Posted on 06/28/2008 1:19:45 PM PDT by rface
To start, Obama frequently cites $250,000 as the line between those who would be subject to higher taxes and those who wouldn't.
Indeed, under Obama's tax plan, married couples with at least $250,000 in gross income are likely to see their taxes go up if Obama is elected president. [click for brief entertaining video]
But what about single filers? The line for them would likely be about $200,000, according to an Obama adviser.
Those groups could end up paying anywhere from several thousand dollars to tens of thousands of dollars more to Uncle Sam than they do now, according to estimates from the Tax Policy Center.
From income to Social Security to estates, we take a look at four areas where the high-income set and the very well off may be subject to a bigger tax bill in an Obama administration.
Obama would restore the top two income tax rates to their pre-2001 levels of 36% and 39.6%. Currently they're 33% and 35%.
(Excerpt) Read more at money.cnn.com ...
No, the tax rates are set up to prevent that. You can expect the Obama penalty to be the same.
Tax you, tax me, tax the man behind the tree; but don't tell them until after they have made me president,
You don’t seriously think that would work, do you? Better get a divorce.
What he means is tax the people who deserve to keep more of their money and hope other Americans continue to blindly follow the “Rich = evil” mentality, which is probably going to remain the mindset for quite a while.
Of course, Obama will cut out enough exemptions to "his rules" so that his friends don't take the hit everyone else will.
I wonder if people who own small businesses will fall into this category. Their net income might not be over $200K, but their gross income could be.
I’m glad to see this reported on CNN.
Class warfare. Using the power of government to steal from the rich and give to the poor (and their friends).
Actually, it is meant to destroy the middle class leaving a ruling class and serfs. Following the Lenin model, use the illiterate serfs to murder the middle class. Obama, Kennedy, Pelosi, Kerry are survive as the ruling class.
Anyway, Obama, Kennedy, Clintons, etc probably have oodles of money off-shore to avoid taxes (and disclosure).
Ted Kennedy opposes any efforts to end the estate tax.
Let’s see how much of Fat Ted’s estate goes to the government when he dies.
And remember that evaluation on the Jackie O. Kennedy estate? When JFK’s belongings were FINALLY put up at auction, they brought far more than the “estimated” value of his estate.
Should the intrinsic value of someone like that have been factored into that (oval office) desk at the time of her death?
...”Anyway, Obama, Kennedy, Clintons, etc probably have oodles of money off-shore to avoid taxes (and disclosure)”...
Yes. Most of those who are truly rich do not pay taxes. They hire tax and estate lawyers to set them up so they can avoid paying what the rest of us pay. People making $250,000 a year most likely have been in school most of their lives and have big debts to pay. Further more, they cannot afford the big time tax lawyers so they take the full hit. Granted, they are smaller in number than the folks who make $30,000-$60,000 a year so the politician is not afraid of their voting strength. It is so infuriating to see people punished for succeeding and it is vile to feed and nurture the natural envy which lurks in the human heart for the purpose of grabbing political power. Encouraging class warfare has always been the playground of the elite left in this country and they are not going to stop until the American Dream has breathed it’s last breath.
Ted Kennedy’s does not have an estate for the government to tax. You can bet ole Ted and the rest of the Kennedy clan has all of their assets and money tucked away in a nice little Family Irrevocable Trusts or other vehicles that will avoid taxation for generations.
The really rich don’t have to worry about increasing taxes because they are already AVOIDING taxes anyway!
At $250k a year you aren't wealthy. And it is unlikely you will ever be “wealthy” at that rate. It should be enough for a decent retirement. With high inflation that is being eaten away as well.
250K that is aimed at the small guy in business also.
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