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2) We are in a recession. Tax cuts for the wealthy don't stimulate growth. They tend to not use the money in ways that stimulate the economy. Middle income earners are more likely to spend on retail goods and thus stimulate the economy.
3) It's not about failed communism plots, or whatever illogical notion has been proposed. The sheer fact of the matter is that the tax cuts will result in another $700 billion to the deficit. So we would be adding a non-stimulative measure to the deficit.
4) Most people making over $250k a year aren't small business owners. Thus the argument of helping small business is flawed. If they were, the tax cuts wouldn't influence them to hire more people. If this were the case, then why didn't that occur in 2009? Consumer confidence was slightly higher, the economy was slightly stronger (growth occurred in Q4 stronger than the latest figures). Yet, there was no hiring.
Again, it's simply a matter of balancing the budget and trying to keep our nation on track.
I was also looking for more recent data, but I didn't see anything from 2009 either. Probably not available yet.
The data from 2008 would make for an interesting distribution curve.
That article I posted was actually quite interesting..says mean/median income has been dropping each year..not just during this recession.
The highest mean income was in 2000 $71.5K.
Looks like we're all moving in that downward path.
Yea, and watch the wealthy reduce their workload to below 250k levels, establish the rest as part of a non-profit organization, move overseas while working remotely, fire all their <250k employees, and live off their savings. Then who will be crying? HA HA HA
What Employees? THEY ARE NOT BUSINESS OWNERS. THIS IS PERSONAL INCOME WE ARE TALKING ABOUT. You make absolutely no sense.
Good God, don't you people know the difference???
If they WERE Business owners, they would be able to get OUT of the tax bracket by reinvesting the profits they would be taking home, back into their companies.
Why would a company care what taxes their EMPLOYEES have to pay? Yeah, they don't.
What does someone take home monthly who makes $250k? Their gross is about $21k/month there net must be at least $13k per month.
Sorry I can't imagine anywhere (including NYC) where taking home that much isn't doing really well. Hell you could drop $5k/month on rent and still have $8k to throw around.
Generally no.
For someone who lives in NYC and has 0 withholdings on all taxes, puts aside 10% in their 401k and pays about 100.00 a month for dental and medical insurance through their employer-- they would pull in approximately 10,192.00 a month.
Most folks with that as a salary tend to go ahead and put in additional withholdings for their state income tax and federal. Most of them also put aside more than 10% in their 401k and some even pay higher premiums for health and dental insurance based on their salaries.
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