Obama's new tax plan..anything but a stimulus....
02-27-2009, 01:52 PM
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Obama's new tax plan..anything but a stimulus....
more like a major A$$raping for many on here in the RS4 target income...
Wait till he takes the limit off SS tax....
Who knows, maybe he'll even propose we all turn over our retirement plans to the government for a guaranteed 3% return....
On a quick calc, I think our yearly taxes just went up more than the price of an R8.....
Dont get me wrong, my wife and I have both been fortunate, and I do not mind paying my own fair share, but we've worked our a$$es off for what we have....I just have a little problem when someone that does not pay income taxes gets a "tax rebate." Yes, the "land of opportunity."<ul><li><a href="http://money.cnn.com/2009/02/27/magazines/fortune/obama_budget_tax.fortune/index.htm?postversion=2009022717">http://money.cnn.com/2009/02/27/magazines/fortune/obama_budget_tax.fortune/index.htm?postversion=2009022717</a</li></ul>
Wait till he takes the limit off SS tax....
Who knows, maybe he'll even propose we all turn over our retirement plans to the government for a guaranteed 3% return....
On a quick calc, I think our yearly taxes just went up more than the price of an R8.....
Dont get me wrong, my wife and I have both been fortunate, and I do not mind paying my own fair share, but we've worked our a$$es off for what we have....I just have a little problem when someone that does not pay income taxes gets a "tax rebate." Yes, the "land of opportunity."<ul><li><a href="http://money.cnn.com/2009/02/27/magazines/fortune/obama_budget_tax.fortune/index.htm?postversion=2009022717">http://money.cnn.com/2009/02/27/magazines/fortune/obama_budget_tax.fortune/index.htm?postversion=2009022717</a</li></ul>
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02-28-2009, 08:00 AM
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that FICA cap is a biggie. . .
if he removes the social security income cap, currently at $106k, every dollar earned in excess of $106k will be subject to the 6.2% and your employer picks up the other 6.2%. Currently, there's not a cap on the FICA - med piece at 1.45%.
This will be a considerable drain on employees and employers. . .
I haven't heard any specifics yet and I'm thankful that he was silent on this topic during his speech last week.
This will be a considerable drain on employees and employers. . .
I haven't heard any specifics yet and I'm thankful that he was silent on this topic during his speech last week.