1 trillion

[Antitrust32]

Originally Posted by SniperSB23

Those 2% of wage earners earn 24.1% of all income and pay 43.6% of income taxes. So yes, upping the taxes on that group does make a huge difference.

Personally I feel it is about time they add another tax bracket. $250,000 just isn't that much money these days, especially if you are living somewhere like NYC. Add a tax bracket for $1 million and up instead of increasing the taxes on the people between $250,000 and $1 million.

I think the highest tax bracket is like 375K and up.. something like that.... was looking at it today, there isnt even a 250K and up tax bracket.

http://taxes.about.com/b/2008/10/21/...-announced.htm

some people also think once you are in a higher tax bracket your whole income gets taxed at 33% or whatev.. which is funny. I've heard people say they dont want a raise because they will actually get less money because they will be in a higher tax bracket. That makes absolutely no sense and they dont understand that the first 7500 or whatev is taxed at 10%.. then next 15k you make is taxed at 15%, etc, etc..

But you are right.. instead of hiking the taxes for people making 150k, or 300k... they should just create a new tax bracket for 1,000,000 & up and another one at like 20,000,000 and up.. get the guys who can really afford it.

[SniperSB23]

Originally Posted by Antitrust32

I think the highest tax bracket is like 375K and up.. something like that.... was looking at it today, there isnt even a 250K and up tax bracket.

http://taxes.about.com/b/2008/10/21/...-announced.htm

some people also think once you are in a higher tax bracket your whole income gets taxed at 33% or whatev.. which is funny. I've heard people say they dont want a raise because they will actually get less money because they will be in a higher tax bracket. That makes absolutely no sense and they dont understand that the first 7500 or whatev is taxed at 10%.. then next 15k you make is taxed at 15%, etc, etc..

But you are right.. instead of hiking the taxes for people making 150k, or 300k... they should just create a new tax bracket for 1,000,000 & up and another one at like 20,000,000 and up.. get the guys who can really afford it.

Yeah, you are right, I think they adjust each year for inflation so it is up to $370,000+. And it is amazing how clueless people are on tax brackets.

[Antitrust32]

Originally Posted by SniperSB23

Yeah, you are right, I think they adjust each year for inflation so it is up to $370,000+. And it is amazing how clueless people are on tax brackets.

I know.. and this was a 50 + woman who's been paying taxes her whole life... I was like.. yes, you want the raise.. you cannot get a raise and make less money, you will make more money.

They really need to have a class for this stuff in high school. Its way more important than 80% of the crap they teach that goes in one ear and out the other.

[SniperSB23]

Originally Posted by Antitrust32

I know.. and this was a 50 + woman who's been paying taxes her whole life... I was like.. yes, you want the raise.. you cannot get a raise and make less money, you will make more money.

They really need to have a class for this stuff in high school. Its way more important than 80% of the crap they teach that goes in one ear and out the other.

Bingo. Teach people how taxes work, how credit cards work, how mortgages work, how debt works, and various other life skills that most people wind up learning on the fly and is a large part of the reason we are in this current mess.

[GBBob]

Originally Posted by SniperSB23

Bingo. Teach people how taxes work, how credit cards work, how mortgages work, how debt works, and various other life skills that most people wind up learning on the fly and is a large part of the reason we are in this current mess.

Sure beats learning how to work a stove in Hone Economics

[dalakhani]

Originally Posted by SniperSB23

Bingo. Teach people how taxes work, how credit cards work, how mortgages work, how debt works, and various other life skills that most people wind up learning on the fly and is a large part of the reason we are in this current mess.

We are all old. they do have a class on this stuff. It is called "personal finance" or some derivation of that.

[Riot]

Originally Posted by dalakhani

We are all old. they do have a class on this stuff. It is called "personal finance" or some derivation of that.

I thought it was junior high school math

[timmgirvan]

Originally Posted by dalakhani

We are all old. they do have a class on this stuff. It is called "personal finance" or some derivation of that.

so they're trying to ram this 1.5+ trillion bill, and they plan on destroying the business class in this country by taxing the wealthy and gaining 500bill in 10yrs! What is wrong with this picture???