When did the Obama/Biden tax hike switch to those earning more that $1M?

[Anonymous]

Just heard a quote from Joe from last night's debate. I heard Van Hollen say $500K last week. Haven't they been saying $250K?

Did the definition of middle class just change again?

[Anonymous]

Yes, I noted the same. 1 million and above=higher taxes or tax bracket than in past. Average household income is 8 million dollars of that targeted group is what he said.

[Anonymous]

I also thought the standard line was $250,000. We make about $200k and I used to think our income was going up, so I was watching that as we might be affected. Guess not, if they are to be believed.

[jsteele]

Obama's plan is to return to the pre-Bush tax cut rates for incomes above $250k. Biden said millionaires would pay a little more, which is true. He neglected to add that couples making $250,000 to a million would also pay a little more.

Of course, this is the starting point of their plan which is subject to change during the legislative process. Their is considerable support among Congressional Democrats for raising the point at which rates are increased.

[Anonymous]

Dems have been talking about $500k/$1 million threshold since 2007 (pre-Obama). That's always where Schumer has been, for example. It's just seen as a harder number for Republicans to argue with ("let's protect all those millionaire small business owners from tax increases -- they'e job creators).

Peeve: Small businesses may create the most jobs. But they also shed the most jobs (and those job losses have to do with real business reasons, not higher taxes)

[Anonymous]

Schumet is running for President?

200,000 single and 250,000 joint filers is where they begin. He was fact checked and me "misspoke."

[Anonymous]

It was an internal debate that I believe Biden lost. He always wanted to start at 1 million.

[Anonymous]

8:13 here. Regardless, though, if you're making $250,000, you can afford a few extra dollars (and it's marginal, so it really doesn't work out to be a lot). I'm saying that as someone just over the threshold who would be impacted, not as a millionaire. If you haven't overreached in your expenses, even in DC, there's really no reason you shouldn't be able to afford what you need and save on $250,000.

[Anonymous]

Anonymous wrote:8:13 here. Regardless, though, if you're making $250,000, you can afford a few extra dollars (and it's marginal, so it really doesn't work out to be a lot). I'm saying that as someone just over the threshold who would be impacted, not as a millionaire. If you haven't overreached in your expenses, even in DC, there's really no reason you shouldn't be able to afford what you need and save on $250,000.

When a decent house in an acceptable school and refundable commute costs over a million , 250k ain't shit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:8:13 here. Regardless, though, if you're making $250,000, you can afford a few extra dollars (and it's marginal, so it really doesn't work out to be a lot). I'm saying that as someone just over the threshold who would be impacted, not as a millionaire. If you haven't overreached in your expenses, even in DC, there's really no reason you shouldn't be able to afford what you need and save on $250,000.

When a decent house in an acceptable school and refundable commute costs over a million , 250k ain't shit.

reasonable not refundable

[Anonymous]

you can afford a few extra dollars

Marginal?????? Pay my tax rate and get back to me.

[jsteele]

Anonymous wrote:

you can afford a few extra dollars

Marginal?????? Pay my tax rate and get back to me.

Yes, US income tax rates are marginal.

[Anonymous]

Anonymous wrote:

you can afford a few extra dollars

Marginal?????? Pay my tax rate and get back to me.

I'm curious what that last one means. Is PP a modest earner demanding that the higher earners should pay at least as high a rate (ala Buffett), or is PP a high earner challenging us lower earners to pay his or her rate (which as Jeff noted applies only to the top dollars earned). If the former, I'm all for it. If the latter, I'd be thrilled to have the income to get me into that bracket.

[Anonymous]

I think maybe the $1 million figure was mentioned a year ago, and there was outrage.

"Marginal" means you pay the top rate on your income over a certain amount. You pay different rates on different brackets of income at lower amounts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:8:13 here. Regardless, though, if you're making $250,000, you can afford a few extra dollars (and it's marginal, so it really doesn't work out to be a lot). I'm saying that as someone just over the threshold who would be impacted, not as a millionaire. If you haven't overreached in your expenses, even in DC, there's really no reason you shouldn't be able to afford what you need and save on $250,000.

When a decent house in an acceptable school and refundable commute costs over a million , 250k ain't shit.

I'm the $200k poster and I'm very happy with my standard of living. Maybe we don't live as well as you do though.