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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by Sassyz75
Posted by Meaghan729
Posted by Sassyz75
What I got out of McCain was that he was going to cut-everything besides bomb-building, veteran services, and medicare.... sounds like a republicans dream! The truth is Republicans want to put everything on the "free market"... we've seen how much this free market has worked in the financial sector. Free Market doesn't necessarily = good.. and I think we have to get that out of our national psyche.
The financial crisis isn't all a "free market" problem. Partially, yes. But people living way over their means had a LOT to do with it, and Greenspan lowered rates and raised them back way to fast.
And most of the deregulation occurred when Clinton was in office - go figure.
Right- because there weren't regulations limiting the breaking apart and sale of the securities... if banks had to sit with the original loans, you but your behind that they would've looked into the loan-takers ability to repay.
I'm not blaming... i'm saying the free market, in this case, didn't work.. and it didn't work with the airlines either- so I'm a little wary of more free-market.
Actually, there were regulations in place for mortgage backed securities. I should know, I worked in the industry for several years. Additionally, if the banks had to sit with the loans most people wpold never be able to get mortgages - only the top percentage of our population, because then you are limited by the amount of funds you have and are only going to give loans where you have absolutely no risk. So again, without MBS the only homeowners would be the high income earners- meaning the average American could not own a home. MBS is not a new phenomenon - the industry began in the late 70's and flourished in the 80's, so the mere fact that banks were able to bundle their loans and sell them into a securitization was not what created the crisis.
It is a very complicated industry that takes years to learn and there is a lot of lack of comprehension and incorrect information out there.
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Posted 9/27/08 10:15 AM  |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
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Re: Do you earn enough to be affected by Obama's tax plan
I disagree that our economic meltdown is not a free market problem. It is definitely a free market problem, too little oversight or regulation was given and executives got greedy and acted irresponsibly. People also took loans they could not afford and were irresponsible themselves, but if these loans were not offered in the first place, we would not be in this mess. I do not think we can trust big business to operate with the best interests of our society in mind. Time and time again this theory has been proven wrong, and anyone who thinks otherwise is putting on blinders.
To answer the original question, no we do not earn anything close to $250 K, so we would not be affected. Even if we did though, I think this is a fair marker. If you earn above that you are not struggling or should not be, even on LI, unless you live well above your means IMO. We earn about half this, and I would say we live decently.
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| Posted 9/27/08 10:28 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you earn enough to be affected by Obama's tax plan
ok this has to be said
I seriously cannot believe that EITHER candidate is still talking about tax cuts for anyone when we're about to pour $700 billion in taxpayer money into wall street!
what a crock  
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| Posted 9/27/08 10:36 AM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
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Re: Do you earn enough to be affected by Obama's tax plan
Personally, we don't but here is how it DOES effect us:
My parent's own a small business. The tax plan would include increasing the taxes on their business, which is already being negatively impacted by the failing economy. I have spoken w/ my dad and he has said that the increase would actually cause him to close.
Now, on top of being concerned about my parents (which is a big deal already), my husband works for my parent's business. If they shut their doors, my DH will be unemployed. Even though I make more than DH, I am not able to support the both of us. We would lose our apartment within months.
So will I be taxed directly? No. I sure as heck will feel the effects of it financially though.
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| Posted 9/27/08 10:41 AM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by LittleBlueBug
Personally, we don't but here is how it DOES effect us:
My parent's own a small business. The tax plan would include increasing the taxes on their business, which is already being negatively impacted by the failing economy. I have spoken w/ my dad and he has said that the increase would actually cause him to close.
Now, on top of being concerned about my parents (which is a big deal already), my husband works for my parent's business. If they shut their doors, my DH will be unemployed. Even though I make more than DH, I am not able to support the both of us. We would lose our apartment within months.
So will I be taxed directly? No. I sure as heck will feel the effects of it financially though.
Yes, this is a big problem.
And since small businesses support so much of our economy it is really NOT a good plan at all -- it will hurt, bad.
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| Posted 9/27/08 10:56 AM |
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luckyinlove
I love my baby girls!
