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The Democrats’ Plan to Tax 62% of Your Money

By: Brad Jackson (Diary)  |  May 31st, 2011 at 10:22 AM  | 

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On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the end of nuclear energy in Germany, the Democrats’ plan for a 62% tax bracket and the effects those taxes will have on the economy.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Anthony Weiner and his eponymous Twitter “hack”
German government wants nuclear exit by 2022 at latest
UK gas up as German nuclear u-turn may lift demand
Francis’ Word of the Day: orthogonal
A 62% Top Tax Rate?

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COMMENTS

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  • http://nerds4cain.com brookhaven

    When you combine federal, state, and local income taxes; SS taxes; sales taxes; property taxes; and various other “fees” there are plenty of people paying more than this.

    I don’t know why we don’t establish at least some benchmark percentage that you can’t pay over. Can anyone make the argument that paying more than say 50% of your income in taxes is “fair” for anyone?

  • jeffreywturner

    In fairness – it does include 4% for state income taxes, which isn’t directly under Congress’ control. This means that the effective marginal rate could really range anywhere from 58% to about 70%, depending on your locality.

    Of course, this is only considering the taxes that the Dems have so far ADMITTED to wanting. So if they really get their way, the actual rate will probably end up being much higher.

    People are just so simple-minded and short-sited sometimes. They just don’t get it – rates that high not only are unfair, they don’t even maximize revenue for the government in the long-run because people just aren’t willing to risk new business ventures when they know they would only be able to keep a small fraction of what they earn, even if they are successful.

  • cja99

    They are wasting the taxpayer money on researching jello wrestling and shrimp on treadmills. Check it out!

  • msctex

    As you note, any idiot is aware that confiscatory tax rates serve no purpose towards the overall Good. We are going to have to acknowledge we have now reached and are living through the Endgame of not just another ineffective Democratic Administration, but an entire socioeconomic system of thought. It could be easily argued we are witnessing the end of Collectivism itself, as it has been left to its own devices on a worldwide scale with predictable and inevitable results.

    They will not go down without a fight, and the only way to fight they know is to reach for as much as they can get, and make do with what they have as a result. But people are watching, for the first time in generations, and Progressives do not do well in the light of day.

  • gkendall

    Seems the closet “progressive” FDR liked the figure 61% in his soak-the-rich campaign.