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seaside
LIF Adult
Member since 6/08 3101 total posts
Name:
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Re: Debate '08
Posted by Ophelia
um, all taxes at every level are staggered.
if you make 251k, you will NOT be taxed in the same way as someone making 1 mil.
the difference in tax between you and someone making 249k will be the tax on the 1k OVER 250.
THIS is the point I've been trying to make sure I had right, but someone said it wasn't... 
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Posted 10/16/08 1:54 PM  |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Debate '08
Posted by seaside
Posted by Ophelia
um, all taxes at every level are staggered.
if you make 251k, you will NOT be taxed in the same way as someone making 1 mil.
the difference in tax between you and someone making 249k will be the tax on the 1k OVER 250.
THIS is the point I've been trying to make sure I had right, but someone said it wasn't...
Federal Income Tax is progressive. Your tax bracket and effective income tax rate are usually not the same.
To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2003 and your status was Married filing separately; then your tax would be calculated like this:
( $ 7,000 - 0 ) x .10 : $ 700
( 28,400 - 7,000 ) x .15 : 3,210
( 57,325 - 28,400 ) x .25 : 7,231
( 87,350 - 57,325 ) x .28 : 8,407
( 100,000 - 87,350 ) x .33 : 4,175
Total: $ 23,723
This puts you in the 33% tax bracket; but as a percentage of your income, your tax is about 23.7%.
So your first dollar of your income in a year is taxed at 10% but your last dollar is taxed at 33%. That is my understanding but I didn't write the code and could be wrong.
Message edited 10/16/2008 2:17:40 PM.
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| Posted 10/16/08 2:15 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Debate '08
Posted by MrsERod
Posted by Bxgell2
I'm going to add my 2 cents here... DH and I make over $250k so we will be impacted by Obama' proposed tax plan, and I don't, at all, have any resentment against this, or think it unfairly targets people who worked hard for their achievements.
I look at it this way - we enjoyed some nice tax cuts and rebates during the Bush administration, and where did that get us? A seriously faltering economy that will affect each and every one of us, the poor, the middle class and the rich.
If paying a few extra thousand in taxes means that we will have a better, future economic outlook for this country, then I'm all for it, because that makes a direct impact on MY future economic stability, and that of my children.
If we are all left to hoard our money and have no obligation to contribute to a greater good, what I think many miss is that this places us ALL at a greater risk.
ITA! We are not in the 250 K plus group, but if we were, I really wouldn't mind paying more in taxes in order to improve our country. I'm amazed at how many people feel otherwise and feel they should be able to keep all their hard earned money--who cares if our schools are behind, the middle class can barely survive, and our infrastructure is crumbling, literally?
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| Posted 10/16/08 3:07 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Debate '08
Posted by cjik
Posted by MrsERod
Posted by Bxgell2
I'm going to add my 2 cents here... DH and I make over $250k so we will be impacted by Obama' proposed tax plan, and I don't, at all, have any resentment against this, or think it unfairly targets people who worked hard for their achievements.
I look at it this way - we enjoyed some nice tax cuts and rebates during the Bush administration, and where did that get us? A seriously faltering economy that will affect each and every one of us, the poor, the middle class and the rich.
If paying a few extra thousand in taxes means that we will have a better, future economic outlook for this country, then I'm all for it, because that makes a direct impact on MY future economic stability, and that of my children.
If we are all left to hoard our money and have no obligation to contribute to a greater good, what I think many miss is that this places us ALL at a greater risk.
ITA! We are not in the 250 K plus group, but if we were, I really wouldn't mind paying more in taxes in order to improve our country. I'm amazed at how many people feel otherwise and feel they should be able to keep all their hard earned money--who cares if our schools are behind, the middle class can barely survive, and our infrastructure is crumbling, literally?
Just a question then, why don't you voluntarily contribute a couple of thousand to the government? I am sure they are open to contributions and they do take checks.
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| Posted 10/16/08 3:09 PM |
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seaside
LIF Adult
Member since 6/08 3101 total posts
Name:
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Re: Debate '08
Posted by shamrock124
Posted by seaside
Posted by Ophelia
um, all taxes at every level are staggered.
if you make 251k, you will NOT be taxed in the same way as someone making 1 mil.
the difference in tax between you and someone making 249k will be the tax on the 1k OVER 250.
