Obama Tax Plan: Now down to $150,000

[The Paperboy]

First Obama told us that tax cuts would go to 95% of people making under 250K.

Then Obama lowered it to 200K.

Now Biden says 150K.

Of course the dirty little secret is that 40% of tax filers do not pay any Federal Tax and will be mailed a check as their "tax cut".

Story here

 

[xsited1]

At this rate, even some Democrats will get hit by the tax increases.

 

[WillowTree]

It will stall at 42,000.00 I love those libwals they're so gullible.

 

[DavidS]

BREAKING NEWS: Joe Biden just said you have to be making under $10,000 a year to not get hit with tax increases! Oh noes!!

 

[Silence]

smell that? it's desparation.

 

[DavidS]

smell that? it's desparation.

Make sure you get as many people as you can to vote next week. Bribe the old Jewish ladies with the best reciepie for matzo-ball soup if you have to!

 

[KMAN]

smell that? it's desparation.

what do you mean? Are you saying Obama is lying and it's not $150,000?

 

[jschuck12001]

You people are idiots, its always been the same, if you make 201,000 - $250k you will see no increase or decrease. Everything below $200 will get a decrease but under $150k is where you will see the most. Spin it how you want but its never changed and none of you make that kind of money anyway.

Per the Tax Policy Center, here is how Obama's tax plan breaks down for individuals:
$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut
$226,919-$603,402 = $121 tax increase
$603,403-$2.87 million = $93,709 tax increase
$2.87 million-plus = $542,882 tax increase

 

[The Paperboy]

You people are idiots, its always been the same, if you make 201,000 - $250k you will see no increase or decrease. Everything below $200 will get a decrease but under $150k is where you will see the most. Spin it how you want but its never changed and none of you make that kind of money anyway.

Per the Tax Policy Center, here is how Obama's tax plan breaks down for individuals:
$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut
$226,919-$603,402 = $121 tax increase
$603,403-$2.87 million = $93,709 tax increase
$2.87 million-plus = $542,882 tax increase

What will Obama do when his tax increases can't pay for his tax cuts and his trillion dollars in new spending?

On top of that his tax plan will suppress job creation which means less tax revenue.

As you usual the answer is the middle class will get screwed.

 

[WillowTree]

Never ever get an answer to that question. They got no backup plans.

 

[auditor0007]

First Obama told us that tax cuts would go to 95% of people making under 250K.

Then Obama lowered it to 200K.

Now Biden says 150K.

Of course the dirty little secret is that 40% of tax filers do not pay any Federal Tax and will be mailed a check as their "tax cut".

QUOTE]

That is what is so amazing about Obama's tax cut. In the end, the only ones who will actually see anything from it are those who don't pay any taxes in the first place. I don't have a problem with lower income earners not paying taxes. I don't even have a problem with them receiving money back via the earned income credit. But how far are we going to take this?

 

[The Paperboy]

Never ever get an answer to that question. They got no backup plans.

Oh, well. I asked him some questions on another thread and haven't gotten answer. We'll see.

 

[glockmail]

You people are idiots, its always been the same, if you make 201,000 - $250k you will see no increase or decrease. Everything below $200 will get a decrease but under $150k is where you will see the most. Spin it how you want but its never changed and none of you make that kind of money anyway.

Per the Tax Policy Center, here is how Obama's tax plan breaks down for individuals:
$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut
$226,919-$603,402 = $121 tax increase
$603,403-$2.87 million = $93,709 tax increase
$2.87 million-plus = $542,882 tax increase

That's not fair someone making $160,973 gets a $2,796 tax cut while someone making $0 only gets $567. Where's the economic justice in that?

 

[jschuck12001]

Oh, well. I asked him some questions on another thread and haven't gotten answer. We'll see.

Wow now, I do have a life besides these boards and I did answer your other question. You say raising corp taxes will suppress job growth but you have nothing to back that up. Are you talking about small businesses or corp america because his tax plan treats both in 2 different ways. I believe we have debated the trickle down theory before and like I said then just give me an example of when trickle down worked during a period of time in the US. People on the boards talk about job loss in corp america and like I said before they have been outsourcing like crazy since the Bush Administration started and they are using tax loopholes already so what makes you think they will reinvest in America if we cut their taxes, it will still be cheaper to move to Lowtaxistan and do business and hide your money offshore.

 

[tymebeta]

That's not fair someone making $160,973 gets a $2,796 tax cut while someone making $0 only gets $567. Where's the economic justice in that?

There's no economic justice in a progressive tax system.

 

[The Paperboy]

Wow now, I do have a life besides these boards and I did answer your other question.

My apologies, you're right.

You say raising corp taxes will suppress job growth but you have nothing to back that up. Are you talking about small businesses or corp america because his tax plan treats both in 2 different ways.

Anyone who has ever run a business knows if you have to pay more to the government then you have to either charge your customers more or make cuts and that usually involves lay offs or hiring freezes.

The US has one of the highest corporate taxes in the world which is one reason why jobs get outsourced. Lower the corporate tax to the same level as Ireland and you'd instantly create many, many jobs.

This is all pretty basic stuff. Not really worth arguing about.

I really don't under the fascination with wanting to give government more money. If you want to give the government more money I'm sure they're accepting donations.

Have you ever run a business?

 

[jschuck12001]

Why dont we compare the 2

McCain
you'd save...
..
less than $19,000 $21
$19,000-$37,600 $118
$37,600-$66,400 $325
$66,400-$111,600 $994
$111,600-$161,000 $2584
$161,000-$227,000 $4437



Under Obama's Plan

Obama
you'd save...


If you make...
less than $19,000 $567
$19,000-$37,600 $892
$37,600-$66,400 $1118
$66,400-$111,600 $1264
$111,600-$161,000 $2135
$161,000-$227,000 $2796


If you're in the top 5% of earners
Obama you'd pay
an extra...

$227,000-$603,400 $121
$603,400-$2.87 million $93,709
more than $2.87 million $542,882


Under Mccain YOU WOULD SAVE


$227,000-$603,400 $8159
$603,400-$2.87 million $48,862
more than $2.87 million $290,708


Now tell me how any average working american could possibly think Mccains plan is better.

 

[jschuck12001]

My apologies, you're right.



Anyone who has ever run a business knows if you have to pay more to the government then you have to either charge your customers more or make cuts and that usually involves lay offs or hiring freezes.

The US has one of the highest corporate taxes in the world which is one reason why jobs get outsourced. Lower the corporate tax to the same level as Ireland and you'd instantly create many, many jobs.

This is all pretty basic stuff. Not really worth arguing about.

I really don't under the fascination with wanting to give government more money. If you want to give the government more money I'm sure they're accepting donations.

Have you ever run a business?

Yes, I had a mortgage company in MD for 3 years, we were a C corp and We sold it to investors in 2004.

 

[glockmail]

.....

Now tell me how any average working american could possibly think Mccains plan is better.

It's flatter. But a better question is, how can a progressive tax be fair to all Americans?

 

[tymebeta]

Small business will cease to provide job(s) with an ~$8,000 tax increase.

Didn't Obama say he would give tax breaks for small businesses that creates new jobs? Why bother if they can't even maintain their existing employee(s)?