The $250k Bar.. How long will it last?

[Belial]

This is conjecture on my part and pure speculation. Right now the biggest tax increases will be on those making $250,000 or more a year. While these people will pay increased taxes on a federal level, the states are looking to impose higher taxes as well. Living in some states could cost you up to 60% or more of your income. This talk has prompted some people to move.. look for more ways to shelter or defer income or even make sure their income level is not above this level. States like CA and NY have seen massive drops in revenue because people have moved out and made their residences some where else.

So when the Gov't does not have enough money to pay for all the programs.. they have no choice but to drop the bar and increase taxes on more people. My question is do you think it will be within the next 24 months that this bar is lowered?

[CreekDog]

1. you slipped right off the slippery slope

it won't cost 60% of your income because increased taxes at the federal level are only coming on dollars above 250k.

[Hello_Kitty]

2. Stop getting your economic guidance from right wing nitwits.

Nobody is paying 60% of their income in taxes. The RW howlers are deliberately conflating marginal tax rate with total tax burden.

[CC]

3. Actually the conjecture and

pure speculation you say is on your part seems to follow the GOP talking points and BS that they have been spewing.

Try some in depth research on your own and you might be able to see the lies a bit better.

[cliffordu]

4. Nice try.

Next time go for the more subtle posit. This one is so obvious, you might as well be standing on the corner with yer junk in your hands....there are some pretty smart libruls on this board who don't play this stupid shit.

Fail.

[bluestateguy]

5. If you are actually paying 60% of your income in taxes, then you need to find a better tax preparer

Just because that is the tax rate does not mean that that is what people are actually paying. The loopholes and tax shelters that people take advantage of knock those rates down considerably.

And I have yet to ever meet anyone who has left their state because of the taxes.

[Fire_Medic_Dave]

7. I know a lot of people that have retired to states with lower taxes.

[theoldman]

9. If you own a small business you will hardly pay any tax at all.

That is why a tax break for them is a farce. Most small business owners that I know don't even make $250K per year.

[Mojorabbit]

13. We own a very small business

and we pay over 25 grand a year. We don't make 250 gross a year either.

[Kalyke]

12. Actually, living in the South, I know several Northerners who

moved down here to avoid the high taxes.

Not that I'm defending that or anything - we have lower taxes in the South because so many here have been trained to hate unions and higher pay. I'm just pointing out that I know several people who have left their state because of the taxes.

[theoldman]

6. Most people who earn 250K or more per year use loop holes

in the tax laws. Do you really think they pay the full amount? If they did, we would not have to raise their taxes in the first place.

[Xenotime]

8. It should be $100k per year. Those who make that much can afford it..

..and it would mean more money for the govt THEN they can afford to fund the FDIC.

[high density]

10. The cost of where many people live has been >100% of their income

Most Americans are very lucky if they can have 25% of their income for savings and discretionary spending, and you're complaining about 40% of a fairly big number. If a person can't get by with a gross of $250k then they need to move or adjust their lifestyle. Use condoms and have fewer babies, don't live like you make $2 million a year (i.e. buy the BMW 5 Series instead of the 7 Series), don't buy a McMansion, etc.

[Occam Bandage]

11. All the rich people will leave and they'll have to tax the poor!

Oh, why didn't we all read Atlas Shrugged?