THIS is the point I've been trying to make sure I had right, but someone said it wasn't...
Federal Income Tax is progressive. Your tax bracket and effective income tax rate are usually not the same.
To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2003 and your status was Married filing separately; then your tax would be calculated like this:
( $ 7,000 - 0 ) x .10 : $ 700
( 28,400 - 7,000 ) x .15 : 3,210
( 57,325 - 28,400 ) x .25 : 7,231
( 87,350 - 57,325 ) x .28 : 8,407
( 100,000 - 87,350 ) x .33 : 4,175
Total: $ 23,723
This puts you in the 33% tax bracket; but as a percentage of your income, your tax is about 23.7%.
So your first dollar of your income in a year is taxed at 10% but your last dollar is taxed at 33%. That is my understanding but I didn't write the code and could be wrong.
That's what I thought. Thank you. I am not sure that everyone realizes this.
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| Posted 10/16/08 3:22 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Debate '08
Posted by mrsej
Just a question then, why don't you voluntarily contribute a couple of thousand to the government? I am sure they are open to contributions and they do take checks.
if it makes you feel better, we will be paying more in taxes under Obama than we would be under McCain.  
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| Posted 10/16/08 3:25 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Debate '08
Posted by seaside
That's what I thought. Thank you. I am not sure that everyone realizes this.
that has become very apparent. saying "tax hike" in an election year is like saying "fire" in a movie theatre. people freak the eff out.
if they crunched the numbers, it may not seem so bad.
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| Posted 10/16/08 3:27 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Debate '08
Posted by mrsej
Posted by cjik
Posted by MrsERod
Posted by Bxgell2
I'm going to add my 2 cents here... DH and I make over $250k so we will be impacted by Obama' proposed tax plan, and I don't, at all, have any resentment against this, or think it unfairly targets people who worked hard for their achievements.
I look at it this way - we enjoyed some nice tax cuts and rebates during the Bush administration, and where did that get us? A seriously faltering economy that will affect each and every one of us, the poor, the middle class and the rich.
If paying a few extra thousand in taxes means that we will have a better, future economic outlook for this country, then I'm all for it, because that makes a direct impact on MY future economic stability, and that of my children.
If we are all left to hoard our money and have no obligation to contribute to a greater good, what I think many miss is that this places us ALL at a greater risk.
ITA! We are not in the 250 K plus group, but if we were, I really wouldn't mind paying more in taxes in order to improve our country. I'm amazed at how many people feel otherwise and feel they should be able to keep all their hard earned money--who cares if our schools are behind, the middle class can barely survive, and our infrastructure is crumbling, literally?
Just a question then, why don't you voluntarily contribute a couple of thousand to the government? I am sure they are open to contributions and they do take checks.
Okay, it is an option. But seriously, where does the money come from? Do you believe we can just keep cutting taxes indefinitely and keep running up debt?
Cutting govt. spending on programs isn't enough to get us out of the deep hole we're in.
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| Posted 10/16/08 3:30 PM |
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fuego
LIF Infant
Member since 5/08 91 total posts
Name:
Emily
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Re: Debate '08
Posted by passerby
Posted by fuego
Posted by passerby
Public education is free, and many under privileged people get nice scholarships to colleges.
I read this entire board, and this was the comment that made me respond. Higher education is a privilege. Yes underprivileged people get scholarships- but there are HUGE disparities in the quality of education in our country. Because public schools are locally funded, inner-city schools especially are extremely deficient. How can underprivileged people get merit based scholarships when they are competing with students from middle/upper class public schools? They are at a HUGE disadvantage.
Two things:
First It took me 20 years to finish my degree, working 2 jobs taking 1 class a semester and not entitled to one dime from the government. Community college is cheap and takes most everybody.
Second 4 years ago someone I know got a full boat to Hofstra, tuition, housing, books, laptop, weekly allowance the criteria not good grades in high school and come from underprivileged household.
Higher education is a privilege but is available to everyone.
Ok, so a school like Hofstra helps out 5 maybe 10 underprivileged people out of the thousands that apply. That is NOT equal opportunity. I'm not blaming it on Hofstra, but underprivileged kids are at a huge disadvantage for being competitive. It's really great you were able to do this for yourself, but why should it be so much harder for certain groups of people?
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| Posted 10/16/08 6:42 PM |
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