SENATE BILL: 2011 Tax Code Bill (On the President's desk)

[Fmr. Pres. Duke]

accepted as friendly.

[Fmr. Pres. Duke]

It would be 60% on all income above $2.5 million, but yeah, I agree. That said, this new plan is better than our current system. I will support it over what we currently have.

[Fmr. Pres. Duke]

I could potentially agree to a 50%+ tax on incomes above something like $5 million or to a level where the next dollar you earn really doesn't matter. I also think middle class taxes could go lower in this case,say 20% for incomes up to $80,000, but that is neither here nor there. Job persecution aside, the middle class is the class that will lead our continual economic recovery by spending money. This bill does not close loopholes and deductions though, so dropping rates too much may have a negative effect on the budget, which I want to avoid.

[Fmr. Pres. Duke]

Aye

[Fmr. Pres. Duke]

JBrase's amendment would have to be complimented with a massive decrease in federal spending which, in turn, would have a detrimental effect on the economy in the short term. Like I said in the past, I am in favor of closing out loopholes and deductions and lowering overall rates, but that's only once the economy is on a firm footing and the budget is in check. Things like that much be done over time, not all at once.

[Fmr. Pres. Duke]

nay

[Fmr. Pres. Duke]

Aye