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Obama extended the tax cuts only because if he hadn't then the lower earners would have had a tax increase when the Bush tax cuts expired as the Republican Congress refused to even consider a tax increase for the top earners while keeping the tax cuts for the middle class.
Everyone agrees that the present tax situation in America is ludicrous but getting this resolved would mean compromise and bi partisan thought and that will never do if the GOP is to get back into office.
Yes it is a mess. Wouldn't a simpler tax system that doesn't pick winners and losers (e.g. GE) be a better way? Hey, but in Obama's speech last night, he proposed further complicating the tax code. Yeah, great idea.
Yes it is a mess. Wouldn't a simpler tax system that doesn't pick winners and losers (e.g. GE) be a better way? Hey, but in Obama's speech last night, he proposed further complicating the tax code. Yeah, great idea.
I don't recall the word "complicating" in his demand for tax reform actions by the congress. May be it is how words got translated on the channel you'd tuned in to? Which one was it?
Mitt Romney and Warren Buffet are paying like 15% in taxes, yet being a hard-working sales rep in a competitive cut-throat industry I finally have a big sales month where I was "paid" $15,000 in commissions. Yet, when I get my paycheck on Friday it says $8200. Thanks Obama for letting me keep 53% of my hard earned income.
Because I'm commissioned, companies in my industry only pay us like $35,000 for a base salary/draw and I rely on commission as a big part of my income. After a year of hard work and making very little commission (new to the company, tough economy) this is the first real big paycheck I've been able to make in the first full year.....and Obama took half of it.
United States of America = Fail
Exactly what tax code did Obama implement to cause that tax on your paycheck? LOL!
It's not the government's money to take. I don't care if they pay it back an entire YEAR later. That's a year of interest free loan the government is taking from me. I need that money now to live. What right does the government have to take my income regardless of whether it's a salary or commission. If anything, I worker harder to earn the commission than the salary.
Get yourself an offshore bank account like Romney has.
I don't recall the word "complicating" in his demand for tax reform actions by the congress. May be it is how words got translated on the channel you'd tuned in to? Which one was it?
He proposed tax incentives for tech companies, increasing taxes on companies that outsource, having minimum corporate tax rates, tax incentives for companies that encourage US hiring, and more tax breaks for "certain" energy manufacturing. By the way, in case you didn't understand, that's further complicating the tax code. Once again, trying to pick winners and losers through the tax code. Interesting that Obama's buddies seem to be the "winners" with most of his changes. Immelt could tell you that.
As somebody who has been self employed for 16 years and all of my income is derived from commissions how did he not know what his deductions were going to be?
What I also find amazing is that my "employer" always paid a full commission and personal income taxes were our responsibility.
The OP also failed to mention what state he is from since some states do have "state income tax" in addition to "federal income tax".
1. Part of this has to do with how you set up your W4.
2. No President can change the tax code or witholding by themselves.
3. Witholding is set up so the taxes that cmeo out each paycheck is based on what would be owed in taxes if it was averaged throughout the year. For example let's say you make $75,000 in a year. You have a great month and make $15,000. The taxes that come out for that month would be based off what you would owe making the $180,000 not the $75,000. Likewise if you have a crapy month and make only $1,000, the taxes would come out based off making $12,000 not the $75,000. Were you complaining all of those crappy months that your paychecks were too high and not enough taxes were coming out?
Mitt Romney and Warren Buffet are paying like 15% in taxes, yet being a hard-working sales rep in a competitive cut-throat industry I finally have a big sales month where I was "paid" $15,000 in commissions. Yet, when I get my paycheck on Friday it says $8200. Thanks Obama for letting me keep 53% of my hard earned income.
I bet he spent it on a new teleprompter. Or maybe he gave it to Solyndra. Hey his Secretary of Agriculture said they were hard at work increasing the number of food stamp recipients last year to stimulate the Democrat base...er, the economy. Maybe that's where it went. Maybe he bought some guns for a new Mexican sting operation or to dig a new turtle tunnel complete with signs showing your tax dollars at work. Maybe he needed it to gas up Michelle's airplane vacation trip. It can't be to have the government's fleet of Chevy Volts checked out to make sure the batteries don't ignite but maybe it went toward the $250,000 government subsidy per cars sold.
Maybe he needed it to get those UGLY gold/yellow drapes in the White House he always stand in front of, dry-cleaned. (okay, that's just me saying that )
Yes it is a mess. Wouldn't a simpler tax system that doesn't pick winners and losers (e.g. GE) be a better way? Hey, but in Obama's speech last night, he proposed further complicating the tax code. Yeah, great idea.
Obama has consistently said that he wants the top earners to be treated no differently to any other tax payer. We can all see that companies like GE paying zero tax or Buffet paying less tax than his lower earning secretary or millionaires paying 14% tax or millionaires using govt. bonds to pay zero tax AND get interest on their multi million dollar investments is so so wrong.
Obama has the added problems of getting the job market back on its feet after probably the worst recession in American History. He is therefore giving tax incentives to companies who are going to help kick start America's economy and create jobs. The argument that giving the top 1% tax cuts will increase employment has now been seen to be a compete failure. To hang on to this notion of giving huge tax cuts to the "job creators" to boost employment is like having a pheasant hanging up to mature but instead has rotted everything around it and has just left a nasty stench...... but the owners of the pheasant are still saying how wonderful it is.
America needs now to bring industry BACK with the kind of initiatives that Obama is now trying to implement by not allowing any tax incentives to companies who ship their production abroad and getting companies back to the USA and getting existing companies to hire once again with tax incentives...... not the blanket tax incentives for the wealthy that we see now.
no one likes paying high tax........... ooops i forgot.... the top earners either pay zero or low taxes......... so they DON'T have to worry about it.
Obama has consistently said that he wants the top earners to be treated no differently to any other tax payer. We can all see that companies like GE paying zero tax or Buffet paying less tax than his lower earning secretary or millionaires paying 14% tax or millionaires using govt. bonds to pay zero tax AND get interest on their multi million dollar investments is so so wrong.
Obama has the added problems of getting the job market back on its feet after probably the worst recession in American History. He is therefore giving tax incentives to companies who are going to help kick start America's economy and create jobs. The argument that giving the top 1% tax cuts will increase employment has now been seen to be a compete failure. To hang on to this notion of giving huge tax cuts to the "job creators" to boost employment is like having a pheasant hanging up to mature but instead has rotted everything around it and has just left a nasty stench...... but the owners of the pheasant are still saying how wonderful it is.
America needs now to bring industry BACK with the kind of initiatives that Obama is now trying to implement by not allowing any tax incentives to companies who ship their production abroad and getting companies back to the USA and getting existing companies to hire once again with tax incentives...... not the blanket tax incentives for the wealthy that we see now.
no one likes paying high tax........... ooops i forgot.... the top earners either pay zero or low taxes......... so they DON'T have to worry about it.
Okay, one question. How many jobs will be created by raising taxes on the wealthy and how?
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