obama to raise taxes by 5% on people who earn over $1 mil to pay for his healthcare

[droski]

Explain that math to me, please. Thanks.

35%-40% (maximum tax bracket) = 14% increase in your taxes.

 

[MG1968]

35%-40% (maximum tax bracket) = 14% increase in your taxes.

it's actually going to be worse than that. Obama has said that he wants the Bush tax cuts to expire and he wants to remove some of the tax write-offs for the so-called "rich". Before the 5% surcharge, that's figured to end up around 42.5%.

 

[lawgator1]

35%-40% (maximum tax bracket) = 14% increase in your taxes.

Oh, ok, gotcha. You mean tax rate increase relative to prior rate.

I would note, of course, that the highest marginal rate for 2009 is actually 35 % and of course that's only on taxable income, so in reality the percentage people are paying is usually signfiicantly lower than that.

But at any rate I get your drift.

You know, my suspicion is that Obama figures that this proposal for funding the health care program will not go over well and in fact he has some other plan already in mind that will appear as a good compromise relative to it as things proceed.

 

[droski]

it's actually going to be worse than that. Obama has said that he wants the Bush tax cuts to expire and he wants to remove some of the tax write-offs for the so-called "rich". Before the 5% surcharge, that's figured to end up around 42.5%.

yeah i forgot about that. his economic advisor was on cnbc a couple of months ago and implied he had no problem going back to prereagan tax rates..

 

[droski]

I would note, of course, that the highest marginal rate for 2009 is actually 35 % and of course that's only on taxable income, so in reality the percentage people are paying is usually signfiicantly lower than that.

he's raising taxes on taxable income. therefore by definition if they are making over a 1 mil in taxable income they are paying the maximum tax rate.

 

[droski]

and you really think the majority of people making over a mil a year in taxable income have tons of tax free income coming their way too?

 

[lawgator1]

he's raising taxes on taxable income. therefore by definition if they are making over a 1 mil in taxable income they are paying the maximum tax rate.

They are paying it on the last portion that falls into that bracket. But they are paying 10 percent on the first $16k or whatever it is, just like everybody else.

 

[lawgator1]

and you really think the majority of people making over a mil a year in taxable income have tons of tax free income coming their way too?

No, but I think they are by and large hiring people to help them maximize deductions, etc.

 

[volinbham]

You know, my suspicion is that Obama figures that this proposal for funding the health care program will not go over well and in fact he has some other plan already in mind that will appear as a good compromise relative to it as things proceed.

If this is true, glad to see he's living up to his promises to be "transparent" and a "new kind of politician"...

 

[lawgator1]

If this is true, glad to see he's living up to his promises to be "transparent" and a "new kind of politician"...

Come on, that's not "transparency," that's just regular old politics.

 

[droski]

They are paying it on the last portion that falls into that bracket. But they are paying 10 percent on the first $16k or whatever it is, just like everybody else.

10%: from $0 to $8,025
15%: from $8,026 to $32,550
25%: from $32,551 to $78,850
28%: from $78,851 to $164,550
33%: from $164,551 to $357,700
35%: $357,701 and above

They ain't saving a hell of a lot of money there.

No, but I think they are by and large hiring people to help them maximize deductions, etc.

we certainly wouldn't want people to get hired in this economy. and i'd hardly say that the tax code allows liberal use of deductions unless you are a sole proprietor.

 

[volinbham]

Come on, that's not "transparency," that's just regular old politics.

Something he campaigned against. I'm not surprised he's not living up to what he said he was/would be. I am surprised that so many still believe his hype.

 

[Jewbaccah]

In the end the rich have the ability to move or hide income and they will. Obama is a novice and a hack. He really has no clue how complicated what he want is and is going to do a whole lot of damage trying to get what he wants. He is like a little kid who knocks the cookie jar off the top of the fridge to get the cookies.

He gets the cookie but breaks the jar in the process. This is going to get real ugly.

 

[wellway16]

Glad I was able to sit in on the Country Club meeting today.....appreciate it.

Seriously, I'm not a fan of a lot of Obama's fiscal gameplan......but when I hear about people not eating in this economy, and then I hear the griping from the +$400K crowd.......its kind of hard to feel sorry for the latter.

I'm a 28% tax bracket guy, not rich and not poor, but I know which one I would run and help first.

