Obama's tax plan, is the magic number $250k, $200k or $150k

[Budmantom]

I have heard tax cuts for people making under $250k, last night it was $150k and Biden says $150, I'm thinking it may be $42k or less... what is the "real" number?



Sorry if this is a repost but I searched and didn't find topic with a similar title.

 

[mooseracing]

There is no Tax Cuts, no canidate is going to do a tax cut.

 

[quest55720]

I think it will end up around 35k once Obama starts to spend his trillion dollars on new social projects. Then you will have the trillions Pelosi/Reid will spend on UHC. They only way to pay for all that will be to tax this hell out of everyone but the working poor.

 

[Xavier434]

The only mention of numbers that I have heard about from Obama/Biden for tax cuts are the following:

- 95% for workers and their families
- Obama stated in his infomercial last night that his goal was for 200k
- Biden mentioned at one point that those making 150k should get a tax cut.

Keep in mind that Biden's recent statement doesn't mean that he believes that those making 200k shouldn't get one or that 150k is some kind of magical cap for the cuts. Feel free to speculate on that however you wish. It is impossible to see into the future.

All of the other numbers I have heard of revolve around who is and who isn't getting a tax increase which has nothing to do with tax cuts so be careful. Also keep in mind that there is a lot of people mixing up things because numbers are floating around regarding single vs families vs businesses vs etc.

Beyond that, just rely on the source:

Barack Obama's Comprehensive Tax Plan



Lastly, you are correct that this is pretty much a repost with exception of the infomercial.

 

[miketheidiot]

everyone under 200k gets a cut, 200k to 250k stays the same, 250k+ gets a raise.



i would like to see a new tax bracket created for over 500k in income.

 

[Dari]

Maybe Biden meant to say 250K when he said 150K? And the 250K is for families while the 200K is for individuals who will see their tax go up 3%.

 

[alchemize]

best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

 

[Throckmorton]

Originally posted by: alchemize
best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

You'd be pissed if you were too short sighted to realize that those tax dollars are being used to maintain an environment that enables you to become and stay rich

 

[Xavier434]

Originally posted by: alchemize
best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

Keep in mind that Obama's tax plan is very similar to that of 1990s. In fact, it states right in the plan I linked above that "no family will pay higher taxes tax rates than they would have paid in the 1990s."

It is not like his plan is some kind of brand new thing that this country has never seen before or has not seen recently for that matter.

 

[LostUte]

Originally posted by: alchemize
best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

Note that it is the average tax increase for those making 2.9m+, not exactly 2.9m. Someone making exactly 2.9m is going to have a much smaller tax increase than that chart shows.

 

[Xavier434]

Originally posted by: LostUte

Originally posted by: alchemize
best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

Note that it is the average tax increase for those making 2.9m+, not exactly 2.9m. Someone making exactly 2.9m is going to have a much smaller tax increase than that chart shows.

Yes, 2.9m+ also includes those making 2.9b+. It is very misleading.

 

[Ozoned]

Originally posted by: Budmantom
I have heard tax cuts for people making under $250k, last night it was $150k and Biden says $150, I'm thinking it may be $42k or less... what is the "real" number?



Sorry if this is a repost but I searched and didn't find topic with a similar title.

All the talk about Obama's tax plans are really rather silly.
Here are the steps.
1. Let the tax cut on the top bracket expire immediately.
2. On Jan.01, 2011 when the tax cuts on the rest of the brackets expire, and we all bitch because the rich aren't getting a tax increase, he will raise the rates on the top bracket again.
3. When he still come up short, he will allow Amt to Run its natural course, which of course is not a tax increase, but a return to the normal level. When we bitch about that, he will raise the rates on the top bracket again.
4. When he still come up short, there will be a tax reform act, like the one in 88 that did away with a lot of deductions, and changed a lot of rules. But that won,t be a tax increase, it will be reform, and again we will all bitch because the rich have loopholes to get around these rules and we don't. You guessed it Raise the rates on the top bracket again.

You know what? I don't mind paying my fair share. I don't want his tax cuts. I don't want welfare from the people that have more than i do. I DON'T WANT TO PARTICIPATE IN HIS CLASS WARFARE STRATEGY PLAN.

HE CAN TAKE HIS TAX PLAN AND SHOVE IT UP HIS ASS.

 

[Capt Caveman]

All these numbers going around are for families, what about individual tax payers? Are the numbers cut in half? Or is there a marriage penalty?

 

[Xavier434]

Originally posted by: Ozoned

Originally posted by: Budmantom
I have heard tax cuts for people making under $250k, last night it was $150k and Biden says $150, I'm thinking it may be $42k or less... what is the "real" number?



Sorry if this is a repost but I searched and didn't find topic with a similar title.

All the talk about Obama's tax plans are really rather silly.
Here are the steps.
1. Let the tax cut on the top bracket expire immediately.
2. On Jan.01, 2011 when the tax cuts on the rest of the brackets expire, and we all bitch because the rich aren't getting a tax increase, he will raise the rates on the top bracket again.
3. When he still come up short, he will allow Amt to Run its natural course, which of course is not a tax increase, but a return to the normal level. When we bitch about that, he will raise the rates on the top bracket again.
4. When he still come up short, there will be a tax reform act, like the one in 88 that did away with a lot of deductions, and changed a lot of rules. But that won,t be a tax increase, it will be reform, and again we will all bitch because the rich have loopholes to get around these rules and we don't. You guessed it Raise the rates on the top bracket again.

