Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hike Plan (`Galt's Gulch?')[FReep poll]

ABC News ^ | March 2, 2009 | Emily Friedman

[Son House]

The difference in tax between income of $250,000 & $250,001 is ONLY the tax rate applied to $1 and NOT the entire $250,001 income

.
Democrats are in charge now, read the fine print

[NCBraveheart]

It is time for Atlas to shrug!

[ParadigmLost]

I am not an accountant, nor did I stay at a holiday inn last night, but, there is a whole lot more going on then the tax on that one dollar. Once you go over various amounts a lot of deductions go away too. So the tax you pay from that one dollar may actually be a lot more than the higher tax rate on one dollar.

Until we see the bill, we have no idea what that 1 dollar means to your total tax.

[listenhillary]

In 1990, when Congress imposed a luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share of taxes.

But yacht retailers reported a 77 percent drop in sales, and boat builders laid off an estimated 25,000 workers. What happened? Kennedy and Mitchell simply assumed that the rich would behave the same way after the imposition of the luxury tax as they did before and the only difference would be more money in the government’s coffers.

They had a zero-elasticity vision of the world, namely that people do not respond to price changes. People always respond, and the only debatable issue is how much and over what period.
Walter Williams

[3catsanadog]

I still will find something to give to Animal Friends.

[azishot]

Thanks for the ping!

It makes perfect sense (to them) to tax the rich. The “rich” figure out ways to avoid paying and BO comes out with a “sad face” (ala Clinton) and claims that there’s not enough $$$ for his give away programs and he has NO CHOICE but to tax everyone.

The poor still hate the “rich” and the govt. gets what they want.

[Unrepentant VN Vet]

People always respond, and the only debatable issue is how much and over what period.

Judging by the sucking noise every time NYSE starts a trading session, the response is well underway, and your guess is as good as mine regarding the "how much".

I'm just thankful that I got out of the market last year.

[Snappy1MarineMom]

Uhm us bottom feeders never get tax refunds, stimulous checks, or deductions, we get the bill. I too am working less to get my salary under the tax hike amount. No incentive to work hard anymore. I am not participating
in the soak the rich porkulous spending party. Sorry find another sap 0bama.

[printhead]

I find it amusing how the 250K per household is now the benchmark, without any questioning of what became of the 250K per person during the campaign.

[PSYCHO-FREEP]

Don't you worry, Obama will come in through the “back door” and increase taxes on every American who is still working.

The newly reestablished Welfare State will be bigger and more demanding than ever before. Waste, fraud and corruption will not only be the standard, it will be encouraged. Obama will not only be their hero, he will be worshipped. The MSM will be maintained as his Ministry of Propaganda.

This will be his key to getting reelected. Those ACORN Welfare “voters” will be bussed and lead to the polls. We will not see an honest or free election ever again.
It will take a miracle of angry voters that would otherwise be what was in the past, considered a landslide, to even make a future election close.

[snowrip]

The poor still hate the “rich” and the govt. gets what they want

The "poor" that hate the "rich" are frigging idiots. You have to be utterly foolish to believe that soaking the rich is good for the country or for yourself... There is certainly no shortage of stupidy out there.

[snowrip]

I'll betcha the bottom feeder will forget to figure in her weekly $13.00 tax cut...which will put her over the top...."smiles*

Are you retarded? Who do you think pays for the OVERWHELMING MAJORITY of everything the US government does? What economic class moves the economy of not only the United States, but the world? Is it the factory worker making $50K a year, or the person that owns the factory, employs all the factory workers, buys all the raw materials, and creates a finished product for the market?

Practicing class envy not only shows a lack of basic economic knowlege, but an utter lack of common sense as well. Don't be an idiot.

[truthluva]

LOL.
Seems they are.
What will the patriotic haters of the rich do about this now?!

[dynachrome]

What a biased poll! I have always found ABC to be honest news people./big sarc
(link to poll is highlighted in blue, halfway down)

FREEP THIS POLL ***PING!*** FRmail me if you want to be added or removed from the Fearless Poll-Freeping Freepers Ping list. And be sure to ping me to any polls that need Freepin', if I miss them. (looks like a medium volume list) (gordongekko909, founder of the pinglist, stays on the list until his ghost signs up for the list)

[ExSoldier]

she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

This isn't going to help. Not at all. Thses folks can't be so stupid as to really think that the quarter million is the real figure the RATs are looking to loot? Look for that number to get dropped to about 125K or less. The real agenda here is to eradicate the middle class.

[Reeses]

she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law

This argument won't cause the leftists to rethink their plans. That is exactly what they want. They resent that others work more than them, resulting in more visible wealth. They want to demotivate the higher earners.

[CSM]

I have the t-shirt. I better get more so I can wear it every day.

I found mine here:

http://www.boffensive.com/store2/cart/product.php?productid=32&cat=1&page=1

[TenthAmendmentChampion]

Impressive results:

Lawyers, dentists and entrepreneurs are among some high-earning professionals brainstorming ways to decrease their pay to dodge a proposed tax increase on incomes over $250,000.

Is it fair for people to reduce high salaries to sidestep President Obama’s tax proposal?

Yes. I also would find ways to decrease my salary to avoid taxes. - 4,769

Yes. Why should ordinary folks, even those making $250K, pay when big corporations get bailed out. - 1,857

No. The rich have had too many tax breaks. They should be ashamed for finagling the system. - 466

No. I have to pay high taxes and so should that high-income bracket. They can afford it. - 214

Total Vote: 7,306

[TenthAmendmentChampion]

“Fair”????

[TenthAmendmentChampion]

$250K may actually be the final number - when inflation hits it will be easy to make that amount of money, perhaps in less than a year.