Quote:
Originally Posted by justplugit
Spence, from my understanding a person filing a single return would have
an increase if making $200,000 while those filing jointly would have an increase
if over $250,000 in income.
With most husband and wife working,and filing jointly it wouldn't take much for the small business man
averaging $233 K to reach the $250 K and that's just based on average.
In today's economy I wouldn't consider $200 K or even $250 K RICH
for the average family of 4.
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Yes, I was assuming a joint filing. I wouldn't consider 250k to be rich either, but that wasn't the point...it's that the increase only comes into play above that amount.
Additionally, higher wage earners (and I would consider 250k to be a higher wage earner) who pay most of the taxes are also getting the same tax cuts afforded to the middle class.
So even though the top 2% would see their top rate increase a bit, the majority of the "Middle Class Tax Cut" is still going to the top 2%. This is important because this money if not offset by spending cuts (HAHA!) contributes to the deficit right?
The biggest group to be impacted by the tax change would be those earning 500K (rich yet?) and compared to their entire liability isn't a really big % change.
-spence