PDA

View Full Version : What's all this moaning about taxes?



ccmanuals
08-12-2010, 04:04 PM
All these tea party folks complaining about their taxes going up! I personally don't see the problem here.



NEW YORK (CNNMoney.com) -- Worried about your taxes going up next year? They might for some high earners. But some not-quite-rich taxpayers could end up with a surprise tax cut.
If the Bush tax cuts (http://money.cnn.com/2010/08/12/news/economy/bush_tax_cuts/index.htm) expire for the nation's top earners, people making a pinch less than the wealthiest Americans, who don't quite qualify for the new top two tax brackets, could find themselves in an even lower bracket next year.
"We should end up with a sweet spot in the middle of the higher income brackets," said Robert Kerr, senior director of government relations at the National Association of Enrolled Agents. "This is an unintended benefit of the new plan that many people don't realize."
The government is defining the wealthiest Americans as individuals with taxable income of more than $195,550, ($200,000 in adjusted gross income) and joint filers with taxable income over $237,300, ($250,000 in adjusted gross income).
These taxpayers could be hit with higher tax bills next year as the tax rates for the top two brackets return to pre-Bush administration levels of 36% from 33%, and 39.6% from 35%.
But under Obama's tax plan, the 28% income tax bracket would be widened. According to estimates from Congress's Joint Committee on Taxation, if your taxable income is between $171,850 and $195,550, you would fall into this "sweet spot" and be moved from the 33% tax bracket to the 28% bracket and could end up saving more than $1,000 a year.
Does $250,000 make you rich? (http://money.cnn.com/news/storysupplement/economy/cost_of_living/)
Say you're a single filer with a taxable income of $195,550, taking one personal exemption and a basic standard deduction.
In 2010 you fell into the 33% tax bracket and paid $49,648 in income taxes. But if Obama's tax plan is passed, you will drop down to the 28% tax bracket and will owe $48,310, resulting in a $1,338 tax savings.
That goes for joint filers too. Those with income between $209,250 and $237,300 will also move into the 28% bracket. So joint filers making $237,300 will owe $54,399 under Obama's plan, $1,691 less than the $56,090 they owed this year.
Even if you are a high earner and get pushed into the new 36% bracket, you could still end up with a tax savings. That's because under the tax system, not all income gets taxed at the same rate. So in the case of those at the low end of the 36% bracket, only the highest layer of income would be taxed at the 36% rate, while a larger portion will be taxed at the reduced 28% rate. Net result: a lower tax bill.This holds true until your taxable income exceeds about $240,000 -- a breakeven level at which point you would pay roughly the same in taxes in 2011 as you did in 2010, said Robert Willens, a professor of taxation at Columbia Business School and president of a tax consulting firm.
But it's a different story for the super rich.
The expiration of the Bush tax cuts could cost the wealthiest Americans anywhere from an additional few hundred dollars a year for those people in the lower end of the bracket, to hundreds of thousands of dollars a year for multi-millionaires.
"Ultimately, the inadvertent tax break would only be noticeable to a very small subset of people, since no more than 5% of people have income at or above the [current] 28% bracket," said Kerr

Nicholas Scheuer
08-12-2010, 04:56 PM
It has to do with the present generation of Americans being the most self indulgent people in our brief history. According to them, ALL of their income should be available to satisfy their next whim.

The need for new roads, new schools, and expanding militarism should all be funded by simply "eliminating waste".

The real waste is THEM.

Moby Nick

redeye1962
08-12-2010, 07:36 PM
It has to do with the present generation of Americans being the most self indulgent people in our brief history. According to them, ALL of their income should be available to satisfy their next whim.

The need for new roads, new schools, and expanding militarism should all be funded by simply "eliminating waste".

The real waste is THEM.

Moby Nick
Perhaps we could look for a leaner government instead of expanding it first. I believe there is plenty of tax money to satisfy any type of repairs needed. Let's clean up Washington first along with local governments, stopping the waste etc and the extra money could be put into your concerns. I know it sounds illogical but it is better than raising taxes. That is my 2 pennies..........please don't take one of them... that would put me in the 50% bracket then. :)

Cuyahoga Chuck
08-12-2010, 08:48 PM
Perhaps we could look for a leaner government instead of expanding it first. I believe there is plenty of tax money to satisfy any type of repairs needed. Let's clean up Washington first along with local governments, stopping the waste etc and the extra money could be put into your concerns. I know it sounds illogical but it is better than raising taxes. That is my 2 pennies..........please don't take one of them... that would put me in the 50% bracket then. :)

And your 2 won't buy much. Cutting back on spending means somebody's ox is going to be gored. Are you willing to let that ox be yours to see your "leaner government" be realized?

.

paul oman
08-13-2010, 08:38 AM
If the government would just tax everyone : " a penny for your thoughts" and everyone threw in "their two cents worth" the government would have a 100% surplus and the budget shortfall would be solved.

McMike
08-13-2010, 08:48 AM
It has to do with the present generation of Americans being the most self indulgent people in our brief history. According to them, ALL of their income should be available to satisfy their next whim.

The need for new roads, new schools, and expanding militarism should all be funded by simply "eliminating waste".

The real waste is THEM.


Moby Nick


Greed is not a new thing; it was perfected 30 years ago while you were in your prime. I'll also mention that it's your generation who's been running things. The fact that you want to blame the "present generation" while forgetting your generation is STILL present and has been for much longer than mine tells me a lot about you . . .:mad:

BrianW
08-13-2010, 09:09 AM
Damn Mike, your on a roll!

Love it! :D

McMike
08-13-2010, 09:12 AM
Damn Mike, your on a roll!

Love it! :D

...:p

Nicholas Scheuer
08-13-2010, 09:39 AM
One huge difference between "my" generation and "your's", McMike is that "my" generation hadn't thought of outsourcing, so most people wee making good money.

A big problem with taxation today is that "your" generation has shut down every factory it could find in favor of OUTSOURCING and now lots of folks cannot find a job that pays more than the fast food industry or Wal-Mart.

You got what you deserve, McMike. Enjoy!

Moby Nick

McMike
08-13-2010, 09:45 AM
One huge difference between "my" generation and "your's", McMike is that "my" generation hadn't thought of outsourcing, so most people wee making good money.

A big problem with taxation today is that "your" generation has shut down every factory it could find in favor of OUTSOURCING and now lots of folks cannot find a job that pays more than the fast food industry or Wal-Mart.

You got what you deserve, McMike. Enjoy!

Moby Nick

LOL, enjoy indeed . . . fool.

Ok, if you're over 70 then I'll give you a pass but if you're under 70 then your generation invented outsourcing my friend. Remember, most of the top executives and government officials are 55+. I'm 36, I didn't do it pal, and I'll like it if you'll stop accusing my generation and therefore me without taking into account that it takes a village to F things up.