Hey people who make $250,000... (employment, Barack Obama, chairman, socialist)
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Hey people making $250k a year - you're in the top 1% of earners in the US! That means that 99/100 families make less than you do! Congratulations!
Know how you're responsibly making your mortgage payments? Saving for your retirement? Taking a vacation once or twice a year? Going out to eat at nice restaurants every so often?
Yeah, see, people making far less than that - those 99%! - can't do that. They may able to afford rent, maybe some consumer electronics (which are nice and cheap due to labor exploitation overseas), have a crappy car that they can barely afford to fix, can't save a penny for retirement and can easily go bankrupt if they get sick because their health insurance (if they have any) sucks!
It's super duper that you are so responsible with your money, not spending it on lavish vacations or corporate jet timeshares. But see, if you wanted to live irresponsibly and high on the hog, you have that option. $250k buys a lot of nice vacations if you don't want to put money in your 401k. Others don't have that option.
Look at it this way: if my high school kid scored in the top 95% with a 95 on an exam, and the top 1% scored a 50,000 on the exam (or 526x what he scored) I would not consider him rich.
But I'm not talking about whether your kid was rich, I was talking about whether your child was bright. Maybe he's not genius grade, but you'd probably boast about it to your neighbors.
And I'm just using an analogy to make a point. I do understand that people standing on the income later 95% of the way up are looking at the other 5% way up where. I just think that the people at $250K should realize that they're not 'average' when it comes to income.
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On the graph you posted it is obvious that cutting off at 250,000 is a stupid idea, why not 2 million? Why not 150,000? Where did this arbitrary cutoff come from?
Actually, not arbitrary. As I pointed out, that $250K spot corresponds with where income for the wealthy really takes off, where it really begins. Mathematically speaking, the tangent of the Income function has a slope of 1, below that point the slope is very much below 1 and above that slope it is very much above 1.
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None of this will make a dent in the debt in this country anyway. The only way to really reduce the debt is to shut down military bases overseas, and cut government departments and seriously reduce spending.
Just because this one action won't resolve the deficit at one blow doesn't mean that it can't partially help. The solution may be a lot of not so large adjustments, not one great big cut.
Also, if you make $251K in income, the extra 3.6% of income tax would only kicks in on amounts over $250K, resulting in an extra $36. That's it, an extra 36 bucks per thousand per year.
There is nothing wrong with fixing my old car, and that's most probably what I'll end up doing especially given how much I like the vehicle. (And for the record, it's nothing grand, just an average sedan.) My point is that all consumers, including those of us with generous incomes, would likely pull back dramatically, making it extremely difficult for our government to plan for and meet its obligations. In turn, the slowdown would also ripple through our economy, potentially leading to even higher unemployment numbers and lower tax revenue. I cannot fathom why you think this is a good move.
Oh, c'mon! We put two through on less income than that! One went to a private college that was not real generous with the scholarships.
The cost of a new starter home in my area is just under a cool million. That's not a mansion and it's not in an exclusive area. It's just a house. You must consider that while $250K may in fact be a lot of money in some areas, in others it's not. According to Reuters, the present median home price in the US is $235K. In some areas that will buy you a waterfront McMansion in a great neighborhood. Here in the San Francisco Bay Area it'll get you a 90-year-old shotgun shack in one of the seedier parts of Oakland or Richmond. Money just doesn't work the same from coast to coast.
So you are exactly the kind of person our President is calling out for taking advantage of the loopholes in our tax code to avoid paying your fair share.
Oh, I am the person who pulled out of banks to hurt Obama.
Perhaps so, ohbeehave, but what exactly does that have to with repealing the Bush-era tax breaks?
I am responding with both my posts in mind as they were sort of
Like some others here, I watch this fearing my financial well being. If tax breaks are repealed, the higher earning (affected) clients spend less, business slows but my obligations remain (various insurance, rent, phones, vehicles, equipment, maintenance.). Salary has to be adjusted down but other household costs continue rising (taxes, HO insurance, phone, cable, health insurance, heating oil, etc.)
If repealing the tax breaks doesn't impact us as dips have in the past, we run the risk of having profits added into our income, bumping us into a category which could hurt.
Just because this one action won't resolve the deficit at one blow doesn't mean that it can't partially help.
Then why don't liberal $250K+ earners start sending checks to the government? They keep saying "it won't make a difference..." well you can't have it both ways. Either it will, or it won't...
The cost of a new starter home in my area is just under a cool million. That's not a mansion and it's not in an exclusive area. It's just a house. You must consider that while $250K may in fact be a lot of money in some areas, in others it's not. According to Reuters, the present median home price in the US is $235K. In some areas that will buy you a waterfront McMansion in a great neighborhood. Here in the San Francisco Bay Area it'll get you a 90-year-old shotgun shack in one of the seedier parts of Oakland or Richmond. Money just doesn't work the same from coast to coast.
No s***, Sherlock! Good grief, you must think I'm pretty naive if you think I don't know that. I don't know what that has to do with putting kids through college. By then, your house payment is usually fairly low in comparison to your income, lower than it was when you bought the house, anyway.
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