Quote:
Originally Posted by Derwood
can I get a link that says Obama will tax me 50% in the future?
|
It's not just Obama, but there are a lot of taxes. He will tax the people making over $250,000 more. And while I am not in that tax bracket, I would like to be. And if these people work hard they should be rewarded. If they made their money from other means, I have no problem with taxing them more.
It's too tough to cover all incomes, but here is an example. For a self-employed person who stated their own successful business:
Self Employment Tax - The Basics Explained
12.4% for Social Security. The Social Security portion of the self-employment tax is limited to $10,788.00 for 2003 if you earn equal to or less than $87,000 ($87,000 earnings limit x .124 = 10,788.00). Once you hit $87,000 of self-employment earnings, you have paid all you need to for Social Security.
2.9% for Medicare. The Medicare portion of the self-employment tax is unlimited. No matter how much, or how little you earn, you will be paying for Medicare.
Tax Brackets (Federal Income Tax Rates) 2000 through 2008
$164,550 - $357,700 = 33% (of amount after SE-taxes paid)
That's a lot before state taxes, city taxes, school taxes, property taxes, sales tax on goods you buy. And the health-care insurance(tax) is just a difference between paying a for-profit company and the government. It will cost about the same.
Sure there are tax loop-holes, write-offs and ways to reduce your taxes, but it's still a lot of taxes. (And it's still not enough to balance the budget, pay down the debt, and pay for all of the government spending)