Should we all hide our wallets? What do you think?

@gungasnake,

That is very true and echoed by the comments of the chosen one himself. "I’m not interested in the suburbs. The suburbs bore me. " -Oboy.

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Democrats hate the middle class? Hm. Could somebody point out which middle class we're talking about here? On this graph, maybe?

1 Reply

@old europe,

The top of the tax bracket already accounts for close to 90% of the taxes collected. They absolutely deserve a break.

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@cjhsa,

"The top of the tax bracket" is hardly the middle class though, is it?

1 Reply

@Woiyo9,

Woiyo9 wrote:

I believe Obama ... will raise taxes across the board (regardless of what he says)

I'll bet you fifty bucks that median income earners will pay a lower income tax rate in four years time than they do now.

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@cjhsa,

I doubt that very much. Maybe you mean "income taxes" rather than all "taxes collected". And even then you'd have to consider all the loopholes, all the deductions. Remember how Warren Buffett famously put it?

Quote:

Mr Buffett, who is worth an estimated $52 billion (£26 billion), said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent.

And even if you firmly believe that those who make more money deserve a tax break more than those in the middle class, that doesn't explain how you get from there to the conclusion that the Democrats hate the middle class - merely because the Democratic candidate wants to give people in the middle class a bigger tax break than the Republican candidate.

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@nimh,

90% of the taxes collected? Really?

All taxes? I doubt that.

Edit: Cluster f*cked!

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This graphic is just for reference.

http://taxprof.typepad.com/taxprof_blog/images/2008/08/01/top_1.gif

Maybe somebody could point out why a top marginal tax rate of 39% would "destroy the republic", and why the republic wasn't destroyed during all those decades where top marginal tax rates were a lot higher.

1 Reply

@cjhsa,

cjhsa wrote:

But most Obama supporters are very young,

You really just make these things up as you go along, dont you?

According to Gallup, Obama gets 45% of voters aged 65 and older, while McCain gets just 43% and the rest is undecided. Obama gets 52% of those aged between 50-64, and 50% of those aged 30-49, against 41% and 45% for McCain respectively.

Even if you'd bar everyone under 30 years old from the vote, Obama would still easily win the elections if they were held today.

1 Reply

@old europe,

You guys are conveniently forgetting the all important Joe the Plumber small, incorporated business owner. At 39% personal income taxes, after they've paid their corporate taxes, are getting up into the 80%+ tax rate.

4 Replies

@nimh,

Keep trusting those polls. Many that publicly say they will vote for Obama won't pull the leverfor him behind the curtain.

1 Reply

@cjhsa,

Will you remind me of this post after the elections, or shall I remind you?

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@cjhsa,

And you forget all of the business benefits they get by incorporating. Including tax benefits.

I might add that most "Joe the Plumbers" won't make it to the level where they'd be taxed more. Certainly Joe the Plumber won't unless his business skyrockets because of the publicity he's received.

Your attempt at "spin" is twisting the fabric of reality.

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@cjhsa,

How much would Joe the Plumber need to deposit next year, before all business expenses / deductions in order for his personal income to be over $250,000 and have to pay 3% more in taxes?

1 Reply

@squinney,

squinney wrote:

How much would Joe the Plumber need to deposit next year, before all business expenses / deductions in order for his personal income to be over $250,000 and have to pay 3% more in taxes?

He would only pay the 3% on the dollars he earns OVER $250,000.
If he made $300,000 he would pay an extra $1500 in taxes.

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@Woiyo9,

?

You are such a schmuck.

1 Reply

@cjhsa,

cjhsa wrote:

You guys are conveniently forgetting the all important Joe the Plumber small, incorporated business owner. At 39% personal income taxes, after they've paid their corporate taxes, are getting up into the 80%+ tax rate.

You don't know much about taxes do you?

1 Reply

@Bella Dea,

Go wipe your chin!

1 Reply

@parados,

parados wrote:

You don't know much about taxes do you?

You don't know much about working for a living, do you?

0 Replies

@Woiyo9,

You sure to get riled up over the dumbest things, don't you?

0 Replies

Should we all hide our wallets? What do you think?

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