Wow I Can't Believe How Many People Make Over $250,000 A Year

Obama keeps saying that it's only the top 5% of Americans earning that $250,000 per year or more. Some of those sites that supposedly posts "true" facts say that it is a lot more than just 5% of Americans that earn that $250,000 or more.

In the comment Senator Obama made to Joe he started by saying that the tax applied to business with receipts (per deductions) of $250,000 or more. It is difficult to figure out who Senator Obama will tax. He talks about those making over $250,000 will see a tax increase. At this amount you have about 1 1/2% of all taxpayers. The Top 1% of the tax payers (making $388,806 or more) pay 40% (39.89%) of the income tax in the country. If he means the top 5% if tax payers (those making $153,542 or more), then they are paying 60% (60.14%) of all the income taxes the government collects. All the people making $31,987 (top 50% of the taxpayers) or more account for 97.01% of the income taxes paid. The bottom 50% pays 2.99% of all the income tax paid. These are IRS figures based on Adjusted Gross Income (AGI). A family of four (husband, wife and two children) would need an AGI of almost $25,000 (one income at $12.00 per hour) before they pay any income tax. If you look at the IRS numbers from 2006 tax year (filed in 2007) http://www.ntu.org/main/page.php?PageID=6 I went to Senator Obama's tax web page http://taxcut.barackobama.com/?source=sem-pm-fts-tx-search-us&gclid=CICuta_ly5YCFQkiagodpjF-xQ and did the calculation based on the above family (I had to use and Income of $20,000 as that is what the calculator had) and they are presently paying no taxes. Under Senator Obama Plan they would receive a check form the government of $1619.00. A single person, making $30,000, would receive $500 tax savings. To pay for this tax savings those making over $250,000 would have to pay between $5,000 and $15,000 in extra taxes just to cover the bottom 50% who now pay little or no income tax. It will probably cost the same for the remaining 45% of the tax payers. So those making $250,000 or more will now be paying $10, to $30,000 more each year in taxes. These figures are based on income and family size only. If you figure in a home mortgage and retirement savings child care expenses and or college expenses the amount could double again. President Clinton promised tax relief for the middle class and to get enough money he had to make everyone making more than $60,000 part the very rich class.

There are reasons to employ (hire) a tax professional and an accountant when you run a business. It is because the tax code is so complicated. A lot of tax breaks are little known, and it is easy to mess up the math. I know that the day, I start making decent money being self-employed (still a ways away), I need to hire someone to take a look at my taxes. With the way that tax law changes year to year, it is almost a full-time job keeping up with the changes.

I don't know. I was watching Lou Dobbs tonight and they showed Biden saying it was anyone making over $150,000. Biden may have made another slip of the tongue or saying something we aren't suppose to know about. There's a reason they say never trust a politician. Even with the best of intentions what a politician says he's going to do and actually does rarely meets in the middle.

I like what ur saying, Shorty; these other cats, making sense also! I don't pay attention to all this mess goin on in the economy, I'm already bad enough, just focusing on my money! What I'm noticing is, the deductions do help! Your tax rate may be higher, but u pay taxes off what's left! I do my own taxes, I have a business plus I work. Last year I paid taxes on $5,500 after making over $30,000 minus all my deductions! So like u say, it's a big difference with all the extra deductions business owners have! Remember, the income after all deductions is what's taxed called "taxable income"! Taripre$

I hope you have a tax guy do your taxes. First, payments for the owners insurance and medical deduction are a percentage of his income. If your net was 100,000 you would have to show you paid around 12,000.00 in mediacl expences, other wise you get the regular deduction. Business write off's help but they work a lot more hours than 40 a week with no extra pay, have to deal with employees that don't understand why they have to work, they showed up isn't that enough. Retirement is like everyone else's the money you but it is tax deferred. The idea is that when you draw it out your income will be reduced so you pay less tax by a combination of deferring taxes from the present to the future when your tax rate will be lower. Besides, why should someone else care what anyone makes? If you make 200,000 a year and I make 70,000 so what, you made more. You make and have what you have by decisions you have made, the same as me or anyone else. Now let's talk fair and honest. Why should people that make more have to pay a higher tax rate? To be fair and equal should't everyone pay the same percentage of what they make. The Boston Tea party came about because of a 3% tax increase. As far as business deduction how would you like to be taxed twice on your money? Payroll is money going to workers who get taxed on that money, would it be fair or honest to tax you for what someone else made? If being a business owner is such a wonderful thing, why didn't you get a second morgage on your home, sink it into a business, work 12 hours a day for two years just to pay what you owe. then if you worked hard and smart and did it right you get to give 36% to Uncle Same and 10% to uncle Arnold, then you get to pay a tax on the equipment you own. With all those deductions your paying between 50% tp 60% of your income to the goverment. So, with Obama's tax plan, if I make 150,000 and you make 50,000 and after the "TAX REFUND" coupled with your lower tax rate you will make about 2 to 3 thousand more than I will. What is wrong with this picture? You work 40 hours a week, two days off, you don't have all the paperwork or worries. You have taken very little or no risk. Why would anyone work hard, if you can make more hardly working. In closing it has been said that demoracy will work, until the masses find that they can vote themselves money from the treasury, democracy is doomed. Last count 40% of Americans do not pay income taxes, and will get a tax refund (welfare)check from me. At least say thank you.