Tax Breaks for those over $250,000

dusty · Post by **dusty** » Thu Dec 13, 2012 6:57 am

There has been much discussion in the near past amount taxes for those who earn over $250K per year. All during the campaign, I wobdered just who are they talking about. It must be the really elite few in the top 2% bracket.

This article makes me continue to wonder. It seems to indicate that it is certainly not the average working folks that are in this category. They must be talking to and about only those who live off their capital gains and corporate profits. It is certainly not the salaried and hourly workers that I worked with.

Furthermore, there have been some big changes since I was out there in the "working force". I worked the last few years of my working career as a Systems Engineering Manager but I did not bank the kind of money reported here. Even then, these folks are not making over $250K per year.

heathicus · Post by **heathicus** » Thu Dec 13, 2012 7:57 am

What does it matter how much someone makes? Shouldn't everyone be as equally entitled to keep THEIR money?

Gene Howe · Post by **Gene Howe** » Thu Dec 13, 2012 8:06 am

Right on, Heath!
We need another tax rebellion.

Billdit · Post by **Billdit** » Thu Dec 13, 2012 8:22 am

Dusty,

You left out the category all the hubbub is about...the small business owners who strive to EARN more through hard work and risk. All your examples are employees. And aren't most Americans striving to be in that " 2% " ? People want more money... Union workers, government workers, doctors, lawyers (bless em

), politicians, etc etc all want more for the same work as they strive for a better life. Don't hear too much about the very few that want less... Most of em have drug or mental problems according to main stream folk.

Jus Sayn...

bhurley · Post by **bhurley** » Thu Dec 13, 2012 8:56 am

Think about this:

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.”
― Alexis de Tocqueville

You can also reverse it to say- The American Republic will endure until the day the public realizes that they can elect people who will give them the most from the coffers of the government.

wa2crk · Post by **wa2crk** » Thu Dec 13, 2012 9:15 am

Why would anyone want to excel at anything if the big "G" will just take it away and "spread it around"? Why would I want to achieve success and subject myself to a confiscatory tax scheme.
The one thing that the news "services" failed to report is that in order for a person to earn capital gains one has to put their capital at risk. The capital gains rate was instituted to spur investment. If the capital gains rate is raised to the level of ordinary income investment by individuals will be compromised. That will actually reduce tax revenue. The press demonized candidates for tax avoidance during the last campaign and intimated that tax avoidance was somehow improper or illegal. Tax avoidance is legal, tax evasion is illegal and there is a big difference.
People who have earned capital gains spread out over the past 15 years will have to pay an increased rate after Jan 1, if they cash out in the new year, for the entire 15 year period.
I am no market guru but I get the feeling that there will be a big selloff before the end of this year as people try to avoid the higher rates JMHO of course.
Now look what you guys did to me!!! My rant has put me in a bad mood.

Bill V

algale · Post by **algale** » Thu Dec 13, 2012 9:16 am

[quote="bhurley"]Think about this:

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.”
&#8213]

Tocqueville never said it.

http://shopsmith.net/forums/showpost.ht ... stcount=21

fredsheldon · Post by **fredsheldon** » Thu Dec 13, 2012 9:44 am

All I know is there was an earthquake south of Dallas on 12/12/12 where there has never been an earthquake. We have more important issues to face than taxes. Fracking is going to cause the entire nation to split in half, creating two new contintents, East America and West America.

dusty · Post by **dusty** » Thu Dec 13, 2012 9:47 am

I think my point was not made.

The real question in my mind is "Who is the middle class". All through the campaign season, the politicians spoke as though there were two economic classes. There were those who made $250K or more and then there were the rest of us.

Then I see the data in the two links that I provided. If all of those trades and professions are representative of people whose median income is $87K, I don't know who makes up the groups making less.

It seems that the people not already discussed are those in the service industries and the indigent.

I always thought of myself as being in the "middle class" but these statistics don't say that.

The only time in my life that I paid taxes on a 6 digit income was a couple years right after I retired and held a full time job at the same time.

anmius · Post by **anmius** » Thu Dec 13, 2012 11:26 am

Dusty:

I think the following link will help in your search for a definition of "Middle Class" but I don't think it will give you the definitive answer for which you are searching:

http://en.wikipedia.org/wiki/American_middle_class