$250,000 and Above Attack!

[wallacehobbs]

Since Obama says he is going to RAISE Taxes on anyone making over $250K a year, and RAISE Capital Gains Taxes on us. 

I wondered how many of my other fellow full time investors feel about this?

Whats your take on Obama's Plan? 

[Dave T]

Regardless of your income tax bracket rate, your federal income taxes are going to increase anyway under current law without any assistance from Senator Obama.  Between now and January 1, 2011

• Tax rates will rise substantially in each tax bracket, some by 450 basis points;
• Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
• Married taxpayers will see the marriage penalty return;
• Taxpayers with children will lose 50 percent of their child tax credits;
• Taxes on dividends will increase beginning on January 1, 2009;
• Taxes on capital gains will increase, also beginning on January 1, 2009
• Federal death taxes will come back to life in 2011, after fading to nothing in 2010.

The Obama proposal is to only allow the increases to take effect for the high income earners.  The McCain plan is to keep the current tax brackets and capital gains rates in play for everybody.

The Washington Post reported that under the Obama plan, taxpayers earning above $250K will see a significant increase in their tax bill in 2009, while the McCain plan gives these taxpayers a net reduction in their 2009 tax bill.  Taxpayers earning between $111K and $226K will see a reduction in their 2009 tax bills, although the McCain plan makes those reductions slightly larger than the Obama plan.  Taxpayers earning less than $111K, will still see reductions in their 2009 tax bills, but the reductions are larger under the Obama plan.

[kdhastedt]

Didn't you get the memo, Wallace?  If you earn more than $250K, you're not only rich, you're a capitalist pig and you'll be getting your ill-gotten gains "redistributed".

Hey, it's the Socialists' mantra...

Keith

[wallacehobbs]

Didn't you get the memo, Wallace?  If you earn more than $250K, you're not only rich, you're a capitalist pig and you'll be getting your ill-gotten gains "redistributed".

Hey, it's the Socialists' mantra...

Keith

Keith, Yes I got it.  But from all reports it looks like the guy is going to win