Skip to comments.Obama's tax plan: Top 1% would pay $109,000 more on average
Posted on 03/22/2012 7:53:57 AM PDT by Oldeconomybuyer
Wealthy taxpayers would see a big jump in their tax bills under President Obama's latest budget proposal, according to a new independent analysis.
In fact, those in the top 1% of income would see an average tax increase of nearly $109,000 in 2015, according to the Tax Policy Center.
Nearly 63% of tax filers with incomes between $100,000 and $200,000 would see a larger tax burden.
Overall, an estimated 16% of households would end up with lower tax bills under Obama's proposal, which was laid out last month in the president's 2013 budget.
(Excerpt) Read more at finance.yahoo.com ...
>> Nearly 63% of tax filers with incomes between $100,000 and $200,000 would see a larger tax burden... Overall, an estimated 16% of households would end up with lower tax bills under Obama’s proposal
For a couple years I’ve been “galting” my economic affairs in order to move from the former group into the latter. It’s working nicely. The beast has grown fat and needs to be put on a diet. Perhaps I can help.
But, but, but...Obama promised that taxes would not go up on families with incomes under $250,000.
Does that mean Joe Wilson was right?
Since 50% already pay NO taxes, I can assume that this will make that number go to around 60%??
And this way is so much more respectable.
And this way is so much more respectable.
That's exactly what I think every time I have to stand in line behind some big fat person who swipes an EBT to buy a shopping cart full of convenience food items.
>> Since 50% already pay NO taxes, I can assume that this will make that number go to around 60%??
If your 50% assumption is correct — I’m not sure it is — and if the 16% number is correct, then the math says so.
The operative word here is “if”.
“For a couple years Ive been ‘galting’ my economic affairs”
I believe the correct term is “shrugging.”
So he raises taxes and still has huge deficits. good plan...
From May 3, 2010 WSJ:
By JOHN D. MCKINNON
As President Barack Obama pushes to raise income taxes on high earners, opponents are seizing on data that indicates these U.S. households already pay a large and growing share of taxes, even compared with high-tax European countries. And a new congressional study concludes that the percentage of U.S. households owing no federal income tax climbed to 51% for 2009.
“We have to spread the wealth around.”
I shrugged also. Instead of paying more in taxes, I now pay less - much less. I imagine this will result in a substantial net decrease in revenue as more people join us. I’m not sure if Obama even cases though; for him it’s about envy and not about funding essential government services. If Obama raises my taxes again, I’ll take even more time off and cut my earnings again. I can get by comfortably on less than I spend now, and I will not pay the Obama Regime more than they are now receiving, regardless of the rate they demand.
Thanks for the link; guess your math is right, then. Wow.
>> I believe the correct term is shrugging.
OK, I’ll stop inventing words and use that going forward; it *does* sound more verbaceous. :-)
Since we're on the topic of grammar and the Randian lexicon, you can also "go Galt" if you choose. "Shrugging" and "going Galt" are synonymous.
Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes. Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).
Taxing the rich is the first step to taxing the middle class, which is the real target. The rich can avoid taxes anyway.
Yes, this will fix the trillion dollar deficit we’re running this year.
This is just class warfare and using the tax code as a punitive tool on a demographic group of people he opposes.
>> Any one may so arrange his affairs that his taxes shall be as low as possible
Preach it, brother!
It adds to the satisfaction that everything I’m doing is justified by law, including IRS codes.
(I should mention that “shrugging” or “going Galt” is NOT without risks... but they’re acceptable to me.)