Reply to What happens to families earning over 200k a year under Obama vs Romney, Results are SHOCKING

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Reply to "What happens to families earning over 200k a year under Obama vs Romney, Results are SHOCKING"

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[quote=Anonymous][quote=Anonymous]I love how all these anti-Obama/Democratic party post titles use either all caps, or lots of !!!!, or words like SHOCKING. [/quote]

Add it up and it is shocking, it's not mearly letting the bush cuts expire it's much more. Obama has pulled the wool over your eyes let me add it up for you based on a family that makes 250k a year (typical for DCUM standards).

Obama would preserve the Bush tax rates at the low end (10%, 15% and 25%) but raise the top two rates to [b]36% and 39.6%. [/b]

Romney would also like to repeal the new health reform law. If he succeeds, that would mean a repeal of the 0.9 percentage point increase in the Medicare tax on high-income households called for under that law. [b] A .9% tax increase.[/b]

Obama: Would permanently adjust the AMT for inflation.
Romney:[b] Would abolish the AMT[/b].

Obama: Has proposed[b] limiting the value of itemized deductions and other tax breaks[/b] such as exclusions for those with [b]adjusted gross income over $200,000[/b]. Today, many filers in that group can deduct 33% or 35% of a qualified expense. Obama would limit that to 28%. THIS one is a real killer for us.

So under Obama your tax rate will go up 3% and another .9% and then you would lose your itemized deductions if you make over 200k% which is probably your mortgage. Add these all up and it is about a 4% tax hike and you will lose your itemized deductions. IT IS [b]SHOCKING[/b].

Romney is actually pledging to [b]LOWER [/b]the tax rate for everyone. Romney: Would reduce each of the Bush-era income tax rates by 20%. So the top rate would fall to 28% and the bottom rate would fall to 8%. Romney would also abolish the AMT, Obama would just extend it.

The above are only how it will affect families directly. Obama is proposing to increase capital gains and remove carried interest tax benefits for investment firms.  Ok great SCREW them right? Not so fast, guess who hires and creates new businesses that create private  jobs? The above people. Those same people are the ones that hire the above families. I know a lot of DCUMers and I would say about 30%-40% of area are on the government dole (government jobs, contractors etc...) but outside of this area the majority of jobs (85%) are in the private sector. So you can see the disconnect of washington vs the country.

http://www.gallup.com/poll/141785/gov-employment-ranges-ohio.aspx[/quote]

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