The beef i have with obama’s plan is that the limits for definition of “wealthy” on individual/marriage income.
It’s $250,000 for a married couple, and often cited as $200,000 for singles. And there lies my big beef.
$250,000 household income isn’t “wealthy” in some higher costs states like CA/NY, that’s Single people making $125k/year. Particularly, by definition “household” usually includes “children” and no, despite what some people may think about having a tax benefit for having a child, you still come out negative UNLESS you happen to be like the octet mom who completely depends on state disability and welfare.
Consider alternative two people that don’t marry. Combined, Obama’s tax on wealthy only occurs if the combined income is $400k+. Ok, I can start so see where $400k+ is considered “wealth(ier)”. but doesn’t this strike folks as odd that the limits are so lopsided. Is there an assumption that one family is a breadmaker and the other is a houseparent?
From a tax perspective, it probably makes fiscal sense to defer marriage until this message is sorted out, and have a kid out of wedlock.
And no, you can’t tax your way to prosperity.
One of the main reasons why so many companies want to leave CA is the absurdly higher costs associated in CA.
If companies are already having a tough time making money, and on top of that you levy even higher taxes, guess who’s going to get axed??
Why this administration isn’t trying to focus on international trade and accompanying job creation to support that is beyond me. Dumping borrowed money into a bunch of infrastructure projects and domestic spending is only buying time when foreign countries decide to stop lending to the U.S..
