Don't you think these things are a bit premature...who knows what kind of scenario will happen between now and Apr of 09?
In most major cities, $250K a year is not considered rich. What's conspicuously absent from any of these discussions on taxes is how are the going to balance the budget? Where are the cuts? Why is the military always off the table, especially as it takes almost 30% when "off-balance" sheet figures are brought into play. Most other nations spend about 1-5%.
McCain's lame across the board cuts is almost as bad a Nixonian price freezes. Obama's tax credits are a seriously skewed system, in which you can get a check from the government, even if you did not pay any taxes.
Why tinker on the edges forever? Get rid of the whole system. A three tiered flat tax, same for business would get rid of all the perks, pork, and perpetual perversion of the system. Then the only thing lobbyists could argue for is legal changes to benefit their industry.
With $700B as just the beginning of the bailout, there needs to be some serious restructuring of government, if we are not going to go the way of Argentina.
I like a flat rate tax, just for simplicity (because it sucks that you have to hire a pro to do your taxes correctly) however I do feel like a guy who earns $30K getting to take home only $27K while a guy that earns $300K getting to take home $270K is a little unfair only because $30K and $27K is hard to live on while $270K is easy.In most major cities, $250K a year is not considered rich. What's conspicuously absent from any of these discussions on taxes is how are the going to balance the budget? Where are the cuts? Why is the military always off the table, especially as it takes almost 30% when "off-balance" sheet figures are brought into play. Most other nations spend about 1-5%.
McCain's lame across the board cuts is almost as bad a Nixonian price freezes. Obama's tax credits are a seriously skewed system, in which you can get a check from the government, even if you did not pay any taxes.
Why tinker on the edges forever? Get rid of the whole system. A three tiered flat tax, same for business would get rid of all the perks, pork, and perpetual perversion of the system. Then the only thing lobbyists could argue for is legal changes to benefit their industry.
With $700B as just the beginning of the bailout, there needs to be some serious restructuring of government, if we are not going to go the way of Argentina.
My tax sytem would be a continuous exponential rate. That means that you rate would be slightly higher for every dollar more you earned. So for example a guy earning $30,000 may pay 3% tax while a guy making $300K may pay 30%. A guy that earns $301K may pay 30.1%
In most major cities, $250K a year is not considered rich.
Don't you think these things are a bit premature...?
$250,000 is considered rich, even in NYC, which is the most expensive place to live in the entire country. If you make more than 95% of people, you are rich. I'm willing to go out on a limb here.
LOL
nonsense.
You have no clue how much it costs to live in NYC
and this article disputes what you would call rich, and certainly what others think is rich is based on what they earn.
Just how rich is rich, really? - MSN Money
you are from nowheresville Louisiana, and you are telling someone how much it costs to be rich in NYC?
trust me, you know zilch.
t costs twice as much to live in New York City then in Oregon.
so if you live in Oregon, are you rich making 125k a year?
sorry, not even close.you are not rich if you live in NYC, and are making 250k. not even close.
fter all your taxes you only keep 55% of your cash. that leaves you with 137K....before rents, food, and life expenses.
Sorry, you are nowhere close to rich if that is the case and your wealth is based on earnings.
Rich is a subjective term, so you can define it anyway you see fit. I think that if you're in the top 5%, you're rich, or wealthy, or well-to-do, however you want to mince words.
South Bay, LA, refers to the south bay area of Los Angeles, though I'd guess you'd have to actually have lived there to know that. I moved here from NY a year ago, so I'm well aware of how much it costs to live in NY. And if you're making $250k in NYC, you're doing well, unless you're an idiot.
Strate - this is what we have now. The % increases just change at each table instead of each dollar.
Still, mortgage interest rate goes up!!!!! Can somebody help me out here? Isn't the mortgage rate tied to the 30 Year Treasury Bond? Can't the government set that rate? Why don't they simply do whatever it takes to lower the mortgage rate. People will be buying up homes right and left. Is that too simple? Anybody know how the whole mortgage rate works? Is it directly or indeirectly like what they are trying to do with the 700 - 8?? bailout?
That and my dick are premature!!! ba-dum---> Ching!
:biggrin1:
Thank you, Thank you... I'm here all week!!!
It would be nice if mortgage rates dropped, the problem is that the gov't has no influence on T-Bonds. The fed sets the discount and fed funds rates - but those only impact credit cards and HELOC's.
The Treasury Bond is traded like most any other security. If demand increases for the T-Bonds (they are extremely secure, and internationally very popular because they are backed by US Govt) - then the yield/rates will drop.
Mortgage rates are closely tied to the T-Bond. An investor sees a T-Bond at 4.2% yield with virtually no risk. If the investor wants to increase yield, he/she may choose to invest in mortgage-backed securites - but would need a higher yield to reward him/her for the increased risk. The market determines what yield that needs to be for investors to buy - and that, in a nutshell, is how the mortgage rates are arrived at.
I hope this helps.
The bailout, in theory, should make credit loosen up so that banks can start offering mortgages again. But they haven't done anything yet with that bailout money. I wish they've hurry the F up already.
pretty amusing...I typed in mine and it said
"You will PROBABLY not get a tax cut under the Obama-Biden Plan"
if you make 100-150k per year, you will get a 34$ tax cut savings...so i guess those folks are "rich" too.
um--why don't you check again. I'm in that bracket, no dependents, and I get $1800 under Obama's plan. $0 under McCain.