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Another Obama Tax Hike [Obama favors 41% marginal tax rate for middle class]
Wall St. Journal ^ | February 3, 2010 | Douglas Holtz-Eakin and Alex Brill

Posted on 02/04/2010 4:51:56 AM PST by grundle

click here to read article


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To: Renegade
I do not know what you are thinking but if you are suggesting breaking the law inregards to the Prsident you will have the FEDS on your case.
21 posted on 02/04/2010 6:09:24 AM PST by wmposh
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To: grundle

This doesn’t make sense. The marginal tax rate for $80K is a lot higher than the 12% shown on the graph.


22 posted on 02/04/2010 6:29:10 AM PST by expatpat
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To: grundle

That’s just the federal take... add state/local tax and families keep less than 50% of what they earn


23 posted on 02/04/2010 6:29:45 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: reagan_fanatic
The majority of the middle class doesn’t,

I'd amend that to "can't"

If I make 50K a year, that puts me solidly in the middle of middle class. Food, Mortgage, and Utilities eat up a pretty good chunk of that.

The reason that I don't hide my money in tax-free offshore accounts isn't because I don't know how. It's because there isn't any to hide.

24 posted on 02/04/2010 6:32:57 AM PST by wbill
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To: Cheryllynn
Honestly I think some of his supporters would stand behind him no matter what he does..........it’s so sad.

That's a fact. No thinking about it.

25 posted on 02/04/2010 8:41:49 AM PST by Osage Orange (Life, Liberty and the Pursuit of Anyone Who Threatens It)
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To: wmposh

Damn, are you all wee-weed up? You need to chill .Depends on what the definition of “maybe” is ! Hell, he can fall off his chair and break his neck in the oval office when he sits back and puts his feet up on the desk.Always live for the day . Tomorrow may never come .


26 posted on 02/04/2010 9:02:51 AM PST by Renegade (You go tell my buddies)
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To: grundle

When ya add up all the taxes the individual pays in the ol USofA these days, state fed and local plus parcel plus ??, isn’t the rate close to what the most socialist country tax their herds at?

drink


27 posted on 02/04/2010 10:05:16 AM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: grundle

That chart is incorrect.

For married filing jointly, the standard deduction is $11,400. 4 times the personal exemption of $3,650 is $14,600. Added together these are $26,000. This is deducted off the AGI to get taxable income (for a very simple return.)

The 15% bracket starts at $16,700 or $42,700 AGI. That goes all the way out to $67,900 or $93,900 AGI where the 25% bracket kicks in.

The chart shows 12% out to $90,000.


28 posted on 02/04/2010 10:30:46 AM PST by green iguana
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To: grundle

Holy !@#$.


29 posted on 02/04/2010 11:09:18 AM PST by TheZMan (Just secede and get it over with. No love lost on either side. Cya.)
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To: wbill

And if you were in a high-cost part of the country you’d be struggling to support a family at $50k. Maybe this will help to further wake up voters in the Northeast and CA.


30 posted on 02/04/2010 11:35:39 AM PST by 9YearLurker
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To: IbJensen
And I favor removing Obama from his position of abused power one way or the other!.

Any Which Way - including loose...

31 posted on 02/04/2010 11:58:55 AM PST by maine-iac7 ("He has the right to criticize who has the heart to help" Lincoln)
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To: grundle

Sooner or later the will be a tax revolt. It’s coming if this doesn’t stop now.


32 posted on 02/04/2010 12:10:28 PM PST by mojitojoe (“Medicine is the keystone of the arch of socialism.” - Vladimir Lenin)
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To: Man50D

YES! YES! YES!


33 posted on 02/04/2010 12:10:57 PM PST by mojitojoe (“Medicine is the keystone of the arch of socialism.” - Vladimir Lenin)
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To: reagan_fanatic

That is why the rich love to soak people with taxes. They moved their money offshore years ago and they won’t feel a thing. Offshore IBCs and Offshore trusts are perfect instruments formed against the corruption in Washington.


34 posted on 02/04/2010 12:15:09 PM PST by Goreknowshowtocheat
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To: andy58-in-nh

“and are thus not subject to Federal income taxes.”

Which will be eventually subjected to Federal confiscations.


35 posted on 02/04/2010 2:00:41 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: green iguana

“That chart is incorrect.”

That was my first reaction. I think the reason that the term “effective MTR” was used is because behind the scenes they are accounting for the current tax subsidy for employer-based coverage. So while the nominal MTR at $50K AGI might be 15%, the tax exclusion effectively gives people in this income bracket a 15% discount on the cost of employer-provided HI. This discount applies to the “employer-paid” share even though the employee never directly sees this savings, as the CBO and other modelers generally assume that every dollar paid for health benefits is a dollar the employer otherwise would have paid in wages etc.

So if the typical worker in this income range has a family policy with premiums equal to 20% of income, the savings amount to 3%, dropping the EMTR from 15% to 12%.


36 posted on 02/04/2010 2:10:47 PM PST by DrC
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To: DrC

Thanks - that sort of makes sense. I figured they weren’t making weird adjustments when they said they were not counting payroll taxes.


37 posted on 02/04/2010 5:20:34 PM PST by green iguana
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To: maine-iac7

Of course loose, impeach or march on Congress!


38 posted on 02/04/2010 6:03:27 PM PST by IbJensen (A Prayer for Obama (Ps 109.8): "Let his days be few; and let another take his position.")
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To: wmposh

I want change I can believe in.


39 posted on 02/04/2010 6:04:29 PM PST by IbJensen (A Prayer for Obama (Ps 109.8): "Let his days be few; and let another take his position.")
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To: ladyvet
think about it....the govt has its fingers into every single cent you earn,spend, save,invest....they know all your bank accounts, all your wages,your casino winnings, etc....they can examine your credit card statements if they want....

why work...why save....anything you have they'll take ....assume....or index so you pay the highest taxes or insurance rates...

40 posted on 02/04/2010 7:25:29 PM PST by cherry
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