Obama's brave new world of taxes.

[ERCougar]

So, in reflecting on Obama's crazy tax policy, I just realized that between the lifting of the SS tax cap (I'm sure there will not be an accompanying SS benefits raise) and the 6% income tax raise, he will be raising my marginal tax rate by nearly 20%.

So let's do the math...
Taxes 60%
Tithing 10%
Savings 20%

Leaving a whopping 10% to live on. Sure gets me excited about working.

[Archaea]

Originally Posted by ERCougar

So, in reflecting on Obama's crazy tax policy, I just realized that between the lifting of the SS tax cap (I'm sure there will not be an accompanying SS benefits raise) and the 6% income tax raise, he will be raising my marginal tax rate by nearly 20%.

So let's do the math...
Taxes 60%
Tithing 10%
Savings 20%

Leaving a whopping 10% to live on. Sure gets me excited about working.

If I could, which I can't, figure a way to leave and make a decent living, I'd be out of here. You've hit the nail on the head. It's going to be a f...ing nightmare.

[BarbaraGordon]

Originally Posted by Archaea

It's going to be a f...ing nightmare.

I can't wait for the victory party on election night. Kee hee. I'm so calling Archaea first. If he hasn't packed up and fled the country already.

[BarbaraGordon]

Originally Posted by ERCougar

So, in reflecting on Obama's crazy tax policy, I just realized that between the lifting of the SS tax cap (I'm sure there will not be an accompanying SS benefits raise) and the 6% income tax raise, he will be raising my marginal tax rate by nearly 20%.

So let's do the math...
Taxes 60%
Tithing 10%
Savings 20%

Leaving a whopping 10% to live on. Sure gets me excited about working.

Nobody's going to tax you at 60%, and I assume you're deliberately misusing the arithmetic for hyperbolic purposes.

I suppose we could just let the Republicans continue to devaluate our currency so that eventually none of us will be able to afford anything anymore. You think inflation's bad now...

[ERCougar]

Originally Posted by BarbaraGordon

Nobody's going to tax you at 60%, and I assume you're deliberately misusing the arithmetic for hyperbolic purposes.

I suppose we could just let the Republicans continue to devaluate our currency so that eventually none of us will be able to afford anything anymore. You think inflation's bad now...

Really?
How's this math?
Fed income tax = 39% (his proposed tax rate)
SS tax (and yes it's a tax, because there's been no talk of raising the benefit level as well) = 12.5%
Utah state income tax = 5% (obviously, this is variable, but Utah is on the low end)
Total = 56.5%

Any questions, class? Are you following me?

Or are you following the pied piper?

[BarbaraGordon]

Originally Posted by ERCougar

Or are you following the pied piper?

ooh. Them's fightin' words.

Sadly, I have to fly (and I do mean fly), so I can't fight this battle right now. But in the words of the mighty governator, "I'll be back."

[ERCougar]

Originally Posted by BarbaraGordon

ooh. Them's fightin' words.

Sadly, I have to fly (and I do mean fly), so I can't fight this battle right now. But in the words of the mighty governator, "I'll be back."

Sorry about the pied piper comment. I think the analogy's somewhat apt, but apparently I'm being condescending (which wasn't my intent). What scares me about Obama is that he seems to have hoodwinked a large number of us into thinking he represents something new and unifying to America, when in reality it's not really new or unifying--it just seems dangerous.

What ever happened to the middle? McCain's abandoning it. Obama's never caught wind of anything remotely resembling it.

[Archaea]

Originally Posted by ERCougar

Sorry about the pied piper comment. I think the analogy's somewhat apt, but apparently I'm being condescending (which wasn't my intent). What scares me about Obama is that he seems to have hoodwinked a large number of us into thinking he represents something new and unifying to America, when in reality it's not really new or unifying--it just seems dangerous.

To me, the center is much more attractive. Hillary vs. McCain (at least the pre-campaign version)--tough choice. Obama vs. McCain--not so much.

We're going to get f..ed in the ass and we won't like it.

[Cali Coug]

Originally Posted by ERCougar

Really?
How's this math?
Fed income tax = 39% (his proposed tax rate)
SS tax (and yes it's a tax, because there's been no talk of raising the benefit level as well) = 12.5%
Utah state income tax = 5% (obviously, this is variable, but Utah is on the low end)
Total = 56.5%

Any questions, class? Are you following me?

Or are you following the pied piper?

I would say your math sucks.

The social security "tax" only is in effect up to about $90,000. After that, you aren't paying anything into social security. The 39% is for the highest income bracket only, and taxes (according to Obama's plan) will be lowered for other income brackets. State and local taxes are tax deductible on your federal return too, so you aren't actually getting taxed at 5% extra at the state level.

And your "math" assumes no other tax deductions (including the 10% tithing you noted).

Any questions, class? Are you following me?

Or are you following the conservative talking point pied piper?

[Tex]

Originally Posted by Cali Coug

I would say your math sucks.
The social security "tax" only is in effect up to about $90,000. After that, you aren't paying anything into social security. The 39% is for the highest income bracket only, and taxes (according to Obama's plan) will be lowered for other income brackets. State and local taxes are tax deductible on your federal return too, so you aren't actually getting taxed at 5% extra at the state level.

And your "math" assumes no other tax deductions (including the 10% tithing you noted).

Any questions, class? Are you following me?

Or are you following the conservative talking point pied piper?

Assuming, of course, Obama doesn't raise the cap or remove it altogether.