Alex

Obama wants to raise the cap on payroll tax? This made me look at my pay stub and I found that over $400.00 was withheld from my hard-earned money and went to the federal government. I already pay enough in taxes and Obama wants to raise the cap on it?

I can think of a ton things that I could do with this money that would help stimulate the economy.

Look at your pay stub and ask yourself, "What could I do with this money that I earned and the federal government withheld?" Then ask, "Would spending my own money help the economy?"

This is why I am a recovering Liberal.

Onion Eater

Good point, but you forgot to mention that social security taxes are automatically deducted from your pay and do not appear on the 1040EZ form that you fill out every April.

When I was working on salary, I was amazed to hear my co-workers talking about their "taxes" as consisting entirely of what was on their 1040EZ. By the simple expedient of automatically deducting social security taxes, the government has made this tax invisible to working people - which explains why they were able to raise it steadily without ever hearing a whimper of protest.

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Motto: Critiques and rebuttals are how science advances.

Sportsbook

I am just sick to death over the fact that this doesn't bother people. How the heck are we supposed to stimulate the economy when the Gov is busy socializing financial markets, and propsing tax increases that will hurt everyone.

Goodness knows the co. I own will suffer with more taxation. I honeslt don't understand who supports this. The USA has the higest corp. taxation in the world second to Japan I believe.

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~ Go Bolts

rivrrat

God knows I'm bothered by it. I pay $2500/month in taxes and I'm seriously NOT pleased about it. If I could give that money to my family, my sis wouldn't have to work and my dad could quit his second job. But no.. instead, it's stolen from me and redistibuted to dumbasses.

Despite how much is already taken from me, apparently Obama thinks I should have even more stolen from as a fine for being successful.

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Sergeant Stinger1

Ok, stop your crying!
You would not believe the taxes we pay so I won't tell you.
Give thanks that you are earning that much money to have a lot taken out of your payroll check. Many people don't earn the amount of the taxes witheld from your paychecks.
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Now come on people with the amount of money you are making you should have a good accounting to tell you how spend your money so it might be deductable and a good investment company.
Yes! Its sad when our money goes to other Countrys and Mr Big Company but the only way to solve the big tax breaks and the overseas spending of "OUR' money is to vote them all out and start fresh.
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SEND OUR POLITICANS A BIG MESSAGE!!! JUST DO IT instead of hanging out on the couch and crying about it.
Remember this when it comes to Big Companys AND Politicans:
One phone call to them is considered to be 10,000 people behind the call.

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I guess bush and the Repukes won cause Americans are totaly SCREWED!!!

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AMERICAN ARMED FORCES, THE BEST IN THE WORLD

Monk-Eye

"Hyperinflation"
Obviously accounting practices do not matter to the bafoons in washington as they flippantly print 700 billion dollars, levying 2000 dollars with assumed interest onto each person in america.
Mostly, they are giving criminal pardons to calculating malicious financiers and to themselves for the premeditated consequences of revoking the Glass-Steagall Act.

This will be impetus of federal poor mouthing to maintain the estate tax and bolster taxation to cover the debt.
Dump dollars, they are about to be worth half their purchasing power.

Impeach Bush!!
Put Phillip Gramm et.al. in jail!!

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Hanged Man
Melpomene

Tucker Case

To be fair, Judging by the amount you pay in per pay period, and assuming you get paid weekly, you would definitely not have an increase in taxes becasue of the Payroll cap increase.

If they were taking over 1000 per week from you, you would still be unaffected.

I'm not defending the payroll cap increase, I'm pointing out that a lot of those who bitch about it affectign them would not be affected by it.

He's calling for an exemption for all incomes between $102,000 and $250,000.

If you are only paying $400-$500 per week, you aren't even close to wealthy enough to be affected.

Even rivrrat, paying out over $30,000 per year in taxes, would be exempt.



Now, I'm not a fan of taxes, but if we're gonna bitch about something, we have the duty to understand exactly what we are bitching about.

For example, If Alex is getting paid biweekly or bimonthly, Obama would save him more money in taxes than McCain would. A lot more.

It's also important to no that almost everyone will see a tax break using either plan.

MC.no.spin

http://www.abovethelaw.com/images/entries/obamatax2.xls

Type in your figures and it will tell you your taxes under Obama and McCain under their stated plans.

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The heart of human intelligence is pattern recognition ~ Ray Kurzweill

Metropolis

And, then when Obama chokes companies and corporations - Alex loses his job.

Onion Eater

When I was working at salary (I grossed $41K in 1996), I sat down and figured out my total taxes, federal and state, being sure to include social security, medicare and workman's comp. Then I took 6.5% out of the remainder for sales tax, which assumed that I spent all of my net on consumer items, which I did in fact do. (Sales tax is now 8.5% where I live. Gotta pay for those sports stadiums, you know - bread and circuses for the masses!)

I did not make any special allowance for the higher sales tax on gasoline, as it was not as big of an issue then. Also, the highway tax is a flat 18 cents, not a percentage, so the total percentage of this expense paid in taxes as well as the percentage of one's income spent on gasoline depends on its price. I also assumed that property taxes were the same as sales taxes as a percentage for both renters and homeowners, though that depends on how much one spends on housing.

The result was that I paid a total of 33% of my salary on taxes of various types. I was single - still am, actually - so I could not take any deductions for children. It would have been less for someone with a family. Nevertheless, I'm not sure why it's the government's concern whether or not I have a family and 33% seemed like a LOT to pay them. I was driving to that 41K job in an 18-year-old pickup truck and, with the money that I paid in taxes that year, I could have bought a nice new car for cash. But I guess it was more important to carry the socialist monkey on my back than to have a car that consistently starts when I turn the key.

In 1997 I started a business, so my taxes are calculated differently now than they are for a salaryman. However, I would be interested in seeing someone in the 40-50K salary range do a similar calculation today. As I indicated above, there are factors like housing and gasoline that make this calculation a bit murky, but it is probably possible to do it for the "typical" working person. The socialist claim that only "rich" people pay significant taxes is horse puckey - 41K didn't make me a rich man in 1996 and it certainly wouldn't today.

p.s. Rivrrat - you have definately got the coolest avatar of anybody on this forum!