Mr. T Posted February 26, 2009 Report Share Posted February 26, 2009 The newly proposed budget is going to be $1.75 trillion while Obama makes all believe that we are going to stick it to the top 2% of Americans who earn $250k and up. A little knowledge about the top 2% Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%." Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income. Note that federal income taxes are already "progressive" with a 35% top marginal rate, and that Mr. Obama is (so far) proposing to raise it only to 39.6%, plus another two percentage points in hidden deduction phase-outs. He'd also raise capital gains and dividend rates, but those both yield far less revenue than the income tax. These combined increases won't come close to raising the hundreds of billions of dollars in revenue that Mr. Obama is going to need. http://online.wsj.com/article/SB1235615510...emEditorialPage Congress went on a pork-a-palooza yesterday, approving a massive spending bill with big bucks for Hawaiian canoe trips, research into pig smells, and tattoo removal - all while the nation faces an economic crisis. http://www.nypost.com/seven/02262009/news/...wine_157027.htm A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue Tea Party anyone? Link to comment Share on other sites More sharing options...
choco Posted February 26, 2009 Report Share Posted February 26, 2009 The newly proposed budget is going to be $1.75 trillion while Obama makes all believe that we are going to stick it to the top 2% of Americans who earn $250k and up. A little knowledge about the top 2% A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue Tea Party anyone? those rich people need to pay their fair share.... Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted February 26, 2009 Report Share Posted February 26, 2009 Yes, they surely does. I wants mines house paid for and a new car. Hurry up Obammy! Link to comment Share on other sites More sharing options...
Pumpkin Eater Posted February 26, 2009 Report Share Posted February 26, 2009 well at least he's not spending more while cutting their taxes. like other presidents and candidates have done. Link to comment Share on other sites More sharing options...
Kosar_For_President Posted February 26, 2009 Report Share Posted February 26, 2009 Yes, they surely does. I wants mines house paid for and a new car. Hurry up Obammy! Wow your from the dirty south, what a surprise. Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted February 26, 2009 Report Share Posted February 26, 2009 How dare you call Macon, Ga the dirty south. Coming from Bedford, Ohio you know what dirty is! LMAO! Link to comment Share on other sites More sharing options...
Mr. T Posted February 27, 2009 Author Report Share Posted February 27, 2009 So does Obama think that by raising capital gains taxes from 15% to 20% will pay for his Pork Budget Bill? The majority of 401K's have been drained dry with the stock crash since Obama was elected. The DOW is down over 3,000 points since the election. Plus CGT shows that when the rate was lowered the government colected in more money. http://www.treas.gov/offices/tax-policy/li...pgain1-2008.pdf Link to comment Share on other sites More sharing options...
Guest mz. Posted February 27, 2009 Report Share Posted February 27, 2009 Wow your from the dirty south, what a surprise. Kosar, please don't fall for DieHard's schtick. He's nothing more than a rent-a-cop who invents alter egos to deflect attention from his sad, pathetic, actual existence. Link to comment Share on other sites More sharing options...
Legacy Fan Posted February 27, 2009 Report Share Posted February 27, 2009 With a housing market that's in the toilet, what good does raising the cap gains tax accomplish when houses are being sold for less than their purchase price (if being sold at all)? Does the seller get a refund in this instance? What happened to his intellectual curiousity? Did that disappear once the bible burned the palm of his hand? Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted February 27, 2009 Report Share Posted February 27, 2009 Kosar, please don't fall for DieHard's schtick. He's nothing more than a rent-a-cop who invents alter egos to deflect attention from his sad, pathetic, actual existence. LMAO! That was one of the worst comebacks yet MosquitoZits! Keep um commin! Link to comment Share on other sites More sharing options...
Kosar_For_President Posted February 27, 2009 Report Share Posted February 27, 2009 The majority of 401K's have been drained dry with the stock crash since Obama was elected. I still find it funny that people are using Obama's election as a marker for when the stock market "crashed". It would of happened if McCain was elected, lol. It's been a long time coming. Who's "fault" would it of been if McCain was elected? Anyone? Link to comment Share on other sites More sharing options...
Kosar_For_President Posted February 27, 2009 Report Share Posted February 27, 2009 How dare you call Macon, Ga the dirty south. Coming from Bedford, Ohio you know what dirty is! LMAO! Being from Macon, GA, I could of guessed him being a rent-a-cop. 99% of all rent-a-cop's are hillbillies. Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted February 27, 2009 Report Share Posted February 27, 2009 Being from Macon, GA, I could of guessed him being a rent-a-cop. 99% of all rent-a-cop's are hillbillies. That ain't no way to talk there boy! Ya'll yankees need to liten up a bit therie. I makes good money duin security down at the 7/11 gardin the ATM machines and beer. Better un you make their boy! You and MosquitoZits ought to meet. But be careful, he likes boys. LMAO! Link to comment Share on other sites More sharing options...
Kosar_For_President Posted February 27, 2009 Report Share Posted February 27, 2009 But be careful, he likes boys. LMAO! I think your thinking of your cousin, I mean wife. Link to comment Share on other sites More sharing options...
Mr. T Posted February 27, 2009 Author Report Share Posted February 27, 2009 Link to comment Share on other sites More sharing options...
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