Thoughts on Today's Political Landscape

[smc]

Originally Posted by TracyCoxx

No, Tracy will say "I didn't realize the GOP were saying that. You're right. That is wrong for the rich not to pay one red cent in taxes."

Let's take a stab at the civil discussion we've been talking about elsewhere.

What do you think is a reasonable breakdown of tax rates based on income levels? For instance, should we go back to the rates that existed during the Clinton Administration, or keep them as is with the so-called "Bush tax cuts" that Obama agreed to extend? If you are for a flat tax, I urge you not to re-open that discussion, but simply refer us to earlier postings.

Also, what about corporate tax rates? Should all corporations pay taxes? Should loopholes that create the known situation in which many of the largest corporations in the United States pay no income tax be shut?

Most important, please motivate your answer. What is the reasoning behind the answers you give.