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Andy McKee: Everybody Wants to Rule the World

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dog philosopher ஐஒஔ௸3/03/2011 6:13:40 pm PST

Besides making changes to spending, respondents were presented a series of options for increasing revenue. On average respondents increased revenues by $292 billion. The largest portion was from income taxes: majorities increased taxes on incomes over $100,000 by 5% or more and increased them by 10% or more for incomes over $500,000. Majorities also increased corporate taxes and other excise taxes.

For the estate tax, a majority (77%) favored reverting at least to the 2009 levels, taxing estates over $3.5 million at a 45% rate. Only 15% of respondents supported the estate tax levels recently passed: taxing estates over $5 million at a 35% rate.

The Obama administration holds to its position that the Bush-era tax cuts for incomes above $250,000 should be allowed to expire, and now proposes this for after 2012. By 2015 this would generate $97.2 billion in revenues. The House leadership has so far not made any proposal to increase tax revenues and has favored making the Bush tax cuts permanent.