im not taking sides here but couldn't the trism developer, with 250k in his pocket, just give to charity 1k and then it would have declared 249k and not gotten the tax increase but considering that the 250k was only earned in 2 months, and he probably can't collect on some of the regions, he may initially make more than that but he def. should max out his 401k to reduce his taxable income, then donate to charity to get tax write offs that would also lower his taxable income...he may not get bumped into the next tax bracket if he plays it right
BAAAHHAHAAAAHAAA. Not even close! Seriously, though, I work my @$$ off for the little money I make. I have my priorities elsewhere. High profits aren't everything. To be completely honest, that's kind of low on my list.
I don't generally like to get into politics. But Trism guy will pay lots of taxes on his initial 250,000 no matter who becomes president. Um... I think there's confusion about how taxes work. You only get taxed at the higher rate for the amount ABOVE the cut-off, not on all of it retroactively. For example: Someone who makes $250,000 pays X% amount of tax on that amount Someone who makes $250,001 pays the same X% amount of tax on the $250,000 and then Y% (higher) rate just on the $1 he made above $250,000. Here are current tax rates for someone who is single: http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm 10% on income between $0 and $8,025 15% on the income between $8,025 and $32,550; plus $802.50 25% on the income between $32,550 and $78,850; plus $4,481.25 28% on the income between $78,850 and $164,550; plus $16,056.25 33% on the income between $164,550 and $357,700; plus $40,052.25 35% on the income over $357,700; plus $103,791.75 So you still are making more money if you make $357,700 vs $357,699 arn
oh, and by the way, obama has lowered the tax cutoff to 150 grand, or 120, depending on which speech you quote. your taxes will be raised
I don't make close to 250k either, but someday I hope to. I want to work hard and create a better life for myself and my family. and though Trism's dev will pay lots of taxes regardless, Obama's 40% seems like a low blow to me. Not all businesses are mega corporations, these are people trying to keep a decent roof over their heads anyways, those are just my thoughts. everyone's got their own.
Just to be clear. It would be 40% on the amount earned ABOVE $250,000. Not on the amount up to $250,000. So, it's not $100,000 (40% on $250,000). You only get taxed at the higher rate for the amount ABOVE the cut-off, not on all of it retroactively. I'm not necessarily advocating one candidate or the other... but it's not clear to me that you understand how tax tiers work (see my previous post), and think that's an important detail no matter who you support. arn
I definitely agree. The way things have been going, I may end up in the higher brackets before long. I don't think we should spread around money like that either. I still voted for Obama, though. Usually I wouldn't go democrat, but I think he's the person we need right now. If the world was now the it was four years ago, I would be voting for McCain. I think either president is a compromise, in one way or another.
There are very few of us who would benefit from McCain's tax plan over Obama's. According to Wikipedia, only 15.73% of Americans make $100,000 or more. 1.5% make over $250,000 - not sure how Obama's tax plan will be negatively affecting more than that 1.5%. Also, anyone know what specific policies Obama discussed that fall under Socialism? Socialism is when the government controls the means of production and distribution.
thanks for clearing that up arn. ok I'm tired of talking about politics now lol (it's never fun, but still we do it lol) P.S. Hey NotYou, you should post some pics of your custom axe builds in the other instrument thread!
Yeah, letting people vote is a dangerous thing, if they have no idea what they are voting for. They should make people take a test before they can vote, so their decisions which are not based on reality don't ruin everything for the rest of us...
Well, that's how it works here, so nothing new for me . But of course we also have a bunch of stuff back like health insurance or money we get if we lose our jobs etc.
"Hasn't history taught us that socialism doesn't work?" Uhh... no? Socialist policies when applied properly and in moderation are actually beneficial for a society. Look at Norway, Sweden and Finland for example. Better yet, go for a visit before making a judgment. Pretty much any policies when applied to the extreme will fail in the long run: communism (the way they implemented it) didn't work for Russia, and the US is now learning the ugly side of uncontrolled capitalism. "Lazy people taking my money" is a narrow-minded way of describing socialist policies and totally disregarding, for example, the relationship between crime rate and welfare. If you want a sarcastic view, I'd rather pay taxes so the poor are reasonably content and drunk, rather than hoard my money, leaving them hungry and desperate.
actually, I have a friend who just became a citizen and emigrated for the netherlands. he hates obama, because he knows what socialism is, hates it, hates it, hates it, and can tell that it goes against everything america stands for. dont elect obama
These are not really reflective of what tax rates they'd pay -- you'd need to include FICA (15.3% for SE) and state taxes (0-10%). There are self-employed developers in places like California that pay more than 40% in taxes and might not have even broken the 100K mark. For reference, I do believe App store income is considered self-employment income.
regardless, my company makes well over 250,000 and people do stand to lose their jobs if we can't maintain after the tax increases. that's a fact. maybe I don't know the fine print, but I get the big picture. this is exactly why I don't typically get into politics. you're not going to change anyone's mind. you're most likely just going to offend somebody or another.
I agree about politics. debates rarely lead to much productive. just to reassure you a little, if your company is taxed more, it usually only taxes profits. i don't believe it's going to directly affect their ability to make payroll. It gets more complicated with corporate taxation and stuff, and I don't even know what the candidate's stands are on that. But corporate tax stuff is different from income tax. arn
Uh... so if someone doesn't make 250k, they're lazy? Really? Just in case you didn't know yet, not everyone's rich, or even in the middle...
