Now we know their names
Comments
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willregistersoon wrote: [quote=brooklynpotter]crunch some numbers for me please. forget deductions and all that crap. can someone fill in the XX below so i (we) can see some actual numbers?
I did a Google serach for "tax brackets" and found this site:
if i make $225k, my tax burden will be XX. meaning XX dollars
if i make $275K, my tax burden will be XX, meaning XX dollars
http://www.moneychimp.com/features/tax_brackets.htm
In both your examples (if those figures are after deductions), your tax burden would be 33% or $90,750. I think that's quite a bit of money. Remember this is just income tax. There's all kinds of other taxes - capital gains, etc etc.
Well, it is a little more complicated than that. Lets say you are married filing jointly, because these discussion seem to centering on an imaginary young(ish) family in NYC. The following numbers will be for tax year 2008.
For $225k:
( $16,050 - $0 ) * 10% = $1,605
( $65,100 - $16,050 ) * 15% = $7,357.50
( $131,450 - $65,100 ) * 25% = $16,587.50
( $225,000 - $131,450 ) * 33% = $30,871.50
Total: $56,421.50
For $275k:
( $16,050 - $0 ) * 10% = $1,605
( $65,100 - $16,050 ) * 15% = $7,357.50
( $131,450 - $65,100 ) * 25% = $16,587.50
( $275,000 - $131,450 ) * 33% = $47,371.50
Total: $72,921.50
Which would fill in your sentences as follows, if my porky fingers haven't made any math mistakes...
If I make $225k married filing jointly in 2008, my overall income tax percentage will be 25.1%, meaning $56,421.50.
If I make $275k married filing jointly in 2008, my overall income tax percentage will be 26.5%, meaning $72,921.50.
Just for straight number crunching without any deduction BS or anything. Because with the graduated rates that Will so eloquently advocates, you pay the lower rate on each piece of your income going up. Fair? Dunno. But everyone pays the same rate on the first X dollars of their income, and the same rate on the next X dollars of their income, and so on. It isn't as if someone in a 33% bracket pays 33% on everything, just on the income over a certain amount, they pay the same graduated rates on the lower portions that anyone else would. FWIW. If that helps. And if it doesn't. Then that is OK too. Oh well.
BTW, with the mythical $800k mortgage we discussed earlier, you are going to get to deduct a fuckton of money, since mortgage interest is tax deductible. At the outset, most of your payment will be for interest, giving you a nice probably around $50k+ deduction yearly right there. FWIW. -
am i incorrect is saying/seeing that the mount of $$ at that level is practically inconsequential?
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brooklynpotter wrote: am i incorrect is saying/seeing that the mount of $$ at that level is practically inconsequential?
Um, if I understand what you are saying, then I would say YES, you are wrong. $56k to someone making $225k or $73k to someone making $275k _is_ definitely a big chunk of change and hardly inconsequential.
Which is not to say that it isn't _fair_, necessarily. Taking 25-26% of someone's income is a big deal, let's not kid ourselves. That being said, I hardly think that it takes the food out of their childrens' mouths and forces them to live on the streets either, as some may have you believe. -
brooklynpotter wrote: am i incorrect is saying/seeing that the mount of $$ at that level is practically inconsequential?
I think that is the problem. What is and is not considered a lot of money or inconsequential or not is a subjective thing. To some people, a income of $50k is filthy rich. To others, and income of $250k is dirt. There is no right or wrong answer here. It is perspective. Someone who makes $250k may buy tons of crap - but I don't think it's the government's job to decided which of their crap is acceptable and what isn't. -
no no, you've misunderstood. *i* was the one who was looking at the figures incorrectly, so i didn't realize the difference was so much bigger.
however. this does not stop me from being a registered democrat, voting for obama, and thinking that these tax dollars, while sucky, are necessary. -
willregistersoon wrote: [quote=brooklynpotter]am i incorrect is saying/seeing that the mount of $$ at that level is practically inconsequential?
I think that is the problem. What is and is not considered a lot of money or inconsequential or not is a subjective thing. To some people, a income of $50k is filthy rich. To others, and income of $250k is dirt. There is no right or wrong answer here. It is perspective. Someone who makes $250k may buy tons of crap - but I don't think it's the government's job to decided which of their crap is acceptable and what isn't.
please see the post below yours, i misunderstood. (math dyslexia.) -
willregistersoon wrote: I think that is the problem. What is and is not considered a lot of money or inconsequential or not is a subjective thing. To some people, a income of $50k is filthy rich. To others, and income of $250k is dirt. There is no right or wrong answer here. It is perspective. Someone who makes $250k may buy tons of crap - but I don't think it's the government's job to decided which of their crap is acceptable and what isn't.
