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View Diary: Steven Rattner offers ideas on raising tax revenue and I respond (72 comments)

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  •  Here's my solution: (5+ / 0-)

    flip the tax code. make earned income taxed at a flat 14%, and tax unearned income at a progressive rate. Little old ladys that depend on dividends to pay rent see no change in the rate of tax on their dividend income, but goldman gets taxed at, well gee let's pick a rate that fits, like 45%. Simple to do and fair if you believe that earned income is more valuable to society as a whole.

    "I dreamed I saw Joe Hill last night..."

    by Killer on Sun Nov 25, 2012 at 05:25:54 AM PST

    •  OK But You Have to Have a Floor for Working Poor. (6+ / 0-)

      Mal*Wart employee types who we need to supplement give food stamps because they're paid like dogs, they shouldn't be paying income tax.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Sun Nov 25, 2012 at 05:41:06 AM PST

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      •  True. At present, the bottom quintile wage earners (2+ / 0-)
        Recommended by:
        Egg, sebastianguy99

        who average about $18K/year, are currently paying on average 2% income tax, excluding payroll taxes. The next quintile, which is earning about $42K/yr, is paying 9.1% in income tax. And the third quintile is averaging about $64K and paying 12.7%.

        I wouldn't suggest that ANY of these people pay MORE in taxes. In fact, I would suggest a 2-yr stimulus program where they pay income taxes on only 67%, 80% and 90% of their taxable income.

        I would also suggest at least a .50 raise in the minimum wage in both 2013 and 2014, which can be raised additionally thereafter if Dems do well enough in the mid-terms.

        The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries.

        by Words In Action on Sun Nov 25, 2012 at 07:25:33 AM PST

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        •  this should be the last time to raise MW (4+ / 0-)

          after we bring the minimum wage up to parity with its original level, raising minimum wage should not require a vote moving forward, but tied to the same cola as SS.

          •  I see no need to require separate action (2+ / 0-)
            Recommended by:
            OhioNatureMom, Words In Action

            Let's find some reasonable rate - which nowadays should be enough not to qualify for foodstamps or being qualified as in poverty.  For now let's say 10/hour.   At current pay for Congress of 174,000.year and assuming 2,000 hr/year on minimum wage (which is actually more than most gegt) that would be a ration of 174/20 or 8.7/1.

            Any time Congress raises its pay it raises the minimum wage automatically to maintain the ratio.

            I am not fixed on 10/hour, which I think is still too low, but used it to give a sense of how the numbers would work.

            "We didn't set out to save the world; we set out to wonder how other people are doing and to reflect on how our actions affect other people's hearts." - Pema Chodron

            by teacherken on Sun Nov 25, 2012 at 09:24:37 AM PST

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            •  Why not have the gov't guarantee jobs at $12/hr.? (1+ / 0-)
              Recommended by:
              Words In Action

              Give everyone who wants a job a useful government job at no less than $12/hour with benefits (continue to adjust for inflation). That will end the problems of a minimum wage and give everyone a chance to not work at businesses that rip them off.

              The GOP is the party of mammon. They mock what Jesus taught.

              by freelunch on Sun Nov 25, 2012 at 02:01:46 PM PST

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    •  Is there really enough unearned income (0+ / 0-)

      to make up for that whopper tax cut for upper-middle class and wealthy working families? Are there loopholes by which top executives could now transfer back what they once transferred into differed investment income into earned income in order to pay less taxes? This sounds like it would slam the working poor and lower middle class workers, handsomely benefit higher income workers and probably not make enough income to maintain the stats quo. Most "flat tax" schemes are "reward the rich/soak the poor" programs in disguise. So far, I haven't seen a remotely workable one that wasn't.

      Jon Husted is a dick.

      by anastasia p on Sun Nov 25, 2012 at 01:58:28 PM PST

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