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I've been nosing around, looking to buy or build a new home this spring. When I heard of Obama's plans today, I found that my overall income will drop significantly. I called my broker/developer to put everything on hold.
According to the plan, I get to work harder for less money, and I get to pay for the stupidity and irresponsibility of other individuals and companies.
I've been nosing around, looking to buy or build a new home this spring. When I heard of Obama's plans today, I found that my overall income will drop significantly. I called my broker/developer to put everything on hold.
According to the plan, I get to work harder for less money, and I get to pay for the stupidity and irresponsibility of other individuals and companies.
Good luck economy!
I am purchasing my second home; closing tomorrow. Purchased 2 cars in the past 8 months with cash. Taken 2 international vacations recently. Just booked another international vacation. Trying my best to stimulate this economy.
But I keep on hearing bad news after bad news. Obama and his socailist cohorts (Pelosi and Reid) want to tax, tax, tax and give all the benefits to all of those not paying their fair share. I'd probably start spending much less and start hoarding cash. It's rather depressing that Obama wants to increase my taxes (as if I am not already paying enough).
The one good thing about my retirement accounts dropping by 35% last year is that in 2010 when there is no income limit to the Roth IRA rollover, I'd owe less in taxes on my Safe Harbor IRA/SEP IRA Roth conversion. (You will get two years to pay for taxes for the Roth conversions and for once there is no income restrictions). So everyone making 200K plus, you need to convert all your pretax IRA contributions in 2010 to a Roth IRA because who knows what the income tax rate will be when you retire.
Once I convert all of my retirement accounts into a Roth IRA and pay that one time tax (spread over 2 years), there's nothing future Democrats can due to increase my taxes on my retirement income. Take that, tax and spend liberals. Than again, they'll levy some type of special property tax on my homes.
I would gladly pay the increased taxes for making more than $250,000 a year. I could increase my charitable donations, give more to my church and still have plenty left over to live comfortably and well. I guess it's a matter or perspective...
I would gladly pay the increased taxes for making more than $250,000 a year. I could increase my charitable donations, give more to my church and still have plenty left over to live comfortably and well. I guess it's a matter or perspective...
I too believe in charitable donations. Charitable donations, etc. will have much less tax benefits with this plan.
I would gladly pay the increased taxes for making more than $250,000 a year. I could increase my charitable donations, give more to my church and still have plenty left over to live comfortably and well. I guess it's a matter or perspective...
It doesn't work that way. People who make $250k a year already have expenses and obligations and aspirations. All the sudden more of their money is out the window. It will have a negative affect on them, and they will pass the burden down to those who make less by spending less, and hiring less (both at home for the handy man or contractor and at work). And yes, by contributing less to charity.
What you propose, exchanging your current compensation for more and a higher tax rate, is an artificial perspective of how this increased tax will affect those who earn $250k. It also ignores the cost of living in many metropolitan areas that even give people those high salaries to begin with. $250k in NY and surrounding areas is really not a lot of money.
To answer the original poster's question, yes it will affect my spending. Doesn't his new tax proposals mean less tax deductions from mortgage interest and local property taxes? Guess what that will do to the real estate market? It sure won't help things as they are now, since it will de facto increase the cost of housing and probably put a lot of home sales on hold.
The rich wanted expensive things, like the war in Iraq, but they didn't want to pay for them, so the money was borrowed. Now it's time for them to start paying for what they ordered. Simple as that. That's not bad for the economy; it's good for the economy in the long run. The days of massive welfare for the rich, at the expense of everyone else's future, are over.
I've been nosing around, looking to buy or build a new home this spring. When I heard of Obama's plans today, I found that my overall income will drop significantly. I called my broker/developer to put everything on hold.
That's good, because apparently you would've spent beyond your means. Americans should've been paying higher taxes the past 8 years. Why should the national debt have doubled when there were no dire emergencies save maybe Afghanistan, which was a tiny fraction of the debt increase? Now it's time for the debt growth to be slowed, stopped and reversed, like it was during the Clinton era. Decent Americans do not support ever-growing national debt. Obama will have to spend greatly for now, to stop the country from imploding. In the long run we should all have to work harder/smarter or accept a lower standard of living to pay down that debt, esp. the rich who benefited the most from it.
It doesn't work that way. People who make $250k a year already have expenses and obligations and aspirations. All the sudden more of their money is out the window. It will have a negative affect on them, and they will pass the burden down to those who make less by spending less, and hiring less (both at home for the handy man or contractor and at work). And yes, by contributing less to charity.
Trickle-down is a myth, which led to the current disaster. Taxing the rich significantly more than they're paying now will improve the lives of everyone else on average. No way should the CEO of a company get 1000X more than its lowest-paid full-time worker. That's way out of balance, and it's killing the country now.
"It doesn't work that way. People who make $250k a year already have expenses and obligations and aspirations. All the sudden more of their money is out the window. It will have a negative affect on them..."
I have no pity for someone making one quarter million dollars per year because they're going to pay a small increase in taxes. If they truly believe paying more is unfair then perhaps they should make changes to their lifestyle. I stand by my earlier statement...I believe it is a privelege to live in this country and to have an opportunity to realize the blessing of earning such a large income.
"What you propose, exchanging your current compensation for more and a higher tax rate, is an artificial perspective of how this increased tax will affect those who earn $250k."
What I propose is gladly exchanging my income for the blessing of making one quarter million dollars per year. For that, I will gladly pay a larger dollar amount of taxes. And give more to those who are less fortunate. And my church. And the local schools booster clubs. Nothing artificial about any of this. Perhaps if the people who are complaining about the impending changes were forced to live for a year as the common man and woman do, they would have a different perspective.
Last edited by rwally; 02-27-2009 at 02:47 AM..
Reason: typos
It also ignores the cost of living in many metropolitan areas that even give people those high salaries to begin with. $250k in NY and surrounding areas is really not a lot of money.
That's the problem. People who are from cheaper areas, like Texas, Kansas, Iowa, etc need to realize 250K (while not poor) is not "rich".
The Democrats are smart people. They've done their calculations. They know they have to include the "working upper middle class (200K-600K) in high cost areas like NY and SF" in order to tap into more tax revenue. They do that because the way the tax code works.
I have a friend making 3 million dollars a year. And you know those people shield so much of their money that it's hard for the IRS to get to them. But it's very hard to shield your money from you are making upper middle class money because you need that income to go about your living expenses.
Prime example is Theresa Heinz (Kerry), Senator Kerry's wife and the Heinz Keptup heiress. She made 6 million in 2003 but only paid taxes in the amount of 600K. That's where the Democrats need to go after but there are so few people making that kind of money that its not worth it for the Democrats to go after that tax base.
Last edited by aneftp; 02-27-2009 at 07:24 AM..
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