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aneftp...i'm exactly what you describe. hubby and i are in our mid 30s with two young children at home. dh and i will make about $275K combined this year, but we aren't rich. our agi after deductions, charitable contributions, etc will put us under the magic number, but we are close. yes, we are upper middle class and can afford most things we want, but i'm not swimming in cash. i don't consider myself wealthy and i'm certainly not a millionaire. but i guess it is what it is...if my tax rate goes up 3%, then it goes up 3%.
You would only be taxed for the portion above 250K, so an additional 3% on 25K. So your taxes would go up a grand total of 750. Again, nobody suffered when these same rates were in effect under Clinton.
You would only be taxed for the portion above 250K, so an additional 3% on 25K. So your taxes would go up a grand total of 750. Again, nobody suffered when these same rates were in effect under Clinton.
If that's the case.
Than all tax classes didn't suffer under Clinton's tax plans? Than why won't they just let the tax cut expire for everyone?
dh and i will make about $275K combined this year, but we aren't rich.
...our agi after deductions, charitable contributions, etc. ...
^^That juggling of expenses and deductions you describe is the fulcrum point.
Most lower earning people can do that as well... but not as much.
The next dividing line is the ability juggle income sources and amounts.
After a few years of a steady $150,000+ of cash flowing in most just don't need more.
They'll want the gains and appreciation of assets and they'll be sure to secure them...
but they don't need the actual cash itself (beyond that $100-150,000) so much.
Obama says these are millionaires and billionaires. Clearly 200/250K isn't poor, but it's not "wealthy, and it's not rich by any standards especially in high cost living areas like San Francisco or New York or Washington DC. Many of these families are 2 income as well. Most are in their 30s to early 50s with school age kids. If that's the case, why not start increasing taxes on those making more than 1 million? Those are the true millionaires.
Look, I make between 250-500K AGI. My "effective tax rate" is around 18% most years. But most of it is due to deferrals. Close to $70K in retirement a year. But it's just deferrals. Eventually I will have to pay taxes on that money. The the real adjusted tax rate after I start distributions of those deferrals makes that 18% easily jump to 23-30% depending how much I want to distribute when I retire.
And what happens when raising taxes on those making 200/250K isn't enough? What's Obama going to do than? It clearly won't raise enough revenue. And with the current Obama Care already 1 trillion dollars over budget and every politician (Republican and Democrats afraid to touch Defense spending). You touch defense spending, it crashes the stable Washington DC housing market. That's how scary it is. So many people in that area making money (like cushy 100K defense contracting jobs). I've lived in Washington DC half my life and I know what runs that town. It's a very educated area but defense spending is a major driving force. When do tax increases start tricking down to those making less than 200K/250K?
Because democrats want to hurt those who have what they don't. Because they're too dumb to realize there are way too few "Henrys" to fix the tax problem. Because it makes those without feel better that those with are being punished for being successful. Because they blame everyone but themselves for the fact they cannot count themselves amoung the "Henrys". The list is long and the reasons all shallow or ill thought out.
What happens when they realize that taxing Henry isn't enough? They'll do what dems always do and redefine who a Henry is. I joke (a sad joke) that whether I'm middle class or upper class depends on whether or not a republican or democrat sits in the white house. My income doesn't change but my taxes sure do. I fully expect the weathy to be redefined to include all families living on $100K or more.
Obama should not call them millionaires and billionaires then. They are not.
He successfully made people think he is only going to raise taxes on millionaires and billionaires. 250k is a long ways from being a millionaire. The dumb American sheeple will believe anything their Great Leader tells them without question and are now going to suffer for it. 2013 is going to be the worst year for the economy since 2008, possibly even worse. 2014, if people vote on the economy, the GOP should sweep the House and Senate. If its a big social issues year like 2012, the outcome could be different.
The line really needs to be drawn at around $100k if Obama is interesting in generating enough revenue to fund his Obamacare cause it seems like no one is truly interested in significant spending cuts.
Asking someone making $100k pay say $500-1000 extra helps along with someone making $250k-500k pay $2000-5000 extra. $500-1000 extra isn't going to hurt someone making $100k a year, or does it? Or is it all psychological?
aneftp, either this happens or everyone will pay more. Anytime you authorize an increase in taxes it is never enough. We already know that increasing taxes on the so called wealthy is not enough... It's just a game to Obama.
Think about it... Obama said he is willing to veto any bill that includes the extension of the Bush tax cuts for the "wealthy". He also knows that the republicans don't want taxes to go up on anyone. Obama is not stupid, he knows there is a lot of tax revenue in the middle class. By veto alone, Obama gets a lot more money.
Obama and Democrats can't control their spending. Everyone will eventually have to pay more.
Because democrats want to hurt those who have what they don't. Because they're too dumb to realize there are way too few "Henrys" to fix the tax problem. Because it makes those without feel better that those with are being punished for being successful. Because they blame everyone but themselves for the fact they cannot count themselves amoung the "Henrys". The list is long and the reasons all shallow or ill thought out.
What happens when they realize that taxing Henry isn't enough? They'll do what dems always do and redefine who a Henry is. I joke (a sad joke) that whether I'm middle class or upper class depends on whether or not a republican or democrat sits in the white house. My income doesn't change but my taxes sure do. I fully expect the weathy to be redefined to include all families living on $100K or more.
billionaire investor Warren Buffett said "it raise the morale of the middle class,"
Funny how we know before it become effective that it is not enough money. It never occurs to them that they are next. It will be interesting to see if it is done through another round of class warfare at lower income levels or if will be with the stroke of a pen "veto"
I wonder how many small company that has a mental list of Obama supporters ready to be lay-offed off. Don't laugh we know who you are. People forget it's only natural to fight back when forced.
By having to pay higher taxes they will cut back expenses and may be forced to lay-off or move people to part time. It's not something they want to do but they will do what makes sense financially. Hurting the Henry's and the middle class will also hurt demand and a downward spiral we go.
Building from the middle class out... the Obama way. People, you got to understand what Obama really means. He means building his dependent class / voter base from the middle class out.
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