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Thread: Will raising taxes on the "wealthy" really help our economy?

  1. #11
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    jv, I was hoping you would respond! I always appreciate your take on economic issues.

    It is a mess. I do worry that any increase in taxes will make things worse, but I do see what you're saying about how the out of control spending has gotten us where we are. And now I just heard that Obama wants to raise the minimum wage $3 to $9.50/hour. How can that not hurt businesses and cost jobs?

  2. #12
    LauraG1 is offline INCIIDer - A Community Creator
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    My understanding is that the wealthy have so many loopholes, they don't really end up paying taxes on their actual wealth, but on such a reduced amount that results in actual "taxable" income that they are sheltering so much of their wealth it's ridiculous. That's what I see (in a very stripped down version) of what needs to change. If this converts to "raising" taxes on the wealthy and they still own multiple houses, vacation homes, expensive cars etc, and helps us reduce debt, reduce govt spend, and keep taxes or lower taxes for 'normal' people, that would help.
    People who are not multi-millionaires are not really paying taxes on what they should IMO. The working person with one mortgage, and just a schedule A is paying the tax rate. They are not.
    Laura

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    Quote Originally Posted by LauraG1 View Post
    My understanding is that the wealthy have so many loopholes, they don't really end up paying taxes on their actual wealth, but on such a reduced amount that results in actual "taxable" income that they are sheltering so much of their wealth it's ridiculous. That's what I see (in a very stripped down version) of what needs to change. If this converts to "raising" taxes on the wealthy and they still own multiple houses, vacation homes, expensive cars etc, and helps us reduce debt, reduce govt spend, and keep taxes or lower taxes for 'normal' people, that would help.
    People who are not multi-millionaires are not really paying taxes on what they should IMO. The working person with one mortgage, and just a schedule A is paying the tax rate. They are not.
    Laura
    The only problem with that is Obama is raising taxes on those who make $250K and up. That's a lot of people who are not multi-millionaires with vacation homes and expensive cars, etc... I wouldn't classify people making $250K as wealthy. Doing very well? Sure, but not in the same category of the people you are talking about.

  4. #14
    LauraG1 is offline INCIIDer - A Community Creator
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    And I wasn't referring to that. I referred to multi-millionaires, who don't pay a fair tax rate IMO. No, I don't think people making 250K taxable are in this category, although I bet they started at a gross income of a lot higher than we think.
    L
    (And this wasn't an "Obama is right/McCain is wrong post. Just a pet peeve of mine. I've seen this IRL. I know it happens.)
    Last edited by LauraG1; 10-28-2008 at 04:24 PM. Reason: add another line...

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    Are we sure that $250K is the amount? Lately I am hearing $200K and Biden just yesterday said $150K. I don't classify $250K as wealthy either and having these different dollar amounts thrown around is one of the things that makes me distrustful of Obama.

  6. #16
    jordansmom is offline INCIIDer - A Community Creator
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    Quote Originally Posted by ElizabethH View Post
    Are we sure that $250K is the amount? Lately I am hearing $200K and Biden just yesterday said $150K. I don't classify $250K as wealthy either and having these different dollar amounts thrown around is one of the things that makes me distrustful of Obama.
    Below $250K there are no tax increases, below $200K the taxes will be reduced. That is why you hear two different nubmers. I think these numbers are for married couples and the threshold is lower for singles.

    The $150K is wrong.

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    Tell that to Biden then because I heard him say that yesterday in Scranton. He said the tax break should go to people making less than $150k.

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    Quote Originally Posted by ElizabethH View Post
    Are we sure that $250K is the amount? Lately I am hearing $200K and Biden just yesterday said $150K. I don't classify $250K as wealthy either and having these different dollar amounts thrown around is one of the things that makes me distrustful of Obama.
    That's what I'm wondering too. According to the tax calculator on Obama's site, I will most likely not get a tax refund, and I'm definitely not in the wealthy category and nowhere near the 200-250K range.

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    Quote Originally Posted by ElizabethH View Post
    Tell that to Biden then because I heard him say that yesterday in Scranton. He said the tax break should go to people making less than $150k.
    Yes, he did say that. Even if it was a slip, it was Freudian to be sure.

  10. #20
    jordansmom is offline INCIIDer - A Community Creator
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    Quote Originally Posted by ElizabethH View Post
    Tell that to Biden then because I heard him say that yesterday in Scranton. He said the tax break should go to people making less than $150k.
    Yes, I know he said it. It was a mistake. Just like McCain has made mistakes about the Shia's and Sunni's in Iraq. McCain even said that Obama had something to do with Souter's appt with to the Supreme Court (which was years before Obama was in the Senate). I'm sure he meant to say Alito or Roberts. Heck, even last week McCain said he completely AGREED with the idea that western PA was racist.

    ""You know, I think you may have noticed that Senator Obama's supporters have been saying some pretty nasty things about Western Pennsylvania lately," McCain told the audience in the town of Moon Township. "And you know, I couldn't agree with them more."

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