someone help me with Obama's tax plan!

KempoGuy06

Grandmaster
Joined
Aug 1, 2006
Messages
6,612
Reaction score
26
Location
Louisville, KY
Now that we are faced with a new president im wondering what will happen. I know the basics of his tax plan but i dont know how it will effect me. I know that I make under 250K a year (at 23 if I made that I wouldnt be complaining :D).

How will this effect me? (22-20K a year)

How will this effect my family business? (it pulls in a decent amount a year. I believe the net worth is over 10mil maybe more)

Thanks for advising a not so wise person

B
 

elder999

El Oso de Dios!
Lifetime Supporting Member
Joined
Mar 5, 2005
Messages
9,922
Reaction score
1,439
Location
Where the hills have eyes.,and it's HOT!
That shouldn't be a problem since he's got them in his back pocket. No reason for them to be contrary to him & his plans & no reason for him to expect otherwise.


They're gonna have to raise taxes. This will not happen under his plan. The plan will be different. Clinton got elected with a promise to cut taxes, then said that "things were worse than he realizewd," and raised them. Obama will do the same.
 

Ninjamom

2nd Black Belt
Joined
May 29, 2006
Messages
882
Reaction score
84
Location
Solomons, MD, USA
Your taxes will go down, but the taxes on businesses earning over the 'magic number' will go up. This means that the prices for their goods and services will go up, their investments will go down, and the number of their employees will go down.

So, you will pay less in income tax, but have to pay more for purchasing food (which you buy from grocery stores that make more than $250K), clothing (which you buy from stores that make over $250K, medicine (because your insurance co. makes more than $250K), name- or store-brand products, computers, cars, cleaners, imports, domestic goods, energy, gas, etc.
 

FearlessFreep

Senior Master
Joined
Dec 20, 2004
Messages
3,088
Reaction score
98
Location
Phoenix, Arizona
Your taxes will go down, but the taxes on businesses earning over the 'magic number' will go up. This means that the prices for their goods and services will go up, their investments will go down, and the number of their employees will go down.

So, you will pay less in income tax, but have to pay more for purchasing food (which you buy from grocery stores that make more than $250K), clothing (which you buy from stores that make over $250K, medicine (because your insurance co. makes more than $250K), name- or store-brand products, computers, cars, cleaners, imports, domestic goods, energy, gas, etc.

I wish people had realized that last week
 
OP
KempoGuy06

KempoGuy06

Grandmaster
Joined
Aug 1, 2006
Messages
6,612
Reaction score
26
Location
Louisville, KY
Your taxes will go down, but the taxes on businesses earning over the 'magic number' will go up. This means that the prices for their goods and services will go up, their investments will go down, and the number of their employees will go down.

So, you will pay less in income tax, but have to pay more for purchasing food (which you buy from grocery stores that make more than $250K), clothing (which you buy from stores that make over $250K, medicine (because your insurance co. makes more than $250K), name- or store-brand products, computers, cars, cleaners, imports, domestic goods, energy, gas, etc.
so basically I will pay less in taxes if im in the middle class but if i work at one of these large companies that make more the 250k i could possibly lose my job because they have to cut back on costs to turn a profit. sounds like a solid way to help out the middle class.

B
 

cdunn

2nd Black Belt
Joined
Apr 27, 2007
Messages
868
Reaction score
36
Location
Greensburg, PA
I wish people had realized that last week


Taxes functionally went up when we declared war on Iraq, created the TSA, and started bailing out banks, and otherwise adding functions to government without corresponding reductions in other government functions. The only real question is how much interest we plan to pay before we get around to opening our pocketbooks - the Bush budget for the 2009 Fiscal Year is 3.1 trillion + 0.7 trillion bailouts, plus at least 0.2 trillion in war chest.. 4 trillion vs. 2.9 trillion in expected income.

The nation cannot sustain trillion dollar-plus yearly shortfalls in the budget. We are already spending more on bond interest than we are spending on the departments of: Labor, Interior, Treasury, Transportation, Agriculture, Justice, Energy, Homeland Security, State, Housing, and NASA combined. The government cannot run and hide from this forever. Taxes are going up, no matter who holds office. Better it goes up sooner and less than later and more.
 
OP
KempoGuy06

KempoGuy06

Grandmaster
Joined
Aug 1, 2006
Messages
6,612
Reaction score
26
Location
Louisville, KY
Taxes functionally went up when we declared war on Iraq, created the TSA, and started bailing out banks, and otherwise adding functions to government without corresponding reductions in other government functions. The only real question is how much interest we plan to pay before we get around to opening our pocketbooks - the Bush budget for the 2009 Fiscal Year is 3.1 trillion + 0.7 trillion bailouts, plus at least 0.2 trillion in war chest.. 4 trillion vs. 2.9 trillion in expected income.

The nation cannot sustain trillion dollar-plus yearly shortfalls in the budget. We are already spending more on bond interest than we are spending on the departments of: Labor, Interior, Treasury, Transportation, Agriculture, Justice, Energy, Homeland Security, State, Housing, and NASA combined. The government cannot run and hide from this forever. Taxes are going up, no matter who holds office. Better it goes up sooner and less than later and more.
thats a valid point

B
 

CoryKS

Senior Master
Joined
Aug 30, 2006
Messages
4,403
Reaction score
183
Location
Olathe, KS
It's very simple - give him your money. And no, you can't have a reacharound. Not yours.
 

theletch1

Grandmaster
MTS Alumni
Joined
Jan 21, 2003
Messages
8,073
Reaction score
170
Location
79 Wistful Vista
The tax plan is simple once you understand the mindset of the people who'll be putting forth the bill. Like Jim Moron.. er... Moran from my home state.
 

Cryozombie

Grandmaster
MTS Alumni
Joined
Feb 11, 2003
Messages
9,998
Reaction score
206
It's very simple - give him your money. And no, you can't have a reacharound. Not yours.

But there are a lot more people getting reacharounds than me... shouldnt they get redistributed to me?

:D
 

zDom

Senior Master
Joined
Aug 21, 2006
Messages
3,081
Reaction score
110
But there are a lot more people getting reacharounds than me... shouldnt they get redistributed to me?

:D

Yea that's what I was hoping on (no, I did NOT vote for Obamessiah).

Figure if wealth is being redistributed I should start checking my mailbox for a check!

Rich MT members can cut out the middleman and start spreading directly to me :)
 

crushing

Grandmaster
Joined
Dec 31, 2005
Messages
5,082
Reaction score
135
They're gonna have to raise taxes. This will not happen under his plan. The plan will be different. Clinton got elected with a promise to cut taxes, then said that "things were worse than he realizewd," and raised them. Obama will do the same.

You said "Clinton", but did you mean the elder George Bush? Remember when his "read my lips" campaign promise came into conflict with his inauguration address promise of bi-partisanship and he broke the "no new taxes" promise? It may have cost him a second term (it being raising taxes and not just Ross Perot)

Also and intrestingly, it was revealed after the election in 1992 that the economy was actually better than people realized and the media let on. In fact, the 8 years of economic growth for which Clinton demands credit and his legacy depends started early in 1992 and ended early 2000 with the .com bomb and popping of the irrational exhuberence balloon.
 

Marginal

Senior Master
Joined
Jul 7, 2002
Messages
3,276
Reaction score
67
Location
Colorado
That shouldn't be a problem since he's got them in his back pocket. No reason for them to be contrary to him & his plans & no reason for him to expect otherwise.
They'll still mutate it. Gotta give their constituents some pork. Sure there will be filibuster threats etc going on as well.
 

Latest Discussions

Top