Obama's Tax Threshold Going Down

[Goofyluver]

Yes. Did you read what gmboy95 said?

I thought you were implying that somehow people making as little as $150,000 would see increased taxes .

I'll split it with you 50/50.

 

[gmboy95]

Today we are engaged in a deadly global struggle for those who would intimidate, torture, and murder people for exercising the most basic freedoms. If we are to win this struggle and spread those freedoms, we must keep our own moral compass pointed in a true direction.


Barack Obama

 

[LakeAriel]

It took a lot of blood, sweat and tears to get to where we are today, but we have just begun. Today we begin in earnest the work of making sure that the world we leave our children is just a little bit better than the one we inhabit today.
Barack Obama

 

[gmboy95]

It took a lot of blood, sweat and tears to get to where we are today, but we have just begun. Today we begin in earnest the work of making sure that the world we leave our children is just a little bit better than the one we inhabit today.
Barack Obama

 

[AlexTina]

Honest question here, not trying to take sides, just trying to figure out the issue before next Tuesday.

Under the Obama plan, he will repeal the top tax bracket cut moving it from 36% to 39.6%. That is clear.

My question is, what happens in 2011 when the tax cuts of 2001 and 2003 expire? There is no talk about extending them. There were cuts of 3% or more across the board there (5% for the lowest brack - under $8,000). Wouldn't all rates go up at that time? Am I missing something there?

If you figure it on a joint couple having $100,000 taxable income, using the tax schedules for 2007, they would pay about $17,850. If the tables move back to pre-2001, the 10% rate is gone, becoming 15% and the 25% bracket will move to 28%. Using the same income number, the taxes would be $19,720 (15% for the first $63,700 and 28% for the remainder). That's almost $2,000 more in taxes.

Obama will allow all previous tax cuts to expire. The tax cuts that you speak of will not be renewed so yes the taxes will go up. It's sort of like local elections when their constantly telling you that if you vote for this or that your taxes won't go up, problem is they never bother telling you that if you vot against it your taxes will go down .

Tina

 

[momto2girls]

i said it before and i will say it again. obama will raise taxes. and anyone naive enough to believe that if you make under 250 k, your taxes arent going up is fooling themselves. i am a mccain supporter, but i am not dumb, i see that obama is going to win. and i know my taxes will go up. obama is a democrat and that is what they do. we all know that. so lets move on, and discuss more important matters. like refillable mugs.

So true! I'm pretty resigned about the whole thing too. So, I'll just sit back and wait to see how quickly the moderates who were swayed to vote for Obama regret their decision. Any bets? I predict that people will sheepishly admit for years to come that they voted for Obama. We have to have a Carter every couple of decades because we as a population are that gullible, I guess.

 

[AuntieM03]

uh, uh, uh-

Barack Obama

 

[Rella Bella]

“There is not a black America and white America and Latino America and Asian America -- there is the United States of America,”
Barack Obama, 08

 

[momto2girls]

uh, uh, uh-

Barack Obama

Best post of the day!!!

 

[wdw4life]

uh, uh, uh-

Barack Obama

 

[Rella Bella]

So true! I'm pretty resigned about the whole thing too. So, I'll just sit back and wait to see how quickly the moderates who were swayed to vote for Obama regret their decision. Any bets? I predict that people will sheepishly admit for years to come that they voted for Obama. We have to have a Carter every couple of decades because we as a population are that gullible, I guess.

There's nothing new about taxes. They've been raised and lowered (or threatened to be) every election since income tax began. But now John McCain and the RNC want to scare people into voting their way so they are using scary words like redistribution, socialism, even communism to describe what has always been the norm in America. I used to think the RNC held much of the moral high ground but now I realize I was sadly deceived. They will do ANYTHING to win.

Raising taxes for some 3%, back to the level during the Clinton adminstration is NOT radical.

I guarantee there isn't an American anywhere who will be so discouraged by 3% that they will say... "gee, I guess I won't work for a while". Nor will a small break for everyone who makes less than $250,000 change the world.

With every new scare tactic (and living in a swing state I've seen the slimiest of them all) I am more firm and confident in my decision to vote Democrat.

 

[crazyforgoofy]

But they sense ... that with just a change in priorities, we can make sure that every child in America has a decent shot at life, ... They know we can do better. And they want that choice. ~Barack Obama

 

[Tigger Woods]

“Over the last 15 months, we’ve traveled to every corner of the United States. I’ve now been in 57 states. I think one left to go.”

-Barack Obama

 

[momto2girls]

There's nothing new about taxes. They've been raised and lowered (or threatened to be) every election since income tax began. But now John McCain and the RNC want to scare people into voting their way so they are using scary words like redistribution, socialism, even communism to describe what has always been the norm in America. I used to think the RNC held much of the moral high ground but now I realize I was sadly deceived. They will do ANYTHING to win.

