...and when i said individuals making less than $250k, i meant families making less than $235k
...and when i said individuals making less than $250k, i meant families making less than $235k
#1...and when i said individuals making less than $250k, i meant families making less than $235k
Posted: 5/12/09 at 6:21am
the white house again lowers the income on which it will raise taxes. upper middle class obama supporters feel the hope and change.
wait you didn't really believe me did you?
...global warming can manifest itself as heat, cool, precipitation, storms, drought, wind, or any other phenomenon, much like a shapeshifter. -- jim geraghty
pray to st. jude
i'm a sonic reducer
he was the gimmicky sort
fenchurch=mejusthavingfun=magwildwood=mmousefan=bkcollector=bradmajors=somethingtotalkabout: the fenchurch mpd collective
JohnBoy2
Broadway Legend Joined: 3/21/06
#2re: ...and when i said individuals making less than $250k, i meant families making less than $235k
Posted: 5/12/09 at 5:43pm
ZONEACE
Broadway Legend Joined: 5/10/05
#2re: ...and when i said individuals making less than $250k, i meant families making less than $235k
Posted: 5/12/09 at 6:24pmas someone who makes less than 18k a year, i have no sympathy.
#3re: ...and when i said individuals making less than $250k, i meant families
Posted: 5/12/09 at 6:26pm^ditto. Sorry, but even if you're supporting a family with 5 kids, $235K annually is quite comfortable.
#4re: ...and when i said individuals making less than $250k, i meant families
Posted: 5/12/09 at 6:35pmThat is very comfortable.
#5re: ...and when i said individuals making less than $250k, i meant families
Posted: 5/12/09 at 6:52pm
At any rate, it's not those making $235K; that's the figure after deductions and exemptions. In other words, they'd probably actually be making at least $250K.
#6re: ...and when i said individuals making less than $250k, i meant families
Posted: 5/12/09 at 6:52pm
How is this inconsistent?
"The Treasury Department's description, known as the "green book," showed that the new 36% rate would apply to an adjusted gross income of $250,000 "less the standard deduction and two personal exemptions." Those items effectively represent the minimum that a couple could subtract from adjusted gross income, officials said. A senior administration official estimated that that produces taxable income of about $235,000.
Many couples with adjusted gross income of $250,000 have itemized deductions that would put their taxable income well below that $235,000 threshold."
I guess you can argue he took advantage of a gray area, but this does not seem inconsistent - the gross income is $250K, but the taxable is always a bit less because of write-offs. Indeed arguably this is beneficial to homeowners and those with extensive medical expenses, because their taxable incomes would be lower due to the writeoffs they have. So, if you make $265K, but have $36K in writeoffs, you will not face the higher tax.
Videos