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.
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