Obama's new Federal Income Taxes

$7.7 billion out of $410 billion is 1.9%.

I agree we all need to tighten our belts, and apparently the cost of earmarks in this year's spending is a tiny bit less than last years, so that's at least going the right direction.

I'm more concerned with major cuts in spending though. What is the $2 trillion in cuts that Obama mentioned in his speech the other night? That's what I'm curious to read more about. $7.7 billion is a lot, but not enough to get worked up over.

 

Everyone complains the "rich" don't pay enough. Obama is making everyone think $250,000 is "rich". The problem is 250K is simply a husband and wife with middle of the road jobs who can barely support 3 or 4 kids along with 4 elderly parents who have no income, its not rich.

Do some research, it keeps most of you from looking like a fool. The top 25% of wage earners pay 86% of the taxes. The top 50% pay 97% of the taxes, the bottom 50% pay a whopping 3%. And "fair" to you means hosing the people who already pay the bills. It's obvious which bracket you fall in

All in all, tax the wealthy to pay for the bums.

 

Duck!!

 

I'm not gonna hide from statement, the fact is we have too many people who don't earn enough in this country. Instead of doing something about it they just want to punish those of us who have become successful and make us feel guilty about our income. I'm damn proud of graduating high school in the top 3 of my class and going on to a good college and then performing leading to my MBA. There is no need for me to be punished so I can pay for a couple inner city youths who want to drop out of high school and live off the system. If anyone could have taken that path it should have been me, I had a very nice lifestyle growing up, but I still chose to work hard and try to outdo my parents. There are no handouts in life, just people who sit back and earn them, they're called democrats.

 

And how much of the disposable income do the top 25% of wage earners make?

 

Easy, they make 68% of the total income share while paying 86% of the total tax share.

 

And given that the disposable income portion of that would be higher, that sounds about right. Then you add things like sales taxes and payroll taxes which are regressive, and you probably have everyone paying a reasonable share.

The problem is that people just like to focus on federal income taxes instead of all the different types of taxes that people pay.

 

Middle of the road jobs bring in $250,000? Where the f*** do you live? I want to move there immediately.

 

It is apparent you haven't looked very hard at this issue. You have been woefully mislead about what is happening, and if I were you, I would turn your anger towards those who have filled your head with fallacies.

The majority of people on welfare are senior citizens. The largest welfare expense is medical. So you calling these people bums and accusing them of wanting handouts just shows you've fallen prey to the hype.

 

Stop your whining. Smile and give up more of your hard earned money so the Section 8's can have more kids to feed with WIC and collect free money on the EITC. You really give sunshine to their day on da first of every month. Cheers.

 

I never said middle of the road jobs earn $250K, I said a husband and wife earn $250K( ie 2 x $125K/yr middle management jobs). I have lived in Boston,Scottsdale, and now Houston. I'm 33 and I have worked in Finance as an MLP Fund Trader/Analyst at Lehman and now as a Managing Director of Acquisitions/Dispositions at a large commercial property firm based in California, but I get to work from home in Houston and be with my family. $250K is not the end all of money like Obama wants you to think. It won't even give you enough disposable income to live inside the loop in a decent 3-4 bedroom home and be able to eat out once a week at a nice restaurant. Again that isn't everyone's dream in life, but I'm saying $250K won't really do as much as Obama is making the poor think it will. $250K is nothing in California,Scottsdale, or Boston but in Houston it goes pretty far. This is really nothing more than class warfare. If you're rich and want to help the bums who voted Barry into office, be my guest, but I want nothing to do with his socialist policies.

 

What part of the policies are socialist?

 

The part of taking from the wealthy and giving to those less fortunate in an attempt to level the playing field. I'm going to laugh my butt off when this government healthcare thing blows up. Last week in Houston Kelsey-Seybold stopped taking Medicare because the government pays them nothing. All the good doctors are going to go into private practice because their clients can afford it and the poor will once again be left with the bad doctors. FranchiseBlade I have a feeling you are a rich guy with a big heart and I commend you, but do you really think it's fair my tax rate which is already sky high should boom to 40% just because I can afford it? I have worked hard to get where I am and an extra couple percent can equal alot of money that I can take my wife on trips and shopping with. I know that sounds awful, but I worked damn hard to be here, so I should feel guilty and not take my wife shopping and on trips? You're a very smart guy I can tell from what you're saying. I love my country as much as anyone but that just isn't fair. I am all for a flat tax of 10% that would level the playing field, but punishing success is just not American.

 

The taxes have been taking from the wealthy and helping the impoverished for decades. That isn't some new policy that Obama brought up. Taxes under Bush, Reagan and about anyone else you can think of had the same type of system.

I'm not saying anyone should feel guilty. I just don't think 36% to 39% is going to kill anyone.

 

So what's wrong with raising everyone's tax by 3%?

As far as the plan is concerned, the tax raise is fine with me. But capital gains tax should be cut and not raised.

 

Not everyone agrees with you, that's one of the best things about this country!!! I don't think not wanting tax increases is really out of touch with reality!!

 

Is that a socialists viewpoint?