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Sat Nov 10, 2012, 08:16 AM

Hello!!!11!1 It's not "a tax break on those making less than $250,000"

It is a "tax break on everyone's first $250,000 of income"

the first statement mistakenly leaves the impression that if you make $250,001, there will be no tax break for you.

Even Mrs. Corkhead didn't understand that distinction until I clarified it.

I am sure lots of republicons digging in their heels, "making sure the tax breaks apply to everyone", don't understand that either.

The fact is that everyone is getting a tax break. They are just eliminating the additional extra special one just for rich people.

28 replies, 3668 views

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Arrow 28 replies Author Time Post
Reply Hello!!!11!1 It's not "a tax break on those making less than $250,000" (Original post)
corkhead Nov 2012 OP
KarenS Nov 2012 #1
yends21012 Nov 2012 #6
Angry Dragon Nov 2012 #2
Sinistrous Nov 2012 #3
TahitiNut Nov 2012 #15
KansDem Nov 2012 #4
Skidmore Nov 2012 #5
ret5hd Nov 2012 #7
OneGrassRoot Nov 2012 #10
TahitiNut Nov 2012 #13
ProudProgressiveNow Nov 2012 #16
kelliekat44 Nov 2012 #8
dixiegrrrrl Nov 2012 #9
TahitiNut Nov 2012 #11
Honeycombe8 Nov 2012 #12
geckosfeet Nov 2012 #14
femrap Nov 2012 #27
momsrule Nov 2012 #17
12AngryBorneoWildmen Nov 2012 #18
rhett o rick Nov 2012 #19
Swede Atlanta Nov 2012 #20
Egalitarian Thug Nov 2012 #23
jenlucu Nov 2012 #25
Zax2me Nov 2012 #21
Barack_America Nov 2012 #26
Egalitarian Thug Nov 2012 #22
Thor_MN Nov 2012 #24
RepublicansRZombies Nov 2012 #28

Response to corkhead (Original post)

Sat Nov 10, 2012, 08:17 AM

1. Yes, yes,,,,

The facts matter and words matter.

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Response to KarenS (Reply #1)

Sat Nov 10, 2012, 08:33 AM

6. Absolutely!!

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Response to corkhead (Original post)

Sat Nov 10, 2012, 08:18 AM

2. So true ............ it is all in the words you use

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Response to corkhead (Original post)

Sat Nov 10, 2012, 08:23 AM

3. True that. The current phrasing is too easily perverted by the republican lie machine.

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Response to Sinistrous (Reply #3)

Sat Nov 10, 2012, 09:35 AM

15. Without question, Frank Luntz and his ilk are all over this one.

They're programming the talking heads and pimpiticians as we post.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 08:29 AM

4. Thanks for the clarification!

I anticipate addressing this issue with a few people I work with...

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Response to corkhead (Original post)

Sat Nov 10, 2012, 08:30 AM

5. Would you be willing to write up a

handy-dandy explanation in simple language that we all can make viral? I think I grasp it intuitively but don't think I could present it well to others.

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Response to Skidmore (Reply #5)

Sat Nov 10, 2012, 08:33 AM

7. It is a "tax break on everyone's first $250,000 of income" (nt)

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Response to Skidmore (Reply #5)

Sat Nov 10, 2012, 09:27 AM

10. +1 n/t

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Response to Skidmore (Reply #5)

Sat Nov 10, 2012, 09:32 AM

13. The wealthy get 100% of ANY tax cut, whether it's on <$25,000, <$250,000, or <$2,500,000!

http://www.democraticunderground.com/10021775697

UNLESS ... they're NOT paying any income tax already!
Bizarrely enough, there are LOTS of wealthy folks in this category!

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Response to Skidmore (Reply #5)

Sat Nov 10, 2012, 09:36 AM

16. We need a meme to...

illustrate the point....

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Response to corkhead (Original post)

Sat Nov 10, 2012, 08:37 AM

8. Yes, and Obama and team need to be getting this message and explanation out there NOW!!

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Response to corkhead (Original post)

Sat Nov 10, 2012, 09:25 AM

9. Exaxtly how MUCH of a tax break is it?

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Response to corkhead (Original post)

Sat Nov 10, 2012, 09:28 AM

11. When they say "tax cuts for 98% of the American people" it's a FALSEHOOD!

http://www.democraticunderground.com/10021775697

REMEMBER: The wealthy get 100% of ANY tax cut, whether it's on <$25,000, <$250,000, or <$2,500,000!

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Response to corkhead (Original post)

Sat Nov 10, 2012, 09:29 AM

12. Good point, cork. nt

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Response to corkhead (Original post)

Sat Nov 10, 2012, 09:33 AM

14. Agreed. But this simplest of arithmetic is beyond comprehension for many.

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Response to geckosfeet (Reply #14)

Sat Nov 10, 2012, 11:21 AM

27. A graph or

 

chart is usually very helpful for most people. That old 'a picture is worth a thousand words....'

