Michael Steele: "Trust me, after taxes, a million dollars is not a lot of money,"

[rdean]

Republicans think "rich people" are so mistreated and misunderstood, which is really weird, since only their leaders are rich. Many of the rest live in trailers.

 

[Yurt]

A million dollars is a fuckton of money if you look at it from a realistic standpoint.

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

Although the best I have done is to make only a bit more than a tenth of that in one year, I thought the tax system was very fair to me. Now it would have been even fairer had I been paying at the same tax rate as most millionaires.

When an F-15 blasts out of PDX practicing protecting my ass against those that would harm us, I envy the jock riding that dangerous beast. I also thank him, say a silent prayer for him, even though I am an agnostic, and appreciate that my taxes and those of my fellow workers pay for that jet.

When I am stopped beside the road with a vehicle that has suddenly ceased to function, and a State Trooper stops and checks what is going on, and offer help, I also appreciate where my state taxes are going.

There are many, many things that our taxes buy that we take for granted, and the more the system gives you, the more you should appreciate the protection that the system provides you.

i appreciate your sentiment and certaintly agree that some taxes are necessary. the bolded part of your post strikes me as mafia tactics. in fact, i have no doubt mafia wise guys use that same logic.

the government is not our only protection, if you think it is, go live in a mafia run neighborhood, because at least there, you will recieve better protection...

 

[Oddball]

Although the best I have done is to make only a bit more than a tenth of that in one year, I thought the tax system was very fair to me. Now it would have been even fairer had I been paying at the same tax rate as most millionaires.

When an F-15 blasts out of PDX practicing protecting my ass against those that would harm us, I envy the jock riding that dangerous beast. I also thank him, say a silent prayer for him, even though I am an agnostic, and appreciate that my taxes and those of my fellow workers pay for that jet.

When I am stopped beside the road with a vehicle that has suddenly ceased to function, and a State Trooper stops and checks what is going on, and offer help, I also appreciate where my state taxes are going.

There are many, many things that our taxes buy that we take for granted, and the more the system gives you, the more you should appreciate the protection that the system provides you.

You sound just like a secular version of Pat Robertson.

 

[Yurt]

Republicans think "rich people" are so mistreated and misunderstood, which is really weird, since only their leaders are rich. Many of the rest live in trailers.

you are perhaps the most brilliant person i have ever met

you are so right, its just amazing, how is it that you are this smart?

 

[beowolfe]

I want to chime in, but am a little confused as to what point you are trying to make with this post, Dogbert?

Well obviously I was being a bit sarcastic (post may drip). A million dollars is a fuckton of money if you look at it from a realistic standpoint.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

Not if you are a small business owner and have to pay for a lot of things, like salaries, insurance and so on.

In fact, many such people end up spending 500,000 or more in that overhead and end up with an effective salary of under 100,000 and often a lot less then that.

And you're telling me that after all of that, the small businessman walks away with $672,000 (or a million, whichever number you prefer) yearly he would be unhappy?

 

[Modbert]

Unless you are a small business owner.

Barry makes it sound like they all sitting on park ave lighting cigars with 50$ bills.

In the real world they are the people that create jobs and keep the ecomony moving, when you squeeze them you cost jobs, something the government does not seem to understand.

Small Business - (washingtonpost.com)

Uh?

The big spending bill headed to President Obama's desk for final approval has several measures in it aiming to aid the small business community.

The measure overall would provide fiscal 2009 funding for nine federal departments, covering all government activities other than defense and homeland security-related agencies, whose funding was approved last fall. Many agencies would see big increases, in some cases 10 percent or more above fiscal 2008 levels.

According to the Senate Small Business and Entrepreneurship Committee, the bill bumps up funding for the Small Business Administration to $547 million -- that's $63 million more than President Bush's original request for the agency and $47 million more from the amount appropriated last year.

The SBA the authority to back $17.5 billion for its most widely-used 7(a) program and $7.5 billion for the 504 program, which aids in long-term financing for fixed assets like land and buildings. The SBA doesn't give out money itself, but works with bank partners to offer loans. The measure also authorizes the SBA to back $3 billion for the Small Business Investment Company Program.

* $2.5 million to leverage the microloan program that gives very small loans to startups and the technical assistance for the microloan initiative, and $2 million to leverage $1 billion in surety bonds to aid small contractors.

$110 million for Small Business Development Centers, which tags $1 million of that money for veterans' assistance programs and $1 million for energy efficiency programs.

$5 million for the Program for the Investment in Microentrepreneurs (PRIME), which provides training and business assistance to low-income entrepreneurs with very small businesses.