You know what? I don't mind paying my fair share. I don't want his tax cuts. I don't want welfare from the people that have more than i do. I DON'T WANT TO PARTICIPATE IN HIS CLASS WARFARE STRATEGY PLAN.

HE CAN TAKE HIS TAX PLAN AND SHOVE IT UP HIS ASS.

Wow, care to speculate a little more or are you the one soul who has discovered how to see into the future?

 

[Xavier434]

Originally posted by: Capt Caveman
All these numbers going around are for families, what about individual tax payers? Are the numbers cut in half? Or is there a marriage penalty?

I would have to double check to be certain but I believe he is fighting the idea of the marriage penalty which is a good thing. The current laws are overdue for modernizing.

 

[Ozoned]

Originally posted by: Xavier434

Originally posted by: Ozoned

Originally posted by: Budmantom
I have heard tax cuts for people making under $250k, last night it was $150k and Biden says $150, I'm thinking it may be $42k or less... what is the "real" number?



Sorry if this is a repost but I searched and didn't find topic with a similar title.

All the talk about Obama's tax plans are really rather silly.
Here are the steps.
1. Let the tax cut on the top bracket expire immediately.
2. On Jan.01, 2011 when the tax cuts on the rest of the brackets expire, and we all bitch because the rich aren't getting a tax increase, he will raise the rates on the top bracket again.
3. When he still come up short, he will allow Amt to Run its natural course, which of course is not a tax increase, but a return to the normal level. When we bitch about that, he will raise the rates on the top bracket again.
4. When he still come up short, there will be a tax reform act, like the one in 88 that did away with a lot of deductions, and changed a lot of rules. But that won,t be a tax increase, it will be reform, and again we will all bitch because the rich have loopholes to get around these rules and we don't. You guessed it Raise the rates on the top bracket again.

You know what? I don't mind paying my fair share. I don't want his tax cuts. I don't want welfare from the people that have more than i do. I DON'T WANT TO PARTICIPATE IN HIS CLASS WARFARE STRATEGY PLAN.

HE CAN TAKE HIS TAX PLAN AND SHOVE IT UP HIS ASS.

Wow, care to speculate a little more or are you the one soul who has discovered how to see into the future?

One only has to look backwards to see how we will go forward. It happens over and over and over and over.

 

[ElFenix]

there is almost no such thing as a marriage penalty. mostly there is a marriage benefit.

 

[Xavier434]

Originally posted by: Ozoned

Originally posted by: Xavier434
Wow, care to speculate a little more or are you the one soul who has discovered how to see into the future?

One only has to look backwards to see how we will go forward. It happens over and over and over and over.

And we will try and try and try again until we get it right.

Originally posted by: ElFenix
there is almost no such thing as a marriage penalty. mostly there is a marriage benefit.

Not true. I am not married to my GF for a very good reason.

 

[Capt Caveman]

Originally posted by: ElFenix
there is almost no such thing as a marriage penalty. mostly there is a marriage benefit.

If a couple makes more than $250k, it may be more beneficial to them to file separately than joint if individuals aren't going to get taxed higher unless they make more than $200k+.

 

[Deeko]

Originally posted by: Xavier434

Keep in mind that Obama's tax plan is very similar to that of 1990s. In fact, it states right in the plan I linked above that "no family will pay higher taxes tax rates than they would have paid in the 1990s."

It is not like his plan is some kind of brand new thing that this country has never seen before or has not seen recently for that matter.

Exactly. It's mind-boggling that people are so up in arms about Obama's "socialist" tax plan, they act like returning tax levels to their Bill Clinton state is such a wild change.

 

[Vic]

The Bush Tax Cuts

 

[Vic]

Originally posted by: Xavier434

Originally posted by: alchemize
best answer I've found.

Pretty amazing. Over a million dollar swing on someone making $2.9m+. I mean, I can see some increase on "the rich", but if I was making that kind of coin and someone took away ANOTHER 1/3 of my pay I'd be getting real pissed.

Keep in mind that Obama's tax plan is very similar to that of 1990s. In fact, it states right in the plan I linked above that "no family will pay higher taxes tax rates than they would have paid in the 1990s."

It is not like his plan is some kind of brand new thing that this country has never seen before or has not seen recently for that matter.

And Clinton's top tier tax rates were the lowest since the federal income tax began.

 

[Budmantom]

Originally posted by: Vic
The Bush Tax Cuts

As usual you answer questions that nobody is asking.

 

[Vic]

Originally posted by: Budmantom

Originally posted by: Vic
The Bush Tax Cuts

As usual you answer questions that nobody is asking.

As usual you spread FUD and bullshit.

The link there is Republican fiscal policy. Doubling the size of both the federal budget and the debt in less than 8 years. But you can still claim to be a small govt supporter because he cut taxes! It's a shell game for morons.

 

[Budmantom]

Originally posted by: Vic

Originally posted by: Budmantom

Originally posted by: Vic
The Bush Tax Cuts

As usual you answer questions that nobody is asking.

As usual you spread FUD and bullshit.

The link there is Republican fiscal policy. Doubling the size of both the federal budget and the debt in less than 8 years. But you can still claim to be a small govt supporter because he cut taxes! It's a shell game for morons.

So you think he'll raise taxes on everybody making $42k and more like he has in the past?