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Hmmm.....12-2 right now. I don't even make 100k nevermind 250k, and if I am recalling correctly the median income for LI is under 100k - despite what I've heard from people on other boards who insist the majority of Long Islanders make well over 250k and that this will crush our economy. But hey, that's only from the US Census Bureau - what could they possibly know?
Income Over $250K: have nothing to worry about because most of them are already sheltering money offshore, manipulating their balance sheets to show a zero or very small "net gain," etc. They know how to use the numerous tax write-offs available.
Below $250K: I feel something sneaky coming on. Perhaps taxes will not officially "be raised," perhaps taxes will lower a bit ("$13 less taxes per pay period! Rah Rah Rah!"), BUT I smell things like "no more deducting mortgage interest" coming along to take a sneaky bite.
Is it 250 Individual.. or a joint income? Places like Old Westbury, Muttontown, Jericho, Garden City, Cold Spring Harbor, Great Neck, Manhasset, Searingtown etc will easily have a number of houses making more than 250 in joint income.
Income Over $250K: have nothing to worry about because most of them are already sheltering money offshore, manipulating their balance sheets to show a zero or very small "net gain," etc. They know how to use the numerous tax write-offs available.
Below $250K: I feel something sneaky coming on. Perhaps taxes will not officially "be raised," perhaps taxes will lower a bit ("$13 less taxes per pay period! Rah Rah Rah!"), BUT I smell things like "no more deducting mortgage interest" coming along to take a sneaky bite.
What exactly is this "sneaky feeling" based off of when it has been said from the start it will only be for those making over $250,000?
Its only for those making $250,000 and it is not "no mortgage deduction". The deduction will be capped in at the 28% bracket.
For example for every $1,000 in mortgage interest deductions someone in the 35% bracket currently has they save $350 in taxes, under Obama's plan it would be capped at 28% so they would save $280 in taxes for every $1,000 of mortgage deductions.
Its not that it is eliminated, but they can't deduct it at the top rate anymore. It won't have any impact on those making less than $250,000 because they are already at or below the 28% cap.
I don't mean to come across as a simpleton, but shouldn't there be a set percentage across the boards? (I am awful at the personal income tax stuff, so be patient.)
To me it's like buying bread on a sliding scale -- if you make $10,000, the bread is free. If you make $50K, the bread is $2.50, if you make $100K, the bread is $5. If the bread costs $1 a loaf to produce, shouldn't everyone pay the same retail price?
We did not earn 250K in 2008 but too close for Uncle Sam apparently. I would love to learn how to shelter my money "offshore" or anywhere else. Unfortunately it goes to pay the bills like everyone else.
The 7500 tax credit for buying a new home in 2008, nope, we made too much. The 1K tax credits for our kids, nope, too wealthy.
Funny, I didn't feel wealthy when deciding who to pay, the Oil Co. or LIPA this month....
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Individual or Joint?
