I am loving the convulsions conservatives are having trying to chicken-little their way out of his tax plans.
Sure his plan cuts taxes to 95% of Americans, but for me, making 250k+, there will be so little incentive to work now that my taxes have gone up 3%, I'll have to layoff my staff and close my successful business. See how your economy likes that!!!
GTFOHWTBS
The really hilarious part is all these alleged champions of industry (I doubt anybody believes all these right-wing whiners are clocking $250K a year, but let's just pretend for a moment that they are) clearly don't understand how marginal tax rates work and say they're trying to come up with ways to knock their income down to $249,999 as though that's gonna save them big bucks in the long run. It's like a clusterfuck of wrongness.
The point you seem to miss, is that it doesn't reward you for investing in growth above the $250,000 mark - why bother when 1/2 of what you make is going to go to pay for programs that you disagree with. This doesn't effect democratic members of Congress because (1) they are all career civil servants; and (2) they don't pay their taxes anyway.
39.6 percent of income over $250K (i.e. from $250,0001 and up) = half?
Add that to state 7.3% and city taxes ($1,706 plus 3.648% of excess over $50,000) and you've got approximately 50.5%?
I am loving the convulsions conservatives are having trying to chicken-little their way out of his tax plans.
Sure his plan cuts taxes to 95% of Americans, but for me, making 250k+, there will be so little incentive to work now that my taxes have gone up 3%, I'll have to layoff my staff and close my successful business. See how your economy likes that!!!
GTFOHWTBS
The really hilarious part is all these alleged champions of industry (I doubt anybody believes all these right-wing whiners are clocking $250K a year, but let's just pretend for a moment that they are) clearly don't understand how marginal tax rates work and say they're trying to come up with ways to knock their income down to $249,999 as though that's gonna save them big bucks in the long run. It's like a clusterfuck of wrongness.
The point you seem to miss, is that it doesn't reward you for investing in growth above the $250,000 mark - why bother when 1/2 of what you make is going to go to pay for programs that you disagree with. This doesn't effect democratic members of Congress because (1) they are all career civil servants; and (2) they don't pay their taxes anyway.
39.6 percent of income over $250K (i.e. from $250,0001 and up) = half?
Like the people in the ABC article, Saba's imaginary small business would pass up 70k in extra profit in order to avoid paying $4,000 in extra taxes going to programs he disagrees with.
Talk about principled, they're willing to sacrifice 70 g's just so people WON'T have health care. Incredible....
A business doesn't just press a button and make an extra "70 g's." It involves costs to increase output, and if the additonal profit taxed at a higher rate doesn't compensate for those costs its not worth it to the corporation to expand.
Comments
Add that to state 7.3% and city taxes ($1,706 plus 3.648% of excess over $50,000) and you've got approximately 50.5%?
A business doesn't just press a button and make an extra "70 g's." It involves costs to increase output, and if the additonal profit taxed at a higher rate doesn't compensate for those costs its not worth it to the corporation to expand.
SABA-CENTRIC
Yesterday's entire Daily Show is relevant to this thread.
and here's a chillingly sober montage.