Bush Tax Cut - Striper Talk Striped Bass Fishing, Surfcasting, Boating

Fly Rod · 09-17-2010, 08:47 AM

If the extension of the Bush tax cuts are not re in stated the average family of four making 50,000 will be paying 2,900 more in taxes. This means that to break even the bread winner would have to work aproximately three extra weeks under the table and be paid 961.54 a week to break even.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500. Wealthier families face even bigger tax hikes. A family of four making $500,000 a year would pay $10,800 more in taxes. The same family making $1 million a year would get a tax increase of $52,300.

RIROCKHOUND · 09-17-2010, 09:30 AM

Umm..

did I miss the plan where the cuts were not going to be extended for this income bracket???

spence · 09-17-2010, 09:54 AM

Quote:

Originally Posted by RIROCKHOUND

Umm..

did I miss the plan where the cuts were not going to be extended for this income bracket???

Republicans don't want to vote for it. It's a game of chicken...

-spence

RIJIMMY · 09-17-2010, 10:53 AM

kinda funny its still called "the Bush" tax cut.
Admins pass all kinds of legislation but I dont recall it lingering after they moved on. Whos name is on the earned income credit? Alternative minimum tax?
Did you see that 30 dems sent a letter encourging O to keep the tax cuts for all tax brackets? Funny how elections do that to people. Who would have thought siding with Bush would win you votes?

likwid · 09-17-2010, 10:56 AM

Quote:

Originally Posted by Fly Rod

The same family making $1 million a year would get a tax increase of $52,300.

I don't think anyone making a million+ a year is filing their own taxes and getting gouged as suggested.

And doing the math, I call shenanigans.

RIJIMMY · 09-17-2010, 11:18 AM

Quote:

Originally Posted by likwid

I don't think anyone making a million+ a year is filing their own taxes and getting gouged as suggested.

And doing the math, I call shenanigans.

alternative minimum tax - no loopholes, no tricks, no options. You get nailed.

justplugit · 09-17-2010, 02:37 PM

Since the primaries the Dems have lost 38 members so far to wanting the tax
cuts rescinded.

Obama's idea is to offer tax incentives for small business and then increase
taxes on those making over $200-$250,000.
According to Salary.com the average small business owner makes $233,600/yr.
He giveth and then taketh away being most small business owners fall in that category.
Why would you want to expand your business so you can pay more
personal income tax?

What we need is someone like Chris Christie, Governor of New Joisey,
who has cut every state department across the board and then put a 2% cap /yr on all new expenditures.
In addition he has done away with 60 useless bureaucratic agencies and programs.
That's a start.

RIROCKHOUND · 09-17-2010, 03:17 PM

Quote:

Originally Posted by justplugit

Since the primaries the Dems have lost 38 members so far to wanting the tax
cuts rescinded.

I'm confused..
how do the dems lose someone in the primaries? do you mean an incumbent dem lost to another dem? if so, good. some turnover and balance would be good.

Second, does the average small business make 233K? or is that the average take home of the owner? Big difference.