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The White House wants to increase taxes for individuals making $200,000 or households making $250,000.
Well an AGI of 250k seems pretty well off too. Definitely a high income.
There is obviously something I'm missing here, exactly how do they want to tax people over those amounts? Change the existing brackets to that is the top one?
Well an AGI of 250k seems pretty well off too. Definitely a high income.
There is obviously something I'm missing here, exactly how do they want to tax people over those amounts? Change the existing brackets to that is the top one?
I hate the spin the White House uses to rally supporters. They use the terms, millionaires and billionaires can afford an increase in their taxes.
My point is the government shouldn't take away the American Dream. Think about it...If you make $200,000 a year after taxes with Obama's plan you make around $120,000 - your expenses.
How many years will it take for you to save a million dollars???? The American Dream is being stripped away. I have no problem taxing existing millionaires or billionaires. But someone who makes $200,000 per year is TRYING TO BECOME a millionaire! That's the difference and with this new tax plan, it will make it even harder for the average middle class American to achieve wealth.
I don't make anywhere near $200,000, but I hope to one day and I don't want my hard work being stripped right from under me and put into wasteful government programs. I'd rather give to charity or give no interest loans to the needy on Kiva etc.
My point is the government shouldn't take away the American Dream. Think about it...If you make $200,000 a year after taxes with Obama's plan you make around $120,000 - your expenses.
How many years will it take for you to save a million dollars???? The American Dream is being stripped away.
Okay let us think about this.
How does 200k become 120k under some new tax plan? They just take a straight 40% of your entire income? We have a tiered tax system, wouldn't the person making 200k fall right on the line thus have no additional taxes?
If someone made 220k wouldn't they be paying a higher tax on only 20k? How much more would that be than before? An additional 5% on that 20k would be a thousand dollars.
If you make 210k you would actually pay less in taxes because you'd only be taxed higher on such a small slice while the broadening of lower tiers would save you money.
From above link:
- Take someone with a taxable income of $210,000. Last year, they owed $54,000 in taxes (assuming one personal exemption and a basic standard deduction), but they would owe $53,512 under the new tax bracket, amounting to a $488 tax reduction, the JCT estimates showed.
- Say you're a single filer with a taxable income of $250,000. This year, you owed $67,617 in income tax under the 33% bracket. Under the new system, you would pay $67,912 in taxes next year, a slight increase of $295.
- if you make $382,650 you'll owe an extra $4,095 in income tax.
bmw335xi, I think your American dream might be safe afterall.
It's about principle... instead of finding ways to make the government more lean and efficient, they think of who and what can we tax to pay for our pet projects. We don't need to continue creating program after program after program. It becomes such a confusing mess no one understands it and you need lawyers to explain it to you and even then they don't know exactly. It's a slippery slope we've been on for the last couple decades.
Raise the taxes on the rich they simply hide their money overseas and stop buying stuff which helps the economy.
Ask California how that whole TAX the rich and business is working out.
Oh wait, all the rich people and business moved...
When Reagan lowered the top bracket from 70% people stoped hiding their money and get this....the federal tax coffers increased FOUR TIMES...this is why Democrats always fail, they dont even understand BASIC freaking economics.
Raise the taxes on the rich they simply hide their money overseas and stop buying stuff which helps the economy.
Ask California how that whole TAX the rich and business is working out.
Oh wait, all the rich people and business moved...
When Reagan lowered the top bracket from 70% people stoped hiding their money and get this....the federal tax coffers increased FOUR TIMES...this is why Democrats always fail, they dont even understand BASIC freaking economics.
Your right a lot of people have moved out of California over the last few decades. Quality of life and the housing prices had more to do with this then taxes. Spend some time on the California forum if you don't believe me. Even if taxes were the main reason for the exodus out of California it is a lot easier to move out of state then it is to move to another country.
You should compare Western Pennsylvania at the begining of Reagan's Presidency to Western Pennsylvania at the end of his Presidency if you think that his "Voodoo Economics" actually worked.
The problem with Conservative Idealogy is that it tries to over simplify things. It would be nice if all we had to do is cut taxes and get rid of all the rules and regulations and everything would be right with the world. Unfortunetly the world doesn't work that way. As you can see from the Great Recession.
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