Originally Posted by Wormhole
Then why does the chart start with 0?
Originally Posted by jimmac
First from tonton :
Instead of trying to act superior and pass it off why don't you tell us exactly what's wrong with his logic here?
I'm not acting.
Tax liability is predicated on taxable income. Please research the subject of "taxable income". It's a very basic concept. As I and others have repeatedly explained, if your taxable income > 0 your taxes will increase
under the Obama plan.
Originally Posted by tonton
...if you're making less than $250k per year, less of your income will be taxable. So your total tax paid will be less.
Tonton, the absurdity of this statement made me suspect you were a right wing doppelgänger, planted here with the intent to expose the left's most radical fringe element. I didn't believe you meant to be taken seriously. Sorry, but you have it completely wrong. Under the Obama plan more
of your income will be taxable, even if you earn a tenth of the oft-quoted $250,000.
The following Joint Committee on Taxation report details 37 specific tax credits that will have the effect of increasing
taxable income. All of them expire at the end of this year. Among them are the popular child tax credit, the earned income tax credit, "making work pay" credit, marriage tax penalty relief, dividends taxed at capital gain rates, benefits for EMT and volunteer firefighters... etc:http://www.jct.gov/x-20-09.pdf
To put this in Obama-speak, let me be clear: Tax rates
will increase on all
taxable income. Due to the expiration of these provisions, more
of us will have taxable income. To be sure, millions
of American citizens will remain below the threshold for which no taxes are due, but the effect of these provisions their number will decrease unless Congress acts to amend the Bush tax cuts.
If you don't want to hear this from me that's your choice. Here's a short article I came across today that might put it in terms you may more easily comprehend:Tax changes may hit paychecks hard in 2011
Millions of Americans could see the amount of tax taken from their paychecks increase by 50 percent in 2011. ... "All Americans stand to be impacted by these tax changes," said Scott Mezistrano, CPP, senior manager of government relations for the American Payroll Association. "We should all take a close look now to see how these tax changes will impact our 2011 take-home pay and plan to review and adjust our withholding as necessary at the beginning of the new year."
From several of these responses it's apparent many don't calculate their own tax liability. If you still don't understand this fundamental concept after researching the subject on your own, you should consult a professional who will be happy to charge you for what I've just explained to you for free.
An educated electorate is crucial to a free republic. To put your head in the sand and think this looming issue isn't going to utterly destroy any hope of recovery, you frankly don't deserve the privilege of being an American.
I suggest you look past both the left wing and
right wing "spin" on this topic and get the facts. It's really not that difficult.