Schumer suggest tax compromise: No cuts over $1 million

[cal04]

http://thehill.com/blogs/blog-briefing-room/news/129063-schumer-suggest-tax-compromise-no-cuts-over-1-million

Sen. Chuck Schumer (D-N.Y.) suggested a compromise Sunday for extending the Bush-era tax cuts: raise the ceiling from families making more than $250,000 a year to earners making over a million.

The Finance Committee member said that those making more than $1 million were the only group that had seen incomes go up substantially. He also argued that those top earners weren't likely to spend the savings realized from the tax cuts.

"I think that's a good compromise," Schumer said on CBS' "Face the Nation," adding that the plan would "include virtually all small businesses."

"Once we do that Americans will be on our side and Republicans will come around," he predicted.

[discocrisco01]

1. The Way Forward

I heard Pat Buchanan and some other guy on MSNBC state that this is the way to go. This is the way forward. I heard that we still collect 70-85% of revenues by having top tax rate of 40% for incomes over $1,000,000. The only issue that I wish was discussed in more details would be a increase the capital gains tax over certain amount.

[asjr]

2. I am getting sick over the word "compromise."

[OregonBlue]

3. Actually I think this is a good idea. I read somewhere that those making less than 1 million

do actually spend their money. Those above 1 million save it.

[BeFree]

4. Ok

So, every dollar made after 1M is taxed 90%?

Example: 2M income. Tax would be 90% of 1M = $900,000 Tax.

[TheKentuckian]

5. Keeping any of the cuts is a compromise, not repealing them on the top 2% was another.

We are now deep into capitulating, irresponsible, chump ass, surrender monkey territory.

These tax cuts have had a 10 year run and have proven disastrous. The only ones that should be kept at all is the bottom bracket which is scheduled to go up 50% from 10 to 15 percent, the people that have most took it on the chin.

The rest of us should reinvest in our ramshackle country and help fellow citizens stay afloat and find work to help contribute.

This should be a no brainer and has already been decided, the argument won but allowed to go on out of craven political calculation.

[SidDithers]

6. K&R...nt

Sid

[KansasVoter]

7. Wow, are we are EXCITED about this. We cave in too easy!!!