WTF are you arguing? Said in a nice tone. BTW.
Is it your position that the government is trying to decide that people making $250k+ shouldn't buy certain kinds of crap? How is it that you come to that conclusion? On a basis of tax burden? Seriously, a homeowning mortgage having $250k earning family isn't really going to pay _that_ much, perspectively. Reality with deductions will put them at around 20% overall. In one post you are for a reasonable graduated income tax, which may be going more lib than me, and then in the next you seem to be saying that paying that tax is akin to the government telling you what you can and cannot buy.
Clarify, Clarice. -
BoogieKnight wrote: If thats how you feel and how you want to live, thats your prerogative. But may I suggest that perhaps you live in the wrong country.
I have absolutely no problem with my money going to help people who are down, or who need some help. However, I do have a very very big problem with the government stealing my money from me and redistributing it to other people as it sees fit. It's not a question of helping other people, there are endless charity groups that do this, and Americans give millions and millions of dollars voluntarily every year to these groups. It's that the government is in the absolute worst possible position to determine who actually needs this money, and I can think of no other institution that could do a more inefficient and wasteful job of distributing it.
This country and our closest allies have a tradition of trying to take care of their own (that sympathy crapola as you call it).
If you just want generate your own money and keep it all for yourself and not care whether your neighbors live or die, then you should move elsewhere.
Currently so much of your tax money is being spent on this helping people bullshit, I wonder how you sleep at night? Knowing that all these fucking kids and old people and the sick may be sleeping under a government paid for roof or eating a wedge of government cheese - horrifying! God, its so fucking wasteful and inefficient taking care of these useless assholes. They should be rounded up and exterminated like the vermin they are. That'll be good, right, because guys like you and me, we can take care of ourselves and everybody else should go screw, right?
$$
Liberals love to paint conservatives as a group of heartless money-grubbers who stumbled into wealth purely through luck, sitting on mountains of cash somewhere while poor, unlucky schlubs starve to death because we don't want to share. You seem incapable of understanding that somewhere along the line, someone worked to create that wealth, that it just didn't magically spring into being because the government willed it so.
If Obama enacts his taxes on the "rich," all that will happen is that money that was formally used to start new companies, to create new jobs, to pay the salaries of working class people, that money will now be stolen by the government, filtered away to various Congressional pet projects and earmarks, and then maybe a trickle of it will reach poor people, who will use it to feed themselves briefly, before turning to the government for more handouts. How does this help the poor, in the long run? All this does is teach people to be dependent on the government for help, instead of being self-reliant. Wouldn't it be better, in the long run, to grow the economy through job creation and investment? -
transplant wrote: I have absolutely no problem with my money going to help people who are down, or who need some help. However, I do have a very very big problem with the government stealing my money from me and redistributing it to other people as it sees fit. It's not a question of helping other people, there are endless charity groups that do this, and Americans give millions and millions of dollars voluntarily every year to these groups. It's that the government is in the absolute worst possible position to determine who actually needs this money, and I can think of no other institution that could do a more inefficient and wasteful job of distributing it.
Well transplant, it sounds like you have no problem with taxes, but rather a problem with how the government spends money. Wouldn't it then make more sense to then attack budget priorities via Congress rather than attacking paying taxes?
Liberals love to paint conservatives as a group of heartless money-grubbers who stumbled into wealth purely through luck, sitting on mountains of cash somewhere while poor, unlucky schlubs starve to death because we don't want to share. You seem incapable of understanding that somewhere along the line, someone worked to create that wealth, that it just didn't magically spring into being because the government willed it so.
If Obama enacts his taxes on the "rich," all that will happen is that money that was formally used to start new companies, to create new jobs, to pay the salaries of working class people, that money will now be stolen by the government, filtered away to various Congressional pet projects and earmarks, and then maybe a trickle of it will reach poor people, who will use it to feed themselves briefly, before turning to the government for more handouts. How does this help the poor, in the long run? All this does is teach people to be dependent on the government for help, instead of being self-reliant. Wouldn't it be better, in the long run, to grow the economy through job creation and investment?
