WSJ excoriates McCain for tax flip-flops

[Torie]

Private social security accounts is an asinine and indefensible proposition that is a political loser to boot, so I am glad McCain is backing away from them. The WSJ isn't always right believe it or not.

[Torie]

McCain just needs to say "Yes, I am, but I am also open to listening to alterntives."  Simple answer, it would be accurate, and it would never make the news.

He did say that (more or less) to George Stephanopolous, which is what angered the Club for Growth and the WSJ. They want an absolutist "no new taxes" stand from McCain. That kind of ideological rigidity will handicap McCain's fiscal options and could lead to another costly budget standoff.

The squib refers to privatizing social security to some degree or not, not about new taxes, so your post poses a disconnect for me.

[Torie]

What should be the highest marginal federal tax rate Mark?  What should be the marginal tax rate on those making 300K per year? I assume that  you know that eliminating the cap on income subject to the social security tax is just an income tax since no additional social security benefits attend the higher tax.

[Torie]

What should be the highest marginal federal tax rate Mark?  What should be the marginal tax rate on those making 300K per year? I assume that  you know that eliminating the cap on income subject to the social security tax is just an income tax since no additional social security benefits attend the higher tax.

So it's a massive tax hike with little benefit for those who will be most burdened by it. Is that unfair? Just an unfair as the current regressive payroll tax arrangement.  If it provides greater solvency to a system teetering on fiscal ruin, it may be worth the extra cost to the top quintile.

Mark, I am just asking for a number from you. What should be the highest marginal tax rate, and what should be the marginal tax rate for those earning 300K per year? I'm a numbers guy. It makes things just so much more, well, concrete.

[Torie]

The best compromise for this whole SS tax thing would be to exempt all income from @102,000-$200,000/250,0000. The whole point is to go after that top 1% which makes upto 35-45% of the nation's income, while not negatively impacting upper middle class families. But having a gap from 102,000-250,000 just looks retarded doesn't it.

No number from you either sbane eh?  Is there any economic liberal on this forum willing to give me a number out there?  Heelllooo!  Opebo are you man enough to do so? 

[Torie]

No number from you either sbane eh?  Is there any economic liberal on this forum willing to give me a number out there? 

I think the highest marginal income tax rate should be somewhere between 40%-45%.

Excellent. Thank you for getting the ball rolling. I am sure sbane and Mark will come up with their numbers soon. Any other liberal want to give a number?