You just can’t make this stuff up. Read the article, hope you don’t make more than 250K, cause if you do, not only are your taxes going up but they are talking about only giving you partial deductions for charitable giving and other expenses; and the bit whopper is they will reduce medicare spending by limiting what they pay “private” insurance companies and as always make wealthier medicare folks pay more.
I love how it’s always a case of “I’ll get closer to balancing the budget later”…
The phase-out of deductions is nothing new. I’ve been living with that for years. It was either BushI or WJC who kicked that bit of genius into gear. My all-in marginal tax rate is >60% because of that.
Big O better watch out for unintended consequences… As you limit my deduction on charitable giving, I simply limit my charitable giving. All those non profits and social programs that rely on us evil rich folks, are going to get hammered.
I dream of such problems as making over $250K/yr and facing reduced tax benefits.
I dream of such problems as making over $250K/yr and facing reduced tax benefits.
A perfect example of wealth envy…and a very good indicator that you’ll never likely experience that problem.
Sabrekitty,
The point is the folks that make more than 250K, you could confiscate every dollar they would have and you still couldn’t afford what he is talking about. If the top 2% only have 16% of the income…the bulk of it is with folks making less…they will come after you and yours…
Do the math.
I am around this mark…the only deductions I have are charitable giving and mortgage interest and state taxes. Oh yeah, there is this thing called AMT. There is no free lunch. Its taken me 20 years of hard work to get here…now that I am here, why go further? It isn’t worth the effort. In the end, I will still have a good life, but it will result in less production, which means less jobs, which means less giving. This is not a zero sum game.
I have no interest in confiscating every dollar the top earners have. I’m not saying I want to do that, just saying that as my income has increased and my taxes have increased in accordance (while not at THAT level perhaps) I’ve not spent my time complaining about my increased contributions. Instead I’ve happily continued to donate when I felt like it to charities of my choice, continued to work towards better income despite the possibility of gasp going up a tax bracket and also ONLY have mortgage interest, charitable giving and state taxes to claim. Oh wait, I’ve ONE other. My student loan.
However, rather than bitch about how much I pay in taxes I take pleasure in driving on roads my taxes helped build, watching other people’s kids go to schools my taxes help fund despite my not having children, am grateful that there is some semblance of a health net for the truly needy like my ex-housemate whose leukemia was partially covered by programs my tax dollars help fund even while he was an adult dependent (hey, for about 2 years I had an extra tax deduction, wowwie) and occasionally lobby my State and Federal representatives that are paid in part out of my tax dollars. I look at it as investing in my Nation’s future rather than a burden to be complained about. Somehow, I doubt further increases in my salary will change that attitude. Your mileage may vary, and apparently does.
…
Sabrekitty, I’d be with you on that except for one part…
Just once, I’d like a f*cking thank you from those who pay less (or no) tax. But all I ever hear is that it’s not enough. And worse, Clinton had the balls, in his infamous “I’ve never worked so hard on anything in my life” speech when he put in place the largest tax increase in history, to say that it’s time the wealthly, those who took advantage of the '80s, pay their fair share. I think rates went from 31% (?) to 35% with a bogus “10% surcharge on the wealthiest Americans” which was really just a 39.6% rate, RETROACTIVE for the year, and stuffed in deductions phase-outs.
Not so much as a “thanks to those of you who pay the highest taxes, who carry the burden for those who cannot.” Nothing.
Why is this so hard? Even my dad, who is a beneficiary of Prop 13 so that he pays $3000 in prop tax instead of the $10,000 he’d have to pay if he bought his home today, can’t get himself to say thanks to ME when I remind him how much more I have to pay in tax because of the structure that benefits him.
from what i read, it seems all that money is for the 45 million (?) that dont have health care…I dont think “every” american is going to get free health care…
Nice, you completely ignored the point I made, this is a typical response these days in the LR.
Let me try again; you could take all the income above 250K and we still couldn’t cover what he is proposing.
What, suddenly everyone hates deficit spending? I’ve been hearing over the past 8 years how it’s not that big a deal…
You are spot on.
This means that in order to make this float, he will have to break his campaign promise to not raise taxes on the “working” class.
Also, with regard to limiting deductions for contributions, the conspiracy theorist in me says that is by design. They will start to suffer financially and the only place for people to look for help is the government.
kitty,
not sure how long you have been posting on the LR, most of the conservative here gave Bush hell for the spending…lastly, your team has owned the spending for the last 2 years…so no need to blame Bush for more than 6 years, but who’s counting…
Take the log out of your own eye and tell me where I said I wanted to take everything from those earning more money as you inferred earlier. While you’re at it, tell me where I said I am a Democrat or support every initiative in the proposed budget. When you’re done with that, come back and tell me about what “my team” has done. That is, if you can show me where I have told you what “my team” is. If you’re going to take umbrage at what I’ve said (and even put in pink so you’d maybe catch my humor), then give the common courtesy of not putting words and opinions in my mouth to do it.
Just once, I’d like a f*cking thank you from those who pay less (or no) tax.
Thanks for making so much money and generously “giving” it to those less fortunate. Seriously? If you require a thank you for every deed you do, you must be one sorry SOB.
Someone kindly explain why someone earning 250k a year has to pay a higher tax percentage than someone makine 50k? Why do we penalize those that have worked hard to achive their income?
Just once, I’d like a f*cking thank you from those who pay less (or no) tax.
Thanks for making so much money and generously “giving” it to those less fortunate. Seriously? If you require a thank you for every deed you do, you must be one sorry SOB.
Uh, not for every deed. Just the monstrous ones like paying so much tax. I work, what, about half the year or more for my (tax) contribution to society? How long do you work every year for it? Your attitude would suggest it’s a lot less. How about if I trim back my effort, make less, and then pay less?
So, yes, seriously. But why does it have to be the other way around, where the Left constantly implies that it’s not enough tax?
The 250K no tax is such BS.
If you make 125K, you have no tax refund.
Want to fix health care? Make people do triathlons!!! By living an active lifestyle, In the past 15 years I have only been sick twice. One was a cold and the other was food poisoning.
On a serious note, Look how great our Public school system turned out? American Students fall behind in the basic skills of Math and English when compared to other countries like Japan.
So, Im sure the Health Care system is going to work out just fine. Public health care works out so well in Canada that their prime minister came to the U.S. to get better treatment.
here is the story
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070914/belinda_Stronach_070914/20070914
Id just wish America would learn from History, It doesn’t work in Canada, it wont work here. On the same note, printing money to the stimulus bill did not work for Japan in the 90’s, it will not for america.
Leo
“Leaders become dictators when surrounded by only yes-man and yes-women.”
ROFL…she was never the Prime Minister. Did you even read the entire article?
“Instead, MacEachern said the decision was made because the U.S. hospital was the best place to have it done due to the type of surgery required.”
Take a trip to Toronto Sick Kids hospital in Toronto some time to find out just how “bad” our system is. You will find quite a few American families with sick children there. So why are they there if our system is so terrible?