Further, as an aside, as far as Obama enacting taxes on the "rich," that isn't quite accurate. His proposal allows the reduced rates put in by Bush earlier this decade to expire for the two highest brackets, reverting back to the rates of the 90s. This may or may not be a good idea, but I hardly think that it means the cessation of new companies and new jobs that you purport it to. I seem to remember _fucktons_ of new jobs and new companies being created in the 90s. FWIW.
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daver wrote: Well transplant, it sounds like you have no problem with taxes, but rather a problem with how the government spends money. Wouldn't it then make more sense to then attack budget priorities via Congress rather than attacking paying taxes?
Where, in my post, do you find anything that would lead you to believe that I "have no problem with taxes"? The part where I state that I think the government is the absolute worst vehicle for the distribution of wealth? Does that somehow lead you to believe that I support taxes? I have plenty of problems with taxes, and with how the government spends money. I think government spending should be cut to the bare bones, and let the free market take care of itself. Cut government spending, and you reduce the need for taxes. But I think the latter needs to happen before the former ever will. As long as the government is collecting taxes, Congress will find a way to waste them. And before you come back with how the Republicans in Congress have increased spending, I'm well aware, I'm not defending them over the Democrats in that regard, I think, with very few exceptions, that they all need to be thrown out. But I do think that the Republicans will do a much better job of cutting spending than the Democrats will.daver wrote: Further, as an aside, as far as Obama enacting taxes on the "rich," that isn't quite accurate. His proposal allows the reduced rates put in by Bush earlier this decade to expire for the two highest brackets, reverting back to the rates of the 90s. This may or may not be a good idea, but I hardly think that it means the cessation of new companies and new jobs that you purport it to. I seem to remember _fucktons_ of new jobs and new companies being created in the 90s. FWIW.
Well, after listening to Obama's stump speeches, you'll excuse me if I'm a bit confused on that point. A main point of his platform has been increasing taxes on the "rich" (be it people that make over $250K, or $150K, or whatever he decides "rich" is this week). And I seem to remember "fucktons" (like that word, by the way, although a Southern buddy of mine has been pushing "shit ton" recently, I kinda enjoy that better...) of companies and jobs being created throughout the majority of the time that America has been around. The American economy grows, in general, because it's capitalistic in nature, not socialistic, as Obama would have. To claim that the tax rates during a certain 8-year period were "better" for job creation in the long run because the economy grew during that time is slightly specious. Who's to say that job creation wouldn't have been exponentially greater than it was in the 90s if tax rates were even lower on the upper class?
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Also, a very apropos comment from National Review's John Hood, re Obama's cutesy remark yesterday on socialism:
First, Obama:McCain has “called me a socialist for wanting to roll back the Bush tax cuts for the wealthiest Americans so we can finally give tax relief to the middle class,” Obama said. “I don’t know what’s next. By the end of the week he'll be accusing me of being a secret communist because I shared my toys in kindergarten.”
Hood's response:Only, in this passage Obama revealed precisely why he is vulnerable to such charges: he can't seem to tell the difference between a gift and a theft. There is nothing remotely socialistic or communistic about sharing. If you have a toy that someone else wants, you have three choices in a free society. You can offer to trade it for something you value that is owned by the other. You can give the toy freely, as a sign of friendship or compassion. Or you can choose to do neither.
Sorry to be posting big chunks of other people's work, but Hood puts it better than I could. Americans have always been extremely good at "sharing," to put it simply. We are very generous, giving millions annually to domestic charities. We are not, however, very good about having our hard-earned money forcibly taken from us by the government and given to people who didn't earn it. There's a big difference.
Collectivism in all its forms is about taking away your choice. Whether you wish to or not, the government compels you to surrender the toy, which it then redistributes to someone that government officials deem to be a more worthy owner. It won't even be someone you could ever know, in most cases. That's what makes the political philosophy unjust (by stripping you of control over yourself and the fruits of your labor) as well as counterproductive (by failing to give the recipient sufficient incentive to learn and work hard so he can earn his own toys in the future).
Government is not charity. It is not persuasion, or cooperation, or sharing. Government is a fist, a shove, a gun. Obama either doesn't understand this, or doesn't want voters to understand it. -
transplant wrote: Where, in my post, do you find anything that would lead you to believe that I "have no problem with taxes"? The part where I state that I think the government is the absolute worst vehicle for the distribution of wealth? Does that somehow lead you to believe that I support taxes? I have plenty of problems with taxes, and with how the government spends money.
