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Both Senator McCain and Senator Obama would extend most provisions of the 2001 and 2003 tax cuts (EGTRRA and JGTRRA), which are scheduled to expire after 2010. Under current law, the 10 percent income tax bracket will disappear in 2011 and the 25, 28, 33, and 35 percent brackets will increase to 28, 31, 36, and 39.6 percent, respectively. Senator McCain would extend the statutory rate schedule established by EGTRRA and JGTRRA. Senator Obama would extend the 10, 15, 25, and 28 percent tax rates but restore the 36 and 39.6 percent rates imposed on the highest income taxpayers.
It shows that under Obama's plan, people who earn between $200,000 and 500,000 will have their Average Effective Marginal Individual Income Tax go up from 32.4% to 32.7% - hardly much of an increase. It also shows that 70.4% of these same people will see no change in their federal income taxes, and 14.6% of them will actually see their taxes go down!
It shows that under Obama's plan, people who earn between $200,000 and 500,000 will have their Average Effective Marginal Individual Income Tax go up from 32.4% to 32.7% - hardly much of an increase. It also shows that 70.4% of these same people will see no change in their federal income taxes, and 14.6% of them will actually see their taxes go down!
That's if you believe he will stick with just that plan. If he get's elected he will have full reign with a puppet government. There are also some notes make sure you read those.
Most of them gave it away but they were allowed to make it. As a good deed several did good things with the money. Some people are like warren buffet and get a kick out of making it in this world...go figure. It does not mean they are greedy.
The government manages to strong arm 45% of that. Of that money it get's only about 50% will make it to the source while the other 50% goes to the bureaucracy.
The taxes are not going to be 12 dollars only.
If it is 12 only where is obama going to get the 500 check he is going to give the 40% of the people.
And is a 6% increas not 3%.
And in the way he wants it is to tax it on the ENTIRE INCOME.
meaning, 6% of 250k is 1500.
Read it please:
Quote:
Under his plan - which would be the largest tax hike in at least a decade - the 6.2 percent payroll tax would be applied to the entire income of workers making $250,000 or more a year.
Quote:
A worker making $200,000 a year would pay no additional payroll taxes under Obama's plan. But anyone making $250,000 a year or more would pay 6.2 percent in payroll taxes on their entire income - not just on their first $102,000.
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It does not mean they are greedy.
