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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:
Read what? Your own posts?
The voices in your radio are filling your head with lies. Turn the radio down for a few minutes and read:
First of all you have to source from someone who actually understands tax code, lol. $12 my arse.
Among the more prominent elements of his tax proposal, Senator Obama would end the Bush tax cuts and allow the top two tax rates to return to 36 and 39.6 percent. He also would allow personal exemptions and deductions to be phased out for those with income over $250,000. The real kicker, though, is that Senator Obama would end the Social Security payroll tax cap for those over $250,000 in earnings. (The cap is currently set at $102,000.) These individuals will then face a tax rate of 15.65 percent from payroll taxes and the top income tax rate of 39.6 percent for a combined top rate of over 56 percent on each additional dollar earned.
A Return to the Bad Old Days
Historically, Senator Obama's tax rate would be the highest individual tax rate since the Jimmy Carter days. Tax shelters and tax avoidance strategies were common when the top marginal rate was 70 percent or higher. This new top tax rate will again encourage these gimmicks, reducing investment and economic growth as resources are squandered in an attempt to avoid punitive taxation.
Many individuals will attempt to transfer their compensation from wages to capital gains, since capital gains would only be taxed at 25 percent, or less than half of the top rate on wages. This would put a great deal of pressure on a company to do anything it could to make its stock quickly increase in value. Other individuals would try to incorporate so they could pay business taxes instead of having to pay taxes on their wages. Again, these resources would be diverted away from more productive uses and slow the economy.
It doesn't really matter. He's one guy, a columnist - not an economist- much less a team of world-renowned economists.
that doesnt mean he is not right,
the problem is that we actually dont know. All of this information is by what they said, not by what they have in writing. They webpages extremely general and not detailed.
So a $12 tax increase on 1% of the population (3 million) is supposed to pay for Obama's multi-billion dollar health plan and welfare programs he wants to impose?
Wow.
I also have a bridge in Brooklyn that you might like to buy. Let me know if you are interested!
Meh. They're both full of crap. Sooner or later, everyone's taxes are going to have to go way up. The national debt is almost the entire GDP. Cuts in spending will not fix this problem.
Exactly. They're both feeding the American public the tax kool-aid.
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