Individuals who earn more than $200,000 a year and families who make more than $250,000 would also lose the tax cuts enacted during the Bush administration, meaning their top income tax rate would rise to 39.6 percent from 35 percent, their investment income would be taxed at 20 percent rather than 15 percent and their deductions for mortgage interest, state and local taxes and charitable contributions would be reduced.

Charitable contributions were already pretty limited, it’s hard to think that could be much worse. The mortgage deduction limitation (it looks like it would be a limitation, at least) would apply to higher income individuals only. That may not be a good idea (it’s part of the proposed budget, BTW, not the stimulus bill, for some reason I was confused about that), but at least it’s falling on the people who can afford it the most.

As for the issue of who can’t pay their taxes, I haven’t noticed a shortage of Republicans who have trouble with that. Democratic politicians can be as slimy as their GOP counterparts, and a few are. Most of the ones who have had trouble so far are the ones I haven’t had much good to say about anyhow, for whatever that’s worth.

At least they haven’t created their own kickback scheme yet.

This is just one of many articles that reference the proposed reduction and/or elimination of the home mortgage interest tax deduction as part of the new budget bill to be submitted by the Obama administration (not the current budget bill under scrutiny that Obama says he will sign but won’t accept any accountability for).

Isn’t it interesting that the party the wants to increase everyone elase’s taxes is the same party that seems to have problems following the tax laws and paying their own taxes.

If you’re referring to this recommendation that will cost me a dollar a tank, which adds up to maybe $50 a year. Wahhh.

Medicare taxes will increase in the event any new universal health plan is passed.

Medicare taxes are going up anyway. The people who have benefited the most from the last thirty years of tax breaks, not to mention all the other changes that have tipped the balance in favor of employers in that time, can just start paying a little more.

Ditto SSI. There’s nothing wrong with SSI, actually, but everyone seems determined to fix it, so let them pay for it.

Corporate taxes will be increased

As long as corporations are treated like people, with the additional right of not having to pay for wrongdoing, they can pay at least as much as the rest of us.

Capital gains taxes are scheduled to double.

Well, according to Silence DoGood, we’re all idle rich around here, and no one’s complaining. Most folks don’t have much in the way of stocks and bonds anyway. I was used to paying the same rate as on all my other income, and that’s what it’s going to be again. So it’s not going to bother me.

To the extent that mortgage loan interest is no longer deductible

I believe it will no longer be deductible to the same extent that a high speed train is being built between a Las Vegas brothel and Disneyland, but perhaps you have some better information?

The long and the short of all this is that the changes that you’re talking about mostly roll back all the damage, er, changes, done by the Bush Administration. All those changes brought us was a few years of tepid growth, no net growth in employment, and increased income disparity. I’ve had enough of that, thanks.

One tax increase that you left out is the 6% (soon to be 11.5%) increase on the money that I give to charity. Not really sure of the rational for that one (other than “because I can”). Perhaps it was that study that showed the dems donating less than their fair share to charitable causes.

Bottom line, everyone should have a skin in the game and everyone should have to pay taxes, even if it is only a token amount. If you want to subsidise someone’s life then do it through a direct rout. Cut them a check. At least that way they know from whence it came. They can then turn around and pay taxes on that. If you allow the mind set that taxes are only for the rich then those not paying any taxes lose any sense of context of or ownership in their government as anything other than a nanny.

“What do you think the nation’s economy needs more of right now — the economic policies of Ronald Reagan or the economic policies of Barack Obama?”

Answer: Obama 49%, Reagan 40%.

“Do you think asking the wealthiest Americans to pay more in taxes is a good idea because it levels the economic and social playing field, or a bad idea because it punishes hard work and success?”

Answer: Good idea 55%, Bad idea 39% — with 29% support from Republicans.

More here.

And even if the income tax increases do not directly affect me, you or others here, it will directly affect the main folks who run small and large businesses and hire people to work — you know, those things called “jobs” that we so desparately need.

Social security taxes are going to increase. They will raise the cap on the income that is subject to the tax, and likely the rate itself in the event of any new social security plan.

Medicare taxes will increase in the event any new universal health plan is passed.

Gasoline taxes, as well as other energy taxes, are going to be increased as part of Obama’s environmental program plans. I don’t know about others, but I still need gasoline to get to work, survive and thrive. And I still need carbon based energy for my home.

Employer taxes (I am an employer) will increase — federal and state unemployment taxes, as well as Social Security and Medicare.

Corporate taxes will be increased (most who own businesses are incorporated, including many small businesses).

Capital gains taxes are scheduled to double. So, if you have to sell your home, stock holding, or other capital assets, you will pay a much larger tax on any gains.

To the extent that mortgage loan interest is no longer deductible, that change, in and of itself, will significantly raise the total taxes to be paid by many, even if no changes to the tax rates increase.

The higher and more broad the federal taxes go, the higher the overall percentage of one’s earnings goes toward the payment of total taxes (federal and state). That percentage for many is already well over 50%. At some point, this is not sustainable.