So, Obama's many comments during the campaign and debates about a $250,000 taxable income threshold was in regards to what then? You think it makes a difference as to whether or not he's going to let a tax cut lapse versus installing a new tax himself?
She began her thread, telling us her husband was at the thresh hold of $250k where her taxes will go up, she and her husband will be one of those statistics that Obama will hurt....
WHICH WAS NOT TRUE....because she then said, he brings home net what a family of 4 on welfare brought home???? so she began this thread with something that was intellectually dishonest...at best UNTRUE.
She and her husband WILL NOT be a statistic and WILL NOT be taxed more, she and her husband, WILL BE TAXED LESS under Obama's plan.
so, either she accepts this orrrrrrrrr she is nothing but a political pawn, passing on lies, for her political masters or still just too ignorant on how our income tax structure works...which is very possible, because I have found many people on this very board are clueless on how income tax brackets and rates work.
How can anyone continue a conversation with her on any topic without this hanging over her head, until she comprehends what she said and how it was wrong in premise and in the numbers?
Okay, enough said on that.....and now to your questions.
The $250k taxable income threshold for a couple...is a "taxable" threshold.
What this means is, if this is a small business owner....
then all of the payroll, cost of goods, insurance for employees, rent, other overhead costs, gas to travel to accounts, your car to travel to accounts, if in your home...the portion of your home used for the business can all be written off, deducted from the businesses sales/revenues BEFORE any taxes are due on the left over money, the gross profit.
Even if the small business owner wants to invest additional money in to the business, through hiring another person, this can be deducted from the businesses sales before ANY income tax is due.
so, in most cases, the small business itself might actually make a million in sales, but after they pay all of their bills and invest back in to the company, is the net sales revenues that they will be required to pay taxes on....probably close to the $250k net taxable income.
This is the income these business owners decide to TAKE from the business and use themselves for their own personal income use.
95% of small business owners do NOT EVER reach the $250k net taxable income level to where their taxes will go up, so with all of these small business owners, the 95% of them, will see their income taxes GO DOWN....right now.
Those couples making more than the $250k net taxable income, more than $20,833 NET INCOME A MONTH, will see their taxes go up....slightly. This does not happen until the taxable year of 2011 I believe.
The tax hike on them will not be now but a couple of years from now, if their temporary tax break is not extended.
I have posted this many times, but i personally think this threshold should be higher than the $250k....maybe starting at a million in personal net taxable income because i believe many of these people making this kind of money live in east coast and west coast cities where the cost of living is very, very high.
Outside of that, i do not have a problem with letting the tax cuts expire for this upper echelon...we have been using the money of those that pay SS up to the 100k for more than a decade to fund what income taxes should have paid for....and these upper echelon people do not pay any SS over the 100k threshold....it is fine with me now that they might have to start paying back their portion of what they used of the SS Surplus monies of OURS....
Taxes will have to go up on ALL OF US, eventually....it is inevitable, no matter how much pork or how many depts of the government wiped out....imo.
Care