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Is your income in the top 3% of the nation? Yes? High expectations for you to save us all from drowning in the national debt!

By Ann Sabbagh

Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

July 27, 2010 03:48 PM

Can the top 3% of the nation reduce the exploding debt of our nation? Our government is hoping "YES".

Statistics show 2-3% of our nation is comprised of joint tax filers earning over $250,000 and individuals making at least $200,000 per year. Can this group save our nation? I do not think so. It is too small of a group to do so. Taxing the rich is NOT the answer.

Today's top income-tax rates of 33 percent and 35 percent will most likely return to 2000 levels: 36 percent and 39.6 percent. Single filers with taxable income above $192,000 and married couples filing jointly with income above $232,950 will fall into the reinstated 36 percent bracket, according to an analysis by the Tax Policy Center; the 39.6 rate will kick in above $375,700 (single or joint). For everyone else, the Bush tax cuts should become permanent.

Why don't we do what the British citizens do: they cut spending by 75% and only increase taxes by 10%.

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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Or how about cutting taxes so that we can expand the economy. My extra taxes will not fix the debt....know why? because my husband and I will not be hiring this year, our extra taxes will go to the wastful spending spree of Washington and not a new job for someone who needs one. I will still have my toys and my vacations, but I won't add to the payroll....soooo the economy will not grow for what...2 more years?

Jul 27, 2010 03:54 PM

Linda Hinson

S & L Properties - Calabash, NC

Amen, Karen! My sons and their wives work hard and own businesses outside of their normal employment. If the plan does go into effect, they will not be hiring and I know several doctors because of the caps in insurance are retiring or they are cutting their staff to bare bones and are not accepting insurance...they are going to all cash practices and will negotiate their fees.

Jul 27, 2010 04:00 PM

Tony & Darcy Cannon

Aubrey and Associates Realty - Layton, UT

The C Team

Ann, this is a good post and something that the main stream media needs to pick up on. It is ridiculous to continue spending at this rate and believe that the economy will just bounce back! I really don't know anyone that is looking at hiring anyone right now, nor in the near future. That should become the job creation bill that they're working on, cutting spending and taxes!

Jul 27, 2010 06:49 PM

Is your income in the top 3% of the nation? Yes? High expectations for you to save us all from drowning in the national debt!

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Ann Sabbagh

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