Member since 12/06 2441 total posts
Name:
Lauren
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Re: Do you earn enough to be affected by Obama's tax plan
I don't think it is right to penalize people for making more money than others. I agree with what another poster said, that many, many people who make that much money have a ton of student loan debt. My sister has to pay almost 500 dollars a month to pay off hers! Everyone works hard, no matter how much money they make. Many of us who don't make that much right now will be soon, especially if you are a cop or teacher with a climbing salary. If Obama is elected and puts this plan into place, it may be affecting me by the end of his term, so yeah, it worries me.
Message edited 9/27/2008 10:56:34 AM.
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| Posted 9/27/08 10:56 AM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Do you earn enough to be affected by Obama's tax plan
Way less and don't feel bad. Tax away!
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| Posted 9/27/08 11:00 AM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by JenniferEver
Way less and don't feel bad. Tax away!
Why is it acceptable to say something like this but it would not be acceptable for someone who does make more $$ to say to heck with all those middle class people its not my job to pay for them. (Not saying that I think that but just pointing out the double standard).
BTW, for the "privilege" of making a decent amount DH and I pay, combined, $1500/month in student loans from our respective grad schools :gulp: and that is just our minimum payment.
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| Posted 9/27/08 11:31 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by luckyinlove
I don't think it is right to penalize people for making more money than others. I agree with what another poster said, that many, many people who make that much money have a ton of student loan debt. My sister has to pay almost 500 dollars a month to pay off hers! Everyone works hard, no matter how much money they make. Many of us who don't make that much right now will be soon, especially if you are a cop or teacher with a climbing salary. If Obama is elected and puts this plan into place, it may be affecting me by the end of his term, so yeah, it worries me.
I'm sorry, what school district pays a teacher $250k??? My husband is a teacher with $400 a month school loans and makes $52k. And only AFTER 30+ years will he MAYBE make high 90's. No where close to $250.
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| Posted 9/27/08 11:34 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by stickydust
Posted by JenniferEver
Way less and don't feel bad. Tax away!
Why is it acceptable to say something like this but it would not be acceptable for someone who does make more $$ to say to heck with all those middle class people its not my job to pay for them. (Not saying that I think that but just pointing out the double standard).
BTW, for the "privilege" of making a decent amount DH and I pay, combined, $1500/month in student loans from our respective grad schools :gulp: and that is just our minimum payment.
I agree with you
successful people should not be 'punished' for their success and have other people say they deserve to pay more taxes, when they ALREADY do!
ppl who earn $250K are in a higher tax bracket and already pay more
Obama's plan borders on socialism
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| Posted 9/27/08 11:36 AM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by stickydust
Posted by JenniferEver
Way less and don't feel bad. Tax away!
Why is it acceptable to say something like this but it would not be acceptable for someone who does make more $$ to say to heck with all those middle class people its not my job to pay for them. (Not saying that I think that but just pointing out the double standard).
BTW, for the "privilege" of making a decent amount DH and I pay, combined, $1500/month in student loans from our respective grad schools :gulp: and that is just our minimum payment.
My response was an oversimplification.
I think the Middle Class should still pay taxes. I don't think we necessarily need cuts. I think the wealthy people should pay more taxes to fund programs for the poor.
Don't forget that wealthy people have more ways to get deductions, etc. I think there was an interview with Warren Buffet where he said he pays less in taxes than his secretary making $35K. That is a huge problem. We need to close those loopholes and the corporate loopholes and freebies.
Also I think you make a lot of money you're getting a lot from our society, you're benefitting. You should give back. You can argue that people can decide to give back based on charitable donations, etc. but I don't see a problem with wealthier people paying more in taxes. I should pay more money than someone who works at mcDonalds and makes $20K per year. And someone who makes $150K on wall street should pay more taxes than I do.
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| Posted 9/27/08 11:47 AM |
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justbeachy
So close....
