Just lower taxes to 3% and we'll have the greatest economy in the world.
Of course, that 3% will go solely to the Defense budget.
Simple exercise: research the most heavily taxed states and compare their economies with those that have lower tax burdens.
Compare, let's say, California and New York with Texas and Utah.
Just lower taxes to 3% and we'll have the greatest economy in the world.
Of course, that 3% will go solely to the Defense budget.
so taxing someone who grosses $250,000 an extra $7500 on the $100,000(15% self-employment tax + 25% Federal Income Taxes) they already pay will create more jobs?
That would net them about $10k per month. $3k mortgage, $1k car expenses, $1k utilities, $1k food, $1k kids, $1k college, $1k retirement savings, $1k emergency/vacation/living/entertainment etc....
Leaves a lot of room to create jobs.
http://www.bankrate.com/finance/taxe...ket-rates.aspx
Last edited by 2centsworth; 02-07-2011 at 11:04 PM.
That's not how it works. The extra 3% is on income ABOVE $250K. So if someone makes $350K they would pay an extra $3,000 in taxes per year, or $250 per month.
Maybe too simple. What aspects of their economies are you comparing?
Seriously?
So based on your understanding of the current tax brackets, if I received a raise from $67,500 annual salary to $68,001, married and filing jointly, I would move into the 25% tax bracket and therefore pay 25% of my income to federal taxes, which equates to more than $6,000 more than I paid in taxes when I made $501 less?
Federal Tax Brackets Married Filing Jointly
10% Tax Bracket $0 – $16,750
15% Tax Bracket $16,750 – $68,000
25% Tax Bracket $68,000 – $137,300
28% Tax Bracket $137,300 – $209,250
33% Tax Bracket $209,250 – $373,650
35% Tax Bracket Over $373,650
If you "the worker" made 68,001 you would pay about $3000 in federal income taxes.
Let me start over.
If the Bush tax cuts had not been extended, how much more in tax would be paid by someone making $250K and $350K?
that extra $100k cost about $50k in taxes. if you think adding more to the bill creates jobs sobeit.
Cutting taxes hasn't been a big jobs builder either, judging from the last ten years
Targeting the megarich for tax breaks maybe wasn't the most effective policy, but it is still very popular.
if you use the unemployment rate as a measuring stick, you're wrong. now if you want to argue the cuts were too concentrated or there should have been more regulation I'm all ears.
Megarich weren't targeted, but I understand the political mileage the left gets with that.
I'm from Missouri. Show me.if you use the unemployment rate as a measuring stick, you're wrong.
I suggested the first and agree with the latter.now if you want to argue the cuts were too concentrated or there should have been more regulation I'm all ears.
Whatever gets you through the night.
I honestly don't know where you're getting your math.
The Democrats proposed extending the tax cuts only on income below $250K. That means only income above $250K would see a tax increase. That tax increase would have been 3.6%, returning the top marginal rate back to 38.6% vs. 35%. I don't see how that could possibly be a $50K tax increase for someone making $350K.
And I never said increasing taxes creates jobs. I said a small increase is the least of small business owners' worries.
If the megarich weren't a target then why were Republicans willing to let the tax cuts expire for everyone unless the megarich also got their cuts extended?
$100,000 in increased marginal income. you admit federal income taxes on that would be $35,000. Add self employment taxes and you get about $50,000 in taxes. You want to add to the bill sobeit, but federal income taxes are NOT the least of a business owners worries.
both parties are re ed. I would argue you have the political wool pulled over your eyes.
Any tax increase in this environment, except for people earning millions a year is going to hurt.
nevertheless, the entire premise of raising taxes to offset expenditures is flawed.
They were already paying $35K on that additional $100K with their tax cut; eliminate the cut they would be paying $38.6K. That's an increase of $3,600 from extending the tax cuts.
I was not aware that the Bush tax cuts had any effect on the self employment tax.
It may be the least of their problems, but it is another problem they don't need to force on employers.
Wow...
You are so ignorant, you think you got me...
No, I wanted the cuts to expire for everyone. But I'm under no delusion that the tax cuts weren't intended to benefit the wealthy. To believe that would take more than wool, it's kool-aid.
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