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In his speech last night, President Obama announced that ALL families making less than $250,000/yr, "would not see their taxes increased a single dime" under his administration.
Recall that George W. Bush's tax cuts will expire in 2010. This is due to a clause Democrats forced to be included in the tax cuts, under threat of the Democrats defeating ALL the tax cuts by filibuster if the time limit wasn't put in. Many families making less than $250K, had their taxes reduced by those tax cuts, and faced their taxes being increased again due to the Democrats' time limit.
In what was probably the most encouraging part of Obama's speech, he promised them that no such increase would happen, except to families making OVER $250K, which is only a small fraction of the families involved.
Kudoes to President Obama. He is starting off on the right track. I fully support his initiative in this matter. And if he keeps on in this vein, I will consider voting for him in 2012.
Last edited by Little-Acorn; 02-25-2009 at 12:48 PM..
While yes this sounds positive, look at the fine print. I was well enlightened to this with a tax attorney while Obama was campaigning.
Notice he said "family". That will be based on unit of 4. If you are simply married with no children, count on a tax increase. If you are single, count on a tax increase.
In his speech last night, President Obama announced that ALL families making less than $250,000/yr, "would not see their taxes increased a single dime" under his administration.
Recall that George W. Bush's tax cuts will expire in 2010. This is due to a clause Democrats forced to be included in the tax cuts, under threat of the Democrats defeating ALL the tax cuts by filibuster if the time limit wasn't put in. Many families making less than $250K, had their taxes reduced by those tax cuts, and faced their taxes being increased again due to the Democrats' time limit.
In what was probably the most encouraging part of Obama's speech, he promised them that no such increase would happen, except to families making OVER $250K, which is only a small fraction of the families involved.
Kudoes to President Obama. He is starting off on the right track. I fully support his initiative in this matter. And if he keeps on in this vein, I will consider voting for him in 2012.
I guess that the Congress won't be allowing you to vote for Saint Barack of Hopenchange in 2012. They may have applauded everything he said but I doubt that Nasty Nancy and Dirty Harry will allow all of us to keep that tax cut beyond his first year. I also don't think he would likely veto that part of whatever bill they throw the raise in. I fully expect to see those of us in the 50% of people who pay income taxes, and don't get earned tax credits, to see a raise in our income taxes before he leaves office.
While yes this sounds positive, look at the fine print. I was well enlightened to this with a tax attorney while Obama was campaigning.
Notice he said "family". That will be based on unit of 4. If you are simply married with no children, count on a tax increase. If you are single, count on a tax increase.
Nope. It's $250k married/family, $200k single. Confirmed this with our accountant this week.
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