Jared Bernstein: Only 2% of small businesses will be affected by $250K threshold for taxable income

[flpoljunkie]

Just now on MSNBC. Thank you, Jared Bernstein, for bringing us the facts on President Obama's plan to end the Bush tax cuts for those whose taxable income is more than $250,000.* And, of course, you only pay the higher rate on the part of your taxable income that is over $250,000.

So, let's can the 'job creator' bullsh*t!

*http://topics.nytimes.com/top/reference/timestopics/subjects/t/taxation/bush_tax_cuts/index.html

[flpoljunkie]

1. Letting tax cuts expire for those whose income exceeds $250K would generate $850 billion in decade

Whatever happened to all that concern about the deficit, Republicans? It was not real, of course.

A one-year extension for people making under $250,000 would cost the government $150 billion in revenue, the administration estimates, an amount that would be added to the deficit. In a point of comparison, economists estimate that letting the cuts expire for people above that threshold would generate $850 billion over 10 years.

http://www.nytimes.com/2012/07/09/us/politics/obama-seeks-2013-tax-cuts-within-limits.html?pagewanted=2&_r=1&hp

[AnotherMcIntosh]

2. There's no plan to end the Bush tax cuts. There's a plan to talk about it.

[flpoljunkie]

3. President Obama's plan would end Bush tax rates for those whose taxable income exceeds $250K

[AnotherMcIntosh]

5. Actually, although Obama is better than Rmoney, there will be one of more of the tired old excuses.

[flpoljunkie]

4. Obama reminding us rates would be Clinton era rates and 97% of small businesses make less than $250K

The Clinton tax rate was 39.6%--making it a 4.6% increase for those whose taxable income exceeds $250,000--and they would pay the higher rate only on taxable income above the $250,000 threshold.

[julian09]

7. They should call it the "Obama 4.6% tax hike on income over $250,000"

They hardly ever mention that the tax increase is 4.6% on income AFTER the first $250,000.
If you make $500,000 you pay $87,500 on the first $250,000 and $99,000 on second $250,000 or $11,500 more on second $250,000.
It would let people know that it is not a huge tax hike, as repugs claim.
ON half a million income they are paying only $11,500 MORE than without tax increase. Don't forget that it is not on gross income but net income after expense and other deductions.

[flpoljunkie]

8. Agree. Dems should repeat it ad nauseum like the R's do to hammer their Frank Luntz talking points.

[flpoljunkie]

6. Clinton's $250,000 threshold would be $397,603 in today's dollars.

http://www.bls.gov/data/inflation_calculator.htm/