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Well, I'm not sure why you are adding the two amounts together. I wasn't trying to mangle anything.
What his own tax calculator says is this...
As a married couple jointly making between $150k and $200k the tax cut is $500 but if we make between $100k and $150k its $1000. Why aren't both income ranges $1000? Both ranges fall under the $250k for families, right?
Because $350,000 is more than $250,000!
"a married couple jointly making between $150k and $200k the tax cut is $500 but if we make between $100k and $150k its $1000."
$150k and $200k equals $350 K
$100k and $150k equals $250 K
Am I missing something?
As for your impatience having your question answered, frankly it has nothing to do with the thread, so if you would like to address the issue at hand it would be greatly appreciated.
"a married couple jointly making between $150k and $200k the tax cut is $500 but if we make between $100k and $150k its $1000."
$150k and $200k equals $350 K
$100k and $150k equals $250 K
Am I missing something?
As for your impatience having your question answered, frankly it has nothing to do with the thread, so if you would like to address the issue at hand it would be greatly appreciated.
Yes, I do think you are missing something. The between $150k and $200k range means if my husband and I together make $164k (not each of us added together) then we don't get the full credit. Its phased out at $150k for joint filers, not $250k as his speeches lead one to believe.
Again, I'm not sure why your adding the amounts as the amounts are for the couple combined, not each spouse. Its a salary range, not two amounts to add together. Maybe I'm not explaining it right.
If you go to the calculator and say you and your spouse make a total that falls between $150k and $200k, the credit you get is $500, not $1000.
I'm really not trying to be nasty, I was trying to figure out all the specifics of his tax plan. I agree though that it didn't really answer your question but in trying to do so I wanted to understand the plan first.
Since the Great Depression, the progressive tax code has been used as a tool to "redistribute wealth" from Social Security to welfare, from the Earn Income Tax Credit enacted by Gerald Ford the U.S. has pursued a progressive tax structure that has charged the wealthy more, and paid for a social safety net for workers who make less. So if you would, please point out how Obama's tax proposals differ from this long standing policy goal?
To address this question specifically, I don't think its any different. I do think its continuing the progressive trend instead of moving away from it. I would rather see some alternatives to our progressive income tax system but its not going to happen anytime soon with either of the two candidates.
To address this question specifically, I don't think its any different. I do think its continuing the progressive trend instead of moving away from it. I would rather see some alternatives to our progressive income tax system but its not going to happen anytime soon with either of the two candidates.
Imposing no taxes is the only alternative that doesn't smack of progressive taxation. Even a flat tax will tax the rich more than the poor. A flat tax rate of 15% will make a $100k earner pay $15k, while a $10K earner will pay $1.5K. To be intellectually consistent, those who oppose progressive taxation should oppose all taxation.
Imposing no taxes is the only alternative that doesn't smack of progressive taxation. Even a flat tax will tax the rich more than the poor. A flat tax rate of 15% will make a $100k earner pay $15k, while a $10K earner will pay $1.5K. To be intellectually consistent, those who oppose progressive taxation should oppose all taxation.
Sure, but you should also be okay with no government. That's what no taxation boils down to. Taxes support the government. At the very basic, your taxes will pay for the police and the military to protect your private property.
Sure, but you should also be okay with no government. That's what no taxation boils down to. Taxes support the government. At the very basic, your taxes will pay for the police and the military to protect your private property.
Yes, I do think you are missing something. The between $150k and $200k range means if my husband and I together make $164k (not each of us added together) then we don't get the full credit. Its phased out at $150k for joint filers, not $250k as his speeches lead one to believe.
Again, I'm not sure why your adding the amounts as the amounts are for the couple combined, not each spouse. Its a salary range, not two amounts to add together. Maybe I'm not explaining it right.
If you go to the calculator and say you and your spouse make a total that falls between $150k and $200k, the credit you get is $500, not $1000.
I'm really not trying to be nasty, I was trying to figure out all the specifics of his tax plan. I agree though that it didn't really answer your question but in trying to do so I wanted to understand the plan first.
The tax calculator seems to be too simple and not the whole story. People will have different results based on the buttons they pushed even though they have the same income.
I believe the credit is different than the statement that people who earn under 250 will not have their taxe liability raised. Aren't we talking about two different things here? If I make over 250 my tax liability is 35% today. It may increase to 39.6. That is not the same thing as a credit to people who make under a certain amount. The stimulus payment sent out last spring had nothing to do with tax liability.
The stimulus payment had a cap as well. People whose earned income or social security income was under 3000 didn't get the payment and the payment phased out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who filed a joint return with AGI over $150,000. The combined payment was reduced by 5 percent of the income above the AGI thresholds.
Page one of the comprehensive tax plan talks about tax rates. Page two talks about credits. Two different things. Credits show up on the return after taxable income is computed and they are phased out based on income. I will get a tax cut because I have kids in college. My neighbor will not because he has no kids. So even though our taxable income might be the same our liability will be different.
I didn't see anything about the Alternative Minimum Tax though.
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