"Well if you were actually making between 200K and 250K and you didn't have retirement or a mortgage you are doing something very wrong! It would be just plain stupid at that income level to not be saving for retirement and buying a home. Both of which provide tax benefits."
The tax cut the majority of people will get is his $500 annual make-pay-work credit. He is not proposing to change the tax rates for the middle class, he wants to keep the Bush tax cuts for that group. (see his website for details).
What is wrong here??? The standard refrain of Obama supporters is "go look at his web page - he lays his plans out quite clearly" and here you have someone who went to his web page and did some research and wasn't clear on the results. She comes here looking to discuss it with you and you rip her a new one?! I can't think of a better way to lose a vote for Obama! How about a little discussion instead of turning every question into a bashfest of McCain or Bush?
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"Well if you were actually making between 200K and 250K and you didn't have retirement or a mortgage you are doing something very wrong! It would be just plain stupid at that income level to not be saving for retirement and buying a home. Both of which provide tax benefits."
Obama has been QUITE CLEAR on this issue, and it is available to anyone who will actually look at his plan - which is available online.
~ SW
I played with it using single, married joint ... dependents ... none, etc ....
< At that income level the AMT usually disallows deductions for contributions into your 401K>
AMT does not affect 401K
:o)
~ SW
just to clarify though - I never argued the amounts.
I think it has some good aspects, some not so good aspects.
Actually under Obama your taxes could go up if a couple earns between $110k and $130k. They would stay the same if you are just over that. http://www.taxfoundation.org/research/show/23724.html
The tax cut the majority of people will get is his $500 annual make-pay-work credit. He is not proposing to change the tax rates for the middle class, he wants to keep the Bush tax cuts for that group. (see his website for details).
http://openlettertobarack.blogspot.com/
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