Will Obama Default?

[I B Hankering]

Originally Posted by Munchmasterman

What kind of job comes from $6000?

But consider that in a small business, it might be the determining factor on whether the business owner can take on one additional employee. It might mean the difference between offering a job no one will take at $18,000 as compared to offering an attractive job paying above the poverty level at $24,000 - of course, it could also be used to offset the costs for the FICA, SS, insurance, etc., that an employer must pay.

[Doove]

Originally Posted by I B Hankering

But consider that in a small business, it might be the determining factor on whether the business owner can take on one additional employee.

Not in a business where sufficient revenues exist to pay the husband and wife $450,000/yr, which is where the original example came from.

It might mean the difference between offering a job no one will take at $18,000

What? No complaints about the lazy bums in this country who don't want to work for their refusal to take an $18,000/yr job? Now it's businesses being taxed too high to pay a wage that appeals to people? Make up your mind already.

as compared to offering an attractive job paying above the poverty level at $24,000

You call that attractive? No wonder you think the things you do.

[WTF]

Originally Posted by add197531

I have never recieved a job from a poor man.

That is because you can't see the forrest because of the tree's.

Who do you think shops a Wal-Mart?

Poor people.


Wal-Mart is one of the biggest employers in this country.

You may have never worked for them directly but indirectly you sure the fuc have, damn near ever rich person owes his fortune to the poor folk buying shit they make.

If we keep shipping jobs overseas you can proclaim that you will never again get a job from a rich person who was selling things to poor people.

Not even sure if you will understand that logic, I doubt it.

[wellendowed1911]

Whirlaway- no disrespect but what is your political affiliation?
Here's what I concluded:
A) You don't or didn't like Bush
B) You hate Obama
C) You didn't vote for either McCain nor Obama
D) You have not revealed who you are supporting in 2012
So please tell are you a Libertarian? or are you a Tea-party supporter(i.e Far right republican)- are you a socialist(doubt it since you hate Obamacare)
Can you please tell me what you are registered as in the state of Texas? Also, if you don't mind what potential candidate are you supporting?

[Jdriller]

I don't know where you get 3,000 taxes on each additional 100,000 income over 250,000. The tax rate above 250,000 is about 33-35% which would be an additional (approximately 33,000 to 35,000 in taxes to pay per 100,000. So if you made 200,000 more you would pay at least 66,000 in more taxes. Not 6,000.00 Maybe you put your decimal point in the wrong place. see tax tables at

http://www.moneychimp.com/features/tax_brackets.htm
or
http://www.bankrate.com/calculators/...alculator.aspx

This is just income tax. If you are self employed add self employment tax to that

Self-Employment Tax Rate http://www.irs.gov/businesses/small/article/0,,id=98846,00.html


The 2010 Tax Relief Act reduced the self-employment tax by 2% for self-employment income earned in calendar year 2011. The self-employment tax rate for self-employment income earned in calendar year 2011 is 13.3% (10.4% for Social Security and 2.9% for Medicare). For self-employment income earned in 2010, the self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).

For both 2010 and 2011, the first $106,800 of your combined wages, tips, and net earnings are subject to any combination of the Social Security part of self-employment tax, Social Security tax, or railroad retirement (tier 1) tax. Income you make after $106,800 will not be subject to the Social Security tax.
All your combined wages, tips, and net earnings in the current year are subject to any combination of the 2.9% Medicare part of Self-Employment tax, Social Security tax, or railroad retirement (tier 1) tax.
If your wages and tips are subject to either Social Security or railroad retirement (tier 1) tax, or both, and total at least $106,800, do not pay the Social Security part of the self-employment tax on any of your net earnings. However, you must pay the 2.9% Medicare part of the self-employment tax on all your net earnings.