Its not always fair, I wouldn't love it either, but geez.....listen to yourselves for a minute. Your kid will still be in private school, your wife will still drive her Lexus SUV, and you will still eat steak and lobster when you want.

 

[droski]

Glad I was able to sit in on the Country Club meeting today.....appreciate it.

Seriously, I'm not a fan of a lot of Obama's fiscal gameplan......but when I hear about people not eating in this economy, and then I hear the griping from the +$400K crowd.......its kind of hard to feel sorry for the latter.

I'm a 28% tax bracket guy, not rich and not poor, but I know which one I would run and help first.

Its not always fair, I wouldn't love it either, but geez.....listen to yourselves for a minute. Your kid will still be in private school, your wife will still drive her Lexus SUV, and you will still eat steak and lobster when you want.

yup and i wont hire you because i can't afford it anymore so enjoy that gov't cheese. i ain't cutting out my lexus, i'm cutting you. and please show me the people not eating in this economy or did i miss the starving children on every street corner?

don't be so jealous of others. it's kind of pathetic.

 

[SavageOrangeJug]

Glad I was able to sit in on the Country Club meeting today.....appreciate it.

Seriously, I'm not a fan of a lot of Obama's fiscal gameplan......but when I hear about people not eating in this economy, and then I hear the griping from the +$400K crowd.......its kind of hard to feel sorry for the latter.

I'm a 28% tax bracket guy, not rich and not poor, but I know which one I would run and help first.

Its not always fair, I wouldn't love it either, but geez.....listen to yourselves for a minute. Your kid will still be in private school, your wife will still drive her Lexus SUV, and you will still eat steak and lobster when you want.

Let me get this straight. Work hard and make a lot of money, then 'spread the wealth' to the Obamasheep without complaint?

I'll pass. You can donate my part, and have a doubly good warm and fuzzy feeling.

 

[T-TownVol]

Glad I was able to sit in on the Country Club meeting today.....appreciate it.

Seriously, I'm not a fan of a lot of Obama's fiscal gameplan......but when I hear about people not eating in this economy, and then I hear the griping from the +$400K crowd.......its kind of hard to feel sorry for the latter.

I'm a 28% tax bracket guy, not rich and not poor, but I know which one I would run and help first.

Its not always fair, I wouldn't love it either, but geez.....listen to yourselves for a minute. Your kid will still be in private school, your wife will still drive her Lexus SUV, and you will still eat steak and lobster when you want.

not one of us are asking for your pity....good luck with your government health care and finding a job when the "people that gripe" start laying your ass off

 

[wellway16]

yup and i wont hire you because i can't afford it anymore so enjoy that gov't cheese. i ain't cutting out my lexus, i'm cutting you. and please show me the people not eating in this economy or did i miss the starving children on every street corner?

don't be so jealous of others. it's kind of pathetic.

I'm not jealous of you....I went to school, and have a skill that will probably preserve through any downturn. But its that kind of "me, me, me" thinking you exhibited in your response that helped get us in this economic mess to begin with.

Its the old Marie Antionette "Let Them Eat Cake" philosophy that got her head cut off by the "little people".

Money is the root of all evil. We all need it, but none of us need all of it.

There are people living in campgrounds in places like Lebanon, TN right now........this is a vicious cycle for all, but times like this, the lucky people should count their blessings everyday.

I'm just amazed at the preservationist attitude many people have right now. I guess I just have a different background that allows me a light into the other side of the coin.

 

[wellway16]

yup and i wont hire you because i can't afford it anymore so enjoy that gov't cheese. i ain't cutting out my lexus, i'm cutting you. and please show me the people not eating in this economy or did i miss the starving children on every street corner?

don't be so jealous of others. it's kind of pathetic.

Let me get this straight. Work hard and make a lot of money, then 'spread the wealth' to the Obamasheep without complaint?

I'll pass. You can donate my part, and have a doubly good warm and fuzzy feeling.

This country has run this way for at least 70 years, where have you been.

I guess things were running swimmingly when 5% of the public had > 50% of the wealth.

 

[VolDad]

No, but I think they are by and large hiring people to help them maximize deductions, etc.

What deductions? The “alternative minimum tax” does away with that.

