This came from Business Week: " Recent studies by two nonpartisan groups suggest that McConnell, of Kentucky, is exaggerating. Yet the IRS doesn't collect the information needed to pinpoint who would pay the higher taxes, a data gap that allows both sides to claim the rhetorical high ground. McConnell's 50-percent-of-income figure is based on a July 12 finding by the Joint Committee on Taxation, a House-Senate panel that analyzes tax issues, that half of about $1 trillion of business income in 2011 will be reported on some 750,000 personal tax returns filed by people who pay the top marginal rates. He calls those small businesses. Yet the report says the data "do not imply that all of the income is from entities that might be considered 'small.' " Almost 20,000 of those businesses, for example, had receipts of more than $50 million, it says. Besides Obama, McConnell's 50 percent figure includes authors, actors, athletes, and others who employ few if any workers, as well as hedge fund firms and major law partnerships most people wouldn't consider small. "We are being over-inclusive in our use of small business income," And this from Boston Globe: http://bostonglobe.com/news/politics/2012/08/01/mitt-romney-tax-plan-would-offer-big-cuts-millionaires-raise-taxes-middle-class-brookings-analysts-say/9K1AbuIlf8G6rY7gJwgDTK/story.html By God I have to tell you that if I made over 250K I would be lock stock and barrel a Mitt Romney fan.....like all of you here on this board who obviously do make that much or more. Soooooo..... I don't blame you guys a bit......but it's not a fit for me and my family's income level.
Jo' Co you have to read the article in the link that I provided from the Boston Globe. I have seen more than one article/analysis that states Romney's tax plan would raise taxes on the middle class while lowering income taxes for the wealthy. And what the first article basically is saying is that it is pure bunk that raising taxes on the wealthy will inhibit small business hiring because A. many of those counted in that stat are not small businesses and B. many of those counted as small businesses are individuals who do not hire many if any employees anyway. It's the GOP's smokescreen to say that raising taxes on the wealthy will discourage new job hiring and conversely Romney's tax plan will raise taxes on the middle class in order to pay for lowering taxes on the wealthy. It continues to amaze me that 50% of the voters would elect someone or a party that only favors 1/50th of their numbers.
:roll: I had already read the article Dave, and it's total bunk. Here's the kid who wrote it: http://www.linkedin.com/pub/callum-borchers/7/903/182 He's some kid who came up as a sports reporter and now he's a political "expert"...are you kidding? All these "millionaires and billionaires" who vote for the Democratic Party and you don't even see them. Obama himself has an estimated $22 million and your argument seems to be that since Romney has more, that makes Obama more of a man of the people...are you kidding again?
At Patch.com he would write daily news alerts online when the scouts would sell cookies or police were dispatched to free a cat stuck in a tree.
Fortunately, Obama won't be raising taxes for anyone except those making over $250,000 EXCEPT!!! Tax on Indoor Tanning Services: New 10 percent excise tax on Americans using indoor tanning salons. Medicine Cabinet Tax: Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Employer Reporting of Insurance on W-2: Preamble to taxing health benefits on individual tax returns. Higher Threshold for Itemized Medical Expense Deductions: Currently, you can claim an itemized deduction for medical expenses paid for you, your spouse, and your dependents, to the extent the expenses exceed 7.5% of adjusted gross income (AGI). Starting in 2013, the hurdle is raised to 10% of AGI. However, if either you or your spouse is age 65 or older at the end of the year in 2013, the 10%-of-AGI threshold will not take effect until 2017 (This is one of my favorite liberal taxes. Sticking it to families with special needs kids) Flexible Spending Account Cap – aka “Special Needs Kids Tax”: Imposes cap of $2500 (Indexed to inflation after 2013) on FSAs (now unlimited). . There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Tax on Medical Device Manufacturers: Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exemptions include items retailing for less than $100. (And here's another example of how the health care plan will reduce the cost of health insurance) Sales tax on health insurance: A new sales tax on health insurance that will add to the cost of coverage for people purchasing coverage on their own, for small employers, and for Medicare and Medicaid beneficiaries with private coverage. The Congressional Budget Office (CBO) said that this tax will be “largely passed through to consumers in the form of higher premiums.” And an analysis by Oliver Wyman estimates that this tax “will increase premiums in the insured market on average by 1.9% to 2.3% in 2014,” and by 2023 “will increase premiums 2.8% to 3.7% Excise Tax on Comprehensive Health Insurance Plans: New 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). For early retirees and high-risk professions a higher threshold exists: ($11,500 single/$29,450 family). CPI +1 percentage point indexed. And this is just some of the taxes in the new health care plan. You can see why those gutless Democratic lawmakers waited until after the 2012 elections to start sticking it to those Americans who actually are employed and pay taxes. Here's a more complete list http://www.votersmarket.com/NewTaxes.aspx
My staunchly Republican sister-n-law works in the Michigan Education System in local administration and maybe she has one of those "Cadillac" plans..... She only pays $200.00 per month for her family's healthcare through her state employment.....which is so, so unrealistic in today's costly healthcare environment. Her response to my own company's exorbitant premiums of 1100.00 per month is a rather blase....so what....etc....deal with it mentality. That callous, pompous attitude I have seen before......usually on one specific side of the aisle. It would be quite amusing if she suddenly had to pay a 40% excise tax on her healthcare plan.....what goes around comes around.