Member since 7/07 2900 total posts
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by SweetestOfPeas
I agree with you
successful people should not be 'punished' for their success and have other people say they deserve to pay more taxes, when they ALREADY do!
ppl who earn $250K are in a higher tax bracket and already pay more
Obama's plan borders on socialism
I agree.
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| Posted 9/27/08 11:48 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by SweetestOfPeas
ok this has to be said
I seriously cannot believe that EITHER candidate is still talking about tax cuts for anyone when we're about to pour $700 billion in taxpayer money into wall street!
what a crock
totally agree. If cuts are made in one area they most certainly will be higher in others.
Also, either tax plan right now is a moot issue. Both of the candidates tax plan is garbage right now. After the bailout it will all be different no matter who gets in.
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| Posted 9/27/08 11:49 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by Meaghan729
And most of the deregulation occurred when Clinton was in office - go figure.
Yeah, it's all clinton's fault.
Seriously, does no one remember that the Republican Party took over Congress in 1994 and started SHOVING deregulation down everyone's throats?! They had a veto proof majority in both houses, so what was Clinton going to do?! Sheesh!
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| Posted 9/27/08 11:56 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by SweetestOfPeas
ok this has to be said
I seriously cannot believe that EITHER candidate is still talking about tax cuts for anyone when we're about to pour $700 billion in taxpayer money into wall street!
what a crock
See, that's just it, why can't people agree to letting the Bush tax cuts expire until we get through this crisis?! I don't understand and I really don't understand all the furor over Biden's patriotic comment.
We live in a society where we all reap the benefits of having a social contract with each other through our government. It's not a communistic thing to pay taxes, nor is it to step it up and help the littlest among us.
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| Posted 9/27/08 12:00 PM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by Cpt2007
Posted by SweetestOfPeas
ok this has to be said
I seriously cannot believe that EITHER candidate is still talking about tax cuts for anyone when we're about to pour $700 billion in taxpayer money into wall street!
what a crock
See, that's just it, why can't people agree to letting the Bush tax cuts expire until we get through this crisis?! I don't understand and I really don't understand all the furor over Biden's patriotic comment.
We live in a society where we all reap the benefits of having a social contract with each other through our government. It's not a communistic thing to pay taxes, nor is it to step it up and help the littlest among us.
I agree that both candidates need to see about this bail-out thing before they can really tell us their tax plan.
Out of curiousity, how little would a person have to make to benefit from these tax increases? You know, the programs everyone is talking about. Approximate? Not being an a$$, just asking.
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| Posted 9/27/08 12:10 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by LittleBlueBug
Out of curiousity, how little would a person have to make to benefit from these tax increases? You know, the programs everyone is talking about. Approximate? Not being an a$$, just asking.
which programs specifically? there's a myriad that have been proposed not to mention all of the programs that have been cut in the last 8 years (or have been proposed to be cut). Head Start is a huge one right off the bat that would have society-wide implications.
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| Posted 9/27/08 12:15 PM |
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luckyinlove
I love my baby girls!
Member since 12/06 2441 total posts
Name:
Lauren
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by Lake0703
Posted by luckyinlove
I don't think it is right to penalize people for making more money than others. I agree with what another poster said, that many, many people who make that much money have a ton of student loan debt. My sister has to pay almost 500 dollars a month to pay off hers! Everyone works hard, no matter how much money they make. Many of us who don't make that much right now will be soon, especially if you are a cop or teacher with a climbing salary. If Obama is elected and puts this plan into place, it may be affecting me by the end of his term, so yeah, it worries me.
I'm sorry, what school district pays a teacher $250k??? My husband is a teacher with $400 a month school loans and makes $52k. And only AFTER 30+ years will he MAYBE make high 90's. No where close to $250.
Kind of rude response, but 250 is a COMBINED salary. And after 10 years in my district, teachers can make over 100k. Obviously, this isn't including DH's salary.
