Big

True or False?

matclone

How about, "we don't know" since it's probably not clear what either would do, and they don't do this stuff alone--changes in tax law need to go through Congress. Also, I would submit to you that there are other considerations than taxes alone.

washed up wrestler

Born free, taxed to death.

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I love this "ignore poster" thing!

RYou

Big, you gotta be kidding.

First hit will be the capital gains tax.
Second will be the tab for upper bracket income taxes. And when I say upper bracket I'm talking brackets for dual income earners, hubby and wifey that report combined incomes.

Big

Obama says he will raise taxes on those that earn over $250K per year and higher. What do I care?

matclone

And hence Big's question with the modifier "most Americans".

Spider

I believe it's true. I also believe in

and

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"Love never dies." The Beatles

Cyclone85

Because the tax cuts that the evil George Bush enacted benefited every single tax payer. A new 10% bracket was created and millions of people that used to pay 15% now pay 10%. There were also millions of people that were completely removed from the Federal tax rolls. A family of 4 making 30k does not pay any Federal tax today. So, when those tax cuts go bye-bye, many tax payers will see there Federal liability increase by 50% (15/10) and millions will be subject to taxes *again* that currently do not pay. And yes -- those making over $250k will see a significant increase too, though he hasn't exactly said how much. He has a very complicit Congress so all of this could easily happen.

What is even more troubling to me is the alternative minimum tax (AMT). Before you Google AMT -- make sure you have a drink or two but not before you take some Zannys. The AMT is sickening and I had to pay $2,000 of AMT on top of shocking federal, local, and state income taxes that I paid in 2007. This AMT is so insulting and unsettling to me, that I was left speechless as I sat there staring at my Turbo Tax program wondering out loud what happened. "Could I possibly be this rich, or did I somehow fat-finger a bunch of zeros somewhere?" I believe it is something like 20,000,000 people will be subject to the AMT next year ... regular people like me and you. The AMT was originally designed for the super rich back in the 60s when the tax code had more holes than the USS Minnow. I paid $700 of AMT in 2006, so I do not like the trend I am seeing.

The economy is grinding to a halt because most of us are taxed to death (and it will get worse), and many of us are spending huge amounts of net income on electric, natural gas, heating oil, and gas for our cars. It is no wonder the economy is only growing at a .9% clip which is practically nothing.

I (for one), have completely stopped spending discretionary income. Everything left over after every paycheck goes straight to the bank where it earns a paltry 1.5%. I only buy gas, utilities, staples at the grocery store (yes, beer), and that's about it. We canceled a trip to Colorado Spring because we can't bear putting $4 gas into a gas guzzling minivan.

I have absolutely no confidence in our leaders and I am not a happy camper!!!!!

Big

Do you think Obama will change things for the worse for families with 4 kids and 30K income? again i am not one of these people.

Obama promises $1000 more for every middle class taxpayer to help with gas money.

Cyclone85

Probably not....he'll only let the 'appropriate' Bush tax cuts expire as I contemplate his actions. I know one thing; it won't be good for me.

And I am aware of his promises. I predicted tax credits and cuts for gas during August of 2005 when the hurricanes hit. I saw this coming from a mile away. Chiner, Indier, and several other Asian countries already subsidize gas for their citizens. It's part of the problem we face today with prices. Those paying a subsidized price have no reason to conserve.

I would love to know his definition of 'middle-class' and 'hard working families' that I hear about so often. I am certain that it's not me despite the fact that I work hard, but not before I gave up seven years of earnings to study, puke from nerves before tests, and lost thousands of hours of sleep in the process.

This is such a sore spot for me.