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This illustrates the problem. Giving tax cuts to corporations and the wealthy can raise GDP, but it does not create jobs (in the US, anyway. I'm sure many jobs were created in China, India and Mexico as excess capital was invested in those economies due to the tax cuts for the rich.)
The rich already have enough money to consume more than they need. Anything extra goes to investment. Calling a broker (stock, real-estate, gemstone, art, precious metal, etc.) does not create a job. While $13 per week is a paltry sum, that money will, most likely, be spent on consumption. That's the idea. In aggregate, a couple hundred billion dollars will be pumped back into our economy, rather than go offshore or into the pockets of already-well-to-do brokers.
Well at any rate, I will have to start taking loans again AND working OT to pay my taxes when the tax cuts expire.
I am on a hamster wheel now...the more my taxes are, the more I have to work to pay them. The more I work, the more I make and then my tax bill goes up. It's a vicious cycle and I can't get off of it. Hearing of tax increases makes my skin crawl. If I had a kid, I would never tell them to go to college. For what? To get a better job? ROFL! It's not worth it.
All you are going to see is use of more write offs and deductions and more legal ways of tax avoidance and probably a lot of illegal tax evasion.
Milton Friedman did a lot of studies on the punitive taxation we had from the 1930's to 1980's and found the higher the tax rate the more people lawyers and accounted their way out of paying taxes, not to mention outright tax evasion and it resulted in a huge amount of waste with people invested in tax shelters.
So as Obama increases taxes to pay for universal everything since we are all little children and cannot manage our lives or make decisions for ourselves, all you will see are more pages added to the 57000 page tax code as people lobby, lawyer and accountant their way around taxes.
The little children have gotten their little sweetener of $13 a week. But as the Bush tax cuts are rolled back it will be the first step towards taxing everything in sight. Only a fool would believe tax cuts are not coming. We are $12 Trillion in debt with another $55 Trillion in future obligations, and now with a dramatic expansion of guvment, it's all going to have to be paid for somehow.
When all these sycophantic swooning liberals stand below obama and listen to all the goodies they are getting, they foolishly believe it's someone else that will be paying the tab for them. Yes there will be those other people paying for them, but they'll be paying themselves as well.
No I am not living above my means. We just sold our UPSIDE DOWN house, and now rent, we own 2 small cars (Honda and Toyota), I wear scrubs with a lab coat and crocs to work and I wear shorts and T's the rest of the time. I have no kids, I don't smoke or drink and I am vegetarian. We eat at home, I pack my lunch and I do not buy expensive shoes, clothes,etc. I go to Best Cuts for my bi annual hair cut. We help pay for my hub's senior parents bills and I give to my church and a couple Autism programs. So I am NOT living above my means.
Then what are you spending your $250k++ on? What are your expenses? Because I'm right there and have a $4k/mo housing bill and two car payments... and am not taking loans out to pay my taxes.
This illustrates the problem. Giving tax cuts to corporations and the wealthy can raise GDP, but it does not create jobs (in the US, anyway. I'm sure many jobs were created in China, India and Mexico as excess capital was invested in those economies due to the tax cuts for the rich.)
The rich already have enough money to consume more than they need. Anything extra goes to investment. Calling a broker (stock, real-estate, gemstone, art, precious metal, etc.) does not create a job. While $13 per week is a paltry sum, that money will, most likely, be spent on consumption. That's the idea. In aggregate, a couple hundred billion dollars will be pumped back into our economy, rather than go offshore or into the pockets of already-well-to-do brokers.
You better get on the ball and tell Obama trickle down doesn't work!
No I am not living above my means. We just sold our UPSIDE DOWN house, and now rent, we own 2 small cars (Honda and Toyota), I wear scrubs with a lab coat and crocs to work and I wear shorts and T's the rest of the time. I have no kids, I don't smoke or drink and I am vegetarian. We eat at home, I pack my lunch and I do not buy expensive shoes, clothes,etc. I go to Best Cuts for my bi annual hair cut. We help pay for my hub's senior parents bills and I give to my church and a couple Autism programs. So I am NOT living above my means.
Then if you're making $250K, that's what - $15K a month take home? We have a household income of around $125K, live in a half million dollar house (granted, we had a lot of equity from CA to put down), and do ok, and no tax issues.
Well at any rate, I will have to start taking loans again AND working OT to pay my taxes when the tax cuts expire.
I am on a hamster wheel now...the more my taxes are, the more I have to work to pay them. The more I work, the more I make and then my tax bill goes up. It's a vicious cycle and I can't get off of it. Hearing of tax increases makes my skin crawl. If I had a kid, I would never tell them to go to college. For what? To get a better job? ROFL! It's not worth it.
Yeah, because ignorance pays so well in this country.
$250,000 a year isn't really that much money if you have a family to feed, a home, a car, etc. Those people who are in the six-figure bracket and up to $20 mill a year are the ones creating jobs. I say the middle class leading up to $20 mill a year should have a 10% tax and those at $20 mill and over should pay at 50%.
really? I have a family to feed, a house to pay for, 2 cars, etc. We make 1/3 of that amount, and even that is a lot more than a lot of families out there.
Well at any rate, I will have to start taking loans again AND working OT to pay my taxes when the tax cuts expire.
I am on a hamster wheel now...the more my taxes are, the more I have to work to pay them. The more I work, the more I make and then my tax bill goes up. It's a vicious cycle and I can't get off of it. Hearing of tax increases makes my skin crawl. If I had a kid, I would never tell them to go to college. For what? To get a better job? ROFL! It's not worth it.
I agree with what others have written. Sounds like you need a new tax accountant, or are living beyond your means. I don't understand your problem. I make only $50k and I have no problem paying bills. My income tax came out almost exact: The IRS owes me $75. Why do you owe so much in taxes? Perhaps you should have more deducted.
OK so I am in the same bracket that you are. So where in the world are you getting that your taxes will only increase $7 a week? 3-4% increase in my income is not going to increase my taxes by just $7 a week. Am I reading your post wrong???
As it is now I work OT and bank it to pay my taxes and I am not just working 1 few hrs here and there. I work about 50 hrs OT a pay period. I used to work 80 hrs OT a pay period but that was when I had to be footing the bill in Ohio too. Before Bush's tax cuts I used to work OT AND have to take a loan each year. So what am I missing here?
If you have to take out a loan to pay your taxes you are doing something wrong. The rest of us can not figure out WTH you are talking about, equating the number of hours of OT you work in order to pay your taxes. Dollar amounts would get your point across better. Also, you were asked on page 1 of this thread to provide a link that proves your OP is correct. I haven't seen it yet.
Then if you're making $250K, that's what - $15K a month take home? We have a household income of around $125K, live in a half million dollar house (granted, we had a lot of equity from CA to put down), and do ok, and no tax issues.
Well, what can I say? I'm not lying about this. I have no kids, etc. If you lived in a 1/2 a million house where I just moved from your property tax alone would have been 14K a year. So I dont' know what to tell you. I guess congrats for doing so well.
I find it very odd why a person like me can't even post without being called ignorant, a liar, etc.
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