Pages: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 |
don't tax the rich
We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 3:52AM Reply | Return to Index | Report Post
Does anyone else ever get tired of hearing Obama talk about taxing the rich? He mentions millionaires/billionaires in the same breath as those making $250,000/year.

$250,000/year is NOT rich. I'm a dad of 3 who makes this. I pay for 5 car insurances (everybody in my family), plus I pay to support my mother in law who is a widow and too old to work (89 right now). I also pay for my 3 kids' college tuition right now. The last time I went on a vacation was 4 years ago (the beach). I drive a prius, not a brand new mercedes. The rest of the family drives toyotas as well.

It is unbelievable to me that ANYONE can consider someone like me rich. Anyone else feel the same way? I'm in my early 50s and trying to save for retirement. Yet Obama wants to tax me more, and acts like I'm a f***ing billionaire who just parades around my yacht all day and never does anything.

I understand that something needs to be done to reduce the debt in the country, but taxing people like me is NOT the way to do it. Let's start by VASTLY reducing our defense spending and cutting entitlement programs. And taxing billionaires? ok. But I sure as hell am not a billionaire. F*** off Barack Obama.
TLW
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 3:56AM - in reply to don't tax the rich Reply | Return to Index | Report Post
You overextend. 5 cars? You make more money than most but have too much. It's your fault you can't manage money and procreation.
bringthehate
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:12AM - in reply to TLW Reply | Return to Index | Report Post

TLW wrote:

You overextend. 5 cars? You make more money than most but have too much. It's your fault you can't manage money and procreation.


Dude seriously, you sound like the type of person who if their salary doubled so would your living expenses. You talk about helping the kids out and cutting entitlement in the same breath. Isn't that a little bit of a contradiction? Let them earn it themselves by working just like you want to make the poor earn everything without handouts. It will help them appreciate it more and teach them self reliance.
don't tax the rich
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:18AM - in reply to bringthehate Reply | Return to Index | Report Post

bringthehate wrote:

Dude seriously, you sound like the type of person who if their salary doubled so would your living expenses. You talk about helping the kids out and cutting entitlement in the same breath. Isn't that a little bit of a contradiction? Let them earn it themselves by working just like you want to make the poor earn everything without handouts. It will help them appreciate it more and teach them self reliance.


No, it is not a contradiction. My kids aren't entitled to anything. They know that. I freely choose to help them because I am a good father. Please quit being so judgemental of people who you've never even met.
The poor don't deserve handouts from me, just as I don't deserve handouts from billionaires (the real ones, not the 250K/year billionaires).
TLW
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:22AM - in reply to don't tax the rich Reply | Return to Index | Report Post
This has to be a troll.

If you made 500k you would have 8 cars, 6 kids and complain your poor.

You are the problem.
m runner
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:32AM - in reply to don't tax the rich Reply | Return to Index | Report Post
You make it sound as if going back to the tax rates of the Clinton era will double your taxes. The amount you make between $223k and $398k will be taxed at 36% not 33%. So if you make $250k (assuming they do not make adjustments to the $250k for inflation), you will pay an additional $800 in taxes.

$223k-$398k will move back to 36% from 33%
$398k+ will move back to 39.6% from 35%
Smooth Daddy
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:34AM - in reply to don't tax the rich Reply | Return to Index | Report Post
What you're going to get here are a bunch of envious creeps telling you that you're greedy and that you should learn to make do with less. Their definition of "rich" is anyone who makes more than them. What they don't appreciate is that there are people who are dead broke who would like nothing more than to raise taxes on those living high on the hog at $50,000 a year? Homeless person to a blue collar worker: "oh, you have ONE car? Well did it ever occur to you that you can just walk or take the bus?" We live in a society where everyone wants to benefit at the expense of everyone else and nobody wants to respect the right of others. I for one sympathize with you.
TLW
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:45AM - in reply to Smooth Daddy Reply | Return to Index | Report Post
What we are saying is, no matter how much money he makes, he would have a problem because he cannot control his spending or life decisions.
Nucky T
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 4:51AM - in reply to don't tax the rich Reply | Return to Index | Report Post
You don't understand the tax code.

