Upper-income taxpayers trying to reduce their income

[Jagger]

Why is it stunningly stupid for "Upper-income taxpayers" to try to reduce their income to avoid proposed tax increases on those earning more than $250,000.

http://mediamatters.org/countyfair/200903030013

[Joe Steel]

Why is it stunningly stupid for "Upper-income taxpayers" to try to reduce their income to avoid proposed tax increases on those earning more than $250,000.

http://mediamatters.org/countyfair/200903030013

As the article explains, their after-tax income would be lower.

[DannyR]

As the article explains, their after-tax income would be lower.No, they THINK their after income tax income would be lower. They are wrong.

[MtnBiker]

I've know people on government assistance that lowered their income from an employer because they did not want to loose the money they recieved from the government dole.

[DannyR]

I've know people on government assistance that lowered their income from an employer because they did not want to loose the money they recieved from the government dole.Yup, the bottom of the tax bracket is a totally different animal. I likewise have heard of people who refuse to get a job because they they won't qualify for handouts.

[PostmodernProphet]

I would agree that it's stupid...as their accountant will no doubt advise them when they consult him.....but then, doesn't it make ABC look even more stupid?....for reporting the opinion of a couple of people who don't understand economics as if it were news?.....

[DannyR]

but then, doesn't it make ABC look even more stupid?....for reporting the opinion of a couple of people who don't understand economics as if it were news?.....Yup, thats what the author stated. From the article:
The people ABC quoted don't seem to understand that. Worse, ABC doesn't seem to understand it, either.

[Jagger]

As the article explains, their after-tax income would be lower. So why would they want to reduce it even more?

[Mr. P]

Stupid? Not at all, it's a stand, a statement. Why work harder and longer, so the Gov can collect more of what I earn? I'll take the minor decrease and be damn happy with the time off from serving the Government through INCREASED tax on my labor over X amount. I can live just fine on less than $250k without busting my ass for the Government! Collect from the other 95% if ya need the extra $$, see how THAT works for ya. NO SALE!

[Kathianne]

Stupid? Not at all, it's a stand, a statement. Why work harder and longer, so the Gov can collect more of what I earn? I'll take the minor decrease and be damn happy with the time off from serving the Government through INCREASED tax on my labor over X amount. I can live just fine on less than $250k without busting my ass for the Government! Collect from the other 95% if ya need the extra $$, see how THAT works for ya. NO SALE!



Exactly! Less tax for gov, more free time for wants. Overall productivity will fall.

[Mr. P]

Exactly! Less tax for gov, more free time for wants. Overall productivity will fall.

Yep, I think Atlas is beginning his shrug..What do you think?

[PostmodernProphet]

Stupid? Not at all, it's a stand, a statement. Why work harder and longer, so the Gov can collect more of what I earn? I'll take the minor decrease and be damn happy with the time off from serving the Government through INCREASED tax on my labor over X amount. I can live just fine on less than $250k without busting my ass for the Government! Collect from the other 95% if ya need the extra $$, see how THAT works for ya. NO SALE!



because you pay the same amount of tax on $249999 that you do on the first $249,999 of $300k......reducing your income costs you more than it costs the government.....now what you CAN do is convert some of your investments into tax free municipals.....or convert to growth funds instead of dividend stocks......

[Mr. P]

because you pay the same amount of tax on $249999 that you do on the first $249,999 of $300k......reducing your income costs you more than it costs the government.....now what you CAN do is convert some of your investments into tax free municipals.....or convert to growth funds instead of dividend stocks......

But you pay more on 250 + that's that point..why work past 250 to pay more? What's yer time worth? Less if you produce over 250.


Highlights of the war on prosperity in President Obama’s budget proposal include allowing the Bush tax cuts to expire for couples making over $250,000 a year. Fully 64 percent of those taxpayers are small businesses (subchapter S corporations), which means their business profits will be taxed the same as ordinary income at 39.6 percent top rate instead of the current 35 percent.

Also, those evil rich people making over $250,000 will only be allowed to deduct 28 cents on the dollar for charitable contributions, local taxes and other deductions instead of the 40 cents on the dollar currently allowed.

[5stringJeff]

Once again, we see that higher marginal tax rates discourage work and productivity.

[Jagger]

higher marginal tax rates discourage work. Don't worry about it, dude. With that attitude, you're never going to make enough taxable income to put you in the top tax bracket, like me.

[Silver]

You just keep on workin' Jag.....and if you don't think 40% is enough to send to Obama, nothing is stopping you from sending more.....its patriotic you known...it makes you feel so good.....and more importantly,

it keeps my Soc. Sec. check coming in ..... :beer:

[Jagger]

You just keep on workin' Jag..... I don't work, dude. My money does that for me.


if you don't think 40% is enough to send to Obama Rich people like me don't pay anything close to an effect rate of 40%, dude.


nothing is stopping you from sending more.....its patriotic you known...it makes you feel so good.
Since 1988, I have donated at least $5,000 a year to a special fund to reduce the national debt.


my Soc. Sec. Socialism can be a good thing. But, only if the Democrats are in power.

[5stringJeff]

Don't worry about it, dude. With that attitude, you're never going to make enough taxable income to put you in the top tax bracket, like me.

Don't break your arm patting yourself on the back. There are more important things in life than money.

[Kathianne]

Don't break your arm patting yourself on the back. There are more important things in life than money.

Sorry Jeff, I don't think that's where his arm goes. :eek: He's as much in that tax bracket or sending supplements to the government, as he is ex-special forces. :laugh2::laugh2::laugh2:

[Jagger]

Misleading Charts Suggesting Obama is Responsible for Dow's Decline

In the past few days, MSNBC has repeatedly used misleading graphics of the Dow Jones industrial average showing a decline since the beginning of November 2008, suggesting that the drop started with the election of President Obama.

In fact, the Dow was on a downward trajectory months before the election, dropping 3,738 points from May 2, 2008, to November 3, 2008.

http://mediamatters.org/items/200903070004?f=h_top