-
Nope. We will never make that much, so I really don't care.
ETA that's a terse response to a lot of feelings I have on this topic, most of which others have already voiced. I just want to point out that making the Bush tax cuts permanent (which was a proposition at one point) would cost the nation $1 trillion. There is simply no way to balance our budget and reduce our deficit without raising taxes (and as @mrbee and others stated, they are not technically raising taxes, but rather reverting them back to pre-2001 levels). Our tax rates are insanely low. And while it's a shame that a certain class needs to bear that burden, the middle and lower classes simply cannot right now.
Another point I'd like to make is that many people making less than $50,000 are literally unable to work more than 40 hours a week. My husband's job abolished overtime 2 years ago. Many other companies have done the same. So I'd be willing to wager that there are many people who would love to work more, and are not allowed to.
-
Doesn't the tax hike also apply to people making less? The Bush tax cuts apply to far more than just the wealthy.
-
@ladyfingers: Good point. Overtime doesn't exist at my job.
-
I'm not at all concerned. We are so lucky to live in this country and no matter what your financial situation, it's probably far better than most people on this planet (see: http://www.globalrichlist.com/). I will gladly forego some of the luxuries I've become accustomed to in order to pay higher taxes to help out my fellow citizens and provide services that benefit the whole community/nation.
-
@PearlBee: Obama's proposal is to not extend Bush tax cuts for the wealthiest 2% while leaving the rest of the cuts intact.
-
And the purpose of raising these taxes is NOT to provide more "handouts to those who don't work." It's to increase revenue to the government to reduce our deficit.
-
I'm not worried because I don't make enough money to be worried, but I'm pretty sure I wouldn't be concerned even if I did. I do take exception to the idea hinted at by some PPs that people who make more money work harder or longer hours. I know plenty of people who have had to work two jobs to make ends meet, and I myself had a job last year for which I regularly worked up to 80 hours a week. I was making $14 an hour, so not exactly high pay for those kinds of hours.
But to me the key thing about this supposed "hike" is what Mr. Bee pointed out before: It's not strictly a hike, it's the expiration of tax cuts that as far as I know were always intended to expire. I think a lot of people who complain about this "hike" tend to leave that part out. Either way, I also agree that the talk about fiscal cliffs is starting to give me a headache. But then I guess I just added to it by writing up this comment...oops, haha.
-
It's sad that there is so much mis-information about this. I'm glad to see that some are providing links, and I hope everyone takes the time to educate themselves about this issue.
The point has been well made here that the fiscal cliff does not involve "raising taxes" but rather allowing the Bush tax cuts to expire. No changing of tax brackets. If the dems in the house and senate had their way, the Bush tax cuts would only expire on those making $250K... and I want to make this clear, it's not on all their earnings, only those that are above $250k... So someone who is making $250 plus 1 cent only gets taxed at the higher rate for that 1 cent... so really it's not going to change all that much for most people. There is a lot of scary rhetoric, but if you really dig into the policy implications, it's really relatively modest for the rich (those over 250K) as long as we protect the lower and middle class. For the average family making between 250K and 300K the increase would amount to $199 a year. That's it! I'm absolutely sure that anyone making $250K can afford another $199 a year.
http://www.businessinsider.com/how-much-more-will-you-pay-with-obamas-tax-hike-2012-7
What I can't understand is why anyone would let the tax cuts expire for the middle and lower classes. Yet effectively that's what the republicans are trying to do with disallowing passage of return to Clinton rates for the rich.
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
Please note that the fiscal cliff is more like a fiscal hill, as much of the effect won't be felt for some time... so if we go over "the cliff" there is time for deals to be made without much initial impact.
As for working hard, I can safely say that in my easy work weeks I'm working 60 hours and in my busy weeks, I work 80+ hours. I'm not saying it's harder or easier than what anyone else does. I will say that what I do is both emotionally and intellectually draining. Does working that hard make me exempt from contributing more to society when I have more to give? Absolutely not! Is taxation a disincentive to hard work? It shouldn't be. Taxation allows building of bridges, roads, provision of small business loans, disaster relief, military funding etc.
