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Depends if you have a job from which you get a lot of earned income then you will pay a higher tax rate. If you sit on your tuckus and get money from Dividends and capital gains then you wont pay nearly as much. The problem in the American tax code is not a rich/middle class divide it is a earned income/capital gains, and dividend divide. In that the people who earn income pay the high taxes and the people who get it from capital gains and dividends don't
Now there are a lot of stories made up about why the people with dividend and capital gains income should pay lower taxes, but they are basically all BS. It is still at tax on income and studies show that taxing capital gains and dividends at higher rates does not have an impact on economic growth.
If you have it out for people who earn money from dividends then can you tell me why is Obama going after a group of people who do earn their money from working? Those being the small businesses.
Obamacare will deal with cap gains/dividend tax rates starting 1/1/2013.
If the Obama cuts expire that will deal another blow to cap gains/dividend tax rates.
and that is exactly what we need to deal with this deficit and have a fair tax code. I see no reason why the budget should be balenced on people who work for their money.
and that is exactly what we need to deal with this deficit and have a fair tax code. I see no reason why the budget should be balenced on people who work for their money.
People who are in the $200/$250 range still work for their money? So what is your answer for Obama wanting to increase taxes on them?
If you have it out for people who earn money from dividends then can you tell me why is Obama going after a group of people who do earn their money from working? Those being the small businesses.
Because most of what Obama is doing is targeted at income besides earned income and 99.5% of Americans will stop listening to an proposal the minute you say the words "capital gains" because it is to hard to understand.
My brother makes about 125,000/yr as a bank President. When he comes to visit me and drives his truck 1000 miles each way, he always sets up brief meetings with potential clients in Omaha, NE and writes off most of travel expenses. Says it pays for fuel and wear and tear on truck. He is not self employed!!
Best guess the bank is reimbursing him for milage ( $1110 +/- round trip) and the bank takes the deduction
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