Dave, I don't think you'll find anyone here who thinks our healthcare system is in good shape and does not need major improvement. Where we disagree is in how to do it. In my view, the notion that we can trsut the federal government to manage national healthcare and assimilate 33,000,000 people into a system that is already bleeding red is ludicrous. The government cannot manage to do anything but waste money. Already their costs have more than doubled. They have never run any program that I'm aware of at or under budget.
What do you do then with an industry rife with personal greed and corruption ( see Rick Scott ) and one that makes a few people very very rich while at the same time seeing the costs of healthcare go up by over 200% in a decade? Letting it run itself hasn't worked. And before you go there do I have a problem with people working hard and getting filthy rich??? Let me be clear.....I sure as hell do when they are getting rich from an industry that provides an essential service or product that the rest of us cannot do without and we are bleeding cash just to procure those services.
:evil: Dave so much for the American dream.... there is nothing wrong with a man or woman working hard their whole lives and in the mean time becoming filthy rich..... I have seen in done many times and I respect and admire those who accomplish what they have set out to do.just that both in my family and friends. my dad was a child of the depression. he put him self thru school became one of the worlds best civil engineers he is a great dad grandfather and greatgrandfather and he earned every bit of what he has I feel bad for anyone who put limits on what a person can do or accomplish what are you teaching future generations with that kind of attitude. sad very sad. besides I really enjoy my trips to the golf course at Mission Hills in Rancho Mirage and I always enjoyed our lake house in the mountains to sail and ski.... their are benefits. :wink:
What the hell are YOU bitching about? It is I and other Michigan taxpayers who pick up the majority of the tab for your sister-in-law's health insurance. Of course it's like that with the vast majority of state union employees who vote by and large for the Democratic party. Ya see Dave, those on the left who have it piss on you have nots. You just think it's raining.
Let's again sum up the new health care system We're going to be "gifted" with a health care plan we are forced to purchase and fined if we don't, Which purportedly covers at least ten million more people, without adding a single new doctor, but provides for 16,000 new IRS agents, written by a committee whose chairman says he doesn't understand it, passed by a Congress that didn't read it but exempted themselves from it, and signed by a Dumbo President who smokes, with funding administered by a treasury chief who didn't pay his taxes, for which we'll be taxed for four years before any benefits take effect, by a government which has already bankrupted Social Security and Medicare, all to be overseen by a surgeon general who is obese, and financed by a country that's broke!!!!! 'What the hell could possibly go wrong?'
Dave, unfortunately you are not the sole judge of who is righteous or not. Or of who earned their fortunes legally or by scam. Your judgement of others tends to be strictly by party line which completely mitigates your thesis. You cannot redistribute income and make people equal.
George, All I know is that the Republican governor of this state made so many millions from running his healthcare company that he was able to afford 50 million of personal money to help finance his run for governor. Somebody had to pony up that 50 million.
Dave, I can assure you it is impossible for you to blow your "point" by anyone, especially Diane. In fact, with the above comment, you come across as a chauvinist.
Sid, Didn't seem to me she was addressing my statement that I disagree with exorbitant sums of money being paid to guys like Rick Scott.....millions upon millions.....when their business is providing essential services that all Americans must have but are having an increasingly difficult time affording. And that's not to mention the medicare fraud his company was "later" convicted of. In healthcare there really are no competitive choices out there so why should a select few make millions off other people's financial hardship when the people who need those services don't even have a choice That's my point.....and I don't think she addressed it. But that's the GOP way and why they seem to love and embrace the status quo in healthcare....along with their legions of gullible lemmings who don't realize they are being taken.
:twisted: once again Dave you didnt get it.... I was commenting on your comment about you having a problem with those who are filthy rich..... as for the medical thing. I have friends that live in England. and they come home for all medical needs in fact one of my friends it is part of his contract that they have a plane on standby in case his wife who has had 2 kidney transplants be brought home to Loma Linda Hospital in case of emergency. and the company agreed to that stating she would get better care and quicker care here. You really need to broaden your horizons things you are being promised just arent there. Now if it is a socialist world you are looking forward to I know a few countries across the pond that would fit you nicely... PS Thanks Sid.... this guy really doesnt know me good to have friends have my back. <3