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You meant the Obama tax cuts, The Bush tax cuts expired two years ago.
Quote:
Originally Posted by Ivorytickler
Dh and I will also be divorcing for tax purposes when he retires next year. Turns out I qualify to get back more than I paid in by claiming the house, single head of household (homestead tax credit....tax write off for the mortgage, taxes, etc, etc, etc...) and the kids AND dd#2 gets a social security check because her dad is retired that won't be taxable because it's her income AND AND AND my dd's will qualify for financial aid for college. I like this flipping the bird at the dems thing.... I never even would have looked into this if it weren't for the talk of letting the Bush tax cuts expire (One more AND is I get to stay in teaching instead of needing to find a better paying job because the less I make, the more I get from the government.) Turns out we're MUCH better off divorced than married now that dh has to go onto medicare (my insurance dropped him when he turned 65 so we no longer have the issue of my being unable to cover him because we're not married. This move saves us about $4k in taxes if the Bush tax cuts are allowed to expire.)
If the Bush tax cuts aren't allowed to expire, I may keep him....I'll have to think it that though...
In light of Obama's tax plan, the HENRY acronym for the high earners will really be HENRIs, "High Earners Not Rich Indefinitely.
In Fortune's interviews with dozens of HENRYs from Charlotte to Concord, Calif., what emerged was a portrait of families a world away from the private jets, luxury vacation homes, and heated garages with Bentleys and Porsches lined up headlight to headlight that typically represent America's vision of "rich."
And yet Obama has determined that these people need to pay their "fair share," despite paying almost all of the taxes in the country. These are hardworking Americans who have made good decisions, but are now being punished for being successful. As CNN points out, that creates some pretty perverse incentives and tells these highly talented, hardworking people not to work, not to put in extra hours, not to go above and beyond because Uncle Sam is just going to take the fruit of their labor.
In light of Obama's tax plan, the HENRY acronym for the high earners will really be HENRIs, "High Earners Not Rich Indefinitely.
In Fortune's interviews with dozens of HENRYs from Charlotte to Concord, Calif., what emerged was a portrait of families a world away from the private jets, luxury vacation homes, and heated garages with Bentleys and Porsches lined up headlight to headlight that typically represent America's vision of "rich."
And yet Obama has determined that these people need to pay their "fair share," despite paying almost all of the taxes in the country. These are hardworking Americans who have made good decisions, but are now being punished for being successful. As CNN points out, that creates some pretty perverse incentives and tells these highly talented, hardworking people not to work, not to put in extra hours, not to go above and beyond because Uncle Sam is just going to take the fruit of their labor.
You can't get blood from a turnip. Based on budgetary requirements you need to get the money from where it is. I may be affected but I am not going to work less because if I make an extra 25k that may get taxed at 4 percent more. And yes that is what we are laking about. Monies over 250k would go from 35 to 39 percent.
The assault on the HENRYs and the $250 K plus crowd goes beyond income and capital-gains taxes. Obama puts it in his own words in his memoir, Dreams from My Father, where he denounces the companies and the people who had left the city behind.
Obama is a regionalist. He believes the social and economic inequities suffered by inner-city blacks and other minority communities are traceable to white flight to the suburbs. The suburbs are, in their essence, enclaves of white privilege which effectively doom the people left behind in the cities to meager opportunities and economic hardship.
You can't get blood from a turnip. Based on budgetary requirements you need to get the money from where it is. I may be affected but I am not going to work less because if I make an extra 25k that may get taxed at 4 percent more. And yes that is what we are laking about. Monies over 250k would go from 35 to 39 percent.
Yep that's an extra 4% but did you are forget that in addition to the
4% increase you will also have to pay
3.8% Obamacare tax,
Alternative Minimum Tax,
Increase in payroll tax (it is now more expensive to pay employees)
and if you have a working spouse there is the wonderful marriage penalty.
250K is not the millionaires and billionaires. That Obama knows that the truly rich will get around his taxation. One minute liberals claim they hate the rich because they say they don't work for their money then they go after people who do work. People who have managed to climb higher but now will be pushed back down. So what is new right.
Obama is pandering to the middle class and the poor but little do they realize that if they hit on that idea that can make them good money they will never be rich unless they have time on their side or republicans stop him. Obama knows that the middle class and poor are angry but their anger is at a different group of people. Obama's friends are rich so he won't go after them either and if he does they will get around it.
Yep that's an extra 4% but did you are forget that in addition to the
4% increase you will also have to pay
the 3.8% Obamacare tax,
the Alternative Minimum Tax,
the increase in payroll tax (it is now more expensive to pay employees)
and if you have a working spouse there is the wonderful marriage penalty.
250K is not the millionaires and billionaires. That Obama knows that the truly rich will get around his taxation. One minute liberals claim they hate the rich because they say they don't work for their money then they go after people who do work. People who have managed to climb higher but now will be pushed back down. So what is new right.
Obama is pandering to the middle class and the poor. He knows they are angry and don't know any better. His friends are rich so he won't go after them either and if he does they will get around it.
First of all I didn't forget anything. And just to be clear I am a business owner and am fully aware of what labor costs are.
AMT? That is a separate subject. The AMT has been an issue for 20 some years and does need to be addressed. Not arguement there. And Obama has tried to address that just as Bush and Clinton and it still has not been addressed. This is not at all part of the progressive tax bracket issue.
I already provide my employees (and there family) with health care at a standard above Obomacare. It's the right thing to do.
Increase in payroll tax? Payroll tax is FICA and Medicare. We have a temporary reduction of FICA. Other than that there is no new payroll tax.
Marraige penalty? Sorry. All things being equal filing married vs. separately almost always equates to lower taxes.
And I don't know what you mean by 4 percent increase I will have to pay. The only 4 percent is monies above the first 250K. If I make another 100k this year I will happily pay 39 percent on the additial 100k vs 35 percent. Let's see, would I rather make 250k at 35 percent or earn another 100k but have to kick in an additional 4k for that extra 100k? Tough question.
Obama's tax increases will not affect households making between $250,000 and 500,000 very much at all. They will end up paying between 0.2 to 0.9 % more of their income in taxes.
Effect on joint filers of Obama's tax increase:
$ Income level ______ Additional tax___per cent of income
250,000 - 300,000________$669_______0.2 % of their income
300,000 - 350,000_______$1,481______ 0.5 %
350,000 - 400,000_______$2,564______ 0.7 %
400,000 - 500,000_______ $4,090______ 0.9 %
500,000 - 1 million_______$16,837_____ 2.5 %
$1 million and up_________$140,538____ 4.8 % of income
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(One more AND is I get to stay in teaching instead of needing to find a better paying job because the less I make, the more I get from the government.) Turns out we're MUCH better off divorced than married now that dh has to go onto medicare (my insurance dropped him when he turned 65 so we no longer have the issue of my being unable to cover him because we're not married. This move saves us about $4k in taxes if the Bush tax cuts are allowed to expire.)
