$249,999.00 Is the Goal

[WillowTree]

here,, from the article..



"It's very possible that there are plenty of things you can do with general tax planning techniques – attempting to recognize loses, pushing gains to years when your income is lower and increasing retirement plan contributions – to come below $250,000," said Schatsky.

"But Obama's proposal has yet to be hammered out and the devil is in the details," he added.

So far, Obama's proposal does outline new limits on tax deducations for families earning more than $250,000, including those on charitable donations, mortgage interest and state and local taxes.

Additionally, Obama said that the elimination of tax cuts for the wealthiest Americans will benefit 95 percent of working families

Obama said? Is that supposed to make me feel good or scare the shit out of me?

With those details in the article we will have to just wait and see what happens. He could eliminate the brackets. He could wipe out the deductions. He could do both, but I highly doubt he will. He will say he will do that, but in the long run, those people who make $250k + are a politicians bread and butter. He is not going to hurt them.

Wasn't his first proposed tax increase an increased tax on cigarettes? That doesn't affect the rich, it affects the poor. Gotta love his sleight of hand, don't ya?

Immie

well, in as much as they are going to change the 60 to a 50 as the majority vote in the Senate,, I don't see a damn thing stopping this idiot.. do you?

 

[Care4all]

So you think ABC fasified their story,, that's wonderful of them wonderful of you to admit it.

No, not ABC, I have some respect for them. I think the woman falsified her credentials.

I could come out right now and tell you that I am a tax attorney even though I am not. You would have no way of proving otherwise.

Immie

Well I'll be damned! If it isn't my favorite Republican of all time!!!!

How are ya immie?

Care

 

[xsited1]

No, i am calling bullcrap on bullshit.

and i am explaining what this tax increase means, and it certainly is not enough of a tax increase to cause a disincentive for a small business to pare down its business, which is the republican mantra and garbage that is continually touted.

simply that...telling the truth about what this tax hike does, in monitary terms.

If those on the right hadn't tried to spin this in to the worst thing that ever happened on the face of the earth as they have done and shouting how it will destroy any small business out there and give no one the incentive to earn more money or grow their business BULLCRAP,

then i would be on the other side of this coin....and repeating what i have stated more than once, i see the necessity of the tax hike, but i think it starts too low at the 250k....starting at a million and higher was my choice of the threshold where taxes could go up without affecting a great deal of the upper middle class earning these hefty salaries in major cities where the cost of living is really high.

When this mess is over, all of our taxes will have to go up, coupled with drastic cuts in spending....and in Social Security imo.

care

You see the necessity of a tax hike? How do you figure? If the revenue of a business starts to slide, they can't just increase the price of goods sold to make up the difference. Why should government be any different? Shouldn't they cut costs to make do with what they have?

because you can't do such in a recession, unless you want to throw us in to a worse one...even every republican in congress knows this, and those that voted against the stimulus spending/tax cuts voted against it because they didn't like the way the money was spent, not because they were not going to spend money themselves.

And yes, spending should have been cut the last 8 years and because it wasn't, it makes it harder for us to spend now, when it is needed to pull us out of this.....

but right now, pulling back on spending would only make things worse....this is not to say that spending wiser and more prudently is not in order.

and, you could cut spending $3 BILLION a day at this point and it still would not bring us in line to what we bring in tax revenues.

Taxes will go up on us all at some point or bankruptcy, unless we have an economic boom three times the size of the boom in the 90's and i just don't see the opportunity for that to happen.

care

You can and you must. You're quoting Keynesian Economics here and it doesn't work. You can't spend money you don't have. That's just common sense.

 

[Immanuel]

So you think ABC fasified their story,, that's wonderful of them wonderful of you to admit it.

No, not ABC, I have some respect for them. I think the woman falsified her credentials.

I could come out right now and tell you that I am a tax attorney even though I am not. You would have no way of proving otherwise.

Immie

Well I'll be damned! If it isn't my favorite Republican of all time!!!!

How are ya immie?

Care

I'm doing a lot better since I removed the (R) from behind my name four years ago.

