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It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
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I agree, let them all expire and also look at spending cuts too.
A balanced approach.
It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" sounds great when your ideology breeds poverty and racism.
It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" sounds great when your ideology breeds poverty and racism.
It sounds awesome when these people who have tremendous control of our economy are the only tax brackets who have seen their inflation adjusted incomes rise in thirty years.
It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" works when your ideology breeds poverty and racism.
Everyone will continue to get the tax cut on the first $250,000 of their income. Why is that so difficult for those on the right to understand? Eliminating the tax cuts to everyone is sure to slow the economy. That is so self evident only the willfully ignorant and the mendacious will question its veracity.
That is the first step on the road to deficit reduction.
Next, cut the home mortgage deduction on all but the primary residence;
Next, add a fee to all stock transactions of .10 cents;
next; eliminate the practice of 'riders' and make all bills to come out of the Congress and sent to the President's desk a single issue bill.
next; replace all federal fleets with hybrid or all electric vehicles by attrition; require all federal buildings to replace or upgrade roofs with solar panels; purchases of made in America units only.
next, invest in the repair, replacement and upgrade of our electrical grid;
next; take Marijuana off the Schedule I list and allow each state to regulate or outlaw it as they see fit. Doing so will allow for a reduction in the costs to the Criminal Justice System and provide a massive influx of revenue to the states currently going to the criminal enterprise - both foreign and domestic.
Should People Who Make $250,000 a Year Worry About Obama's Tax Proposals?
by Megan McArdle Nov 20, 2012 11:51 AM EST
There are more wrinkles in the tax code than you think
Kevin Drum and Dave Weigel take off after rich people who don't understand that they only pay marginal tax rates on the extra dollars they earn above taxation thresholds. "This isn't true, of course. Obama is only proposing to raise tax rates on income over $250,000, so if your income goes up to $251,000, you only pay the higher rate on the extra $1,000. The tax bill on your first $250,000 stays exactly the same."
Their analysis is basically sound, except for the fact that it is not quite true. They have forgotten to look at deduction phaseouts, surtaxes, and the AMT, which are not taxes on marginal income.*
No matter what you have heard on the internet, there are in fact a lot of sizeable marginal inflection points for high earners. There are the Pease deduction phaseouts, temporarily abated by the Bush tax cuts but scheduled to go back into effect in 2013, which can eliminate up to 80% of deductions for couples who make more than about $175,000 (the number is indexed for inflation, so it changes every year): your deductions are reduced by 3% of the amount by which your income exceeds the threshhold. The student loan interest deduction phases out at $150,000 ($75,000 for singles). And a lot of tax-free savings opportunities disappear: educational savings accounts and IRAs have income limits, so your ability to use them starts phasing out in the low-six-figure income range. So do various educational and child tax credits. These things obviously aren't a huge deal for people who make $1,000,000 a year but they can be a huge tax hit for couples in the $150,000 to $300,000 range. Come 2013, they will be an even bigger hit.
And we haven't even discussed the AMT, which virtually eliminates deductions for couples who make the mistake of doing things like buying a house, having children, or living in a high tax state.
...
November 25, 2012
RESPONDING TO MARGINAL TAX RATES: Reader Alex Clay writes:
After the election, my wife and I are going partial Galt. Were in California, so our state income tax went up in addition to whats sure to come out of Washington.
My wife quit her job last week. I increased my participation in a tax deferment plan offered by my employer to bring my taxable income as close to $250K as possible. Well be cutting back a little, but the government is going to getting a whole lot less.
My wifes entire salary barely covered our tax bill she was 100% slave to the government, while I was a 10% slave. Now she is 100% free, and Ill be a ~35% slave As a couple, 17.5% of our time is slaving on the government plantation from an astounding 55% previously.
My wife is deliriously happy, our children are delighted to have mom home, the dog gets more walks, and I find not spending money rapturously satisfying.
I think well see a lot of this. Whether it will add up to Irish Democracy or not, well, well see.
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" sounds great when your ideology breeds poverty and racism.
It sounds awesome when these people who have tremendous control of our economy are the only tax brackets who have seen their inflation adjusted incomes rise in thirty years.
Who's been in the White House for 4 years????
Don't you think if Obama intended to reverse that he would have?
The market is the only thing up in this economy.......other than excise taxes and inflation.
Make the 1% completely responsible for the cradle to grave retirement system of the 99%.
Make the majority of the nation drug addicts.
Punish anyone who objects as racists.
It would barely raise enough money to get FEMA out of its deficit. If they want to raise taxes I say let all the cuts expire. Fair is fair
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" works when your ideology breeds poverty and racism.
Yep, the mendacious and willfully ignorant will never get it. Simply keep repeating the talking point like the parrots they are ("hate others for what they have") is one of many bullshit phrases invented by the propaganda machine.
Yeah, but is sure sounds great to the folks that hate others for what they have.
"Tax the rich" works when your ideology breeds poverty and racism.
Yep, the mendacious and willfully ignorant will never get it. Simply keep repeating the talking point like the parrots they are ("hate others for what they have") is one of many bullshit phrases invented by the propaganda machine.
Where as tax the rich and pay their for share is what if not a B.S. propaganda phrase?