$250K. . .$200K. . .$150K ?????

iVillage Member
Registered: 04-04-2001
$250K. . .$200K. . .$150K ?????
68
Wed, 10-29-2008 - 10:55am

Over the past week, the income level that qualified as "rich" has been lowered by the Democrats:

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iVillage Member
Registered: 10-01-2004
Sun, 11-02-2008 - 9:30am

The top 5% of wage earners already pay 60+% of all income taxes; the bottom 40% pay no income taxes at all. . .that leaves those in the middle class to pick up the slack. . .and Obama's definitions of "rich" and "middle class" families keep getting lower and lower.


Democrats are already looking for ways to gain access to workers' 401K's to finance Obama's promises.


Bottom line, if you are a person who worked hard to get an education and skills so you could support yourself and your family, if you have saved to prepare for your children's education and your own retirement. . .look to have everything you have worked for seized by Obama for redistribution for others.


Avatar for songwright
iVillage Member
Registered: 06-28-1997
Sun, 11-02-2008 - 9:38am
I'm pretty sure that is an average, since the actual tax rate is applied to your net earnings, there is no 'flat' tax on a certain tax rate.

~ SW

iVillage Member
Registered: 07-03-2008
Sun, 11-02-2008 - 9:43am

Well, honestly, whoever wins it has to be approved by Congress. Maybe whoever wins there will have to be a compromise. It would probably be better if the Bush tax cuts were eliminated for those making over 500,000. Because if you make more than that you should be taxed more! sheesh! That way medium sized businesses who have a good year, wouldn't be affected. I don't know how much my Dh's company he works for makes, I'm sure not as much as previous years,they do get multi million dollar jobs, so i'm sure they are doing ok, but definately not as good as usual with this economy.


The company my son works for, I'm not sure,the son who works for a Pet Crematorium, they do fairly well,but probably not as well as my older son who works for a Machine Shop company. I know they do government contracts, and work for several other companies.

iVillage Member
Registered: 03-26-2003
Sun, 11-02-2008 - 10:11am

Don't kid yourself. Neither candidate can afford to cut taxes. Just look at the tab for the war in Iraq, never mind the bailout issue, or the cost of various health programs which have helped to mitigate the higher-than-inflation rise in health care or health care associated costs.

What McCain promises, what Obama promises are nothing more than blandishments to buy votes. Obviously they both want to "buy" votes from the bracket which holds the most promise in terms of vote numbers.

After inauguration, both will have to deal with a nation in massive disarray; financially and geopolitically. NEITHER will have the luxury of pursuing costly wars (McCain) or beneficent programs (Obama) without taking the nation and its debt service even farther down into red ink territory.

But I have already voted for Obama because it was damn clear that the GOP talked out of both sides of its mouth in terms of big government, fiscal conservatism, yahdah, yahdah, yahdah; for the six long horrendous and dreary years in which it totally dominated both the executive and legislative branches.

That's the devil I know and loathe.

Gettingahandle


Ignorance is Nature's most abundant fuel for decision making.


Facts stifle the will, hobble conviction.

Gettingahandle

Ignorance is Nature's most abundant fuel for decision making.

iVillage Member
Registered: 10-01-2004
Sun, 11-02-2008 - 11:43am
However, those who invest and produce will simply stop investing and producing when there is no longer any incentive for them to do so. . .US taxes on corporations are now the second highest in the world and large corporations are relocating because of same.
iVillage Member
Registered: 07-03-2008
Sun, 11-02-2008 - 12:36pm

You honestly feel that companies should be rewarded to take our American jobs overseas? Just remember this, Back in Colonial Days when tobbacco ruled the south, it was the SLAVEs working the fields who made these Plantation owners wealthy. Big companies CEO's are wealthy because of the little guy.


Also, in other countries where individuals taxes are so high, could that be because their corporate taxes are so LOW? So, if we lower corporate taxes here, you honestly don't think our individual taxes won't go up? Where do you think the revenue to run the country should come from? HUH?

iVillage Member
Registered: 10-01-2004
Sun, 11-02-2008 - 1:52pm

No. . .I honestly believe that if corporations are punitively taxed they will take their jobs elsewhere and every US citizen will suffer due to the loss of jobs.


I also do not believe that 5% of us can be taxed enough to support 95% of us in the manner to which we would like to be accustomed. . .therefore, the middle class will be taxed significantly more - which is why Obama/Biden's definition of a "rich family" keeps being lowered by them:

iVillage Member
Registered: 03-19-2003
Sun, 11-02-2008 - 1:58pm

I also do not believe that 5% of us can be taxed enough to support 95%


can't figure that one out myself esp since I just read that he plans to pay for his health care plan by allowing Bush's tax cuts to expire (on those making 250 or more)

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iVillage Member
Registered: 10-01-2004
Sun, 11-02-2008 - 2:30pm

Obama is very good at making promises. . .his record does not show that he is very good at helping the poor or middle class.

iVillage Member
Registered: 09-08-2008
Sun, 11-02-2008 - 2:32pm

(((However, those who invest and produce will simply stop investing and producing when there is no longer any incentive for them to do so))))


That only happens when the economy SLOWS to a crawl...the way it has under Bush43. It is normal for the economy to shrink and contract, but under Bush43 businesses have bailed out...even with his tax cuts, so McCain's argument does not hold water. The walmarts of the world have helped

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