Did you know that in the history of the US there has NEVER been a war without a corresponding increase in taxes until Bush?
http://www.politifact.com/truth-o-meter/statements/2009/nov/30/paul-krugman/krugman-says-bush-was-first-president-lead-country/I hope everyone reads for themselves, gets informed and opens a dialog with their representatives in Washington. Things will never change unless we actually get our voices heard! If you tune in and engage, maybe we can make our voices heard over the lobbyists and insiders... but as long as we are disengaged and fed up with politics, it will be more of the same!
-
I guess we will all see what happens. Thank you for your comments.
-
@Mrs. Jacks: That is extremely helpful...Thank you so much for taking the time to post that!
-
@Mrs. Jacks: every time you post something like that I just want to give you a high five. You have such a great way of breaking things down in a very informed and intelligent way. Thanks!
-
Ditto. Thanks @Mrs.Jacks!
-
@oliviaoblivia: @JoJoGirl: @PrincessBaby: You guys are so sweet. I have to say that this stuff is more than just a hobby for me. I follow it all the time, so I feel like I should weigh in, even when I'm a little nervous to
-
@Mrs. Jacks: My hero!
thanks for breaking these things down into language all of us who don't follow it as closely (like me!) Can understand!
-
I'm not worried about raising taxes. I'm not currently in the $250k tax bracket, but if I was I would have no problem paying a little more in taxes. Even in my current tax bracket, I'm ok paying a little more in taxes if it means I get things like free health care. What I am concerned about though is letting the tax cuts expire for poorer Americans who really do need every penny.
...and honestly, I can't imagine that slightly higher tax rates would make anyone truly reconsider their career choices or stop working as hard. Maybe momentarily, but I doubt people will just quit working and choose to live off of the government. Government social programs are still being cut left and right for the most part to make up for government deficits, so "living off of the government" is becoming less attractive, not more.
-
@littlebug: agree 100%. I will never be in a position where I make 250k, but that doesn't mean I don't work just as hard or just as many hours as someone who does. Life is choices- sorry that you chose that career of yours, that you chose to spend all that time in school, that you chose to rack up all of that student loan debt- the key word is chose. No one held a gun to your head.. To be all wah wah wah, now it was all for nothing about it suggests that you were just in it for the salary potential and now you're just mad that its not working out the way you thought.
Life is choices, as my mom always says.
But that's a bit off-topic...
I think it does no good to work one's self up over potential tax hikes when nothing has been passed or set in stone yet, other than the fact that the Bush era tax cuts will expire. Everything else is proposed at this point, right? Due to the fact that no one in our government can agree on anything, I think we are probably a ways off from an actual implemented solution.
-
@Mrs. Jacks: thank you, well said!
I'm not worried at all, I want to see this happen.
My husband was telling me about Fox News' "countdown to the fiscal cliff ticker" yesterday.
-
@Pink Champagne: I respect your opinion, but I feel bad for the user you referred to. :(.
My hope for the site is that we can disagree with each other, and still be civil.
-
Yeah, I mean I do feel bad for people. No one likes having their taxes raised. I feel more sorry for people who are at risk of losing lifelines - access to food and shelter, if we just focus on cuts. But I get that every reduction in finances stinks. I agree that 250k is low for the highest tax bracket...there is a huge difference between that and people making millions. But if only 2% of the country or what have you make that much, it can't by definition be middle class.
I'm sorry if I haven't been respectful. People do have a right on this board to complain about money, no matter their situation!
-
I am so glad I read to the end of this before responding. @mrs. jacks pointed out some items that I was going to mention.
My family is not and will never (probably) make $250k. I am in the middle class and I am worried that our government will allow the Bush tax cuts to expire on the middle class. If they do, we will have to tighten our belts another notch that may squeeze a bit too tightly.
-
@Mrs. Jacks: Your post really explained it all so well!!
-
@Mrs. Jacks: I'm going to pile on the love for you and say thanks for your post! I was trying to express something similar about the difference between "expiring" and "raising", but I had nowhere near the facts and detail that you have. Now I feel much more informed
- Google Plus
- Stumbleupon
- Twitter
- Facebook
- Pinterest
- Favorite0
101 comments