I came looking for you. I hadn't heard from you in a long time and just wanted to say hi and look what I found! A thread that I felt welcomed in.

Hope all is super with you and the hubby.

Immie

 

[manu1959]

You see the necessity of a tax hike? How do you figure? If the revenue of a business starts to slide, they can't just increase the price of goods sold to make up the difference. Why should government be any different? Shouldn't they cut costs to make do with what they have?

because you can't do such in a recession, unless you want to throw us in to a worse one...even every republican in congress knows this, and those that voted against the stimulus spending/tax cuts voted against it because they didn't like the way the money was spent, not because they were not going to spend money themselves.

And yes, spending should have been cut the last 8 years and because it wasn't, it makes it harder for us to spend now, when it is needed to pull us out of this.....

but right now, pulling back on spending would only make things worse....this is not to say that spending wiser and more prudently is not in order.

and, you could cut spending $3 BILLION a day at this point and it still would not bring us in line to what we bring in tax revenues.

Taxes will go up on us all at some point or bankruptcy, unless we have an economic boom three times the size of the boom in the 90's and i just don't see the opportunity for that to happen.

care

You can and you must. You're quoting Keynesian Economics here and it doesn't work. You can't spend money you don't have. That's just common sense.

sure you can ... it is called a credit card and borrowing against future value......

i mean when your personal fininces get cut don't you just sign up for more credit cards and take out more loans from your friends and parents.....

 

[Immanuel]

well, in as much as they are going to change the 60 to a 50 as the majority vote in the Senate,, I don't see a damn thing stopping this idiot.. do you?

Prayer?

I don't know if you know me from other sites or not, but let me just say, that I'm no fan of either party. I think both parties have sold us out. I would not call the President an idiot, but I don't believe there is any stopping him or any politician in Washington at least as long as we allow them to be career politicians.

Immie

 

[Immanuel]

You can and you must. You're quoting Keynesian Economics here and it doesn't work. You can't spend money you don't have. That's just common sense.

You can if you are a politician in Washington.

They have been doing it for decades and that won't change. It is likely to be the straw that breaks our backs.

Immie

 

[Care4all]

You see the necessity of a tax hike? How do you figure? If the revenue of a business starts to slide, they can't just increase the price of goods sold to make up the difference. Why should government be any different? Shouldn't they cut costs to make do with what they have?

because you can't do such in a recession, unless you want to throw us in to a worse one...even every republican in congress knows this, and those that voted against the stimulus spending/tax cuts voted against it because they didn't like the way the money was spent, not because they were not going to spend money themselves.

And yes, spending should have been cut the last 8 years and because it wasn't, it makes it harder for us to spend now, when it is needed to pull us out of this.....

but right now, pulling back on spending would only make things worse....this is not to say that spending wiser and more prudently is not in order.

and, you could cut spending $3 BILLION a day at this point and it still would not bring us in line to what we bring in tax revenues.

Taxes will go up on us all at some point or bankruptcy, unless we have an economic boom three times the size of the boom in the 90's and i just don't see the opportunity for that to happen.

care

You can and you must. You're quoting Keynesian Economics here and it doesn't work. You can't spend money you don't have. That's just common sense.

We've been doing that for a century, spending money we do not have...and you should not spend money you don't have in good times, the only time you can spend money you don't have is in an emergency, and this certainly is one...

I was against the bail outs to the banks, i was against this particular stimulus, because it was not soley focused on to the Housing crisis and fixing that....

I am against this tax hike at the $250k mark...the threshhold should be higher imo.

 

[Annie]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

 

[manu1959]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

i don't think so.......he is as convicted and arrogant as bush......

 

[Immanuel]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

i don't think so.......he is as convicted and arrogant as bush......

And that is saying a lot.

I don't think Congress gets it. I think they think we work for them rather than the other way around.

Immie

 

[Annie]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

i don't think so.......he is as convicted and arrogant as bush......

And that is saying a lot.

I don't think Congress gets it. I think they think we work for them rather than the other way around.

Immie

I hate to say it, but I agree.

 

[Shadow]

Jesus warned us about loving money.