Raising taxes for some 3%, back to the level during the Clinton adminstration is NOT radical.

I guarantee there isn't an American anywhere who will be so discouraged by 3% that they will say... "gee, I guess I won't work for a while". Nor will a small break for everyone who makes less than $250,000 change the world.

With every new scare tactic (and living in a swing state I've seen the slimiest of them all) I am more firm and confident in my decision to vote Democrat.

You are right. Taxes have always been an issue in elections. I am just amazed that someone as "smart" as Obama is supposed to be would decide to raise taxes in a bad economy. Maybe history isn't a subject he excelled in? Whatever. I'm just glad that I will not have any responsibility for this mess.

We will be in the 250K+ crowd and you are right. A 3% increase won't cause us to work less. It will cause us not to grow any further though. We won't add the employee we planned to next year. And if any of the other tax increases happen (the Social Security cap being removed or the 401k changes), we will be getting rid of employees and downsizing the business. We are not in the business of funding the government.

Also, as for the increases that we will pay in taxes due to the 3% increase, the only group it will hurt is the charitable organizations. Our charitable contributions will go down by the amount that our taxes increase.

I am certainly glad that you feel comfortable with Obama. If your candidate wins, I will have perverse enjoyment sitting back and watching the fallout.

 

[manning]

There's nothing new about taxes. They've been raised and lowered (or threatened to be) every election since income tax began. But now John McCain and the RNC want to scare people into voting their way so they are using scary words like redistribution, socialism, even communism to describe what has always been the norm in America. I used to think the RNC held much of the moral high ground but now I realize I was sadly deceived. They will do ANYTHING to win.

Raising taxes for some 3%, back to the level during the Clinton adminstration is NOT radical.

I guarantee there isn't an American anywhere who will be so discouraged by 3% that they will say... "gee, I guess I won't work for a while". Nor will a small break for everyone who makes less than $250,000 change the world.

With every new scare tactic (and living in a swing state I've seen the slimiest of them all) I am more firm and confident in my decision to vote Democrat.

If you are talkinig about just letting the present tax law expire, take a look at the bottom of the tax bracket.....The 10% bracket disappears making the lowest 15%.....a 5% increase.

 

[Caskbill]

If you are talkinig about just letting the present tax law expire, take a look at the bottom of the tax bracket.....The 10% bracket disappears making the lowest 15%.....a 5% increase.

Actually going from 10% to 15% is a 50% increase in actual money paid. It's a 5% change in the rate, but a 50% increase for those persons affected.

 

[mom2boys77]

Can anyone explain why someone making 0 would get a 567 dollar tax cut????
Tax Policy Center, here is how Obama's tax plan breaks down for individuals:

$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut

$226,919-$603,402 = $121 tax increase


$603,403-$2.87 million = $93,709 tax

$2.87 million-plus = $542,882 tax increase

With Obama's Plan there should be a surplus of 700 billion dollars.

By raising taxes from 35% to 39% on those families making more than $250,000 he should have a 700 billion surplus even after the tax breaks are given to the middle class.
----------------------------

According to the following website the Obama plan would add 700 billion dollars to the Federal budget.

With McCain's plan the Federal budget would have a 600 billion dollar deficit.



http://www.suntimes.com/news/politics/obama/1031678,obamamccaintaxplans.article


----------------------------------------


http://firstread.msnbc.msn.com/archive/2008/10/28/1600845.aspx

 

[Laz]

Many on this thread are posting quotes from Obama's speeches. True, he talks a good talk. The real question is if he can back it up or will he back down to the real power in the democratic party?

As for Biden's 150,000 mis-speak--Freudian Slip??

 

[minnie61650]

Can anyone explain why someone making 0 would get a 567 dollar tax cut????
Tax Policy Center, here is how Obama's tax plan breaks down for individuals:

$0-$18,891 = $567 tax cut
$18,982-$37,595 = $892 tax cut
$37,596-$66,354 = $1,118 tax cut
$66,355-$111,645 = $1,264 tax cut
$111,646-$160,972 = $2,135 tax cut
$160,973-$226,918 = $2,796 tax cut

$226,919-$603,402 = $121 tax increase


$603,403-$2.87 million = $93,709 tax


$2.87 million-plus = $542,882 tax increase

It is the high end amount.
Not actual.

Someone making $0 will get a $0 tax break.

Someone making $18,891 will get a $567 tax break.

Those making more than $0 but less than $18,891 will get a tax break somewhere between $0 and $567.

Hope that helps!

 

[manning]

Actually going from 10% to 15% is a 50% increase in actual money paid. It's a 5% change in the rate, but a 50% increase for those persons affected.

You're right, that didn't even cross my mind good catch.