tax hikes for wealthy

[ktheodos]

necessary? good? bad? Perhaps some but not a lot??

[jearen]

I guess it depends on whoever they consider wealthy, I think this will hurt businesses that employ 25-100 people. And we will be hearing of more layoffs. The wealthy have lawyers that can get around new tax laws or simply pay off politicians. 

[tantricia44]

Yes! Tax hikes is necessary for the wealthy. Since you are taxed according to you income range, the very rich need to be taxed in the same way according to the income they have every year. Just like the rest of us. The middle class is being squeeze to death with higher taxes. Yet, the wealthy get tax breaks just for donating monies to organizations. Donations to the rich is like giving chunk change. To us, it would be enough to live off of for several years; If managed properly. Even the rich people are asking to be taxed correctly for example Bill Gates feels that he isn't being taxed enough. This is one of the reasons why our economy is shot to hell. The people that get taxed too much are working 2-3 jobs just to make ends meet. The really,really,really,really, wealthy get tax breaks. What is wrong with this picture?
   

[mrstina08]

fine with me

[southernhorizons]

If the government stops the tax breaks for charitable contributions, that will only hurt the charities, because a lot of rich people won't donate as much. I'm sure some of them are charitable anyway, and not doing it just for the deductions, but a lot of them probably only do it for the tax break, not because they care about the charitable organizations.
Since the income tax is tiered, the rich people already pay a much higher percentage of income taxes. Taxing them to pay for all the public assistance programs that buy votes will only discourage people from working hard to try to become rich, thereby effectively eliminating the American dream. As it is it is hard to ever improve yourself, because if you take a second job, or work a lot of overtime, it automatically puts you in the next income bracket, and then all your extra earnings get taken away in taxes.
Anything the government does will not touch the super rich, anyway, because they have their assets in foreign countries. It will just raise taxes on corporations, causing them to move more of their operations overseas as well, and lose even more jobs for Americans.

[hawkeye3210]

Nobody donates to charities just for the "tax break" because it isn't one.  It wouldn't make any sense.  Would you really donate $1000 just so you could save $350 on taxes?  Of course you wouldn't because it would be cheaper just to pay the tax.  The charitable contributions deduction only helps out those who already were planning on donating to charities.  Some may even give more since they can afford to now with some extra tax savings.  Is that really a bad thing? 

[dreamyxo]

Good.  It's about time.

[patycake56]

so true so true it should have been done a long time ago

[brendy1990]

Yeah!!  its only fair

[bowrunner]

So if you make $250,000 a year the US government is entitled to at least half of it or more?  And then if you invest in the stock market the government gets another 15%.  You have a small business that employs 4 or 5 people which means you take in well over $250,000 a year, or you couldn't pay them, so you should have to pay the US government at least 50% of it because the wealthy should have to pay more?  That doesn't include state and local taxes.  You people are falling for the class warfare crap.  I know of a business that has well over 100 employees that is closing it's doors this Friday because of the inordinate amount of regulations and taxes and paperwork.  They can no longer afford the employees that they have to have just to cope with all of the rules and regulations.  That is also why so many corporations are moving overseas.  This country is no longer business friendly but has made business the enemy.  So now where are the jobs going to come from?  The only place left is government jobs and they just cost more taxpayer money.  Private business is what supports this country and it is being run out of this country.

[NCboy98]

Yesss!!! Im not sure what is the government's definition of wealthy is but I believe this is good

[CHANEYLAKEGIRL]

I would have to say not a good idea. I have seen tax returns for folks who make $250k plus, I don't see the so called "tax loop holes" everyone talks about. The amount of taxes they pay is already a huge chunk. Since they will invest less/create less jobs as they will have less money and less of an incentive, I just don't think its a good thing.

[margaret0524]

Everything should be treated equally!  Some very wealthy people pay NO taxes - that is not fair.

[hawkeye3210]

Everything should be treated equally!  Some very wealthy people pay NO taxes - that is not fair.

If you want to treat everyone "equally", then the middle and lower are going to pay A LOT more in taxes because the wealthiest individuals are already paying a greater percentage of their income in taxes, and it is not even close. 

[monnee]

For millionaires and billionaires, it's about time.