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Old 09-17-2010, 08:47 AM   #1
Fly Rod
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Bush Tax Cut

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.
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Old 09-17-2010, 09:30 AM   #2
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Umm..

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

Bryan

Originally Posted by #^&#^&#^&#^&#^&#^&#^&#^&#^&#^&#^&
"For once I agree with Spence. UGH. I just hope I don't get the urge to go start buying armani suits to wear in my shop"
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Old 09-17-2010, 09:54 AM   #3
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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
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Old 09-17-2010, 10:53 AM   #4
RIJIMMY
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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?

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Old 09-17-2010, 10:56 AM   #5
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Quote:
Originally Posted by Fly Rod View Post
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.

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Old 09-17-2010, 11:18 AM   #6
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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.

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Old 09-17-2010, 02:37 PM   #7
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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.

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Old 09-17-2010, 03:11 PM   #8
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I thought O was capping all expenses?

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Old 09-17-2010, 03:17 PM   #9
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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.

Bryan

Originally Posted by #^&#^&#^&#^&#^&#^&#^&#^&#^&#^&#^&
"For once I agree with Spence. UGH. I just hope I don't get the urge to go start buying armani suits to wear in my shop"
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Old 09-17-2010, 03:54 PM   #10
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38 dems want to keep the bush tax cuts for all
Posted from my iPhone/Mobile device
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Old 09-17-2010, 04:18 PM   #11
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38 dems want to keep the bush tax cuts for all
Posted from my iPhone/Mobile device
Probably those up for reelection this November

-spence
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Old 09-17-2010, 06:58 PM   #12
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Quote:
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38 dems want to keep the bush tax cuts for all
Posted from my iPhone/Mobile device
got it.

Bryan

Originally Posted by #^&#^&#^&#^&#^&#^&#^&#^&#^&#^&#^&
"For once I agree with Spence. UGH. I just hope I don't get the urge to go start buying armani suits to wear in my shop"
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Old 09-17-2010, 09:59 PM   #13
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Quote:
Originally Posted by RIROCKHOUND View Post

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.

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Old 09-17-2010, 10:12 PM   #14
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alternative minimum tax - no loopholes, no tricks, no options. You get nailed.
Totally. it sucks
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Old 09-18-2010, 08:50 AM   #15
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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
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Old 09-18-2010, 10:41 AM   #16
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Quote:
Originally Posted by spence View Post
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.

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Old 09-18-2010, 01:50 PM   #17
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Quote:
Originally Posted by justplugit View Post
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.
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
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Old 09-18-2010, 04:19 PM   #18
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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

Are you a CPA?
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Old 09-18-2010, 04:24 PM   #19
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Are you a CPA?
No, but I did sleep at a Holiday Inn Express last night

This is from what I've read about the proposals. There have been numerous studies done by various groups.

-spence
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Old 09-18-2010, 04:28 PM   #20
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Quote:
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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.
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Old 09-18-2010, 04:29 PM   #21
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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
Remains to be seen, but this is nothing more then politics as usual.
Make it sound like the Middle Class is getting a break and pit them
against those evil rich people that create the jobs.

Back to my original question--- "Why would you want to expand your business
so you can pay more personal income tax?"

" Choose Life "
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Old 09-18-2010, 06:18 PM   #22
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Back to my original question--- "Why would you want to expand your business
so you can pay more personal income tax?"
NO, I'll hire illegals
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