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| Posted 9/27/08 12:57 PM |
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ExpectingJoy
LIF Adolescent
Member since 5/05 751 total posts
Name:
Cari
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by johnsae
yes, we will be hit HARD if Obama is elected.
us too. It will be a big hit to us, but I don't mind taking the hit if it means less taxes for my children and us in the future. With that additional $$ they will take from us, I expect them to promise my family that they will be fiscally conservative and get us out of this crisis and deficit, so one day I won't have to be taxed as much. I know I have no control over this but I don't want them signing every expensive legislation that comes across their desk.
eta: I look at that $$ like it is charity. We make really good $$, thankfully, and I look at it like I am helping others more needy. I left Bergdorf Goodman's the other day and saw all the homeless people and thought rather than putting the $1 in the cup, I will just give it to the government.
Message edited 9/27/2008 1:56:59 PM.
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| Posted 9/27/08 1:52 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by Cpt2007
Posted by Meaghan729
And most of the deregulation occurred when Clinton was in office - go figure.
Yeah, it's all clinton's fault.
Seriously, does no one remember that the Republican Party took over Congress in 1994 and started SHOVING deregulation down everyone's throats?! They had a veto proof majority in both houses, so what was Clinton going to do?! Sheesh!
The Grahm Leach Bliley act is a part (not all- I did not say it was ALL clinton's fault), and he signed the bill.
Clinton he didn't even try to veto it. A lot of Dems were for it too because it strengthened the community reinvestment act.
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| Posted 9/27/08 2:02 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by johnsae
yes, we will be hit HARD if Obama is elected.
Same here.
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| Posted 9/27/08 2:19 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Do you earn enough to be affected by Obama's tax plan
Between me and my DH we just make over the 250K. However, I must say that my DH has a ton of school debt. We live in middle class neighborhood, have a small Cape Cod house, which badly needs renovations in every room, we have two old cars and haven't taken a real vacation in three years. We are not living paycheck to paycheck, but we are definitely not living the good life. In fact, I guarantee a whole bunch of the posters are living in nicer homes and driving nicer cars than we are. I really think the plan that Nancy Pelosi is pushing would turn this country into a socialist nation - she is now talking about paying off people's credit card debt!!! It is posts like these that make me drift towards McCain.
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| Posted 9/27/08 2:27 PM |
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DNR
LIF Adult
Member since 2/08 909 total posts
Name:
Donna
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by luckyinlove
Posted by Lake0703
Posted by luckyinlove
I don't think it is right to penalize people for making more money than others. I agree with what another poster said, that many, many people who make that much money have a ton of student loan debt. My sister has to pay almost 500 dollars a month to pay off hers! Everyone works hard, no matter how much money they make. Many of us who don't make that much right now will be soon, especially if you are a cop or teacher with a climbing salary. If Obama is elected and puts this plan into place, it may be affecting me by the end of his term, so yeah, it worries me.
I'm sorry, what school district pays a teacher $250k??? My husband is a teacher with $400 a month school loans and makes $52k. And only AFTER 30+ years will he MAYBE make high 90's. No where close to $250.
Kind of rude response, but 250 is a COMBINED salary. And after 10 years in my district, teachers can make over 100k. Obviously, this isn't including DH's salary.
In my district it is very easy to make over $100k after 7 years. It all depends on the district you work in. Between my salary and my husbands we will have a combined salary of $250. It is very scary b/c we both work hard. I also worry for my family, like a previous poster posted. . .my family owns a small business and they will end up suffering even more.
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| Posted 9/27/08 2:30 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by MrsPorkChop
whats with the "i dont feel bad.." comment
seriously. we all work very hard for our money..
i think thats rude.
ITA - it would be like if i said to people losing their homes that now want everyone else to bail them out - "too bad, suck it up"
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| Posted 9/27/08 2:38 PM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Do you earn enough to be affected by Obama's tax plan
Posted by mrsej
Posted by MrsPorkChop
whats with the "i dont feel bad.." comment
seriously. we all work very hard for our money..
i think thats rude.
ITA - it would be like if i said to people losing their homes that now want everyone else to bail them out - "too bad, suck it up"
I could not agree more. How about if I said I don't feel bad for you that gas prices are high and you cannot buy what you want anymore? Complete ignorance.
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| Posted 9/27/08 3:05 PM |
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