 

[utvolpj]

Its not always fair, I wouldn't love it either, but geez.....listen to yourselves for a minute. Your kid will still be in private school, your wife will still drive her Lexus SUV, and you will still eat steak and lobster when you want.

the way you put that makes me think you have no clue why people think this is a bad thing. You can claim "a different background that allows me a light into the other side of the coin" but it doesn't appear to be the case

 

[droski]

I'm not jealous of you....I went to school, and have a skill that will probably preserve through any downturn. But its that kind of "me, me, me" thinking you exhibited in your response that helped get us in this economic mess to begin with.

Its the old Marie Antionette "Let Them Eat Cake" philosophy that got her head cut off by the "little people".

Money is the root of all evil. We all need it, but none of us need all of it.

There are people living in campgrounds in places like Lebanon, TN right now........this is a vicious cycle for all, but times like this, the lucky people should count their blessings everyday.

I'm just amazed at the preservationist attitude many people have right now. I guess I just have a different background that allows me a light into the other side of the coin.

and what skill do you have exactly? a plummer?

and last time i checked the me me me attitude that crapped out this economy came from the poor people buying homes they couldn't afford.

this same "Marie Antionette" attitude in this country (as you call it) created the richest middle class in the world. you assign the rich too much power in your life clearly. gone are the day of kings and queens who have power over the poor. if anything in this country the rich are raped by the poor, not the other way around.

 

[BigPapaVol]

This country has run this way for at least 70 years, where have you been.

I guess things were running swimmingly when 5% of the public had > 50% of the wealth.

relative to today? absolutely.

I'm not sure your education level, but surely you know a bit of the history of the rise and fall of great civilizations. Surely you don't believe us to be on the upswing when much of our dominance was economic in nature. Added frictional expense over time is little more than assurance of our downfall.

 

[wellway16]

and what skill do you have exactly? a plummer?

and last time i checked the me me me attitude that crapped out this economy came from the poor people buying homes they couldn't afford.

this same "Marie Antionette" attitude in this country (as you call it) created the richest middle class in the world. you assign the rich too much power in your life clearly. gone are the day of kings and queens who have power over the poor. if anything in this country the rich are raped by the poor, not the other way around.

I work in the electrical utility business.....we're all about conservation and efficiency today, but we can change stripes and go back to pure generation and transmission at any time.

Everytime each of us hits the light switch.....I get a measure of security.

You are factual on the home market being flooded with marginal buyers, but who sold them the bill of goods on the dream.....that was a bipartisan bill passed in the late 1990's by Phil Gramm and some other senator that helped facilitate this mess....but the mortgage lenders were as sleazy as used cars salesmen/credit card providers.

There is blame to go around, but I like to assign more to the idiots that knew better and preyed on weakness....those would be the greedy a**** lenders. They knew this was a slippery slope and went along with it anyways.

And on BigPapa's point, obviously our strength is compromised with the economic downturn.....but I would argue that this economy was strongest when there was a swelling of the middle class......which has been slowly eroding since Reaganomics.

 

[droski]

I work in the electrical utility business.....we're all about conservation and efficiency today, but we can change stripes and go back to pure generation and transmission at any time.

Everytime each of us hits the light switch.....I get a measure of security.

You are factual on the home market being flooded with marginal buyers, but who sold them the bill of goods on the dream.....that was a bipartisan bill passed in the late 1990's by Phil Gramm and some other senator that helped facilitate this mess....but the mortgage lenders were as sleazy as used cars salesmen/credit card providers.

There is blame to go around, but I like to assign more to the idiots that knew better and preyed on weakness....those would be the greedy a**** lenders. They knew this was a slippery slope and went along with it anyways.

And on BigPapa's point, obviously our strength is compromised with the economic downturn.....but I would argue that this economy was strongest when there was a swelling of the middle class......which has been slowly eroding since Reaganomics.

so you have psudo gov't job. that explains a bit.

wait so people forced these people to buy homes the couldnt' afford? and the lenders didn't care if these people to default on their loans? countrywide wanted to go bankrupt i guess. and i suppose the democrats forcing fannie and freddie to lower standards to lend ot low imcome people wasn't any part of the problem?

and what evidence do you have that the middle class has been eroding since reagonomics? the fact they currently have the highest standard of living in any country ever?