RealTalk: Your President Wants To Raise My Taxes to Close to 60%

[hovkid]

If it happens, I will seriously consider stopping what I do and just becomeimng a janitor. Based on the tax decrease, I can likely get close to the same moneyand work much less, like a simple 40 hour week. Pencils down at 5:30!!!!!!!!

F Obama.

"New York's top income bracket could reach as high as 57 percent -- rates not seen in three decades -- to pay for the massive health coverage proposedby House Democrats this week."

http://www.nypost.com/seven/07162009/news/regionalnews/dem_health_rx_a_poion_pill_in_ny_179525.htm

 

[the natural mystic]

ehh I'm sure you will survive.

 

[swizzc]

Wait.... but.... you're rich so you need to pay for our healthcare!!!! You have to keep working because if you don't and stop spending all your hardearned money on us, there is no way this plan will work!

 

[trelvis tha thrilla]

Originally Posted by The Natural Mystic

ehh I'm sure you will survive.

What a great mindset to have.

I agree with OP, that is ridiculous. How you gonna take over half of my money? Absurd.

 

[kix4kix]

In all honesty I wouldn't live in NY if I was wealthy during this administration. Aren't you a lawyer? If you can practice in NY you can practiceanywhere.

 

[ag 47]

Originally Posted by HOVKid

If it happens, I will seriously consider stopping what I do and just becomeimng a janitor. Based on the tax decrease, I can likely get close to the same money and work much less, like a simple 40 hour week. Pencils down at 5:30!!!!!!!!

F Obama.

"New York's top income bracket could reach as high as 57 percent -- rates not seen in three decades -- to pay for the massive health coverage proposed by House Democrats this week."

http://www.nypost.com/seven/07162009/news/regionalnews/dem_health_rx_a_poion_pill_in_ny_179525.htm

Doubt it.

 

[dgk3188]

rich people complain too much.

shut up

greedy

 

[khadafi252]

i haven't paid attn to how this health plan would be funded. i'm an obama supporter but damn son. 57%??? on one hand, i'm uninsured becausehealthcare costs monthly are outrageous. on the other, i see this doesn't seem fair.

 

[zachattack32]

but but, he's cool...

 

[finnns2003]

Originally Posted by dgk3188

rich people complain too much.

shut up

greedy

 

[sundoobie]

Yah its pretty disgusting.

They may even phase out the mortgage interest deduction for high income earners.

The worst part is the Govt wants to tax us more and spend more on things we don't necessary agree with. I mean health coverage for every single Americaneven including the illegal immigrants? We're paying more tax for health benefits to illegal immigrants whom send all the money they make here in theStates to their home country like Mexico.

Tax More Spend More = Failure

 

[produccionfrescos]

Originally Posted by dgk3188

rich people complain too much.

shut up

greedy

 

[lazy b]

America is getting what they voted for. Another policy that is not going to be received well.

 

[nothin4ever]

go get a Side hustle Bum

 

[swizzc]

Originally Posted by SunDOOBIE

Yah its pretty disgusting.

They may even phase out the mortgage interest deduction for high income earners.

The worst part is the Govt wants to tax us more and spend more on things we don't necessary agree with. I mean health coverage for every single American even including the illegal immigrants? We're paying more tax for health benefits to illegal immigrants whom send all the money they make here in the States to their home country like Mexico.

Tax More Spend More = Failure

Yea but.... Obama plays basketball! He's cool! He likes sports! So it's OK!!!

 

[scott frost]

Originally Posted by ProduccionFrescos

Originally Posted by dgk3188

rich people complain too much.

shut up

greedy

 

[vagixxer]

HovKid I understand where your coming from I really do. I make nowhere near what you make, but for a 22 real estate investor I do quite alright. My privateinvestor who funds our property deals is a multi millionaire who had some of the same feelings as you did when Obama came into office. He simply sat down withhis CPA and figured out ways in which he could protect his income using various tax shelters and business methods. I don't understand why you wouldn'tdo the same? I can only assume you have a trusted accountant who handles your finances etc. Why not work with them on how you can eliminate yourself from beingcompletely affected by this? Let's be real though... Your not giving up those checks for a lesser paying job no matter what.

I remember the first timeI got a check over 10k I was amazed at how much of it was taxable.

 

[trelvis tha thrilla]

Originally Posted by swizzc

Yea but.... Obama plays basketball! He's cool! He likes sports! So it's OK!!!

 

[jawnyquest]

Originally Posted by Nothin4ever

go get a Side hustle Bum

this had me

but thats *#%#*+ up tho

..making nothing ftw?

 

[primavera vills]

Originally Posted by HOVKid

If it happens, I will seriously consider stopping what I do and just becomeimng a janitor. Based on the tax decrease, I can likely get close to the same money and work much less, like a simple 40 hour week. Pencils down at 5:30!!!!!!!!

F Obama.

"New York's top income bracket could reach as high as 57 percent -- rates not seen in three decades -- to pay for the massive health coverage proposed by House Democrats this week."

http://www.nypost.com/seven/07162009/news/regionalnews/dem_health_rx_a_poion_pill_in_ny_179525.htm

You my e-boy, but that's a horrible typo fam

But I'm broke, so I guess I have nothin' to worry about? Sike.

 

[swizzc]

I mean if you do the math it really isn't ridiculous to think what HovKid is thinking. Let's say he makes around 250k and works anywhere from 70-100hours a week depending on how busy he is. Take 85hrs/week on average, and working 50 weeks a year (2 weeks for vacation, this is just another assumption). Soright now he is making roughly $58 per hour. $58*.40 (which is how much he will be keeping) is $23.50 an hour. Sadly this is about how much an entry levelposition at most big companies make. I rest my case (word to HovKid).

 

[lifelessons]

you have to make over 350k to be in the top tax bracket right?

 

[twig1026]

This is the part where you make moves to figure out a way around this if it happens

 

[kanyewestjayz4life]

Sometimes lifes not fair. Or you can start organizing and start fighting?

 

[sundoobie]

Originally Posted by VaGixxer

HovKid I understand where your coming from I really do. I make nowhere near what you make, but for a 22 real estate investor I do quite alright. My private investor who funds our property deals is a multi millionaire who had some of the same feelings as you did when Obama came into office. He simply sat down with his CPA and figured out ways in which he could protect his income using various tax shelters and business methods. I don't understand why you wouldn't do the same? I can only assume you have a trusted accountant who handles your finances etc. Why not work with them on how you can eliminate yourself from being completely affected by this? Let's be real though... Your not giving up those checks for a lesser paying job no matter what.

I remember the first time I got a check over 10k I was amazed at how much of it was taxable.

Tax shelters is what the Govt is eliminating meaning phasing out itemize deductions for high income earners. Everything from as I mention themortgage interest you pay for your principal residence, to your personal exemptions, and to an increase in the Capital Gains/Dividend tax.

Nothing has been changed so all there is now is here say. You can't prepare a tax projection for clients based on what the govt may or may not do.

However I don't see how anyone making more than a couple hundred thousand not be affected by this massive tax increase bill they are putting forth.