Clark unveils plan to repeal some tax cuts

From MSNBC

"My tax-reform plan is simple," Clark said. "Those who make the most should pay more. Those who make the least should pay less."

I'm not sure what economic advisers Clark has, but someone should tell him that this is already how our tax system works.

the retired general said families of four that make less than $50,000 a year will not pay any income tax.

Instantly creating a majority of voters who pay no federal income tax. Any guesses on what that majority will do when voting on tax issues in the future?

Its a little too late for that isnt it? I mean repealing the tax cuts at this point seems like it would harm whatever benefit we are receiving currently.

I would focus on job creation rather than bicker about the tax cuts allowing the rich get richer.

From what I have read I like the plan. The repeals are only for people making 200k or more a year. Further he would increase taxes of those making 1mil or more a year. But your voting issue is a good thought Ralcy.

A family of four making less than 50k doesn''t pay any income tax (or very little) today.

A family of four making less than 50k doesn''t pay any income tax (or very little) today.

Depends on how far under 50k they are. I am sure a family of four making 49k would definately pay quite a bit of tax. Not to mention to get their full deductions they might have to pay someone to prepare the forms. With Clark''s solution they would simply fill out a three line form and be done. Also I would assume this is taxable income, so you could make quite a bit above 50k and have deductions or before tax contributions take you under the limit.

"Stric9" wrote:
A family of four making less than 50k doesn''t pay any income tax (or very little) today.

Depends on how far under 50k they are. I am sure a family of four making 49k would definately pay quite a bit of tax. Not to mention to get their full deductions they might have to pay someone to prepare the forms. With Clark''s solution they would simply fill out a three line form and be done. Also I would assume this is taxable income, so you could make quite a bit above 50k and have deductions or before tax contributions take you under the limit.

No one forces anyone to pay someone to fill out the forms. That is them selves. A family of 4 making under 50k pays very little with the child tax credits and everything else. This is just silly. And to take anyone making over 50k more because of this is just silly.

Also, Clark is being a bit disingenuous - a large portion of federal withholding is not for income tax, but is for social security and medicare. When people look at their checks and see the government taking money, this is what people with low incomes are seeing - and this ins''t going away, no matter who is elected president.

I believe with a income of 50k you would owe $1,200 + 15% of the amount over 12k after assuming you took the standard deduction of $9,500. So your taxes owed would be somewhere around $5,475. Take away your 2k in child credits and you still owe $3,475 in taxes.

Edit: I did the math all wrong before.

It isn''t repealing tax cuts... it''s raising taxes.

"Stric9" wrote:

I believe with a income of 50k you would owe $1,200 + 15% of the amount over 12k after assuming you took the standard deduction of $9,500. So your taxes owed would be somewhere around $5,475. Take away your 2k in child credits and you still owe $3,475 in taxes.

Edit: I did the math all wrong before.

And with Bush''s plan they''re paying even less.

I''m a single person and I''m f*cked by both plans!

It isn''t repealing tax cuts... it''s raising taxes.

Speaking of media bias, you''ll note that whenever Bush increases spending on a program by a smaller amount than the Democrats would like, they accuse him of making cuts in that program - very shady. But nobody calls the repeal of Bush''s tax cuts what they are - raising taxes...