Tue Nov 27, 2012, 08:16 PM
Bill USA (5,890 posts)
The $250,000 Question: Poll Shows Obamaís Tax Plan Is Widely Misunderstood
For the last four years, President Obama has been pushing his plan to raise tax rates on peopleís income over $250,000, but a new poll indicates that most people still donít understand one of the planís most basic concepts.
OK, itís a poll conducted by my journalism grad students at NYU, and itís not highly scientific. But I can say with a reasonable degree of certainty that itís more accurate than the Gallup and Rasmussen polls were about the election.
Hereís the Obama plan in brief. The Bush tax cuts would be extended for households with an annual income under $250,000 (or $200,000 for individuals), but the tax cuts would expire on any income above $250,000. That means, for example, if you make $300,000, your tax rate would rise a few percentage points, to the Clinton-era rates, but only on the portion above $250,000; in this case, only on $50,000. Bottom line: no oneónot a billionaire, not someone making $251,000ówould have to pay more taxes on that first $250,000.
Thereís a widespread misconception, however, and itís causing a lot of unnecessary fear. Itís the faulty belief that if your income is above $250,000, youíd have to pay the higher rates on all your income, as if you were suddenly being moved entirely into a higher tax bracket. That is wrong.
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Response to patrice (Reply #1)
Tue Nov 27, 2012, 08:28 PM
Walk away (9,478 posts)
3. Every Puke that get their face on camera crow about people making $250,000 paying a higher rate.
They always make it sound like this huge penalty for making more money. That corporate crackhead, Carly Farina, made a point of it.