Newp. They are just mad because some 250K (or above) earners aren't just going to sit around and let the lefties stick it to them...

 

[manu1959]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

i don't think so.......he is as convicted and arrogant as bush......

And that is saying a lot.

I don't think Congress gets it. I think they think we work for them rather than the other way around.

Immie

and as their employer i storngly feel they should take a cut in pay and perks until they fix this mess they created.....

 

[oreo]

I don't know why it's so hard for Americans to understand that our government already gets plenty of money from the tax-payers of this country.

The problem is & always will be--that the federal government spends too much money. They take over issues that really the individual states should be handleing.

For instance: In this federal stimulus bill is money for one state to cut down on the "pig farm" smell. Now this should be a state issue only. The residents of this state, if they're really bothered by the pig smell should us their state tax dollars & pay for it themselves. Instead their elected representative goes to D.C. & gets the American taxpayer to pay for it.

 

[Care4all]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

i don't think so.......he is as convicted and arrogant as bush......

And that is saying a lot.

I don't think Congress gets it. I think they think we work for them rather than the other way around.

Immie

pretty much....
--------------------------------------
I could jump on board to a pay cut for congress or at least no more raises until this mess is turned around.

 

[oreo]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

Millions of letters, e-mails & phone calls were sent to our representative over this 787 billion dollar stimulus bill. Prior to that millions of letters, e-mails & phone calls were done over all these bail-outs.

It is apparent to me that our elected representatives are NOT listening to the people who elected them.

 

[Annie]

The only thing that will 'stop him' or the Congress, is the people. Writing, emailing, posting, sending letters to editors. That WILL stop him, or at least Congress.

Millions of letters, e-mails & phone calls were sent to our representative over this 787 billion dollar stimulus bill. Prior to that millions of letters, e-mails & phone calls were done over all these bail-outs.

It is apparent to me that our elected representatives are NOT listening to the people who elected them.

More are needed. I hear you, as I was a voice ignored, but ultimately, they do understand who elects them or not.

 

[oreo]

well, in as much as they are going to change the 60 to a 50 as the majority vote in the Senate,, I don't see a damn thing stopping this idiot.. do you?

Prayer?

I don't know if you know me from other sites or not, but let me just say, that I'm no fan of either party. I think both parties have sold us out. I would not call the President an idiot, but I don't believe there is any stopping him or any politician in Washington at least as long as we allow them to be career politicians.

Immie

DITTO--this is both parties fault! Democrats who insisted on pressuring Fannie/Freddie on lowering requirements as far as credit & down payments-in order to give mortgage loans to minorities & lower income people. Very risky loans all guaranteed by the American taxpayer. Then republicans took over & (after the tech crash) were just so happy to see a booming housing industry. Then they both--democrats & republicans--ignored all the warnings of people who brought this coming train wreck to their attention.

You're right--our own government sold us out. Now what's scary--is that these same idiots that made this economic mess, are now trying to fix it.

This is what we get by electing the same politicians over & over again. They become more focused on personal political gain, rather than whats good for the American population or this country. And we keep electing the same types over & over again. We have a bunch of silver-spoon fed, Harvard & Yale lawyers running this country--that have never had to balance a check-book in their entire lives, work within a budget, much less run their own business.

 

[American Horse]

To think people will work hard, so others can benefit isn't the stimulus that is likely to work:

ABC News: Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hike Plan

Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hike Plan
President Would Slap More Taxes on Those Who Make Over $250K to Fund Health Care

By EMILY FRIEDMAN
March 2, 2009 —

President Barack Obama's tax proposal which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar.

A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

So far, Obama's tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all....

People don't stop working, they just find ways to avoid having taxable income, driving it underground. Once it goes under the table it's hard to get back on the table again. Things like the Earned Income Tax Credit (EITC) was a hook, to get the lower income earners to show some income, to be a part of the system by bribing them with a "tax credit"; which is real money not just a deduction. Working people of whatever income level like to be up front on their taxes but when they feel cheated, they feel inclined to return the favor, and we get tax cheats instead of tax revenue.