Reply to I don't get the whole "fake rich $250k" thing. We make just under 200k and are more than comfortable

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Reply to "I don't get the whole "fake rich $250k" thing. We make just under 200k and are more than comfortable"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]You both don't really understand marginal tax rates, do you? You are being asked to pay 39.6% on anything over $250K, after deductions which in reality, is probably closer to anything over $300K. And for those of you who have big mortgages and big student loans, most of that is tax deductable and hence can be deducted from your gross income before you calculate taxes.
 
So, for example, if you actually earn $300K, and you take the standard deductions of $11,900 for a married couple and personal exemptions of $3800 each for a family of four and nothing else, you have $27100 in deductions and only pay the 39.6% rate on $22,900 which is $9,640 and that's without mortgage or student loan interest deductions, let alone any other deductions. For tax payers who itemize, there are very few who make under $300K that will see any difference in their effective tax rate.[/quote]

Wow, although your tone was a little mean, I actually found this info very helpful.  Thanks. [/quote]

Me too! Thanks! (How come Democrats do not take the time to educate people?....there would be a lot less upset over the tax increases)[/quote]

For those who think that I'm being a little mean, I'm flabbergasted that with 100's of web-sites, several easy-to-follow ones that pop up in Google when you enter anything like "marginal tax rates" "new tax rate" "taxes for $250K" etc that those who are complaining the loudest haven't bothered to take 3-4 minutes to read a site and figure out that they will not be affected.  And as the screams get louder, I wonder why people can spend 15 minutes reading and posting on forums complaining about the tax rate, but not 3-5 minutes reading how it will not affect them.

Please, please, please, everytime you hear people complain about the tax rate, please remind them that this is only on income over $250K AFTER DEDUCTIONS.  I'm a Republican and I cringe when I hear the Republicans using scare-tactics to resist this part of the tax hike.  The Republicans are the one obscuring how little it will affect people.[/quote]

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