forget that link, an eternal sentence to double super secret probation if you forget the link.

62% for some of us, and nothing for the rest.......

Sitasmom, are you implying you were or expect to be taxed at a 62% tax bracket? You either are filthy rich, (richer than me, LOL) and/or you have lousy accountants and Financial Advisors. 

The problem with statements like yours shows a very narrow perspective of how money makes the world go round.

I think people who don't pay any taxes shouldn't be alowed to vote.

That's unAmerican Ninja! Being poor doesn't negate the right to have a say, that is so... colonial!

Beetree a lot of people that are poor pay some taxes.

I'm talking people that pay NONE.

If you don't own GE stock, you don't go to the shareholders meeting and you don't vote.

If that makes me un-American, well so be it.

Ninja, you are talking college students, too....And the working poor can end up with no taxes, there are so many ways. I understand how you are thinking, but American voters only have to be citizens, not earners. And it is a good thing.... 

Beetree, I think you live to close to NY. LMAO

Move inland a little more.

I could be wrong, but that's my gut feeling.

I do! But I'm not on the coast.... It is a 10 - 15 min drive before I see water. My DH though is city born and has the inmate siblings, that gives me another perspective... lol