What Obama means by tax the wealthy

iVillage Member
Registered: 03-19-2003
What Obama means by tax the wealthy
369
Sat, 06-28-2008 - 11:14am
What Obama means by tax the wealthy
Here's a closer look at how the Democratic candidate defines well-off for different households, and what his proposals will mean for them.

http://money.cnn.com/2008/06/27/news/economy/obama_wealthy_taxes/index.htm?postversion=2008062809


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iVillage Member
Registered: 07-03-2008
Thu, 07-10-2008 - 8:11am
You have to laugh, isn't this what happened AFTER they were given TAX CUTS? They wanted to MAXIMIZE their great fortune from BUSH.
iVillage Member
Registered: 08-16-2005
Thu, 07-10-2008 - 8:18am

Totally off topic, but if you guys can get a line of credit on your home to help offset the college expenses, you can then deduct some of the interest and pay that debt off, rather than have to pay the 50% in taxes for going into your retirement.


iVillage Member
Registered: 03-19-2003
Thu, 07-10-2008 - 8:23am
You would probably find that the person who earns more probably puts in more hours at work.
iVillage Member
Registered: 08-16-2005
Thu, 07-10-2008 - 8:25am

You make more assumptions here than I can believe.


iVillage Member
Registered: 08-16-2005
Thu, 07-10-2008 - 8:28am

You are so right.....No overtime, my DH puts in 75 plus hour weeks plus travel.


iVillage Member
Registered: 03-19-2003
Thu, 07-10-2008 - 8:28am
Financial advisers have said that you never take out a line of credit on your home....nor a second mortgage.
iVillage Member
Registered: 08-16-2005
Thu, 07-10-2008 - 8:31am

I will get you the name of the book.


iVillage Member
Registered: 03-19-2003
Thu, 07-10-2008 - 8:34am
Yep I agree!
iVillage Member
Registered: 07-03-2008
Thu, 07-10-2008 - 8:47am

Lets get things straight here. First of all, my DH and I are NOT in debt. We have always been frugal, we HAVE saved. Our house will be paid off within 2 years.

iVillage Member
Registered: 08-08-2006
Thu, 07-10-2008 - 9:29am

Er, thanks!

Nor mine, but it was a good example of what one can buy with 400.

Wow, you have the choice to spend 30K on childcare, but you begrudge the 32K family getting 500 in tax relief? What childcare choices does the does the 32k family have?

How so? A 170K income should afford a pretty good lifestyle as less than 5% of the US population earn that much. If good life means a safe shelter, reliable transportation, and a secure future for the family, then a family should be able to live "a good life" on that.

Good for you! I've made similar choices as I have 3 children a bit older than yours we are quite content in our choices, too.

I'm cool with progressive tax burden because I have benefited from it when I was younger and poorer; the system gave me the opportunity to now be among the wealthier. I didn't get a stimulus check either and I'm ok with that because I would not have spent as the legislation intended.

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