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10:54 PM on 03/17/2011
We had this crisis in 2006 when we voted to let the Democrats take over Congress.

We had this crisis in 2008 when we gave the Democrats Congress and the White House

How come we didn't hear Democrats standing up and trying to DO something about this crisis when they might have done something about it?
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Jim Pasterczyk
Banned!
03:16 AM on 03/18/2011
The crisis was the result of 30 years of conservative trickle down deregulation of the one sector of the economy on which all others depended finally coming home to roost.
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drwtsn
Could I please get an upgrade to a macro-bio?
04:24 PM on 03/18/2011
I think jmpurser's argument is that, now that Republicans control the House, this bill is going nowhere. Economic disparity has been obvious, and getting worse, for a couple of decades. There was a small window of time to do something about it, and the Dems blew it.
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Trepasky
Sanity is neither free nor easy
07:25 AM on 03/18/2011
As others have noted it began more than 30 years ago and was clearly obvious in 2000 as well when GW cut the rates further.
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Chuckles71
02:30 PM on 03/19/2011
And how was the unemployement during Bush's term? Let me help you, the average was 5.4%. How is it looking under Obama--Not real good.
10:36 PM on 03/17/2011
The only equitable, fair, transparent, and truly constitutional method of taxation is Universal Exchange Tax, wherein a miniscule percentage of a transaction, 0.1% or less, is exacted from the transaction and remitted to the taxing authority in real time.

Consider that Depository Trust and Clearance Corporation processed over $1.48 quadrillion in transactions in 2009 http://www.dtcc.com/about/business/index.php, and...

CHIPS, The Clearing House, processed over $365 trillion in 2010 http://www.chips.org/docs/000652.pdf, also,

Fedwire, owned by the Federal Reserve Banks, in 2010 processed over $608 trillion in funds http://www.federalreserve.gov/paymentsystems/fedfunds_ann.htm and over $320 trillion in securities http://www.federalreserve.gov/paymentsystems/fedsecs_ann.htm.

Factor in all the other clearinghouses, credit card companies, the megabanks, credit unions, regional and local banks, tax collectors, etc, and it begins to add up.

Assuming total US financial activity of $4 quadrillion, a UET assessment of one dollar per thousand totally funds the federal budget. An assessment of twenty-five cents per thousand injects one trillion dollars into the treasury.

Universal Exchange Tax is the only truly equiable tax, based solely on the movement of value, ensuring that all pay their fair share. Only UET provides equal protection under the law as provided for in the constitution.

Stop the crisis, implement Universal Exchange Tax.
07:12 AM on 03/18/2011
The problem with such a just and sensible plan is that politicians lose the ability to use taxation as a weapon to reward their friends and punish their enemies.
01:09 PM on 03/18/2011
That is an excellent idea.
10:06 PM on 03/17/2011
It's great to see a Democrat not be afraid to raise taxes on the wealthy...this country needs to wake up and realize that cutting spending alone will not get us out of this mess. I especially applaud the idea of additional brackets for the super-rich, because there is a MASSIVE difference between making half a million a year and making billions a year. This income discrepancy should be accounted for in our tax system. We need to limit deductions as recommended by the deficit commission as well, otherwise the super-rich will still be able to get away with paying next to nothing in income taxes.
10:55 PM on 03/17/2011
She's doing NOTHING to raise taxes on the wealthy.  In fact she held off doing ANYTHING about this until there was NO CHANCE of it passing.
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Jim Pasterczyk
Banned!
03:18 AM on 03/18/2011
There's no chance of it passing because the GOP controls the House which is where all spending bills must originate and the rich are the base of the GOP as confirmed by George W. Bush.
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Trepasky
Sanity is neither free nor easy
07:28 AM on 03/18/2011
Perhaps, but it does signal an interest and intent to listen and act based upon the will of 'the people' who have asked for higher taxes on the wealthy in many polls.

Having the GOP defeat it will cause 'the people' to realize and perhaps act on their disillusion with the GOP.

Politics in action
01:10 PM on 03/18/2011
Jan is one of the few politicians we have that is decent. She is great.
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intolleft
ObamaTAX...getting you shovel ready
04:32 PM on 03/17/2011
"...those who have benefited the most from the opportunities that our great country provides should also invest in making those opportunities a reality for all Americans."

They already do, in overall dollars and in greater percentages.
10:56 PM on 03/17/2011
Actually they pay a lower marginal rate than the middle class.
MWA1111
I'll let you set the tone for our conversation
12:44 AM on 03/18/2011
How do you figure that?
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intolleft
ObamaTAX...getting you shovel ready
07:48 AM on 03/18/2011
35% is not lower than 15%
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03:34 PM on 03/17/2011
We should raise the taxes on the poor. They are the ones who use government services, they should pay more for them.
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papapj
..light as a feather..
03:54 PM on 03/17/2011
HAHA...We need to raise taxes on the rich, they are the ones who benefit most from government investment in education, infrastructure, education, defence and the healtn and welfare of a nation which they accrue their wealth from...
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drwtsn
Could I please get an upgrade to a macro-bio?
04:46 PM on 03/18/2011
But if we raised taxes on the rich, how would they afford their third yacht and seventh house? Everyone knows that's what keeps our economy afloat.
04:40 PM on 03/17/2011
Excellent. And charge prisoners in jails for their meals and lodging and add in a 20% gratuity. You can do the collection.
06:52 PM on 03/17/2011
We should if they have the money. If someone goes to prison we should take the cost of their incarceration out of their assets.
MWA1111
I'll let you set the tone for our conversation
12:46 AM on 03/18/2011
In IL there are already laws on the books that do this. Look it up.
03:32 PM on 03/17/2011
I wish someone would just do a stairstep type of tax plan, with no deductions. That way everyone is taxed the same based on what they earned for that level. Taxes would only increase on what was earned at the next level.
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intolleft
ObamaTAX...getting you shovel ready
04:33 PM on 03/17/2011
Flat tax...12% straight across the board. No ifs, ands or buts. A "fair" tax is a trap. Who will decide what is "fair"?
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HUFFPOST SUPER USER
Anym
Obama is GoldmanSachs
07:44 PM on 03/17/2011
He didn't say/mean fair/flat tax.

Texas stated a stair-step or bracketed tax plan with no deductions.
02:07 PM on 03/17/2011
Yes, we should raise taxes on the upper classes but we should also start requiring the half of americans that don't pay any income taxes to contribute as well.

Democrats are just as much to blame for the debt we're in.
04:20 PM on 03/17/2011
They don't pay taxes because they don't make enough to live on. If Bush had left the tax rates where they were and not put us into two unpaid wars there would be no debt. How does that make the Democrats responsible?
04:54 PM on 03/17/2011
Everybody can afford to pay something. I'm not saying we should tax poor people at the same rate as rich people or anything like that, I'm just saying they should have SOME skin in the game.
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09:51 AM on 03/18/2011
If Bush had left the tax rates where they were and not put us into two unpaid wars there would be no debt. How does that make the Democrats responsiblĀ­e?

The Democrats voted for war, and they voted to keep funding it, again and again and again and again
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HUFFPOST SUPER USER
Anym
Obama is GoldmanSachs
07:45 PM on 03/17/2011
WRONG.

The reason half of this country pays no income taxes id due to child tax credits and housing tax credits passed by Newt Gingrich and Bill Clinton in the 90s.