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I agree with this, but it is also spending. If we don't cut spending (by A LOT!!!), raising taxes won't work. The Obamids know this, and they will use it to perpetually raise our taxes. ...but we HAVE to cut spending. We are already spending 40% more than we take in (due to borrowing), so we will have to get an increase of 40% (without increasing spending) just to break even. We cannot raise taxes enough to get out of this. The END, in more ways than one.
Charles Sands
37129
I agree. We need to do both. Unfortunately, we're pretty much screwed any way we go now. Before our massive crushing debt was run up, there was a chance that government spending could create jobs (a.k.a. Reganomics) which could generate new taxes on new income. Unfortunately, the money is spent and there are no jobs. Now we have to take actions that will stifle the economy. Higher taxes means less money for people to spend which means fewer jobs because fewer people will be needed to make goods and provide services. Lower spending means there is no hope of the government creating jobs to stimulate the economy. OTOH, increased spending will bankrupt us. We're past the point of no return.
We wouldn't be if we still made goods here as, sooner or later, people have to start buying cars and replacing appliances but they're all made in Japan and China these days or most of their parts are so it's Japan and China that will enjoy the revival when we get to the point we have no choice but to spend.
My dd needs a pair of boots. So I thought "Minnetonka". Guess what? Their boots are now made in China. So we're going to the cheapest shoe store we can find to buy boots. I'm not paying $200/pair for made in China boots. If they're made in China, I want cheap boots. I don't care if they only last one winter. I can buy six pair for the price of one pair of Minnetonka's. Ditto for Coach purses which are no longer manufactured in the US. This is nothing but greed. The goods are now made in China but the price didn't come down one bit. I don't mind paying more for Made in the USA on the label but I'll be damned if I'm paying more for made in china.
Also add UGG boots to those made in China these days. And again, no cut in price with all the cost savings to move the operation to China.
If you're earning in excess of $150,000 for more than X years running and NOT managing to secure
your million bucks worth of assets then you're an idiot who deserves to lose all that money.
So lets' say $250K paid $60,000 in income taxes, $4K property tax, wage tax lets say depending on where you live can be maybe $10K, paid a mortgage and other basic living expenses, has a kid going to college (maybe $40K a year), and another kid in HS, saving for retirement, also saving for the kid who will soon be going to college.... (they don't get a dime of government assistance)
what if X is ... lets say 3 years. If that is you.. you're screwed.
So lets' say $250K paid $60,000 in income taxes, $4K property tax, wage tax lets say depending on where you live can be maybe $10K, paid a mortgage and other basic living expenses, has a kid going to college (maybe $40K a year), and another kid in HS, saving for retirement, also saving for the kid who will soon be going to college.... (they don't get a dime of government assistance)
what if X is ... lets say 3 years. If that is you.. you're screwed.
I think you misread the question. How is an income of $250K proof someone is a millionaire??? You do realize that income and wealth are two different things, right?
Ask yourself another question. How much does someone who makes $250K/year actually keep of that money and how long do they have to make that much to become a millionaire?
If my math is correct, if they are claiming $250K in income after deductions, they will pay nearly $60K in fedearal taxes. Ignoring state and local taxes, they'll take home something like $190K. If they live on half, it will take them about 8 years to save (with investment income) a million dollars.
So how about answering the question. How does an income of $250K show someone is a millionaire.
Exactly.. Obama is wrong but HistorianDude does not want to admit Obama is wrong. Republicans and people who don't have their heads up Obama's ass understand it.
Obama is wrong to ASSume that people making $200K (single) / $250K (married) are millionaires. He is playing on peoples stupidity. Oh how he must be "laughing" at their ignorance.
The president is playing a game with everyone livelihood. It's a political game to him and he must win. It does not matter if you lose... as long as "Obama wins".
Oh boy, that scares the bejeezus out of me. Tell me it ain't so -- DC having the ivory pillars come down? OMG! Somebody DO something.
I know, let's stop providing health care to the poor, the aged, and the 20 somethings -- yea! What the heck, the idiots bought into it before.
Great idea.
Now I have to go gag up my lunch.
Most of "poor" have access to Medicaid already. Most of seniors have access to Medicare. And most 20 something's choose to not buy health insurance (which only costs them $60-100 month) with around a $1500-2500 high deductible plan. And before anyone says $2000-2500 is "too much". 20 something's routinely blow $50-100 on drinks going out on weekends and the majority of them pay $100 plus per month for they smartphone plans.
And if live anywhere near the DC area. You will know what drives the area. Of course it's a very educated population which tech, education and healthcare jobs. But defense jobs is a major driving force. Cut those jobs there will be some distress homeowners immediately.
Most of "poor" have access to Medicaid already. Most of seniors have access to Medicare. And most 20 something's choose to not buy health insurance (which only costs them $60-100 month) with around a $1500-2500 high deductible plan. And before anyone says $2000-2500 is "too much". 20 something's routinely blow $50-100 on drinks going out on weekends and the majority of them pay $100 plus per month for they smartphone plans.
And if live anywhere near the DC area. You will know what drives the area. Of course it's a very educated population which tech, education and healthcare jobs. But defense jobs is a major driving force. Cut those jobs there will be some distress homeowners immediately.
As you can see from this chart, you have to be very low income to qualify for Medicaid.
Obama wants to tax the middle class but has set it up so he can blame republicans. Republicans want to get people back to work to increase the tax paying group / less people dependent on the government. They don't wan't to raise taxes on anyone because they know raising taxes will increase the dependent class.
IvoryTickler, we think alike. I saw it coming too and have not been spending money. Obama's numbers are fuzzy, he must have inhaled too many times. His plan will send more into government dependency. If the middle class think they feel poor now... watch out, you will look back on these days and call them the good old days.
I agree with most of what you two have said, and said it good. You know the score, many of us do, and many many of us with a brain, saw this mess coming.
After the last miserable 4 yrs, who did not see this coming.
If the owners really don't want to pay all those taxes... all they have to do is pay themselves less.
It doesn't quite work that way. Most small businesses use pass-through accounting and company profits are taxed at the business owners' individual income tax rate. How Partnerships Are Taxed | Nolo.com
The solution, of course, is to wind the business down to only produce profits that end up below Obama's revenge tax level. That means cutting back on work and consequently laying off employees. We're planning for that now.
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Tell me it ain't so -- DC having the ivory pillars come down? OMG! Somebody DO something.
