Now would be a great time to raise the top rate income tax

[LSK]

You know, with all that outrage about bonuses for failed Wall Street millionaires and stuff.

Oh make them pay full fica tax too, no more of this limit BS.

When the right complains, just counter in 2 words: AIG Bonuses!!!

[bbinacan]

1. How much should it be raised? n/t

[TahitiNut]

2. In 'honor' of Saint Ronald (of Reagan) ... 50%, of course.

:shrug:

[bbinacan]

4. At what level of income? n/t

[TahitiNut]

8. $250K of earned income, $100K of unearned income.

I'm not inclined to tax labor more highly than gains/dividends as is the case now. The reverse is warranted, except at the lowest levels.

[ColbertWatcher]

3. I thought Obama already had numbers set for that ?

[LSK]

5. now, 39%, long term, 50% or higher

If you are going to protest this, I give you history:
Applicable
Year Income
brackets First
bracket Top
bracket Source
1913-1915 - 1% 7% IRS
1916 - 2% 15% IRS
1917 - 2% 67% IRS
1918 - 6% 73% IRS
1919-1920 - 4% 73% IRS
1921 - 4% 73% IRS
1922 - 4% 56% IRS
1923 - 3% 56% IRS
1924 - 1.5% 46% IRS
1925-1928 - 1.5% 25% IRS
1929 - 0.375% 24% IRS
1930-1931 - 1.125% 25% IRS
1932-1933 - 4% 63% IRS
1934-1935 - 4% 63% IRS
1936-1939 - 4% 79% IRS
1940 - 4.4% 81.1% IRS
1941 - 10% 81% IRS
1942-1943 - 19% 88% IRS
1944-1945 - 23% 94% IRS
1946-1947 - 19% 86.45% IRS
1948-1949 - 16.6% 82.13% IRS
1950 - 17.4% 84.36% IRS
1951 - 20.4% 91% IRS
1952-1953 - 22.2% 92% IRS
1954-1963 - 20% 91% IRS
1964 - 16% 77% IRS
1965-1967 - 14% 70% IRS
1968 - 14% 75.25% IRS
1969 - 14% 77% IRS
1970 - 14% 71.75% IRS
1971-1981 15 brackets 14% 70% IRS
1982-1986 12 brackets 12% 50% IRS
1987 5 brackets 11% 33% IRS
1988-1990 3 brackets 15% 28% IRS
1991-1992 3 brackets 15% 31% IRS
1993-2000 5 brackets 15% 39.6% IRS
2001 5 brackets 15% 39.1% IRS
2002 6 brackets 10% 38.6% IRS
2003-2009 6 brackets 10% 35% Tax Foundation

http://en.wikipedia.org/wiki/Income_tax_in_the_United_States

[bbinacan]

6. No protest

at what income level would you levy this tax?

[LSK]

7. my personal opinion would be $200,000

However, if it was up to me, I would create a super-rich bracket of say around $5million+ and tax it at least 50% or higher right now.

I understand that Obama puts the figure at $250,000.

[bbinacan]

9. Would you consider location to determine the level?

250k in NYC and San Francisco is not the same as Peoria.

[LSK]

11. no

Lot more jobs in NYC than Peoria.

[bbinacan]

12. I disagree

Allowances should be made for cost of living.

[Frances]

10. I think that people who make $5 million a year should pay

a higher rate than people who make $500,000 a year.

$500,000 is a lot, but there is a big jump to $5million.

That top of the top group should pay the highest rate.