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Your title is wrong, the taxes Obama wants to increase won't impact 98% of the population. So why are you implying he wants all the Bush Tax cuts to end.
The question is, why is he holding 98% of the population hostage in order to get his revenge on the top 2%? And will he really throw 98% of the population under the bus if he doesn't get his way? Seems pretty childish and petulant...but that's not unexpected from Obama.
The percentage of tax we pay on our income have been in exisitence for nine years. I have not heard any politician talking about reducing the rates we pay [for those of us who actually do pay taxes]. So what tax CUTS is everybody talking about?
And if there is a politician talking about the middle class paying even less taxes, I'd like to know how they will spend the new cash in their pockets. And if the rich are made to pay more taxes, how does that get into the pockets of 'the middle class' and how is your life made better by the 'rich' paying more?
The question is, why is he holding 98% of the population hostage in order to get his revenge on the top 2%?
1- He is one of the top earners.
2- His support base has PLENTY of supporters in the top 2%
3- He is being asked to address deficits, by the thugs on the other side of the aisle, and he is responding to it. The thugs holding the 98% hostage to show their loyalty to top 2% (and that includes most of them).
Right along, until 2010. Let's see if the GOP has the intestinal fortitude (guts) to allow the tax cuts to expire. Does the Norquist (A NOBODY) pledge mean anything to you?
Oh, I wish and hope the GOP would let the tax cuts expire! The people will realize finally what a friend they had in George W.
But Obama has backed the GOP into a corner; he will have it his way on the tax side.
The real mess comes in just a few weeks, when the GOP insists that we live within our credit limit.
My only point in asking is to get people to plan for the AMT tax hit. For example, if one had previously paid a 6.01% effective federal income tax rate (according to the IRS, that was the average effective tax rate of those who had an income of between $34,388 and $69,126), suddenly being hit with a tax rate increase to 26% AMT, (incomes over $30K) is going to come as quite a shock. One would have to fork over another 20% of one's income to the U.S. Treasury. For the hypothetical over $30K earner, that could be another $6,000 or more.
IRS's latest tax data with average effective federal income tax rates and income cutoffs by income level: IRS Tax Data
If I recall correctly I got hit with a $15,000.00 ATM tax. The $15K was for ATM only, there was the regular federal tax I had to pay. By the time the CPA was done with me, write a check for state, write a check for Local, write a check for Federal, you need to contribute more to your 401K, I was in a daze. That is why I am furious when some welfare slug who does not pay a dime in taxes has the nerve to say pay you're fair share. It is pure ignorance and greed on their part.
It's looking less and less likely that the tax rates of the Bush years will be extended. Various reports have said that as of January first the "average household" will pay an extra $2200 per year in taxes. For married couples, that will be higher yet, due to the return of the Marriage Penalty.
So...where will you cut spending in order to come up with an extra $2200 to pay for DCs reckless spending? What are you going to do without? ~$200 per month for the "average household" is a big piece of change, and we're looking at more like $300 as a married couple with no kids. In our case, that will hit our "discretionary spending" pretty hard. We don't eat out more than about once a month now (other than a fast-food lunch about once a week). Already carpool, and don't do a lot of driving on weekends. No real charitable deductions. We can probably cut back on our Dish Network, and maybe get rid of some of our pets...cat and dog food, along with vet bills, are among our biggest discretionary expenses.
How about you...where will you trim your spending in order to subsidize DC?
It's more like $4K for us, however, we have a way out this time. Because dh is 65, he is not eligible to be carried on my insurance anymore so we can divorce for tax purposes without having to pay extra for health insurance for him.
However, if we don't, we'll be spending a lot less on groceries, clothes and vacations. If you don't have it, you can't spend it.
Yea, Obama, Buffett, Google, Costco and about 30 other companies got theirs so to hell with you getting yours. Buffet, (the mouthpiece) bought back stock, Google is offshoring, Costco (spoke at the DNC) borrowed money to pay bigger dividends so they can avoid higher taxes last year. Each one is your supporter, tax the rich as long as it is not them.
And if there is a politician talking about the middle class paying even less taxes,
I don't hear anyone talking about lowering taxes for the middle class. All I hear is that Obama plan is to increase spending on his green energy agenda.
Quote:
Originally Posted by d4g4m
And if the rich are made to pay more taxes, how does that get into the pockets of 'the middle class' and how is your life made better by the 'rich' paying more?
They didn't think that far. They are not going to get any more money in their pockets. If anything Obama is coming to get them next.
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