How are the tax changes going to effect you?


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.
Originally Posted by misspam

Obama has said repeatedly that folks earning up to 250K will not see additional taxes. I don't think he was lying about it. Obama didn't invent the progressive tax system, so I think your anger is misplaced.

Obama has said repeatedly that folks earning up to 250K will not see additional taxes. I don't think he was lying about it. Obama didn't invent the progressive tax system, so I think your anger is misplaced.
Originally Posted by RedCatWaves
THANK YOU! sheesh..


MY HAIR FOTKI


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Posts: 31
What I don't understand is if this is just for individuals making that amount, or does it include corporations? I worry about retailers - they are an indicator of where the economy is going. Large retailers may take in millions, but they're really struggling at this time. If they're taxed, how will they afford that? Will it come out of employee salaries? I used to work in retail (got out of it for my sanity, and also because the work wasn't worth the paltry pay) - this was more of a worry for me then, but I'm still worried about it.

I voted for Obama, so don't think I'm asking to be an instigator. I support a progressive tax system. I'm definitely for the small percentage of INDIVIDUALS making well over 250k being taxed more - pro athletes, actors... Most people I can think of making ridiculously large amounts of money don't deserve half of it. I've asked about this on other forums, but have gotten a mix of answers.
I'm a poor college prof so my taxes will probably down. I'm so far under $250K that I have little or nothing to worry about.
Originally Posted by Myradella3
Same here. I don't even make 40K, and let's not even do the math on how much of that is left after the bills. I'm not worried. But it is a proven fact that when money is distributed within the middle class, it works it's way up and makes for a more stable economy. Shaving a little off the top from the rich isn't all that bad. It's much better than distributing the money to the rich and expecting it to trickle down. We know that doesn't work....
Originally Posted by A_la_Nap-tural
How much more you want to shave off? The top 10% of income earners (100K or more) in this country already pay roughly 70% of the taxes and 40% of the nation doesn't pay any taxes. (date from non-partisan Tax Foundation examination of IRS tax data)

The top individual tax rate is 35%
Capital gains is 15%
Stock dividend tax rate is 15%
40% pay no taxes
Subchaper S corporations (small businesss) pay at top rate of 35% to 50.3%

Number of household earning $100K or more annually has almost doubled over past 20 yrs.
Number of households earning $35K or less has changed only marginally over the past 20 yrs.
Many of those who left the $35K bracket moved into higher income brackets and were replaced by illegals.

Reagan reduced the tax rate on top earners from 70% to 28% and the US went into an impressive rate of growth and wealth creation. We did it ourselves. The government didn't. The government cannot create wealth, but it can allow us to create our own.

Spending has also GOT to be cut...and it evidence so far is that Barack isn't very good at that. In his 4 years as Sen, he got $1B in earmarks for his state. Nice for the state, sucks for the rest of us. McCain has never taken an earmark. Obama is getting 6.3M from taxpayers for his transition, he's got campaign money let over, yet he is STILL asking for more money from donor to fund the transition.

He claimed that he'd balance the budget within his first term, but he wants billions more in entitlements.

We'll see. As a small business owner for 25 years, we are watching carefully. We've already had some wealthy clients back down on projects, waiting until after the election...and we've had a number of calls for things people want done before the end of the year.
My son wears combat boots (and a parachute).
The older I get, the less patience I have with cleverness. Thomas Sowell.
Resolve to perform what you ought. Perform without fail what you resolve. Benjamin Franklin.
Don't go around saying the world owes you a living. The world owes you nothing. It was here first. Mark Twain.



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