To President Obama from Northern VA: You're Welcome (mortgages, bad credit)

[FindingZen]

Originally Posted by tgbwc

Is it individuals making $250K or households? $250K for a household is not a huge amount. My understanding is that the number, (as fluctuating as it may be), applies to individuals.

I double-checked on Obama's own website where it says this:

Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase.

So I interpret that as a household.

I guess how far that $250K would stretch depends on one's family size and personal aspirations not to mention their location. I certainly concede that here in NOVA, that amount might place a family somewhere in the center of the middle-class. Meanwhile out in the heartland, one would likely be among the wealthiest in the community.

[normie]

One effect this election had regarding Northern Virginia: Loudoun County is now definitely considered part of Nova.

I guess a lot of people thought Nova ended at the Fairfax County Line. I'd tell them I lived in Nova and they'd sneer. "Oh, no you don't--you live in Loudoun, and there's nothing there but a bunch of small towns and red neck people out in the country."

Guess again. Those supposed "red neck people out in the country" voted for Obama. That circle of blue on the election map shows clearly what is and is not Nova. Which means this election opened a lot of eyes.

When this election began, pundits would talk about Nova and people would say "Where?" Now everyone's heard the term, and they see that Nova isn't just a mere suburb of DC, it's become it's own place, with it's own personality. It's much bigger, wealthier and powerful than a mere suburb. And it definitely now includes Loudoun and Prince William counties.

[NOVAmtneer82]

I think a lot of people on this thread are making a mountain out of a mole hill on the tax issue. Yes Barack Obama will be raising taxes on household income over $250,000 but I fail to understand how a raise on the top tax bracket from 35% to 39% is some sort of socialist ploy that will bankrupt high earners.

Look at any tax chart. In the 1950s the highest bracket earners were taxed at a nice 91%, the rates didn't even fall out of the 70% range until 1980. And my god how did we survive most of he 1990s when it was 39.6%. How fast we forget.

I guess one could argue this might not be the perfect time given the state of the economy, but I highly doubt it is somehow going to be enacted right away. Regardless, as another poster alluded to, you will probably find a lot of people somehow conveniently making $249,000.00.

[irisheyes13]

Originally Posted by Tone509

I double-checked on Obama's own website where it says this:

Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase.

So I interpret that as a household.

I guess how far that $250K would stretch depends on one's family size and personal aspirations not to mention their location. I certainly concede that here in NOVA, that amount might place a family somewhere in the center of the middle-class. Meanwhile out in the heartland, one would likely be among the wealthiest in the community.

That is one of the things that bothers me about the blanket $250k.. it takes nothing else in to account and salary/income relative to cost of living varies widely across the country. When we lived in the midwest and in the south, we certainly got way more house and spending power on much lower incomes then we do here in NOVA.

[Darksword]

Originally Posted by mtneeratheart

I think a lot of people on this thread are making a mountain out of a mole hill on the tax issue. Yes Barack Obama will be raising taxes on household income over $250,000 but I fail to understand how a raise on the top tax bracket from 35% to 39% is some sort of socialist ploy that will bankrupt high earners.

Look at any tax chart. In the 1950s the highest bracket earners were taxed at a nice 91%, the rates didn't even fall out of the 70% range until 1980. And my god how did we survive most of he 1990s when it was 39.6%. How fast we forget.

I guess one could argue this might not be the perfect time given the state of the economy, but I highly doubt it is somehow going to be enacted right away. Regardless, as another poster alluded to, you will probably find a lot of people somehow conveniently making $249,000.00.

I believe the higher tax rate will only apply to the amount over $250,000. So if you make $260,000 you'll be taxed $35% on the $250,000 and 39% on the other $10,000. If you're one of those people right on the cusp it's not as dire as people are making it out to be. It really only hits hard those people making way above the $250,000.

[TrekRockStar]

Originally Posted by normie

One effect this election had regarding Northern Virginia: Loudoun County is now definitely considered part of Nova.

I guess a lot of people thought Nova ended at the Fairfax County Line. I'd tell them I lived in Nova and they'd sneer. "Oh, no you don't--you live in Loudoun, and there's nothing there but a bunch of small towns and red neck people out in the country."

Guess again. Those supposed "red neck people out in the country" voted for Obama. That circle of blue on the election map shows clearly what is and is not Nova. Which means this election opened a lot of eyes.

When this election began, pundits would talk about Nova and people would say "Where?" Now everyone's heard the term, and they see that Nova isn't just a mere suburb of DC, it's become it's own place, with it's own personality. It's much bigger, wealthier and powerful than a mere suburb. And it definitely now includes Loudoun and Prince William counties.

Own personality: Lol... talk about personality. Stores that look exactly the same, the yuppie starbucks at every corner. No respect for the battlefields(trampled on by traffic), houses that look the same, school systems that only care about grades and not citizenship, horrible traffic.

That's quite a peronality you got there!

Of course NOVA has a personality but compared to the rest of VA, there is no comparison.

After living in Blacksburg, VA for 4 years I can honestly tell you there is much more to a place than a coffee shop, strip malls, clubs and so many cookie-clutter things.

[Nemesis15]

I think some of you guys need to reevaluate your political theories and realize that his proposition still isn't defined as a "socialist's move."

[bungalowmo]

I'm with you TrekRockStar! Even tho I work near Dulles Airport, I purposely moved West...to get out of the cookie cutter life of living in a townhouse on someone else's property!

My place is nearly 100 years old & believe me, no one in town has a place that looks like it!

As far as President Obama goes...I voted for him! I'm tired of being ruled by the "rich white man". While I am white, I cannot relate to any of the ideas they have put forth to date. They're all about keeping the rich rich & letting the lesser earners fall through the cracks. They can't see them from their yard, so they can't be bothered.

I can't wait for Bush to be out...he hasn't been a leader...he's been a liar, manipulator and a total imbecile when it comes to our Country's financial future. What a legacy....

[ACWhite]

Originally Posted by Tone509

I double-checked on Obama's own website where it says this:

Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase.

So I interpret that as a household.

I guess how far that $250K would stretch depends on one's family size and personal aspirations not to mention their location. I certainly concede that here in NOVA, that amount might place a family somewhere in the center of the middle-class. Meanwhile out in the heartland, one would likely be among the wealthiest in the community.

I completely agree. I wish that federal tax law took that into account. And people should remember that something like 40% of all households are occupied by single individuals with one income, plus another x% have one income plus children. The house costs the same whether you have two incomes or one and where the housing costs are extremely high and a big proportion of expenses (and where incomes haven't come close to keeping up) it is very difficult to maintain a middle class lifestyle. As you said, a $250K income (or a $200K income for a single income household, which I think was the # I heard quoted) buys you a fabulous house in many parts of the country, with $ left over for all the necessities and savings, plus vacations, and other luxuries. But it is not "rich" here.

[arabellava]

Originally Posted by Nemesis15

I think some of you guys need to reevaluate your political theories and realize that his proposition still isn't defined as a "socialist's move."

Obama's desire to "share the wealth" is a classic example of taking money from the proper owner and transferring ownership of it to the state, so that the state can decide what to do with it. That's socialism.