* $2.38 million for the 7(j) technical assistance program, which provides small disadvantaged businesses with training in financing, business development, management, accounting and marketing.

* $5 million for the SCORE Program, which provides one-on-one counseling to small business owners through the use of experienced volunteers.

President Obama Outlines Latest in a Series of New Small Business Proposals | The White House

Details of the President’s new small business initiatives are below: (more details after the link)

1. Expand SBA’s existing program to temporarily support refinancing for owner-occupied commercial real estate loans:

2. Temporarily increase the cap on SBA Express loans from $350,000 to $1 million:

Extending small business expensing and bonus depreciation for 2010. Eliminating capital gains taxes for small businesses in 2010.

A Small Business Jobs and Wages Tax Credit that would cut taxes for more than 1 million small businesses by paying up to $5,000 for every net new job and covers payroll taxes on overall wage increases in excess of inflation.
A proposal to transfer, through legislation, $30 billion to a new Small Business Lending Fund that will support lending by community and smaller banks.

Maybe it's just me. But I'm seeing the words tax cuts, tax credits, and funding for small businesses awfully alot in those two things.

But besides the politics of Barack Obama here. How many small business owners make $1 million a year?

 

[Xenophon]

Unless you are a small business owner.

Barry makes it sound like they all sitting on park ave lighting cigars with 50$ bills.

In the real world they are the people that create jobs and keep the ecomony moving, when you squeeze them you cost jobs, something the government does not seem to understand.

Small Business - (washingtonpost.com)

Uh?

The big spending bill headed to President Obama's desk for final approval has several measures in it aiming to aid the small business community.

The measure overall would provide fiscal 2009 funding for nine federal departments, covering all government activities other than defense and homeland security-related agencies, whose funding was approved last fall. Many agencies would see big increases, in some cases 10 percent or more above fiscal 2008 levels.

According to the Senate Small Business and Entrepreneurship Committee, the bill bumps up funding for the Small Business Administration to $547 million -- that's $63 million more than President Bush's original request for the agency and $47 million more from the amount appropriated last year.

President Obama Outlines Latest in a Series of New Small Business Proposals | The White House

Details of the President’s new small business initiatives are below: (more details after the link)

1. Expand SBA’s existing program to temporarily support refinancing for owner-occupied commercial real estate loans:

2. Temporarily increase the cap on SBA Express loans from $350,000 to $1 million:

Extending small business expensing and bonus depreciation for 2010. Eliminating capital gains taxes for small businesses in 2010.

A Small Business Jobs and Wages Tax Credit that would cut taxes for more than 1 million small businesses by paying up to $5,000 for every net new job and covers payroll taxes on overall wage increases in excess of inflation.
A proposal to transfer, through legislation, $30 billion to a new Small Business Lending Fund that will support lending by community and smaller banks.

Maybe it's just me. But I'm seeing the words tax cuts, tax credits, and funding for small businesses awfully alot in those two things.

But besides the politics of Barack Obama here. How many small business owners make $1 million a year?

Its called political gymnastics.

You overtax someone, and tell them they can get a 'loan' to cover it...what's wrong with this picture?

How about NOT adding to their tax buden.

Taxes are not the issue, the government spends way to much.

 

[Modbert]

Its called political gymnastics.

You overtax someone, and tell them they can get a 'loan' to cover it...what's wrong with this picture?

How about NOT adding to their tax buden.

Taxes are not the issue, the government spends way to much.

Always have, not that it makes it right.

Though any idea of the statistics of the number of business owners who make $1 million a year? I could of sworn that statistic was around during the election season.

 

[rdean]

Republicans think "rich people" are so mistreated and misunderstood, which is really weird, since only their leaders are rich. Many of the rest live in trailers.

you are perhaps the most brilliant person i have ever met

you are so right, its just amazing, how is it that you are this smart?

Thank you. In the Democratic Party, I'm just average. But I can see why Republicans think I'm so smart. After all, these people believe that "Noah's Ark" is a real historical event and the President wants to kill their grandma. If they believe that, they'll believe anything.

 

[Contessa_Sharra]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

Of course:

USA QuickFacts from the US Census Bureau



I mean, making almost roughly twenty times the average median household income isn't a lot of money at all.

But wait! What about minimum wage?

Well, a minimum wage worker in my state for example would make $15,392 a year if you are to consider a 40 hour work week, 52 weeks a year. (That's right, no vacations.)

I mean, almost 65 years to make 1 million isn't that bad.

