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Old 05-26-2009, 09:05 PM   #64
David Orange
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Location: Birmingham, AL
Join Date: Feb 2006
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Re: Obama's Spending vs Obama's Spending Cuts

Quote:
Hunter Lonsberry wrote: View Post
I have no intent to mislead here, its just what it is (its more effective to tax those that have cash than those that don't). The truly wealthy, aka the investment class (as in those who can live off investments not income) pays mostly capital gains not regular income like high wage earners (see Warren Buffet's comments with regards to tax inequities). There are reasons as to why investment income is taxed differently, and Bush did cut those rates in 2003, but any discussion of upper level income tax rates is a distraction.
I didn't mean you were misleading but that the whole situation had a number of deliberately misleading elements that generally minimized the appearance that the rich were benefitting inequitably, while actually giving them a serious advantage.

Quote:
Hunter Lonsberry wrote: View Post
I'm worried regarding taxes being raised because I live in an area with a high cost of living. Fairfax Va is the #1or #2 richest county in the nation with an average income in excess of 100k, yet housing costs is significantly more than the national average. If I were somehow able to move elsewhere and keep the same salary I would be able to live a rather extravagant lifestyle, yet due to income level, I get lumped into what most consider the rich.
Well, Obama put the cut-off at $250,000. but I think it actually worked out to $230,000.

If you moved somewhere else, you could take a substantial pay cut and still live a better life than most.

Quote:
Hunter Lonsberry wrote: View Post
II certainly don't feel rich when housing is 35% of ones salary (I bought before the bubble so I am in better shape than many), and combined federal/state/property tax is another 35%. I could only imagine what it would be like if I had kids and a car payment.
It'd be tough, but what kind of situation do you think most American workers are in right now? Kids, a car, a run-down house with a high payment and you get word that not only are you losing your job, but all the paycheck deductions you put into the retirement fund are also gone....

You work hard, put your body at risk, get to work on time and stay the full time, only to be booted by a CEO who decides over a long golfing weekend that he would get a bigger bonus if he lays off your entire division.

The entire trouble is that Bush wrecked the economy and now Obama has to fix it. The fix will be painful but that's the situation we're in now.

Best to you.

David

"That which has no substance can enter where there is no room."
Lao Tzu

"Eternity forever!"

www.esotericorange.com
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