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The Obama tax hike: You may be pre-approved!
National Review ^ | November 01, 2008

Posted on 11/02/2008 7:10:27 AM PST by george76

The Obama middle-class limbo dance descends further. First, it was $250,000. Then $200,000. Just a couple of days ago, Joe Biden reduced it to $150,000.

And now...

$120,000?

I'm confident Senator Biden can cut that in half by Tuesday morning.

Bottom line: If you make over 30 grand, you might want to restructure yourself as an offshore corporation in the Turks & Caicos.

(Excerpt) Read more at corner.nationalreview.com ...


TOPICS: Editorial; News/Current Events; Politics/Elections
KEYWORDS: election; electionpresident; elections; nobama; obama; obamatruthfile; obamatruthsquad; taxes
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1 posted on 11/02/2008 7:10:27 AM PST by george76
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To: george76

2 posted on 11/02/2008 7:15:42 AM PST by Leisler (Obama is going to give us all Unicorns!)
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To: george76
My brother, who is an accountant for a very large, prominent accounting firm, said they are looking into moving offshore if Obama wins the election.

How many more businesses out there are making the same plans, I wonder?

3 posted on 11/02/2008 7:16:00 AM PST by GiovannaNicoletta
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To: GiovannaNicoletta

Economically ignorant poster, here;

How does one “move offshore”?


4 posted on 11/02/2008 7:17:59 AM PST by Salamander (http://theuniversalseduction.com/articles/?c=Obama)
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To: GiovannaNicoletta

Many small businesses will close and those employees will lose their jobs and benefits.


5 posted on 11/02/2008 7:19:19 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Salamander

http://www.offshoresimple.com/faq.htm


6 posted on 11/02/2008 7:21:19 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: GiovannaNicoletta
i know quite a few... and i personally refuse to pay for the higher taxes... and THEN for reparations. 50% is enough (i'm in florida... it'd be over 60% if i were in NYC). 0bambi will jump it to 56% immediately... and who knows what will happen with reparations.

the day i decide to leave, there will be a couple of boxes of tea in the local harbor

7 posted on 11/02/2008 7:21:22 AM PST by sten
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To: Salamander
Do you feel better now that you called me "ignorant"?

I'm just repeating what I was told. Take it for what it's worth.

Let me tell you, I'm certainly impressed with your obvious superiority.

8 posted on 11/02/2008 7:23:54 AM PST by GiovannaNicoletta
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To: george76

Wow...intimidating!...:))

[thanks for the link!]


9 posted on 11/02/2008 7:25:12 AM PST by Salamander (http://theuniversalseduction.com/articles/?c=Obama)
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To: sten
there will be a couple of boxes of tea in the local harbor

Watch out, the People's Commissar for Environmental Protection will arrest you for polluting the harbor.

10 posted on 11/02/2008 7:27:01 AM PST by reg45
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To: george76
I just emailed Steyn:

Neither you nor the McCain camp get it!

Obama is going to raise taxes on ALL income levels. Forget this $250K nonsense. Once Obama gets rid of the 2003 tax cuts which lowered the entire federal income tax rates, the federal income tax rates go back up to the higher tax rates of the year 2000. Low income, middle income, and high income taxpayers will have MORE taken from their paychecks and will have LESS take home pay per dollar earned.

What is this so difficult for the "experts" to understand? This $250K nonsense is just smoke & mirrors that the Obama campaign has you guys chasing around when the real issue is that Obama is going to raise taxes on ALL income levels once he gets rid of the 2003 tax cuts!

11 posted on 11/02/2008 7:27:57 AM PST by avacado
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To: sten

When the Bush tax rate cuts expire, the marginal federal rate will be 40 percent plus payroll taxes at 15 percent.

Everything may go up at least another 5 percent each : 40 to 45 income and 15 to 20 payroll taxes on earned income.

60 to 65 percent federal plus state and local earned income taxes.

Then property, sales...taxes.


12 posted on 11/02/2008 7:27:58 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Salamander
Salamander-

I apologize to you for my previous response.

I totally misread your post and jumped to conclusions.

Please forgive me?

13 posted on 11/02/2008 7:30:33 AM PST by GiovannaNicoletta
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To: GiovannaNicoletta

Huh?

The “ignorant” person I was referring to was ~myself~.

Read it as “Hello! I am an economically ignorant person, here!” instead, for that was what was intended.


14 posted on 11/02/2008 7:32:19 AM PST by Salamander (http://theuniversalseduction.com/articles/?c=Obama)
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To: avacado

Well said. I can’t wait to see what he does to us “S” Corps.


15 posted on 11/02/2008 7:32:37 AM PST by Las Vegas Ron (Election '08, the year McCain defined the word "dilemma")
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To: Salamander
I know that. I misread it that you were referring to me.

I apologize.

16 posted on 11/02/2008 7:33:41 AM PST by GiovannaNicoletta
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To: GiovannaNicoletta

There’s nothing to forgive....:)


17 posted on 11/02/2008 7:33:44 AM PST by Salamander (http://theuniversalseduction.com/articles/?c=Obama)
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To: george76

This is who you will be paying for:

Peggy Joseph Thinks She Won’t Need To Worry About Paying For Her Gas And Mortgage Under Barack Obama

http://www.youtube.com/watch?v=L6ikOxi9yYk


18 posted on 11/02/2008 7:34:15 AM PST by KeyLargo
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To: Salamander
You are precious.

Thank you.

19 posted on 11/02/2008 7:34:22 AM PST by GiovannaNicoletta
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To: Salamander

I don’t think the option of “moving offshore” is an easy fix anymore. In 2007, I belive congress passed an “ex-patriat” law stating they can take up to 50%.

Expect to see things as “cash only”, massive tax-shelters, trust funds, quasi-barter and various means of stealthy movements of money.

If the rich (aka: achievers) are treated like the enemy, they’ll start acting like one. It’s a lose-lose.

Still, even with a 50% hit, there are those who would find that a bargain if they could find a place which treats them like a valued asset (businessmen, investors, high-tech skilled workers, etc.,). Many countries in “New” Europe have low corporate and personal tax rates (many have flat taxes). Ireland is another good option.


20 posted on 11/02/2008 7:35:42 AM PST by curling
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