At $250k plus per year, you are being taxed under the Alternative Minimum Tax and so got no reduction under the "Bush tax Cuts". The Bush tax cuts gave a few dollars to the middle class and the poor, mucho bucks to the rich, and nothing to the upper middle class like yourself
Hipsterlosers
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:16AM - in reply to m runner Reply | Return to Index | Report Post
Well it makes since that you think a tax hike to 36% is no big deal, considering you are miscalculating the amount of extra tax by 10 times! Your estimate of $800 is incorrect, by the way. It would be an extra $8,000 (or $7,500 to be exact). The gross tax liability for someone making $250,000 at 36% rate is $90,000 per year; at 33% it is $82,500 per year. .

And, this is before state and local taxes. In the midst of your 90 mile weeks, most of you letsrunners and google plus-ers forget that the real world runs on money, and it's the the higher earners in this country that carry us.

Not only do they provide the most jobs, but they pay for all your shit. I'm tired of seeing them demonized and their contributions discounted. This administration's victimization and entitlement mentality is a cancer that has swept the nation and is on course to erase much of the superior shit about America that you take for granted.
lol lol lol lol
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:18AM - in reply to don't tax the rich Reply | Return to Index | Report Post

don't tax the rich wrote:

Does anyone else ever get tired of hearing Obama talk about taxing the rich? He mentions millionaires/billionaires in the same breath as those making $250,000/year.

$250,000/year is NOT rich. I'm a dad of 3 who makes this. I pay for 5 car insurances (everybody in my family), plus I pay to support my mother in law who is a widow and too old to work (89 right now). I also pay for my 3 kids' college tuition right now. The last time I went on a vacation was 4 years ago (the beach). I drive a prius, not a brand new mercedes. The rest of the family drives toyotas as well.

It is unbelievable to me that ANYONE can consider someone like me rich. Anyone else feel the same way? I'm in my early 50s and trying to save for retirement. Yet Obama wants to tax me more, and acts like I'm a f***ing billionaire who just parades around my yacht all day and never does anything.

I understand that something needs to be done to reduce the debt in the country, but taxing people like me is NOT the way to do it. Let's start by VASTLY reducing our defense spending and cutting entitlement programs. And taxing billionaires? ok. But I sure as hell am not a billionaire. F*** off Barack Obama.


You may wish to emigrate, and leave the USSA behind. It is, after all, circling the drain and things are likely to get very unpleasant well before 2020.

http://lewrockwell.com/berwick/berwick48.1.html

http://www.lewrockwell.com/pr/leaving-america.html

http://www.economicpolicyjournal.com/2010/07/is-it-time-to-leave-america.html
Smooth Daddy
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:40AM - in reply to TLW Reply | Return to Index | Report Post

TLW wrote:

What we are saying is, no matter how much money he makes, he would have a problem because he cannot control his spending or life decisions.


He's making decisions that suit him and living within his above-average means. You're mad because he has more money and enjoys a better lifestyle than you, and you want to deal with your jealousy by destroying what he has. You're evil.
don't tax the rich
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:42AM - in reply to TLW Reply | Return to Index | Report Post

TLW wrote:

What we are saying is, no matter how much money he makes, he would have a problem because he cannot control his spending or life decisions.


sorry that having cars, saving for retirement, and paying for college is "out of control."

no vacations in years now. No luxury cars. No super-expensive dinners (ie, no eating at restaurants often). Spending is NOT out of control.
not from here anymore
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:52AM - in reply to don't tax the rich Reply | Return to Index | Report Post
this thread says it all.

poor comprehension. bad logic. bad arithmetic. and yet all carry the same voting power as an adult.
TLW
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:53AM - in reply to don't tax the rich Reply | Return to Index | Report Post
This has nothing to do with jealousy. If you are strapped for cash on 250k a year you made poor decisions somewhere along the line. PERIOD.

