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I'm also interested in the disparity in what's on the Obama website and Bidens statement, web says $250k, Biden says $150k so I guess to answer the OP, your right there isn't anything different from what's happened up to now.
No new hope,no new change same old lip service and change the numbers whenever...
I'm also interested in the disparity in what's on the Obama website and Bidens statement, web says $250k, Biden says $150k so I guess to answer the OP, your right there isn't anything different from what's happened up to now.
No new hope,no new change same old lip service and change the numbers whenever...
I think I figured this out by using the tax calculator on Obama's site...
If you select married filing jointly, $100-150K - tax credit is $1000 but if you select $150-200k (which shouldn't change since its under $250k) the tax benefit is now only $500
Also note that the child care tax credit and the 50% of first $1000 of retirement savings are capped..retirement credit at families making $75k not sure about the child care tax credit.
I'll bite....Since our Dear Ronald Reagans's first term the GOP has steadily lowered the top tax rate from 50% to 35% today....We know we can't get rid of "socialism" all at one time, so we are doing it in increments.
Now this upstart Obama is trying to raise it back up to 39.5%.!!! What's next?.........Reeducation camps for rural Southern whites???
I think I figured this out by using the tax calculator on Obama's site...
If you select married filing jointly, $100-150K - tax credit is $1000 but if you select $150-200k (which shouldn't change since its under $250k) the tax benefit is now only $500
Look, I'm not a math genius and can mangle a sentence with the best of them but even I know that:
Look, I'm not a math genius and can mangle a sentence with the best of them but even I know that:
150 K + 200 K = 350 K which is > 250 K.
Well, I'm not sure why you are adding the two amounts together. I wasn't trying to mangle anything.
What his own tax calculator says is this...
As a married couple jointly making between $150k and $200k the tax cut is $500 but if we make between $100k and $150k its $1000. Why aren't both income ranges $1000? Both ranges fall under the $250k for families, right?
Obama wants to use the tax system to spread wealth, not for budgetary shortfalls but out of fairness. He believes that it is not fair that some people make more than others and wants to take property from some to give to others only out of what he deems as fairness. That is socialism, you already know the karl marx quote.
Taxing people to run government programs however we agree or disagree on the method or purpose is one thing, taxing because you think it's fair to confiscate property is another.
Thats okay....I found the answer to one of my questions. The Making Work Pay credit phases out at $75k for individuals and $150k for joint filers. Thats where the $150k number comes from I believe.
Making Work Pay credit. Senator Obama has proposed a new refundable tax credit for wage earners and the self-employed. His Making Work Pay credit would equal 6.2 percent of up to $8,100 of earnings (yielding a maximum credit of approximately $500). Spouses filing jointly would each claim the credit based on their own earnings.9 To match the campaign’s stated revenue targets, we assume the credit phases out based on adjusted gross income at a 5 percent rate beginning at $75,000 ($150,000 for couples). All thresholds would be indexed for inflation after 2009.
The Bush tax cuts are where the $250k and $200k numbers come into play. Obama is keeping them for individuals making under $200k and joint filers making under $250k.
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