How are the tax changes going to effect you?

Curious: are there a lot of posters here that make upwards of 150k? 200k? 250k?

If you do, I need to know what you do, so I can get some of that.

Sincerely,

Someone who makes WAY LESS than 150,000/annum
Originally Posted by curlyarca
What would it matter how many posters here make the above quoted figures? The fact is, making that kind of money when you're trying to raise a family, trying to decide how you're going to pay for your kids college education, and saving for retirement with a comfortable nest egg, is not a whole heck of a lot of money.

I guess most people would assume that we have it made. I'm here to tell you that it ain't necessarily so. And it's not as if we were always making such a nice income. My husband works his a** off, providing 3 separate sources of income and even we have a difficult time wondering how we are going to get it all done and still reach retirement without going broke.

The more you make, the more they take. When you add in federal, state and all the other taxes, we are quite close to the 50% tax bracket.
My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Do you positively know this!?
My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Do you positively know this!?
Originally Posted by mailgirl
YES!
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My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Do you positively know this!?
Originally Posted by mailgirl
YES!
Originally Posted by southrncurls
And how exactly did Obama play a part in this, seeing as how he's yet to hold the power to make national laws? I think you've been Palinized.
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My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Do you positively know this!?
Originally Posted by mailgirl
YES!
Originally Posted by southrncurls
erm... would you care to explain or elaborate?
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My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Do you positively know this!?
Originally Posted by mailgirl
YES!
Originally Posted by southrncurls

Then why have you not answered any of the people who've asked how you can positively know that he will a) lose his job or b) that he will lose his job, especially because of a man that hasn't even been sworn into office yet?

Unless you just have some wicked powerful crystal ball, I don't know where you're getting your information from.
"And politically correct is the worst term, not just because it’s dismissive, but because it narrows down the whole social justice spectrum to this idea that it’s about being polite instead of about dismantling the oppressive social structure of power.
Fun Fact: When you actively avoid being “PC,” you’re not being forward-thinking or unique. You’re buying into systems of oppression that have existed since before you were even born, and you’re keeping those systems in place."
Stolen.
Please, give us your source of information...if it is accurate then we can agree...
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My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Well, he could move to Alaska and work for Sarah Palin!
3a/3b/3c/36D


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What's funny is that among high income earners, more of us voted for Obama than McCain.
Originally Posted by CocoaCoily

That's true. My husband makes $250+ and we voted Obama. He also has a small business. If our taxes go up, it will be worth it to have good paying jobs stay HERE in the USA, rather than overseas. It will be worth it to have more respect in the rest of the world. It will be worth it to get the HELL out of two wars. It will be worth it to become environmentally friendly and energy independent. It will be worth it not to saddle our grandchildren with $50 Trillion in debt.
If large businesses are being taxed more they are simply going to take their business OUT of the U.S.A. The small businesses won't survive.
I would venture to say that most small businesses do not net even close to $250,000. Once payroll, operating costs, insurance, etc etc etc are paid, there simply isn't much left over. The tax changes will absolutely NOT affect the struggling small businesses. [ This is coming from someone who has worked in a SMALL family owned small business all her life (aside from college). ]

Obama is not sending big business out of the country. In fact, BUSH did. Obama is going to give tax incentives to big companies to bring business and jobs BACK to the USA.

Ugh.. I seriously can't figure out where people get their information.
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Ugh.. I seriously can't figure out where people get their information.
Originally Posted by SydneyCurl
From fear-mongering, hate-fostering, half-wits. That's the only thing I can think of with some of the stuff I'm hearing lately.


What's funny is that among high income earners, more of us voted for Obama than McCain.
Originally Posted by CocoaCoily

That's true. My husband makes $250+ and we voted Obama. He also has a small business. If our taxes go up, it will be worth it to have good paying jobs stay HERE in the USA, rather than overseas. It will be worth it to have more respect in the rest of the world. It will be worth it to get the HELL out of two wars. It will be worth it to become environmentally friendly and energy independent. It will be worth it not to saddle our grandchildren with $50 Trillion in debt.
Originally Posted by RedCatWaves
Seriously!