And even better news! It only takes about 44 years to make $642,000! And that's before taxes on any minimum wage employee too though.

But there's also this:

Richest Americans See Their Income Share Grow - WSJ.com

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

View attachment 9406

Note: Obviously none of this considers inflation, however these numbers are accurate as of this moment.

I understand it's French so the GOP probably wouldn't like the following as a new motto: "Qu'ils mangent de la brioche".

But they can always use the english translation!

"Let them eat cake."

Thoughts USMB?

I want to chime in, but am a little confused as to what point you are trying to make with this post, Dogbert?

I think that the point is that, AS USUAL, the GOP is not even bothering to speak to the realities of the majority of people in this country. What they are successful at is making yokels think the at the issues of the very rich, like how to pay NO taxes if they can get away with it, are yokel issues, when the issue for the very rich is how to make the yokels pay the freight for everything.

 

[Midnight Marauder]

Makes me glad I'm rich!

 

[uscitizen]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

Of course:

USA QuickFacts from the US Census Bureau

Median household income, 2007 $50,740

I mean, making almost roughly twenty times the average median household income isn't a lot of money at all.

But wait! What about minimum wage?

Well, a minimum wage worker in my state for example would make $15,392 a year if you are to consider a 40 hour work week, 52 weeks a year. (That's right, no vacations.)

I mean, almost 65 years to make 1 million isn't that bad.

And even better news! It only takes about 44 years to make $642,000! And that's before taxes on any minimum wage employee too though.

But there's also this:

Richest Americans See Their Income Share Grow - WSJ.com

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

View attachment 9406

Note: Obviously none of this considers inflation, however these numbers are accurate as of this moment.

I understand it's French so the GOP probably wouldn't like the following as a new motto: "Qu'ils mangent de la brioche".

But they can always use the english translation!

"Let them eat cake."

Thoughts USMB?

Trust Michael Steele? I think not.

 

[Mr.Fitnah]

If someone were to hand you a million dollars ,you would be shocked how quickly it was gone and there is a good chance you would have little to show for it and much of that would be sold off shortly after.

 

[Wicked Jester]

And Dude before you RIP on me consider HOW MANY MILLIONAIRES never worked a DAY IN THEIR LIVES. I guess when 99% of the wealth is controlled by .1% of the populace you will be HAPPY! We will basically have a ROYAL family of EXTREMELY WEALTHY who hand down their fortunes from GENERATION to GENERATION NEVER having worked a DAY IN THEIR LIVES, is THAT what you WANT!!!???

So what Cold?

That's just generations of people who will never be leaching off the government. Who will continue to invest. Will continue to pay taxes. Who can provide for themselves.

 

[Gadawg73]

The issue is:
If I have a million dollars why should I have to pay a higher % of taxes based on the fact I EARNED it?
When you buy a gallon of milk SHOULD they charge me $8 and then the guy that makes 60K $4?
I earn my $. Hard work should not be punished.

 

[Yurt]

Republicans think "rich people" are so mistreated and misunderstood, which is really weird, since only their leaders are rich. Many of the rest live in trailers.

you are perhaps the most brilliant person i have ever met

you are so right, its just amazing, how is it that you are this smart?

Thank you. In the Democratic Party, I'm just average. But I can see why Republicans think I'm so smart. After all, these people believe that "Noah's Ark" is a real historical event and the President wants to kill their grandma. If they believe that, they'll believe anything.

you're so amazing, so brilliant that you don't even see sarcasm. if you're the average of your party, your party is in deep trouble. and btw, there are numerous democrats who believe in noah's ark.

 

[manu1959]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

Of course:

USA QuickFacts from the US Census Bureau

Median household income, 2007 $50,740

I mean, making almost roughly twenty times the average median household income isn't a lot of money at all.

But wait! What about minimum wage?

Well, a minimum wage worker in my state for example would make $15,392 a year if you are to consider a 40 hour work week, 52 weeks a year. (That's right, no vacations.)

I mean, almost 65 years to make 1 million isn't that bad.

And even better news! It only takes about 44 years to make $642,000! And that's before taxes on any minimum wage employee too though.

But there's also this:

Richest Americans See Their Income Share Grow - WSJ.com

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

View attachment 9406

Note: Obviously none of this considers inflation, however these numbers are accurate as of this moment.

I understand it's French so the GOP probably wouldn't like the following as a new motto: "Qu'ils mangent de la brioche".

But they can always use the english translation!

"Let them eat cake."

Thoughts USMB?

actually it isn't...you need to take out state taxs...ssi...medicare etc.....but yes you are still left with about 1/2 a mill....