OK, fair enough.transplant wrote: I think government spending should be cut to the bare bones, and let the free market take care of itself. Cut government spending, and you reduce the need for taxes. But I think the latter needs to happen before the former ever will. As long as the government is collecting taxes, Congress will find a way to waste them.
Eh. My perfect scenario would be to leave taxes as-is, reduce spending, pay off the national debt with the surplus, and _then_ reduce taxes, starting on a path of balanced budgets with a clean slate.transplant wrote: And before you come back with how the Republicans in Congress have increased spending, I'm well aware, I'm not defending them over the Democrats in that regard, I think, with very few exceptions, that they all need to be thrown out.
I totally agree. I also hate them all equally.transplant wrote: But I do think that the Republicans will do a much better job of cutting spending than the Democrats will.
I totally disagree. I hate them all equally.transplant wrote: [quote=daver]Further, as an aside, as far as Obama enacting taxes on the "rich," that isn't quite accurate. His proposal allows the reduced rates put in by Bush earlier this decade to expire for the two highest brackets, reverting back to the rates of the 90s. This may or may not be a good idea, but I hardly think that it means the cessation of new companies and new jobs that you purport it to. I seem to remember _fucktons_ of new jobs and new companies being created in the 90s. FWIW.
Well, after listening to Obama's stump speeches, you'll excuse me if I'm a bit confused on that point. A main point of his platform has been increasing taxes on the "rich" (be it people that make over $250K, or $150K, or whatever he decides "rich" is this week). And I seem to remember "fucktons" (like that word, by the way, although a Southern buddy of mine has been pushing "shit ton" recently, I kinda enjoy that better...) of companies and jobs being created throughout the majority of the time that America has been around. The American economy grows, in general, because it's capitalistic in nature, not socialistic, as Obama would have. To claim that the tax rates during a certain 8-year period were "better" for job creation in the long run because the economy grew during that time is slightly specious. Who's to say that job creation wouldn't have been exponentially greater than it was in the 90s if tax rates were even lower on the upper class?
Hey, I won't claim that that the tax rates during a certain 8-year period were "better" for job creation in the long run because the economy grew during that time isn't specious as long as you don't claim the reverse. Deal?
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daver wrote: Eh. My perfect scenario would be to leave taxes as-is, reduce spending, pay off the national debt with the surplus, and _then_ reduce taxes, starting on a path of balanced budgets with a clean slate.
Hey, that sounds wonderful, I'd be all for that, but I can't see how that's ever going to happen with Obama in the WH and a completely Democrat-controlled Congress (or, for what it's worth, a completely Republican-controlled gov't...). So, we're left with our shared sentiment below:transplant wrote: And before you come back with how the Republicans in Congress have increased spending, I'm well aware, I'm not defending them over the Democrats in that regard, I think, with very few exceptions, that they all need to be thrown out.
daver wrote: I totally agree. I also hate them all equally.
So now we're getting somewhere! I think we need to unite to organize a grassroots movement which holds as it's sole purpose voting out anyone who's served in Congress more than one term. If nothing else, it'll force the gov't to stop spending... -
From the Wealth of Nations (1776):
The necessaries of life occasion the great expense of the poor. . . . The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. . . . It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
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The Economist just endorsed Obama in a really nicely written editorial:
http://www.economist.com/world/unitedstates/displayStory.cfm?story_id=12516666&source=features_box_main -
What's that Obama said about being his brothers keeper. First the brother living in a Kenyan hut now his aunt and uncle living in a Boston slum. And you want to trust him with your money? Maybe he should have put them on his informercial last night.
Found in a rundown Boston estate: Barack Obama’s aunt Zeituni Onyango
'Auntie Zeituni', who, with Uncle Omar, dropped out of sight after moving to the US, is backing the presidential candidate from her modest flat
http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5042571.ece -
eggcream wrote: What's that Obama said about being his brothers keeper. First the brother living in a Kenyan hut now his aunt and uncle living in a Boston slum. And you want to trust him with your money? Maybe he should have put them on his informercial last night.
:roll:
Found in a rundown Boston estate: Barack Obama’s aunt Zeituni Onyango
'Auntie Zeituni', who, with Uncle Omar, dropped out of sight after moving to the US, is backing the presidential candidate from her modest flat
http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5042571.ece
A poignant story, but hardly an argument against Obama as President. -
Whatchuwant wrote: From the Wealth of Nations (1776):
Everyone knows Adam Smith was a staunch socialist. /snarkThe necessaries of life occasion the great expense of the poor. . . . The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. . . . It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
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eggcream wrote: What's that Obama said about being his brothers keeper. First the brother living in a Kenyan hut now his aunt and uncle living in a Boston slum. And you want to trust him with your money? Maybe he should have put them on his informercial last night.
