Obama Urges House to Pass Bill Hiking Taxes for those Making $250k+

Source

The bill basically does two things:

1. Extend Bush tax cuts to everone...
2. ...except those making over $250k a year.

Is this good or bad? You decide.

 

Well it's what the POTUS ran on and he was elected. So I say it's good. I honestly think that the tax cuts should expire for everyone.

 

Except you, of course, who doesn't pay taxes. It's easy for college students to raise other people's taxes, isn't it?

According to your own Vice President the Middle Class has been "buried". The last thing they need is more money taken out of their pocket. Great way to usher in a new recession.

It doesn't matter anyway. Tax hikes for the Middle Class are coming as soon as Obamacare sets in. And, if sequestration happens, the rates go up on everyone. Why didn't Obama campaign on tax increases for the Middle Class? That's what is going to happen, one way or another.

 

You think people earning $250k are middle class?

 

A business making $250K a year is not 'rich' but then Obama wouldn't know this because he has no business experience. I say it's bad because it will force austerity on a business segment that is already dealing with liberal-created austerity.

Look for layoffs to ensue...Wait...It's already happening. "Energizer' laying off 1,500, Exide laying off 15 workers, Westinghouse, 50 layoffs. RML, 200 layoffs....Others, Lightyear, Profidence, Hawker Beechcraft, Boeing, CVPH, US Cellular, Momentive, Rocketdyne....and many more...One wonders how many of those unfortunate folks were duped into voting for Obama.

 

A business earning $250k will only be taxed at the higher rate IF it is owned by only one person and it is a proprietorship instead of a corporation.

AND that's $250k AFTER ALL EXPENSES. Because only net income is taxed.

 

So I should go from getting 3~4k back to owing 4~5k? This is after paying over 30k in.. How is that right?

 

Yes you should.

 

What? You're saying that under the current system you get $3-4k back a year, but under the new system you'll owe an additional $4-5k back instead? That makes absolutely no sense. It's just a rate adjustment.

There's so much wrong with your statement. It makes no sense.

 

good, it will save us almost 1 trillion in tax cuts in the next ten years

 

Oh I see so....If there are TWO owners, suddenly because they SPLIT $250K worth of revenue they are considered 'rich?'

 

That would be two software developers with ten years in married...you think that's rich?

 

Because you are poor? That is already greater than 30% of my income, and now you want more? Moreso I will basically have no disposable income left.

It isn't right.

 

No. If there are two owners, both owners are taxed individually. So it is as if they both earned $125k separately. That means they are each taxed at $125k and are therefore not subject to the tax hike on people earning $250k.

 

Obama Urges House to Pass Bill Hiking Taxes for those Making $250k+


Hell, if he's serious about about reigning in spending and borrowing, while generating revenue, raise 'em on everyone. And those on welfare not currently paying tax, cut their benefits proportionately.

With this approach, everyone is "contributing their fair share"... or getting screwed equally.


just a thought. lol

 

Under the current system I have paid too much in. In the next system if they don't renew sales tax exemptions for 2012 plus all the other tinkering I am going to end up owing a few thousand because the government can't get its head out of its a$$.

What a crock of nonsense.

 

What? 2 software developers would earn that in 10 years?

 

Everyone should pay the same rate; end of story.

 

So how much in domestic spending cuts does Obama offer to offset all that additional taxation?

Can't he meet the taxpayers even halfway?

 

Tricky rascal, aren't you?!

Don't you know questions like that aren't allowed? LOL


Regards

 

those making over 250k also get a tax cut, just not the extra super-sized one Bush gave them for the last ten years

 

They have offered multiple cuts to this tax increase. Are you guys going to argue against the obvious.

 

I agree, but I'll settle for those making 250k or more.

 

No argument from me, Robster.

Tax hell outta everyone. And slash the benefits to those making a career of drawing welfare.