So at 250,000 you pay 33% + and addtional 15.3% self employment tax on the first 106,000. Over 250,000 rate goes up to 35% on each 100,00 and soon may go up to 39%, plus they will probably raise the 106,000 limit on self employment taxes to some higher number. Obama is even discussing no limit on the self employment taxes which would make the effective tax rate if he gets his way 39% + 15.3% or about 54%. A far cry from 3000.00 for each 100,000 over 250,000 (which is incorrect anyway)

The only way you get something like 3,000 in taxes on 100,000 on income of more than 250,000 is if you ignore the 33,000 already paid on that 100,000 and only include the increase in taxes over and above the 33,000 to 35,000 already paid and ignore the 15.3% in self employment taxes already being paid on (for now) the first 106,000 in income. I think paying out 33% + the self employment tax is high enough, especially considering the fact that many people pay far less (15% or 0%) and even get back more money than they paid in. Cut spending, fraud, pork barrel projects, and reduce the spending side. Do away with income tax altogher, and go to a VAT type tax. If you keep the income tax....then tax ALL NET INCOME AT THE SAME RATE AS INCOME TAX, because income is income, no matter how you earn it. Just my two cents. As per an earlier post made by me....I think taxes should be paid on what you SPEND, not on what you earn. "Rich people" spend a hell of a lot more money than "poor people" and thus would pay a lot more taxes. And by "spend" I mean on anthing you buy, houses, cars, stocks and bonds, everthing. No more estimated taxes, quarterly tax payments, income tax filing. You would pay your taxes as you spend your money. A steady year round tax flow to the government.

[WTF]

Originally Posted by Jdriller

I don't know where you get 3,000 taxes on each additional 100,000 income over 250,000. .

Hot Damn where did you Repub's go to freaking school?

You already are paying taxes. If they increase by 3%, you are only paying an extra 6k on 200k in income!

Shoot jdriller, you need to run on the Tea Party ticket with that fuuzzy math of yours!

[cptjohnstone]

Originally Posted by WTF

That is because you can't see the forrest because of the tree's.

Who do you think shops a Wal-Mart?

Poor people.


Wal-Mart is one of the biggest employers in this country.

You may have never worked for them directly but indirectly you sure the fuc have, damn near ever rich person owes his fortune to the poor folk buying shit they make.

If we keep shipping jobs overseas you can proclaim that you will never again get a job from a rich person who was selling things to poor people.

Not even sure if you will understand that logic, I doubt it.

maybe that is why they are rich? Wal Mart was out of a grapefruit juice I drink, $2.50 there, went to another store $3.78

[Jdriller]

The point is at 35% income tax + 15.3% self employement tax....enough is enough. I don't make my money via investments. I work for it. I provide a professional service (in medical field). I have an 80% overhead. I gotta EARN 1.5 million dollars gross, to net 250,000. I work my my ass to do it, work 60 hours a week to do it. I take one week of vacation per year. (and when I am not working, the rent, the electricity, the payroll, expenses still go on without any income to pay it). Then the government takes more than 100,000 of that 250,00 in taxes, (more if I include real estate taxes)
Who would want to go to school for 8 to 12 years past high school, work 60 hours a week, rarely get time off, ruin your marriage, and family life just to net 150,000 per year.

You can't stop because your committed to supporting 15 employees, your family, and trying to pay your bills (business and personal) If you cut back, the 80% overhead stays mostly the same so any decrease in income or any increase in expenses comes out of your 20% profit. Payroll alone is over 500,000 per year not counting any money for me. (about 35% of gross collections) So a 6,000 increase in taxes come out of your net 150,000 after taxes income. I don't get a salary. I get what is left over after payroll, rent, supplies, utilities and so forth. Sometimes especially the last two years, most of the income goes to pay business expenses. Sometimes I make a little money. And I sure as hell don't want to give more money to the goverment to waste on multiple wars, and life time entitlements to people who think the goverment should support them even if they can work, but don't, who could have gotten an education but did not. I grew up poor, son of a single mom, the original latchkey kid in the 1950's. (mom worked and I mostly fended for myself, dad was dead, killed in a car accident) There were no food stamps, we did not take welfare. We found a way. I worked my way through college and post graduate schools. I borrowed the money in 1981 at 21% interest to start a business. I am not smarter than most. I was just more motivated (because of how poor I was growing up) I may be considered "rich" but I EARNED IT, EVERY FRIGGIN PENNY. I am not a Republican or Democrate or Teabagger. I am an independant. I am for pro choice, I am for sensible military spending which does not include wars in Irag, or elswhere at this time. The billions spent on war could be spent at home, on highways, on urban infrastructure, creating real jobs, on helping people who need help for a couple of years while they get back on their feet, on a college education for everyone who wants one. Your first semester in any public college should be paid for by the government. After the first semester your tuition is paid for based on your earned grade point average. If the have a B average then 75% of your tuition is is paid for next semester, if you have an A average 100% of your tuition gets Paid. C average no tuition assistance next semester, (but you can continue on your own and if you raise your grades, you are back in the program. D and F average....go to vocational school or get a job. This system is performance based, not social ecomonic or racially based. Is this a Republican idea? I think not.

