[quote=fat_lazy_union_worker]I’ll add my 2 cents here.
Actually, I’m pretty happy these days. Originally, I was pretty pissed that Obama’s proposed tax law “for the wealthy” would only be screwing my family. It turns out especially with this bailout bill, the impeding crisis in our social security, and state levels, and no clear sign obama is gonna pull out of the war, and Biden’s pledge not to reduce social security retire benefits to the baby boomers, all it means is he and a Democrat congress is gonna end up sticking it to everyone, including all you singles that make $100k +-10k, so relatively, speaking everyone’s going to get shafted. But that’s all that matters, as long as everyone is equally opportunity shafted, I’m no longer gonna complain about this tax on the “wealthy”.
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Let’s hope Obama sticks to the plan outlined below. That way, the wealthy would finally have to pay their fair share:
Obama says he would hike several taxes on people making more than $250,000, including the amount they pay on capital gains. Currently, the top income tax rate is 35 percent. Under Obama, that would go back up to 39 percent. Obama’s staff told the Urban-Brookings Tax Policy Center he would raise the rates for people in the top two brackets — about 2.5 million filers out of 100 million-plus. People in those high tax brackets would see the tax rate on their capital gains hiked from the current 15 percent to 20-28 percent.
Obama started his campaign saying his plans would not increase taxes for people earning less than $250,000. But he found himself in an apparent contradiction by saying he would tax all income to fund Social Security, not just income up to $102,000, as is now the case. So now, Obama’s plan calls for no Social Security tax on income between $102,000 and $250,000, but all income above $250,000 would be taxed for Social Security.
The 95 percent-plus of the American population that earns less than $250,000 would see the following tax breaks: A $500-per-worker tax credit for people who earn less than $150,000 and do not itemize, and a $4,000 credit per child in college. Seniors who earn less than $50,000 would pay no income tax.
Let’s take the tax burden off the honest-to-God, hard-working 95% of Americans who make less than $250,000 (a quarter-million) and put it on the rich bastards who got us into this mess.
