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As I've read through this thread, it strikes me that some of you might have an inflated idea of what a millionaire looks like. Here's a snapshot of life for a millionaire in the heartland:
* a 9-5 job in engineering/tech
* a small, paid-in-full house with no stainless in sight
* a veggie garden in the backyard
* coupons at the grocery store
* family meals around the dining table
* kids in public school
* one twelve-year-old car and a spouse with a light rail pass
* vacations spent with extended family, and
* saving/investing 30-35 percent of our family salary and rolling over additional investment income.
There are no Ferraris, showy jewels, haute couture purchases, or spring breaks in Hawaii.
Taxes are a part of life, and my best advice for those of you stuck in high COL areas is to invest whatever you can manage from what remains of your check after you've paid them and to take advantage of any tax reduction strategies available to you.
Ha ha..except for the kids and paid in full house, that's what my life looks like and I make $50,000 a year and have barely over 100 grand in savings...Except I take vacations to Europe, Asia, and South America---the only family I visit are the rich ones...
They came up with this figure because it is most small business owners and they want total control over us. Gov supplied food, , Dr's,. What better way to beat down the people take away their means to earn a living.
Small business owners making 250k-300k will hardly see a difference in their tax bill.
This is where the whole argument about taxing the rich loses me and other opponents. The actual words used is to allow tax cuts for the RICH to expire. That MILLIONAIRES and BILLIONAIRES can afford to pay a higher percentage in tax. That's a fair statement and I can understand it.
So now let's look at the details...how much does one need to make to be a millionaire or billionaire? According to the White House, it's a single person making $200,000 per year or a households making $250,000 per year.
Please tell me how a family with a combined income of $250,000 should be called a MILLIONAIRE OR BILLIONAIRE?!
I'd support a tax increase if the amount was raised to $1 million, but come on $200,000! The White House for some reason refuses to budge on the 200,000/250,000 number. I'm sure they would get bipartisan agreement if it were raised.
If you make 250,000$ as one household, especially AFTER business expenses if you are a small businessowner, then you should be down on your knees thanking God everyday that you are so well off while the majority of Americans struggle.
If you make 250,000$ as one household, especially AFTER business expenses if you are a small businessowner, then you should be down on your knees thanking God everyday that you are so well off while the majority of Americans struggle.
1. The majority of Americans are not struggling. More are than five years ago but nowhere near a majority.
2. Most successful small business owners should thank their hard work and wise decisions, not luck or diety.
$200,000 for singles and $250,000 for couples is still the top 2%. Also its only the portion of incomes above that amount that will see the increase. So those who are right at the bubble will see no or little increase.
Good point that needs to be reinforced. It's the income above $250K (for households) that will see higher tax rates. Which means if you make $250,001....it is only the extra 1 dollar that is taxed at a higher rate. The idiots on the right make it sound like the entire $250,001 will be taxed 36%.
The tax cuts that are set to expire will only raise taxes back to Clinton era levels which many people will agree was one of the most prosperous eras in modern history. Are you people going to tell me that a 3% tax increase in those making over $250k a year is seriously going to crimp your lifestlye or your ability to invest in your own small business?
Child please! The tax code and the enormous amount of loopholes afforded through the US Tax code towards the wealthy should negate any effect of the expiration of the tax cuts come January.
PS: If they don't fire your accountant!
The other point besides the marginal tax rate that needs to be reinforced is the difference between gross income and adjusted gross income (AGI). If you have an AGI of over $250k, you are indeed doing extremely well. It takes a whole heck of a lot more than two $125k earners to have an AGI of $250k.
Furthermore, if you are vulnerable to AMT, you can and should hire an accountant to help plan your tax strategy.
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