I must be slow today, but, what does where his aunt lives have to do with him being fit or unfit to be president?
Found in a rundown Boston estate: Barack Obama’s aunt Zeituni Onyango
'Auntie Zeituni', who, with Uncle Omar, dropped out of sight after moving to the US, is backing the presidential candidate from her modest flat
http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5042571.ece -
I think the point that eggcream was trying to make is that Barack Obama, who makes big bucks, did not redistribute any of it to his poor relatives. Some might think that's hypocritical being that that's a very big part of Obama's platform.
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jf22561 wrote: I think the point that eggcream was trying to make is that Barack Obama, who makes big bucks, did not redistribute any of it to his poor relatives. Some might think that's hypocritical being that that's a very big part of Obama's platform.
we need some perspective. Obama would "redistribute" just about the same amount of tax burden as Ronald Reagan or George Bush I.
Real redistribution would look like 1968 - when the top bracket taxed 75% of income. Not to mention the 50's where the top bracket taxed income at 90%.
The expiration of the Bush tax cuts, which I believe is the only "increase" Obama is proposing, changes the tax on the top income bracket by about 4%.
Since we have a graduated tax, it is not a 4% increase overall. using the numbers in Daver's post it is a $5,742 increase. which at $275k is about 2% increase in terms of total income. -
I have absolutely no problem with my money going to help people who are down, or who need some help. However, I do have a very very big problem with the government stealing my money from me and redistributing it to other people as it sees fit. It's not a question of helping other people, there are endless charity groups that do this, and Americans give millions and millions of dollars voluntarily every year to these groups. It's that the government is in the absolute worst possible position to determine who actually needs this money, and I can think of no other institution that could do a more inefficient and wasteful job of distributing it.
The thing is, though, that taxes do far more than just provide aid to the needy -- taxes also pay for infrastructure, pay off national debt, support the military, etc.
So reducing taxes would ALSO reduce the amount of money that gets spent maintaining the interstate highways and rail system, the amount of money that is spent providing armaments to the troops oversees and providing care to the vets at home, etc.... I'll grant you that I've not researched it, but I have a hunch that even if we were to cut all federal aid programs out of the budget, the difference would be miniscule because of all of the OTHER things taxes support.I think the point that eggcream was trying to make is that Barack Obama, who makes big bucks, did not redistribute any of it to his poor relatives.
It's also possible that, since in his autobiography he speaks of his aunt's husband as "the uncle who went to America and has since disappeared," that the reason that he hasn't shared the wealth with her is that up until this point, he didn't even know where she WAS. -
jf22561 wrote: I think the point that eggcream was trying to make is that Barack Obama, who makes big bucks, did not redistribute any of it to his poor relatives. Some might think that's hypocritical being that that's a very big part of Obama's platform.
that's very generous of you. me, i just think he was being racist -
queencallipygos said:
It's also possible that, since in his autobiography he speaks of his aunt's husband as "the uncle who went to America and has since disappeared," that the reason that he hasn't shared the wealth with her is that up until this point, he didn't even know where she WAS.
Yes, that's possible - good point. I don't know if I totally buy it, but it really is a good point.
brooklynpotter said:
that's very generous of you. me, i just this he was being racist
Racist?? -
brooklynpotter wrote: [quote=jf22561]I think the point that eggcream was trying to make is that Barack Obama, who makes big bucks, did not redistribute any of it to his poor relatives. Some might think that's hypocritical being that that's a very big part of Obama's platform.
that's very generous of you. me, i just think he was being racist
Racist is a tremendous stretch. I think it's quite clear that's not what the point was at all, regardless of whether you agree with the point (Obama's "hypocricy"). -
ok, how about 'off color', which i believe it was
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brooklynpotter, I'm really sorry you feel that way - I don't get that at all and I don't think it helps anyone to throw the term "racist" around as much as it is nowadays. But, you're entitled to your opinion!
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You can figure out (roughly) how your taxes will be affected here: http://taxcut.barackobama.com/
Of course, it doesn't say how much your taxes will go up if you are in the top 1%. Other sites have given a sliding scale, with $250k - 603K as only going up a pinch, and escalating from there.
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