What should be the limit on middle class tax cuts?

[kentuck]

Realizing that we need those tax funds to meet the needs of other parts of government.

In my opinion, it should not be extended for $250K and below. It should be half of that. We all have to sacrifice in times like this, especially the millionaires and above. It is time they paid their fair share. They have enjoyed huge rewards for the last decade or so.

But, I do not think the taxcuts on those making $1 million or less should be asked to go cold turkey but should be asked to pay 1% more each year until they reach the Clinton tax levels. It would take about 3 years. In other words, everyone above $125,000 in income would see their taxes go up 1% per year and the Bush taxcuts would not be extended beyond $125K. That would be my compromise. It would be painless to those folks and would be great for our economy.

[slackmaster]

1. I agree on the $250K, and would favor a cap on the mortgage interest deduction

Let's throw out a figure of no more than $20,000 per year in interest being deductible.

[Jackpine Radical]

2. I would support letting ALL of the Bush cuts expire,

even though that seems to be a political third rail. (But Hell, if SocSec isn't a 3rd rail any more, why should taxes be left alone?)

Here is my pitch: These are difficult times, and we are all called upon to sacrifice to the general good in accordance with our means. Many are unemployed, or disabled, and cannot be asked to do more. It falls upon the rest of us, who are fortunate enough to have earned income, to pick up our share of the burden. In return, all Federal employees who make more than $120,000 per year, including Congress, will roll their income back to the levels of 2000, our last year with a balanced budget.

I would then get our asses out of the stupid Middle Eastern wars and use the savings to finance the greatest infrastructure modernization project the world has ever seen.

But that's just me.

[TheKentuckian]

3. My compromise is any extension at all, we have desperate need of those resources for serious

INVESTMENT into our decaying country and suffering people that a few bucks a pay period will never offset.

The second compromise was not rescinding the tax cuts for the wealthy instead of kicking the can down the road for two years at the cost of many billions of dollars of debt.

The third is not going after an increase on top earners above Clinton levels to fix some of the wealth and income disparity.

No dice. I want them to all expire except the bottom bracket which would be a 50% increase and yes people pay it. They are single folks without deductions for kids and property.

I've net paid EVERY year of my life from my first teen job to present and on several occasions I've been blessed enough to have to cut the IRS checks as well on top of withholding. Maybe this year I won't net pay but that will be because I'll be lucky to crack 10k aka well below poverty.

[kentuck]

4. I confess...

I was thinking of political consequences also. A large majority of Americans make less than $125K per year, so from a political viewpoint, they could not be used in the political game of the Republicans.