Volcanic anger.
Posted on 03/08/2009 2:45:24 PM PDT by reaganaut1
The $787 billion stimulus includes temporary tax breaks for workers, college students and car and home buyers, but all are denied to higher-income folks. That's because of what's known as phaseouts--the long tradition of curtailing tax breaks as income rises.
Democrats had an excuse for denying the temporary tax cuts to rich folks: They're less likely to spend the extra cash and, anyway, President Barack Obama campaigned on tax cuts for couples earning up to $150,000. But phaseouts aren't just a Democratic game. For years, points out Clint Stretch, managing principal of tax policy at Deloitte Tax, politicians from both parties have been wooing voters with both special-purpose tax breaks and low "advertised rates." The result is--as the table shows--more than two dozen sneaky phaseouts, phase-ins and other provisions that can produce absurdly high marginal rates for some middle-income taxpayers.
Take an example of a single mother with an adjusted gross income of $75,000. She claims the standard deduction and has one high schooler and two kids in college. Under the stimulus package, she'll have her 2009 federal income tax bill chopped to $1,465 from $7,865 thanks to two $2,500 college credits, a $400 worker's stimulus credit and a $1,000 child credit. But if she takes a second job to help pay college bills and her AGI rises to $90,000, she gets no college credits and only $100 of the worker's credit and $250 of the child credit, for a total tax bill of $11,265. That makes the tax rate on the $15,000 of extra earnings 65%--not counting the 7.65% employee share of Social Security and Medicare or any state and local income taxes.
(Excerpt) Read more at forbes.com ...
Volcanic anger.
For me ???? BWHAHAHAHAHAHAHAHAHAHHAHHAAHAHAHAHAHHAHAHAAHa !!!
No kiddin! Why work extra hard when you won't get it? Now THAT would be the definition of insane. And count on a flood of wealthy and retired folks leaving the U.S...
High blood pressure now and a desire for revenge, served cold.
Proving once again that the tax code is too complicated for Tax Accountants, but not so complicated that the average Joe would get the same treatment as the Treasury Secretary, who gets a bye!!
The most dangerous ones are the ones that will look at you calmly while in a rage.
These are also known as high income wage earners getting f#$%ed by these new tax policies.
The more they squeeze us the more favorable it is for us to tell them to go to Hell. I think we have reached that point.
“They’re less likely to spend the extra cash ...”
What the Dems ignore is that the primary reason we are in this recession to begin with is that the “rich” people who own the stocks and the homes took a big hit when the value of those assets fell, and now have in fact tightened up the purse strings as a result. They aren’t going to start spending again until something gives, and Obama apparently won’t let that happen.
Starve the beast. Work less, pay less taxes.
Now is the time to become ‘undocmumented’ ... trade or barter for goods and services. I see a black market forming (or expanding rather).
Doesn't a socialist society leave only one option anyway?
Pay or wither away and die.
The problem is how is one supposed to know that they are in danger of triggering some tax threshold that would make it unprofitable to work that extra overtime?
Middle class people need to keep a tax accountant on retainer year round just to make sure they don’t shoot themselves in the foot because of these silly tax parameters.
Flat tax now!
I’ll get about the same as I got from the Wall Street bailout.
Reference post #11.
It’s cooking. The eruption will come. I still volunteer to operate the Guillotine.
I’ve said it before, I’ll say it again:
O ne
B ig
A ss
M istake
A merica!
It’s cooking. The eruption will come. I still volunteer to operate the Guillotine.
- TAXES
R
E
H
G
I
H
don’t get angry. you’ll make out a lot better than all the rich idiots who voted for Obama thinking he would be cool and sophisticated.
the same for seniors and retirees
Radio comedy.
What’s the world coming to when a single mom with three kids can’t work two jobs without taking a tax hit? Jeez!
I'm already to that point in several existential aspects. Which is my the missus is reluctant to let me buy any more firearms that hold a clip. And I can dig her perspective.
Indeed. There will be a lot of underground economic activity.
Socialism is essentially rationing. The government determines how much of something you will get. 0bama is going to institute de facto rationing through a repressive tax & spend policy. His list of rationed commodities is pervasive.
Electricity
Gasoline
Credit
Income
Health Care
Education
Housing
Travel
Entertainment
Information
Not on the list yet but soon to appear will be food and justice.
What ALWAYS happens when you ration?
Black Market.
Exactly! I don’t work outside of the house b/c of the tax code...I’d basically be working and then handing over my money to the government...no thanks! And the so called feminists are no where to be found....
What government ought to be pushing is for a special stimulus package for American citizens.
Under this proposal the US Treasury would print special vouchers. People would have to prove they are eligible by means of photo identification and Social Security cards. The vouchers would not be transferable except with special permission of the government (e.g. death of a spouse or inheritance).
All qualified individuals would get up to $ 30,000 in vouchers. The vouchers could be used only for the purchase of goods and services made or rendered in the U.S. Immediately disqualified are foreign workers here illegally.
This would encourage people to buy products and support domestic business. Example: Husband and wife decide to buy a new car. They may use vouchers for this purchase. This would obviously have the effect of stimulating the U.S. economy. Benefits would flow into the system immediately. Many jobs would be saved.
This proposal would probably be less expensive than lending billions to banks and insurance companies which are only going to fail anyway (Example: AIG).
bump
Look in the Recovery Act to see where the money is going, then apply for it. I’m setting up businesses to recover what they’re stealing from me.
No soup for you!!! But you must pay for the soup of those who do not want to pay for their own! signed, The Soup Nazi
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