I don't think you understand how taxes would impact you (read: they won't).
ryan foreman
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 5:55AM - in reply to don't tax the rich Reply | Return to Index | Report Post
Understand this. Yes a tax hike on your wages kind of sucks. But it works in both directions. A tax cut on $300,000 is also a tax cut on income of $10 million or even $5 billion of income. You may laugh at somebody reporting $5 billion in ordinary income. But that is about what Mark Zuckerburg reported when he exercised a bunch of stock options when Facebook went public. But in his case it was a one time deal and he is now in a position to never pay any taxes again. He can just take out a personal loan secured by all his billions of remaining Facebook stock and perpetually roll the loan over. Meanwhile the $5 billion is a non cash tax deduction by the Facebook Corp.

A lot of other wealthy people ranging from top executives, wealth business owners, to NCAA football coaches, even an Oregon T&F coach have similar situations. They would have to report a huge lump sum of income in one year but then they have a huge mountain of after tax wealth accumulated. A lot of it comes from deferred compensation. Companies are allowed to reward key executives with deferred bonuses where huge amounts of money are put aside each year and allowed to accumulate earnings tax free on the condition that the executive stays with the company. After a number of years when the executive leaves the company they are then forced to report that income that was deferred and accumulated. It can be in the millions and it is taxed at ordinary rates.

Another situation is when a business owner sells his business and he has millions of dollars of equipment that he used to defer and avoid paying taxes for years through the use of accelerated depreciation. The catch is that when he sells that equipment he has to "recapture" all that depreciation and report it as ordinary income immediately in the year of sale. Imagine some business owner who has been doing that for 20 years and now wants to sell his whole business and retire. He is facing a huge tax bill.

This is why I think Romney and George W before him were so obsessed with income RATES in particular and why Obama folded like a lawn chair when Republicans demanded that he not raise rates for any income tax bracket. There is a massive amount of money in the economy that has been deferred over many years while the economy has been booming. Its concentrated in the hands of a relatively few truly super rich people not some $300,000/year doctor in San Francisco. To leave top marginal tax rates unchanged is a huge windfall for them.

The upshot is that lower rates may sound good to you. But it also creates a huge tax break for super wealthy people and a corresponding big hole in the deficit. That comes back to you in the form of higher inflation.

An upper middle class wage earner in the top income tax bracket with a secure job should have nothing to fear from all the tax cuts expiring.
rolypolyoly
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 6:02AM - in reply to don't tax the rich Reply | Return to Index | Report Post
Enjoy your low social security tax rate, ahole!
Smooth Daddy
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 6:05AM - in reply to TLW Reply | Return to Index | Report Post

TLW wrote:

This has nothing to do with jealousy. If you are strapped for cash on 250k a year you made poor decisions somewhere along the line. PERIOD.

I don't think you understand how taxes would impact you (read: they won't).


Higher taxes on the wealthy will affect everyone adversely. All other factors being equal, there will be less capital formation, less business investment and growth, lower profits (affects middle-class shareholders), higher natural interest rates, fewer jobs, fewer products and services and less spending. These are inevitable consequences of taxation.
Another dupe for Obama
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 6:35AM - in reply to don't tax the rich Reply | Return to Index | Report Post
To the OP-Finanacially i am in the same boat as you. My wife and i between the 2 of us make more than 250000. Thats more than most of the people in the world. Like it or not, we're in the top 1-2% of wage earners in the world. Call me crazy, but i want to pay taxes. This is what makes roads, libraries, police, garbage collection work. GWB's administration showed that privatizing these services leads to a worsening of society.
Through accidents of birth (EG white parents) ive had advantages that people without my advantages havent gotten. I want society to be fair. Yes, some poor people abuse the benefits that taxes bestow upon them, rich people do the same to find tax loopholes etc. A just society is just for all, not just the top 1-2%
Knead 2 no
RE: We make 250,000/year. I'm not a f***ing billionaire 11/10/2012 6:46AM - in reply to don't tax the rich Reply | Return to Index | Report Post
Tell us more about your yacht.
Pages: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 |