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Sat Dec 8, 2012, 12:17 PM

 

The Truth About President Obama's Tax Proposal

Republicans are dead set against President Obama’s plan to raise $1.6 trillion in new revenue through tax increases on Americans making over $250,000. Their argument is that the drag of the added tax burden on “job creators” will be so severe it will damage the entire economy. But as a new report by The New York Times detailed yesterday, even a significant minority of those making over the $250,000 threshold would see no increase under Obama’s tax plan, and for the rest the added burden would be minor in comparison to the size of their incomes:

A close look at the president’s plan shows that a large majority of families making up to $300,000 as well as hundreds of thousands of families with even larger incomes would not pay taxes at a higher marginal rate.

While the president has said that he wants to raise tax rates for the top 2%, only about 1% of taxpayers will face higher marginal rates, according to an analysis by the Tax Policy Center, a widely respected research group.

The restoration of the other provisions temporarily suspended by the Bush tax cuts, including limits on deductions and higher taxes on investment income, still would raise taxes for only about 32 percent of families with income from $250,000 to $300,000, according to an analysis by Citizens for Tax Justice. About 77% of families with income of $300,000 to $350,000 would face an increase.

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Response to johnlennon_shallrise (Original post)

Sat Dec 8, 2012, 12:26 PM

1. This is what I was saying in 2010. If the 250K+ people can't take this miniscule hit, they are NOT

financially secure enough to create any goddamn thing, let alone decent jobs.

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Response to johnlennon_shallrise (Original post)

Sat Dec 8, 2012, 12:26 PM

2. A family making $350k a year is going to have to pay an extra $1500?!

OMG, how are they ever going to be able to handle that?! That will kill shitloads of jobs without a doubt.

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Response to high density (Reply #2)

Sat Dec 8, 2012, 12:45 PM

4. Absolutely kill a shitload of jobs.

They won't be able to hire enough microbes in a manure pile.

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Response to LiberalFighter (Reply #4)

Sat Dec 8, 2012, 12:52 PM

6. If they can't take this tiny hit, why exactly do they "deserve" tax cuts in the first place?

They apparently are not well enough managed financially to create decent jobs for good American workers.

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Response to patrice (Reply #6)

Sat Dec 8, 2012, 01:28 PM

8. It was just bullshit they were pushing on everyone to believe

to justify lower taxes for them.

It needs to be emphasize over and over that businesses are not going to higher new employees UNTIL there is an increased demand for their goods or services.

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Response to LiberalFighter (Reply #8)

Sat Dec 8, 2012, 01:53 PM

9. We need to re-educate on the whole meaning and mechanism of "demand side" compared to

what everyone FALSELY assumes they understand about economics, that is, "supply side"/job-creators . . .

who don't create jobs at our level without demand, but are fine about creating jobs out of NOTHING for their good-ol'-boys' networks, without demand, or at least exclusively for certain hidden PRIVATE types of demand, such as that exemplified by our toxic financial sector and in things like the LIBOR banking fraud.

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Response to johnlennon_shallrise (Original post)

Sat Dec 8, 2012, 12:43 PM

3. The steps to remember for federal taxes are:

Determine all income
Remove certain expenses

Equals Adjusted Gross Income

Deduct exemptions and deductions (The biggie) This is where those with income over $200k can reduce their taxable income under the threshold for the top tax rate.

A tax filer could have income of about $264k and still have only taxable income below $200k.

This is a key info
When policy makers talk about income, however, they do not mean the amount of money a family earns; they mean the portion subject to taxes. For those who itemize their tax deductions, the government does not tax interest payments on mortgages or charitable donations, among other things, up to certain limits. As a result, two families with the same incomes will most likely have different taxable incomes.


A family of 2 has a minimum of $19,500 exempt from taxes.
A family of 3 has a minimum of $23,300 exempt from taxes.
A family of 4 has a minimum of $27,100 exempt from taxes.

A single person has a minimum of $9,650 exempt from taxes.

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Response to johnlennon_shallrise (Original post)

Sat Dec 8, 2012, 12:49 PM

5. What if we put Middle-Class tax increases on the block for HIGHER increases on $250K+?

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Response to johnlennon_shallrise (Original post)

Sat Dec 8, 2012, 12:55 PM

7. LOVE your sig!

Love IS the answer.

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