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I don't now if I'm missing something in Obama's tax plan, but if your personally making over $250 per year net by most any ones standards your doing well. $250K a year comes out to $20,833.00 per month Even a small business that has covered all of it's payroll and expenses that comes out with $250 in net profit is still doing ok- I don't understand the level of middle class resistance to Obama's tax plan, I'm I missing something? ---I am a small biz owner and have about 12 employee's---
@ besgwineboogie How will it devastate small business? I'm set up as Corp not a flow through so I take a wage and a distribution from the business- In up years we make sure to keep our expenses high enough that we're not showing big profits on paper because it rapped by the government any way, so it's better for us to spend it on growth than get taxed it-
@ kerfitz I don't disagree with you I personally support a flat tax- In terms of handing over money to the government, I would rather pay it out in bonuses to our staff- But at this there has be some kind tax revision because of the amount of debt the country is in and our infrastructure needs to be updated… Both will take money to fix and it has to come from somewhere-
OK volunteer your profits to the goverment. Why haven't you already? seriously... Just because someone is doing "OK" doesn't give the goverment the right to take it from them and give it to people that haven't done the work necessary to do "OK". Today it is 250K and if that isn't enough then tomorrow they say that people that make 150K are doing "OK" and can pay more too... then next week they say anyone making 75K is making more than enough.... I guess you really don't know anyone that makes that much (not that I do) but there is an altruism that states the more you make the more you spend. 20K a month isn't all that much when you're making payments on a 2.4M home (the going rate in Wallingford for a two bedroom condo) Edit: I commend you for giving bonuses to to your employees. This is the way the "Trickle down" economy is supposed to work... you as a business owner have more money in your pocket and share some of that with your employees. The money for infrastructure and things does need to come from somewhere. I too would like to see a flat tax or even a national sales tax instead of an income tax. Income taxes do not promote savings and investing.
The problem that I have with it (and I only make $68K a year) is that it violates basic moral premises. We, as individuals, have the right to life, liberty, and property in this country. The very idea of entitlement... where the government forcefully seizes the income of some individuals in order to disperse it to others is not just flawed, but grossly immoral. Let me ask you this: how are those whose income is being seized (at gunpoint no less) supposed to feel? Just because you are alive does not give the the right to another person's labor or money. Just because you want or need something does not give you the right to forcefully take it through the use of the government. In truth, both candidates have it wrong. Obama is just more socialist than McCain.
Because it's a greed based, what's in it for me ideology. Hey I could careless if that guys taxes are raised, just as long as mine aren't. I think a flat tax or a fair tax would be ideologically the most fair. We should be taxed based on how we live. If I make 300,000 a year, but live in an apartment with a relatively frugal lifestyle, I should be taxed according to how I spend/live. It's the greed based mentality that thinks just because someone has been more successful, they should pay a higher tax rate. I'm against that type of thugocracy mentality. Most people who are in that bracket have worked hard to get their and shouldn't have the fruits of their labor taken from them merely because they've been more successful.
The more you make, the more you spend and become accustomed to that lifestyle. If you make 250k per year chances are you worked pretty hard to get there are should be able to enjoy the fruits of your labor. Michael Jackson has made extraordinary amounts of money and has had financial troubles, Ed McMahon almost had his house foreclosed on. It may seem though they should have a lot and a lot saved, but you never really know until you are in their shoes.
Well first of all, all the numbers you have provided are not so useful because the cost of living differs greatly from one place to another… My advice to you is to write down all your expenses. When you receive the money, mark down everything you have spent money on… whether it's food, clothes, recreation, or anything else… Then see where you are spending unnecessary money, and find where you can save on some money. I remember a story of someone who was short of money when it came to paying his college fees. Someone gave him the advice I have just given you. Guess what? By cutting down on the coffee he bought every morning for $1, he was able to pay his tuition fees without being short of cash. From there, you can apply this to a household income. Of course, the needs of a family are much greater than the needs of a single person. Good luck.
Small businesses, which provide 80% of American jobs will be devastated by Obama's socialistic tax scheme. Your ignorance of economics makes your claim of being a business owner highly suspect.
Obama lies so well You are so young Trust me those tax increase wil affect Every American You will pay more undr Obama even if you only make 250 dollar a week Obama reminds me more of Bush every day READ MY LIPS Now, in the face of the desperate crisis of American capitalism, Obama is assuring continuity with the policies being enacted by the Bush administration, with the full complicity of the Democratic congressional leadership. These policies amount to the looting of the US treasury to protect the wealth of the financial oligarchy against the consequences of its own parasitism. is Obama FOR the Bailout????????? Obama bill: $845 billion more for global poverty Democrat sponsors act OK'd by Senate panel that would cost 0.7% of gross national product does he hand 845 BILLION to the U.N. ?????? That is MORE THAN THE BAILOUT Read it and open your eyes
With prices where they are today I imagine most people in the 20-30k range and even up from there are struggling. Home values may be down but I dont see much in the way of prices going down.
They resist it because McCain says its bad, and repeats the same wrong information over and over again. Even though he is always corrected, people dismiss it. 95% of the people in this country will have their taxes lowered, end of story. But McCain keeps saying "Obama will raise taxes!" ... on the wealthy.
You are not missing anything. The only middle class resistance to the plan is the fact that Obama has a (D) after his name. When Obama gets in office, Republicans will hate him, but love the tax break they get because of him.