Do you positively know this!?
Originally Posted by mailgirl
YES!
Originally Posted by southrncurls
And how exactly did Obama play a part in this, seeing as how he's yet to hold the power to make national laws?
Originally Posted by A_la_Nap-tural
Maybe her DH worked for the McCain campaign. Yup, they're definitely out of work now.
If large businesses are being taxed more they are simply going to take their business OUT of the U.S.A. The small businesses won't survive.
Originally Posted by DEL2C

Only if you only listen to about 40% of what a candidate has to say.

Obama was pretty clear about giving companies incentives to keep jobs IN the states, and penalizing companies that ship their jobs overseas.
"And politically correct is the worst term, not just because it’s dismissive, but because it narrows down the whole social justice spectrum to this idea that it’s about being polite instead of about dismantling the oppressive social structure of power.
Fun Fact: When you actively avoid being “PC,” you’re not being forward-thinking or unique. You’re buying into systems of oppression that have existed since before you were even born, and you’re keeping those systems in place."
Stolen.
What I wonder about McCain (and Bush) supporters, and what I'd love to hear thoughts on is this...

Bush brought us into a war that is costing us $10b a month (to which we are indebting ourselves to China), and McCain would have kept us there indefinitely. How do we pay for that? Would it be...taxes?

Speckla
Guest
Posts: n/a
Yes, CocoaCoily,
It would be tax money that kept/keeps financing this and any war ever fought in modern times.

Individuals making over $250,000 will be taxed at a higher rate - ok, I understand that.

These are my many questions that I like to see an outline of: Is there a different tax plan for privately owned small business that brings in $250,000 or more per year - isn't that considered the owner's income? Will they only charge higher taxes and on their net income? Or will they only consider the portion that is set aside for their own personal use “pay”? ( I know I asked some of these earlier) Anyone have any links? I know this is pretty much just talk right now and a loosely formula plan that isn't really in print.

I agree that now isn't the time to freak - freaking out doesn't get anything solved - and don't freak out and act on that. That is a sure way for financial and personal disaster to ensue.

Last edited by Speckla; 11-05-2008 at 05:47 PM. Reason: expanding on thoughts
Curious: are there a lot of posters here that make upwards of 150k? 200k? 250k?

If you do, I need to know what you do, so I can get some of that.

Sincerely,

Someone who makes WAY LESS than 150,000/annum
Originally Posted by curlyarca
What would it matter how many posters here make the above quoted figures? The fact is, making that kind of money when you're trying to raise a family, trying to decide how you're going to pay for your kids college education, and saving for retirement with a comfortable nest egg, is not a whole heck of a lot of money.

I guess most people would assume that we have it made. I'm here to tell you that it ain't necessarily so. And it's not as if we were always making such a nice income. My husband works his a** off, providing 3 separate sources of income and even we have a difficult time wondering how we are going to get it all done and still reach retirement without going broke.

The more you make, the more they take. When you add in federal, state and all the other taxes, we are quite close to the 50% tax bracket.
Originally Posted by misspam
Note the bolded.

A 4th of my monthly income goes to taxes, and I still make way less than 100k. It has something to do with the fact that I don't have a 401k, a house, or kids. I am a single woman. I'm an RN, and I work my ass off, too. I actually don't mind paying taxes, and I understand why I pay high taxes.

The fact is, it's hard out here for everyone....especially the majority of Americans (who on average don't make more than 40k a year).

The more you make, the more you have to live off of.

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Individuals making over $250,000 will be taxed at a higher rate - ok, I understand that.

Is there a different tax plan for privately owned small business that brings in $250,000 or more per year - isn't that considered the owner's income? Will they only charge higher taxes and on their net income? Or will they only consider the portion that is set aside for their own personal use “pay”?

