I read this this morning on a local board, thought I'd post it here. I did ask first too.
Redistribution of wealth looks good to some as long as they are recieivng. Thankfully there are those who can look past the greed(if they have any) and see the truth of what redistribution of wealth really means.
The median family income in the US is about $50K with two people working, maybe $11/hour. You satisfied with that distribution? You doing better than $20/hour? My lawyer bills at $250/hour.
So how does BHO's plan to give $500 ($1,000) "tax credit" to people that already do not pay taxes provide them with a job? BHO's plan is to increase the tax burden on the wealthy and redirstribute that money to the needy. I pay taxes. Therefore, some percentage of what I pay will be going to give a "tax credit" to those that already do not pay taxes--a government handout--welfare.
Likewise, a Wall Street Journal article concluded that BHO's plan will result in an increase in taxes to 50% of small businesses that employee 20 or more people. The estimated amount of new taxes on these small businesses is $50,000 per year. The result is that these small businesses will layoff one or two employees (or not hire one or two) so they can cover the new tax debt. So far I'm not seeing how BHO's tax plan to redistribute the wealth is providing anyone with a new job. Unless the "new job" means going from a good paying job at a small business to flipping burgers at McDs.
Here's what obamas spreading the wealth looks like. He spends millions on TV ads
and WE have to suffer and look at his ugly face. It's spread all over TV's
COUNTRY wide every 30 seconds there's another one. And of coarse ALL LIES!
Next time I may only VOTE for who ever doesn't DRIVE me crazy with there ads.
I will be SOOOOO.... Glad when this is all over I am SICK of the phone calls junk mail and TV ads.
Can't leave my computer for a day without you missing me? <G>
To answer the question, if your's and mine net annual income goes over $250K I would not be offended if the marginal tax rate on our personal capital gains rose to 20%.
Sorry, but no one on this list or any place else needs to spend more than $250K a year after taxes and deductions unless you have 15 children and give each of then $10K a year. It boggles my mind that anyone worries about the pocket cash of people who spend more in one year than they will accumulate in a lifetime. These days the average retired person doesn't have $50K liquid assets. Half of all retired people would be on food stamps of not for SS.
Confession: My washington State LOEFF 1 30 year pension is the equivalent a 4% draw on maybe $1.1 million. I don't get SS. It irritates me when people talk about other people's money without 'fessing up.
I wouldn't really mind the idea of a small increase for earned income over $250,000.00 as long as it was limited to actual earned income and S-corporations were excluded so as not to not burden small businesses. Also only if it was limited to earned income and not capital gains or earned interest.
The government needs to cut spending, that is the real culprit, and must be attacked vigorously. I only see McCain as willing to do that. Woe be to us if Obama gets in power.
It's not your business what I do with what I earn fair and square.
That's a problem a lot of people seem to have these days.
They want to impose limitations on the earnings of others they think make too much or they want to take some of it - even lots of it - for themselves.
This is called jealousy, envy, and theft.
It's the other side of the "love of money" problem.
The rich, middle, and poor income groups are all guilty of this sin!
Politicians use it to buy votes with promises they never keep and have no intention of keeping.
Remember, they'll get there pension programs for even less work than most everyone else and whether they do a good job or a poor one!
The converse is the communist plan in which the state will decide who needs what and who will provide it.
Have we forgotten that does not work - never has worked and never will work?
Your return on investment form your state pension is better than what most people will every see on the social security tax.
Stop complaining and be thankful for what you earned as a public employee and the people of your State agreed to give you.
Stop expecting someone else to pay for your retirement.
Stop supporting the change from America's principles to those of other failed and horrible systems of government.