Who didn't see this coming?

S

SmarterthanYou

rebel
http://abcnews.go.com/Business/Economy/story?id=6975547&page=1

A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

So far, Obama's tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.

"We are going to try to figure out how to make our income $249,999.00," she said.

"We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama's tax plan," she added. "Why kill yourself working if you're going to give it all away to people who aren't working as hard?"
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Isn't her reasoning kind of silly, though? It's like like you get an immediate hike on ALL of your income as soon as you break the $250K threshold, so that you're actually penalized in a huge way if you hit $251K.

This is a fairly melodramatic, irrational reaction. I doubt she typifies the average small business owner...
 
Oh yes she does typify the majority of small business owners..it's just the beginning.

This is the Progressive agenda you voted for. yippee
 
meme said:
Oh yes she does typify the majority of small business owners..it's just the beginning.

This is the Progressive agenda you voted for. yippee
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You speak for BOTH "real Americans" and "small business owners?"

Seriously, I had no idea you were so important. I'll be more reverential w/ you now....
 
Onceler said:
You speak for BOTH "real Americans" and "small business owners?"

Seriously, I had no idea you were so important. I'll be more reverential w/ you now....
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And try and get your nose out of the air, wouldya?

I think that this is a bs story, and further when people being to actually understand that you are only taxed more on the money you make ABOVE AND BEYOND the 250k, and that this won't effect 98% of small businesses, then the liars and chicken littles will fade away again.
 
Onceler said:
You speak for BOTH "real Americans" and "small business owners?"

Seriously, I had no idea you were so important. I'll be more reverential w/ you now....
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why not, you seem to think you speak for all of America with your Progressive ideas. and I never take you seriously.
 
meme said:
why not, you seem to think you speak for all of America with your Progressive ideas. and I never take you seriously.
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Never take me seriously? That hurts, meme!

'sides, I know you do. You tend to respond to me a lot, so - using your own logic - it means you're terrified of me.
 
there is something i noticed this year as my AGI was highest of all times.. Sure once you go over a threshold only the income past that is taxed at the higher rate.. HOWEVER if your AGI is over some thresholds you lose deductions you may have had if it was under. Like this year I lost all my child care credits.. I paid like 10k in child care and i couldnt write off any of it.
 
This will be a good thing. It offers opportunities for others to fill the voids that the threatened business cutbacks create. If there is a legitimate need it will be filled by others eager to make a buck.

More jobs. :clink:
 
Onceler said:
Never take me seriously? That hurts, meme!

'sides, I know you do. You tend to respond to me a lot, so - using your own logic - it means you're terrified of me.
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the only thing I'm afraid of from you, is your Progressive ideas..other than that, nope can't think of anything else..and it's you who keeps responding to me, Mr. uppity, I just respond in kind..:clink:
 
Onceler said:
Isn't her reasoning kind of silly, though? It's like like you get an immediate hike on ALL of your income as soon as you break the $250K threshold, so that you're actually penalized in a huge way if you hit $251K.

This is a fairly melodramatic, irrational reaction. I doubt she typifies the average small business owner...
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Actually, in many ways that's exactly the way it works. I didn't get a George Bush rebate check because my AGI was over the limit by a few grand. Fifteen years ago when an employer screwed me out of a bonus the State would not step in because my income was over some arbitrary threshold. When I was in college I couldn't qualify for financial aid because my family's income was a few grand over the limit. When I was in HS I couldn't get a job because they all went to lower income kids who qualified for some state program that reimbursed the employers 1/2 of their salary.

My wife and I have discussed this as well and we're going to try and divert income into later years, and may even take a few weeks off without pay to keep ourselves under the limit.
 
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