Where will you cut to pay Obama's increase in taxes? (wages, regular)
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Straw dog argument, i have never suggested cutting PBS would do anything by itself, but apparently you think income tax increases will.
Not that you are capable of presenting a practical plan. Obviously, my argument was presenting an idea of spending cut that has come from many idiots.
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The lion's share of our fiscal problem is spending, even if we had a roaring economy and higher taxes, all at the same time, we would still have the highest federal deficits in six years.
It is why sane people like President Obama recognize that we need to look into addressing spending AND revenue. The insane, miss that point because they are running around blinded by their own limitations.
More AMT Victims, Higher Taxes
On today's tax returns, when an AMT payment is required, affected taxpayers could end up paying thousands more in taxes. Absent any law change, by 2015, some estimates predict that nearly 50 million filers could end up paying this parallel levy.
Yep, the AMT kicks in for those earning $30K and above in 2013. The lowest AMT federal income tax rate is 26%.
28 million more tax filers will be paying that 26% federal income tax rate on incomes of $30K up to $175K. The AMT tax rate is 28% for incomes above that.
And don't think for a minute that Obama and Congress aren't drooling over the prospect of all that extra tax revenue. Food for thought...
Yes, it can be quite a shock. What would your effective federal income tax rate have been if the AMT had not kicked in?
I would have to look. I have a bookkeeper and a CPA (small business). Every 3 months I had to send a check to the government and then to get hit again at the end. It is sickening that Obama thinks we are rich. He has millions and then has the audacity to go after the little people.
I would have to look. I have a bookkeeper and a CPA (small business). Every 3 months I had to send a check to the government and then to get hit again at the end. It is sickening that Obama thinks we are rich. He has millions and then has the audacity to go after the little people.
My only point in asking is to get people to plan for the AMT tax hit. For example, if one had previously paid a 6.01% effective federal income tax rate (according to the IRS, that was the average effective tax rate of those who had an income of between $34,388 and $69,126), suddenly being hit with a tax rate increase to 26% AMT, (incomes over $30K) is going to come as quite a shock. One would have to fork over another 20% of one's income to the U.S. Treasury. For the hypothetical over $30K earner, that could be another $6,000 or more.
IRS's latest tax data with average effective federal income tax rates and income cutoffs by income level: IRS Tax Data
Last edited by InformedConsent; 12-13-2012 at 01:01 PM..
It's looking less and less likely that the tax rates of the Bush years will be extended. Various reports have said that as of January first the "average household" will pay an extra $2200 per year in taxes. For married couples, that will be higher yet, due to the return of the Marriage Penalty.
So...where will you cut spending in order to come up with an extra $2200 to pay for DCs reckless spending? What are you going to do without? ~$200 per month for the "average household" is a big piece of change, and we're looking at more like $300 as a married couple with no kids. In our case, that will hit our "discretionary spending" pretty hard. We don't eat out more than about once a month now (other than a fast-food lunch about once a week). Already carpool, and don't do a lot of driving on weekends. No real charitable deductions. We can probably cut back on our Dish Network, and maybe get rid of some of our pets...cat and dog food, along with vet bills, are among our biggest discretionary expenses.
How about you...where will you trim your spending in order to subsidize DC?
Bs make believe numbers.
Here is objective analysis on HIGH income earners
/Users/mreynard73/Desktop/1207-biz-TAXES-web.png
The basic analysis is the tax increase from the President Obama tax plan on married joint filers based on adjusted gross income(which means their gross income is higher)
So for instance a couple that has an adjusted gross income of 250,000-300,000 will see an average in tax increase of $669 and 68% of those filers will see no tax increase at all.
A married couple with an adjusted gross income of $300,000-$350,000 will see an average tax increase of
$1481 and on and on.
Personally, i would love to make the type of income where my taxes would increase by about $100 a paycheck when President Obama gets his way. I could take the hit.
Here is objective analysis on HIGH income earners
/Users/mreynard73/Desktop/1207-biz-TAXES-web.png
The basic analysis is the tax increase from the President Obama tax plan on married joint filers based on adjusted gross income(which means their gross income is higher)
So for instance a couple that has an adjusted gross income of 250,000-300,000 will see an average in tax increase of $669 and 68% of those filers will see no tax increase at all.
A married couple with an adjusted gross income of $300,000-$350,000 will see an average tax increase of
$1481 and on and on.
Personally, i would love to make the type of income where my taxes would increase by about $100 a paycheck when President Obama gets his way. I could take the hit.
I guess we'll see who is right in January. You, or the President's Council of Economic Advisors.
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A recent report released by the National Economic Council and the president's Council of Economic Advisors found that a typical middle class family of four would experience a tax increase of $2,200 if the Bush era tax cuts expire.
Personally, i would love to make the type of income where my taxes would increase by about $100 a paycheck when President Obama gets his way. I could take the hit.
If you're paid weekly, you may get your wish. See my post on the AMT.
Your title is wrong, the taxes Obama wants to increase won't impact 98% of the population. So why are you implying he wants all the Bush Tax cuts to end.
If you're paid weekly, you may get your wish. See my post on the AMT.
You are a liar who doesn't know much and you read people who are purposefully attempting deceive you.
Either way, I'd love to have an adjusted gross income high enough to see a $100 a paycheck tax increase.
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