Anyone have any links or is this pretty much just talk or a loosely formula plan that isn't really in print yet?

I agree that now isn't the time to freak - freaking out doesn't get anything solved - and don't freak out and act on that. That is a sure way for financial and personal disaster to ensue.
Originally Posted by Speckla


Presumably, the business has deductable overhead expenses...building, supplies, employee salaries, etc. That's what "deduction" means...the amounts are "deducted" from the total income. After all deductions have been taken, you are left with the amount that is taxable. I can't speak for all small businesses, but my husband's small business only pays taxes on the amount after deductions, not on his total revenue.
Speckla
Guest
Posts: n/a
Individuals making over $250,000 will be taxed at a higher rate - ok, I understand that.

Is there a different tax plan for privately owned small business that brings in $250,000 or more per year - isn't that considered the owner's income? Will they only charge higher taxes and on their net income? Or will they only consider the portion that is set aside for their own personal use “pay”?

Anyone have any links or is this pretty much just talk or a loosely formula plan that isn't really in print yet?

I agree that now isn't the time to freak - freaking out doesn't get anything solved - and don't freak out and act on that. That is a sure way for financial and personal disaster to ensue.
Originally Posted by Speckla


Presumably, the business has deductable overhead expenses...building, supplies, employee salaries, etc. That's what "deduction" means...the amounts are "deducted" from the total income. After all deductions have been taken, you are left with the amount that is taxable. I can't speak for all small businesses, but my husband's small business only pays taxes on the amount after deductions, not on his total revenue.
Originally Posted by RedCatWaves
It would make sense to tax on net income (gross - expanses).
Curious: are there a lot of posters here that make upwards of 150k? 200k? 250k?

If you do, I need to know what you do, so I can get some of that.

Sincerely,

Someone who makes WAY LESS than 150,000/annum
Originally Posted by curlyarca
What would it matter how many posters here make the above quoted figures? The fact is, making that kind of money when you're trying to raise a family, trying to decide how you're going to pay for your kids college education, and saving for retirement with a comfortable nest egg, is not a whole heck of a lot of money.

I guess most people would assume that we have it made. I'm here to tell you that it ain't necessarily so. And it's not as if we were always making such a nice income. My husband works his a** off, providing 3 separate sources of income and even we have a difficult time wondering how we are going to get it all done and still reach retirement without going broke.

The more you make, the more they take. When you add in federal, state and all the other taxes, we are quite close to the 50% tax bracket.
Originally Posted by misspam
Note the bolded.

A 4th of my monthly income goes to taxes, and I still make way less than 100k. It has something to do with the fact that I don't have a 401k, a house, or kids. I am a single woman. I'm an RN, and I work my ass off, too. I actually don't mind paying taxes, and I understand why I pay high taxes.

The fact is, it's hard out here for everyone....especially the majority of Americans (who on average don't make more than 40k a year).

The more you make, the more you have to live off of.
Originally Posted by curlyarca
You sound like you are under the assumption that I do mind paying taxes. That assumption would be false. I just resent having so much of my husband's income being confiscated by the federal government.

As to the part you bolded, my husband was in the United States Coast Guard for 22 years, so he has a retirement from that. He has a normal job he goes to Monday thru Friday, he also designs, markets, and sells his own software program on his off-time. He is a busy man.

All added up, he brings in about $225k a year. We do not have a fancy home, we live in a modest middle-class neighborhood. We both have used 5+ year old cars, we do not carry credit card debt and we are doing our best just to keep ahead and save for retirement.

My point is, it shouldn't be this hard to just live well, provide for your family, and sock away enough to have a comfortable retirement. We are doing everything "right" just to live and plan for the future, but feel like Obama's plan will simply penalize us for our success and hard work.

I applaud you for working hard as well. I just don't agree with the progressive tax system as it only seems to punish ambition. I would be more in favor of a flat tax or consumption tax.

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