Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
"I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."
--Albert Einstein, 1929
I can't remember who wrote the piece, but I read a op-ed recently where the author said the GOP should show up and vote present on any bills that pertain to the fiscal cliff. This would allow the Dems (and apparently the majority of the country) to have what they want. From recent polls I've seen, the majority of Americans want higher taxes on the rich and they think it would be the GOP's fault if we hit the fiscal cliff. The majority of Americans voted Pres Obama into office and kept the Senate as is. I tend to agree with that opinion. Maybe the GOP should pull a Senator Obama and vote present. Then it would be a totally Democratic policy. Before any of you attack me for this, remember that I, being a servicemember, would probably get hit hardest of any group of people in the country in either scenario of Dems getting what they want or the fiscal cliff. Why? Because my taxes go up, my pay is cut, my benefits decrease or stay the same, I lose the ability to do my job as well as I used to, and my job may be on the chopping block. It would less dramatic if the Dems got what they wanted, but, it would still happen.
Mr. Speaker, I once again find myself compelled to vote against the annual budget resolution for a very simple reason: it makes government bigger. ― Ron Paul
Timid men prefer the calm of despotism to the tempestuous sea of Liberty. Thomas Jefferson
Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
There is a tax cut on all taxable income up to $250K (remember the 2001/03 tax cuts were temporary, they will expire on 12/31, making these cuts permanent is a tax cut), a huge tax break (roughly 60%) on capital based income (interest, dividends and cap gains) and a very small increase on taxable income over $250K. Given that everyone, including those making over $250K enjoy the roughly 3-5 percentage point break on this tax. If you are making $250K of taxable income and say $30K of that was interest,dividends and cap gains, there is roughly a $15K tax break on that income. Given the proposed tax increase is 4.6%, it would take $325,000 of income over 250K (taxable) before that person was worse off under the Obama plan than he would be had the temporary tax cuts been allowed to expire.
Now, $250K of taxable income is not the same as gross income (everyone has deductions, credits, exemptions)... its really more like $300K... and it takes a another $325K of income before you are worse off... so, lets see, $300K + $325K is $625K of annual income before you have a tax increase. Perhaps its a stretch, but most people that I know that have $625K of annual income are millionaires...
Last edited by upsideguy; 12-06-12 at 11:05 PM.