Obama has made that one of his core financial strategies. The odd thing is that it's uncapped for certain income ranges. If you earn between 104K and 250K then you pay the top rate below your income, if you earn more than 250K then the amount you pay goes up as your income goes up. Will this be the great wealth transfer that socialists always want to effect? Plus how can it be equitable if those over 250K continue to pay more and more while they get pretty much nothing in return. Even rich democrats are bound to chaffe under that burden eventually.
Ya know, I was looking in my wallet counting how much money I had when I started to think what I would have if Obama becomes president. Then it hit me I'd only have CHANGE.
Wow...you guys are in the top.. top echelon of income earners to be sure. I have been fortunate in the last 10 years to be in the top 5% of income earners in America but also I am in THE most heavily taxed group of anyone with regard to retained income. The AMT absolutely murders me and has for the last 7 years or so and obviously W has not done anything to help me. Nothing Obama proposes could effect me in a negative way compared to what I have been experiencing under Bush and hopefully I will catch a break or two because I do not exceed that 250K level that most hard working average Americans obviously do according to you guys :shock: .
Yeah, it's all so easy, Dave...even blame your tax bill on Bush. Don't forget that by Obama taxing the hell out of business the cost of everything you buy will go up too.
I'm not far from retirement. At that point, I'm like at least half the Democratic voters ie. I don't pay but I get. I guess it's time for me to sit back and let MCG and that Ga. fan pay out their asses for social security while I sit back and just collect. That's fair, they're working and fair game. Stick it too those idiots.
http://www.msnbc.msn.com/id/25207472/ In reading about the differences between Obama and McCain it seems at first glance that McCain is going back to the ol Reaganomics "trickle down" theory. I recall thinking at the time that whole philosophy was complete hogwash because as usual the rich always get richer while being pretty stingy about sharing their riches with those who work for them. There are a few individuals out there that may defy this thinking but more often than not those that have want more. I do wonder about McCain's ability to eliminate the AMT as the article says he wants to do and if he was successful what would be in it's place?
Class rhetoric... This is the most generous country in the world and Republicans have been proven to give more to charity than Dems. You can redistribute wealth to a point, but then it becomes a drag on the entire economy and everybody suffers. I am pretty much retired and am in the low end of things...tax increases won't hurt me at all except for what they do to the entire country...and quite frankly I fear that. I guess it all depends on if you like the "Trickle Down" hogwash or the "Robin Hood" hogwash.
You did get a tax break under Bush, but seeing where your income is, Obama intends to take it away from you. So if he is elected make sure and save more money for your taxes as you are for sure one of the rich he intends to have pay more of their fair share. Have a nice evening.
Uh...I don't make the 250K that Obama says is the level at which taxes will be increased so not to worry.....except for that damned AMT which does effect me. I also get no child tax credits and no stimulus check but the problem is I am just out of range on both so I get screwed by the AMT and by not getting any of the other breaks as well and yet the wage earners who earn 3 times what I make receive the same exact penalties and nothing more.
Well I got news for you again MCG, if you aren't happy with taxes the way they are now you are going to be very unhappy with Obama if we get him.
When you look at the history of the AMT you see that it was born from the "get the wealthy" mentality that we see so often. Inflation over the years has resulted in those in the lower income levels eventually being gored by the arrows they shot at to rich. Here's a brief history of the AMT. http://www.dmiblog.com/archives/2007/12/the_frankenstein_tax_or_the_st_1.html#comments