Originally posted by FredT
Thats the one issue I have. 250K a year is really dependant where you live. If you are living in a trailer park in the South, its a ton of money. But take the SF Bay Area where a 1100 sq. foot home in a good area will run you 1.2-15 million (No even now) its alot less.
They really need to factor in cost of living to make it realisitic.
Originally posted by jd140
reply to post by Hastobemoretolife
I believe small buisnesses are getting a tax break. So that solves that problem.
Obama's tax proposals bring an increase in federal income taxes of about 39 percent for self-employed people earning over $250,000 - and take the top federal tax rate on self-employment income to its highest level since 1971.
They would also take the top marginal tax rate (federal and state taxes combined) in some states to over 57 percent on self-employment income. For employees, the top federal tax rates would increase by about 30 percent.
Only once since 1917 has there been a tax-rate increase equal to or greater than the two twin tax proposals being made by Obama. That tax increase, the Revenue Act of 1932, was proposed by Herbert Hoover. The result was an even greater budget deficit, plummeting tax revenue and a longer Great Depression.
Taxes don't occur in a vacuum. Wealthy taxpayers and large businesses don't simply continue along as if tax-rate hikes of 30-plus percent are just another day at the office.
* Businesses will raise prices to try to recoup the extra costs - a cause of inflation.
* Entrepreneurs will adjust their expectations with respect to investing their risk capital - souring the economy.
* Enterprises will visit more carefully the advantages of moving business overseas.
* Generally, all such individuals and businesses will take all possible legal steps to reduce the impact of confiscatory tax rates.
Originally posted by Zarniwoop
Based on this, I fear the next step will be to reduce FDIC insurance on how much money one has in one or multiple banks