Need help from economists

[Touchdown]

I'm getting a lot of flak about "How Kerry is going to pay for all of this" crap.

Now I know the snappy response is $3 Trillion for Bush's plan, but it doesn't slam the lies (I assume) about Kerry's plan. Specifically...

The top rate is currently 35% for taxable income above:

$311,950 if you're Single
$311,950 if you're Married and Filing Jointly
$155,975 if you're Married and Filing Separately
$311,950 if you're a Head of Household

The second highest rate is currently 33% for taxable income above:

$143,500 if you're Single
$174,700 if you'43 Married and Filing Jointly
$ 87,350 if you're Married and Filing Separately
$159,100 if you're a Head of Household

So what will the tax rates look like under Kerry's plan? According to the statement on his website that he'll "Restore the top two tax rates to their levels under President Clinton" - here's what they'll look like (based on the year 2000 tax rates):

The top rate was 39.6% for taxable income above:

$288,350 if you're Single, Married Filing Joint or Head of Household

The second highest rate was 36% on taxable income above:

$132,600 if you're Single
$161,450 if you're Married Filing Jointly
$ 80,725 if you're Married and Filing Separately
$147,050 if you're a Head of Household

Now, what they're saying is that Kerry's tax restoration will tax those making as little as $80,000 a year. Which they're calling on Kerry as lying.

adiitionally...

Companies report their earnings to the US government and those earnings are taxed accordingly. That means that businesses that make $200,000/yr are taxed on their earnings and not their net profit. In other words if my net profit is $80,000 but my earnings were $200,000 I actually only make $80,000 yet Kerry would roll back my tax cut because I am still in the $200,000 tax bracket.

I don't think this is true, but I cannopt find anything on Kerry's site about the distinction between Net Profits and earnings when taxed.

Give me the real statistics again about how this 90% of small businesses taxed is being distorted again.

Is Kerry raising taxes on the top two brackets? I thought it was just the top 1%.

[leftyandproud]

1. Well,

$80,000 damn sure is rich.

Yes, if he raises the top two brackets, those people will get hit....and they deserve to because they can afford it.

Yes, it will raise taxes on small businesses, but not by a devastating amount.

Unfortunately I still don't see how he will pay for the things he wants.

Repealing the tax cuts for the top two brackets will only bring in 60 billion a year or 600 billion over ten years. His health plan alone is around 900billion, so I really don't have the answers.

If he really wants to get serious with some of the spending plans, the money will need to be be taken from somewhere (someone) else.

[Touchdown]

2. kick

:kick: