Posted on 03/10/2009 7:34:45 AM PDT by ryan71
As though the business sector needed another reason to wring hands all ‘round, President Barack Obama’s tax assault on the “rich” is just another nail in the coffin for an already overtaxed upper middle class. Obama not only has the wrong idea on who is really "rich," he's clueless at the raw deal the real taxpayers are already getting.
As I pointed out in a recent column, some income groups the president defines as rich already do more than their share when it comes to paying the federal money mongers. I wrote: “Once your adjusted gross income reaches $100,000, your taxes rise substantially. The income group ranging from $100,000 to $200,000 paid 20.4 percent of total taxes, the largest percentage of any group. Close on this group’s heels is the $200,000 to $500,000 group. They paid 17.3 percent of total taxes. These are the two groups who paid the most in total, though earners making more than $1,000,000 have a higher tax rate liability.” Now I do realize this is hard for Obama to understand. After all, it seems to be a Democratic tradition to avoid paying taxes.
(Excerpt) Read more at theusreport.com ...
“Justification”?? What a joke He don’t need no stinkin’ justification for anything he does. Everything he does flies in the face of common sense and well-proven empirical evidence of what works. Unless of course you are out to destroy the US and make it into a commie pig sty where nobody works and inflation runs 1000% a year.
Of course he cannot justify. To do that, the Obamaloon would need 1) knowledge of what’s going on, and 2) the ability to do high school math (even the awful stuff that’s currently vended by our wonderful teacher’s unions).
The loon knows neither.
He don’t need no stinkin’ “justification” because, “he won”.
I’m in that 20% group, and yes, I get whacked. My rates are up for the top half of my income and my deductions are limited.
“Middle Class” and “rich” have different meanings depending on who is using the term.
Conservative: “Middle class” is AGI from $50,000 to $500,000. “Rich” is more than that.
Liberal: “Middle class” is AGI from $20,000 to $75,000. Rich is more than that.
You can tax the conservative’s definition of “rich” people of all their income and you won’t get close to funding a $3,400,000,000,000.00 budget. You have to go after the “middle class” to get that kind of money.
As I always remind Mrs. Henkster, when the liberal politicians or their willing media accomplices talk about taxing the rich, they are talking about us.
We must impose on politicians and bureaucrats the same onerous requirement they weigh us down with by forcing them into Social Security and into 401Ks instead of guaranteed pensions courtesy taxpayers.
Right now they are sheltered from the ruin they wrought.
Obama will then have the misery shared by everybody including himself.
But more importantly, it will get the lower 50% of earners to shoulder more of the tax burden and work to reduce the population from dependency on the government. And for that reason, it would not pass in this Congress.
Normally, I oppose tax increases but I believe this would be a step to normalize the great disparity and blatantly unconstitutional (14th amendment) progressive tax we currently have.
These taxes really hurt small businesses. My take home salary is in the 5 digits, but since I may have $100,000 in my business account in the end of the year, that $100,000 is also considered part of my salary.
Problem is, I have $100,000 in monthly expenses that I need every cent of that amount for. I desperately need to hire a few more employees, but I’ve got to save to pay that big tax bill.
Somehow, people are more appreciative about $13 a week “tax refund” from the government than they are for a $35,000 a year job from a business owner.
Deductions are already limited for people with high incomes, and the higher the income, the less the deduction is worth:
If the taxpayer's adjusted gross income is above a threshold (or "applicable amount"), then the total allowable itemized deductions is reduced by the lesser of 3% of the excess of adjusted gross income over $156,400; or 80% of the total itemized deductions otherwise allowable.
For example, if someone had an adjusted gross income of $10,000,000 and gave $1,000,000 to charity (and had no other deductions), his allowable deductions would be reduced to $704,692. In the current maximum tax bracket of 35%, he would save about $246,642 or roughly 25% of the original $1,000,000. As incomes rise higher, that percentage gets lower. Under Obama's proposal, those making over $250,000 would be limited to 28% maximum writeoff, and in the above scenario, the taxpayer would take $197,314 off his taxes, or about 20% of the original million donation.
In Obambi’s egomaniacal mind, getting elected to the presidency is all the justification Obambi needs.
1. Pay taxes
and
2. Make charitable deductions.
(Hint: It ain't liberals).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.