I'll see if I can find one.

But if I had my way, we'd return to the tax rates under Ike. I like Ike and and his tax rates....they hit 90% on some of the highest income.

Ike thought if you made millions....that last million was more than any human was worth and so Ike said, 'You gotta share that last bit of income, dude.' Those were the days.

Hell Raygun rates of the early '80's would be OK. The rich, especially the inherited rich, have to realize that they are simply NOT WORTHY! It worked back in the days when there was such a thing called, GUILT, in this culture. Today, there is no guilt nor SHAME. And the rich believe they are above the law....which goes along with their belief that their shit don't stink.

Most rich people are truly obnoxious and deep down inside many of them know they are not worthy, intelligent, nor creative....so they compensate by pushing their power around to feel like BMOC.

Look at the Walton family. Papa Walton who did all the hard work of starting Walmart drove around in a beat up old pick-up truck and treated his associates with respect....and he shared his wealth with the associates via stock. His kids are ruthlessly cruel and greedy. They have more money than the US's bottom third (as far as income)....and that's 100,000,000 people. This is not morally right. Yet they call them Christians....I'm sure Jesus is like

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Response to corkhead (Original post)

Sat Nov 10, 2012, 09:57 AM

17. Send Bill

He'll splain it for us.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:12 AM

18. Thank you.

Needed to be said.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:13 AM

19. This doesnt get enough press. nm

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:18 AM

20. Look, I have no problem with taxing the wealthy at a higher rate......

 

but are you sure your analysis is correct? I'm not a CPA but I have never seen a tax form that has you go to the table and determine the tax on the first $250K of income and then to another table for income above $250K. Is that difference factored into the tax rates for income above $250K?

For example if we had a tax rate of 15% on income < $250K and the tax rate is 18% for income above $250K, the rate for those above $250K would be something less than 18% because the first $250K is at 15%?

I'm just trying to understand the math.

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Response to Swede Atlanta (Reply #20)

Sat Nov 10, 2012, 10:34 AM

23. There are various ways to structure it. Deduction caps, income type, etc., but you're right on the

 

income tax tables. I have been in the position where making more money resulted in less take home.

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Response to Swede Atlanta (Reply #20)

Sat Nov 10, 2012, 10:44 AM

25. I think this is how it works

When you go to the tax table after you have determined your taxable income the table is taking into account the different rates to tax the different levels of your income.
Say your taxable income is $80,000
the first 8,700 is taxed at 10%
the next chunk of income up to 35,350 is taxed at 15%
from 35,350 - 85,650 is taxed at 25%
and so on

So - it isn't that your entire 80,000 income is taxed at the highest rate of 30% because if it was the instructions would just say "find 30% of 80,000...that is your tax" (of course they probably can't count on Americans being able to find a percent). Instead they have those crazy tables that have these layered percentages built into the tables - you know they really couldn't count on us to find the various percentages and add them together.

Looks like they hope to decrease those rates on all of the income levels up to 250,000 (so everyone (even wealthy) gets those cuts) and raise the rate at above 250,000 - so only those making above 250,000 (after write-offs and deductions) will see an increase, and only on the chunk of their income that is above 250,000.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:28 AM

21. Hello! If you make LESS than 250k, your taxes are going up. PERIOD.

 

With a little help from the far right congress.
It will happen, on President Obama's watch.

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Response to Zax2me (Reply #21)

Sat Nov 10, 2012, 11:05 AM

26. Did you mean "MORE than 250k"?

Obama has said that he will veto anything that reduces taxes for those making MORE than 250k. If Republicans in Congress fail to act, taxes will simply increase for everybody.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:30 AM

22. Good point. We are arithmetically challenged as a people. K&R n/t

 

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Response to corkhead (Original post)

Sat Nov 10, 2012, 10:41 AM

24. The rich lose one plus breaks, but keep 4 plus breaks

They retain the breaks for up to $8,700, $8,701 to $35,350, $35,351 to $85650, $85651 to $178,650. $250,000 isn't on a bracket boundary, so then it gets odd, but the main point is they get to keep every tax break that any of us have, they only lose the ones just for them.

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Response to corkhead (Original post)

Sat Nov 10, 2012, 11:58 AM

28. why do we have to coddle these people?

 


We need to do more than this, we need to raise taxes on their first 250,000 as well. RAISE TAXES to Eisenhower rates for the top 20% or so.

They put two wars on the credit card, two Big Government programs on the credit card....while giving themselves a tax cut or two.

They need to pay for their purchases.

They cannot expect our children to pay off their debts.

That is how it works.


When you owe one of these rich entitled jackasses money for more than two days, they raise your interest rates to 30%, they send the collections agency after you....they do anything and everything to get their money and then some.

Why aren't we doing more to protect future generations from the vultures and looters?

We need to stop coddling the rich. They need to pay off their credit card now.

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