| Ickalanda said:
Obama's tax policy inolves taxing everyone making $150,000 or more by 40% of their total income. This is the largest tax increase in United States history. In his speeches Obama has said he will give a tax cut to everyone else but in actuality he is leaving all taxes the same for the others, and a large number of Americans didn't pay income tax in the first place. Obama is instead going to be offer tax credits, which are basically another name for welfare in a sense, and those that don't pay income tax are still going to be paying this money. |
All right, this is so ridiculous I can't let it slide. Sorry everybody! I can't. I have to chime in.
First of all, ickalanda, you need to understand that under Obama's proposed changes, everything under 200k would get a tax break, from 200k-250k would remain the same, and everything past 250k would get a tax increase.
Now, here is what you are really missing: graduated taxes! These are important.
What graduated taxes means is that every part of your income is taxed differently. If a person makes, say, 255k in a year, then each tier of their income is taxd separately, i.e. their first 200k would get a tax cut, their next 50k would be untouched, and they would get a tax hike on the last five thousand dollars. Five thousand dollars gets a hike, out of 255k. What does this mean? A person making marginally more than 250k is still saving money compared to before. Who would have thought, right?
Secondly, you do realize that the first tier after 250k is already taxed 36%, right? We're talking a return to 39%, which it was during the Clinton administration. That is not insane! In fact, it is entirely reasonable. Hell, I don't know why we dropped that 3% in the first place!
The only people who are being taxed significantly more is the top 0.1% of the country, who are looking at an average hike of about 11%. Do I care about this? No. Because once you get that high, people are making in excess of three million dollars a year! They can afford to pay up.
But yes: graduated taxes are your friends.
