Obama wants payroll tax on incomes above $250,000

AP via Yahoo! ^ | June 13, 2008 | CHARLES BABINGTON

[poobear]

“And if you are self employed, you pay the full 12.4 percent.”
Yes, yes, yes.

Add in Medicare, etc. and you are responsible for 15.8%. Almost 16%.

So someone who is self employed and earns $300,000 per year is looking at a tax increase of $32,000 ($200,000 in earnings over the previous $102,000 cap).

This is an overall tax increase of almost 11% on some of our most productive tax payers.

There goes that new car or refurbished kitchen. Outcome: layoff an autoworker or have a contractor go out of business...

These folks are FOOLS!!! “

That would be me.

[strongbow]

"Add in Medicare, etc. and you are responsible for 15.8%. Almost 16%."

I have already done the math like you. I am self employed and own my own business (medical). My partner and I were discussing this yesterday. This means we will be paying over 50% federal taxes since we are evil and fall in the top 35% marginal rate for taxes ( 16% plus 35%). We are already trying to decide at what point it is no longer profitable to work and how many days a week we will stop coming to the office. 50% confiscation is that point for me. Being a military officer for most of my previous life I can sure get by on a whole lot less than I am making now. By the time I pay overhead and taxes I am working for 20 cents on the dollar and risking being sued. This means we start laying off employees, decreasing our supplies, and other expense reductions. Funny how you start understanding the results of a confiscatory tax on the economy when you live it out.

[jeffc]

I'm sure Bill Gates worked for a paycheck at some point in his life, like before MS went public? And if I've paid something into the government and they say I can have it back, I'm taking it! Everyone should do that. That was my only point.
I've read more where the anointed one (should that be capitalized? - LOL) actually wants to drop the SS tax from people who earn less than, what, $102,000/yr. Now THAT would be government largesse!

[ought-six]

“Besides, where in the world would we go? (to be honest, I’ve been seriously considering Italy).”

I’m surprised you would consider abandoning America just when she needs you the most.

[the anti-liberal]

"I’m surprised you would consider abandoning America just when she needs you the most."

Like there's a whole lot I can do.

Heck, I'm 36 and still single - too many liberal woman in this country who think they need a man like a fish needs a bicycle. And I'm not bad looking or anything, I think...

Just imagine what things will be like when we become a socialist nation - really, I just want to be able to pursue my own happiness in peace - without the likes of Kode Pink in my face!

However, I do get your point and agree.

[paltz]

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