Bush Tax Cut

[likwid]

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]

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]

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cuts rescinded.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]

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cuts rescinded.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.

[justplugit]

Originally Posted by RIROCKHOUND

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

RRH, that is average take home pay of the owner or CEO of a small business.

[spence]

Originally Posted by justplugit

RRH, that is average take home pay of the owner or CEO of a small business.

It's important to note that the small business owner taking home 233K in this example would still have the Bush tax cut under the Dem plan. It's only the portion of income over 250k that would be subject to the old rate.

Put into this perspective the tax plan really does only significantly impact very high earners.

-spence

[justplugit]

Originally Posted by spence

It's important to note that the small business owner taking home 233K in this example would still have the Bush tax cut under the Dem plan. It's only the portion of income over 250k that would be subject to the old rate.

Put into this perspective the tax plan really does only significantly impact very high earners.

-spence

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.

[striperman36]

Originally Posted by spence

It's important to note that the small business owner taking home 233K in this example would still have the Bush tax cut under the Dem plan. It's only the portion of income over 250k that would be subject to the old rate.

Put into this perspective the tax plan really does only significantly impact very high earners.

-spence

Sole Prop's are screwed any way. I don't think it's just take home. as all income is taxed, somebody who has a saole prop. chime in.

[striperman36]

Originally Posted by RIJIMMY

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

Totally. it sucks