[MrGiz]

I really wish a lot of the hot air in here had a place to vent, besides all the ridiculously slanted, self biased, bullshit political posts!

How difficult is it to understand that money that doesn't exist cannot continue to be spent, into eternity?
THAT is MATH that doesn't work!

How difficult is it to understand that the existing income tax code (including innumerable loopholes) are a HUGE part of our revenue problems? When half of the population has no skin in the game... but are always asking for more from their "Government" (who the fuck is that?)... what is the incentive for the 35% rate crowd to pay even more? *
I know , I know.... they're "rich"...so FUCK 'EM... right?

10% Bracket *$0 – $8,500
15% Bracket *$8,500 – $34,500
25% Bracket *$34,500 – $83,600
28% Bracket *$83,600 – $174,400
33% Bracket* $174,400 – $379,150
35% Bracket *$379,150+

Top *1% of earners pay 38.02% of all personal income taxes collected
Top *5% of earners pay 58.72% of all personal income taxes collected
Top 10% of earners pay 69.94% of all personal income taxes collected
Top 25% of earners pay 86.34% of all personal income taxes collected
Top 50% of earners pay 97.30% of all personal income taxes collected

Bottom 50% of earners pay 2.70% of all personal income taxes collected
(Source: Internal Revenue Service, updated Oct 2010)

Cum Now.... shouldn't "some" sort of simplified tax reform take place?
Consumption Tax is the only thing I can see that even "approaches" FAIR!
"Jdriller" explained his reasoning fairly simply, above.

No "reasonable" person can argue that the "rich" (whoever the fuck they are) shouldn't agree to pay a tad bit more to help offset the problem "WE" have created.! * But in the face of those numbers above... no "reasonable" person can argue that the rich are paying "too little"!!

I am a Single Employee Small Business owner in the 33% bracket, supporting two adults and a young teenager.... how much more of my money do you bleeding hearts want? * How much more would be "FAIR"?


I'll finish my own little rant with something TOTALLY ABSURD , INSENSITIVE , and DISGRACEFUL....
If you have no skin in the game... you have no place on the "Rules Commitee"!!

Create and pass a simplified consumption based tax code.... it gives EVERYONE skin in the game!!

[jhende3]

Seems like these guys got a legitimate grip here! Their all independently wealthy. I don't blame you guys now Obama wants to take your money shame on him. If I made half of what you guys say you make I'll be mad too. Make 1.5 million only to take home a mire 250k huh I'll be in Washington myself screaming. We poor people should get off the welfare and start paying more now. The tax code should be set up so that the less you make the more you pay! If your to dumb to get a good education you should be supporting the rest of us.

[MrGiz]

I notice that you're not simply "monetarily" poor!

... that's another problem, entirely!!

[Jdriller]

Quote: from WTF
Originally Posted by Jdriller
I don't know where you get 3,000 taxes on each additional 100,000 income over 250,000. .

"Hot Damn where did you Repub's go to freaking school?

You already are paying taxes. If they increase by 3%, you are only paying an extra 6k on 200k in income!"

Wrong. You must subtract 35% of the extra 200.000 or 70,000, netting after taxes only an additional 140,000 and then pay an additional 6,000 out of the 140,000. You don't have 200,000 because the tax man already took 70,000 away. So you are really paying 6k extra on 140,000, not on 200,000. Of course, since were "rich" what difference does another 6k matter.

[jhende3]

Bachmann Palin 2012 make Rush secretary of state and that will fix everything. Since he knows it all already.

[jhende3]

Everyone here except me is a "small business owner". Odd???? I think not!

[I B Hankering]

Prepared by the Texas Education Agency for the 2010-2011 School Year. Monthly Salary Based on the Standard 10-Month Contract.

Years of Experience --------Monthly Salary--------Annual Salary
-----Credited----------------------------------- (10 month contract)

--------0 ----------------------$2,732 --------------- $27,320

http://www.tea.state.tx.us/index2.aspx?id=2147485382


An E-4 in the service with less than 2 years active duty. Basic pay $1,6449 per month: $19,738.80 per year Everybody below that grade makes less.

http://www.militaryfactory.com/military_pay_scale.asp