Obama To Boehner: Tax Hikes On Wealthy Or Bush Tax Cuts Expire

[denverboz]

Yeah baby!! Has he actually grown a pair???

President Obama and House Speaker John Boehner have each made cursory appeals to cooperation in the wake of Tuesday’s election. But they’re still making incompatible demands about the tax code. And on Friday, President Obama made clear that if Republicans reject the policy goal he campaigned on, all of the Bush tax cuts will expire.


“If we’re serious about reducing the deficit we have to combine spending cuts with revenue, and that means asking the wealthy to pay a little more in taxes,” Obama said in public remarks at the White House. “Right now if Congress fails to come to an agreement on an overall deficit reduction package by the end of the year, everybody’s taxes will automatically go up on January 1.”


http://tpmdc.talkingpointsmemo.com/2...re.php?ref=fpa

Political capital bitches!!!!

This ain't gonna look good for the republicans if they allow peoples taxes to go up. Congress's approval rating is already in the cellar at 15%.

[sukie]

Asking the wealthy to pay a little bit more isn't alot of tax revenue

[denverboz]

Asking the wealthy to pay a little bit more isn't alot of tax revenue

It certainly ain't gonna solve all our problems or miraculously make the debt go away, but it's a start.

[BLeonard]

Asking the wealthy to pay a little bit more isn't alot of tax revenue

Gotta start somewhere, though...

-Bill

[sukie]

I have no problem with that but it doesn't make a dent. if people think that 250k is rich then go ahead. Tax small businesses. i don't look at prices anyway

[YankeeInRaleigh]

Jesus, i'm SOOO sick of hearing this.

Yup, every single person in the united states of america who makes more than 250K a year, is a small business. No ifs ands or buts about it, they're a small business.

[sukie]

Nope but lots of small businesses that make 250k or more unless huge are basic LLCs

[sukie]

Sorry I will fall into line. All those 250kers are doctors, lawyers, and bank execs. My bad.

[jdaltroy5]

Now, when you say "make over 250k a year" That's gross right?

[sukie]

For a couple and i believe it is gross but of course there would be a refund when the loopholes are maxed out.

[jdaltroy5]

How much are they going up by?

[sukie]

a little bit...

[Muktar al-Portlandi]

Business sales is not the same as taxable business income. This is the think Joe the Plumber thought but Obama didn't realize he was that stupid.

[sukie]

Right we are talking about gross profit but for couples making 250...How would that work since taxes are taken out individually so how does the government collect more when joe and sally hit 250 after deductions? additional tax hit while at HR Block?

[Muktar al-Portlandi]

Right we are talking about gross profit but for couples making 250...How would that work since taxes are taken out individually so how does the government collect more when joe and sally hit 250 after deductions? additional tax hit while at HR Block?

Joe wasn't going to make that much. And you're not talking gross profit. You're talking taxable income. All rates are based on taxable income. Haven't you ever filled out a W-4? http://www.irs.gov/pub/irs-pdf/fw4.pdf

[DraftBoy]

Good he should let them all expire. Ridiculous to keep extending them in the first place.

[jdaltroy5]

Joe wasn't going to make that much. And you're not talking gross profit. You're talking taxable income. All rates are based on taxable income. Haven't you ever filled out a W-4? http://www.irs.gov/pub/irs-pdf/fw4.pdf

See that's what I thought. For a good laugh, I've been listening to Fox News on my way home from work. They're talking like a business that grosses 250k but only takes home 30k is going to be hit by the tax man putting them out of business and sending America into an apocalyptic spiral since 99% of people own small businesses.

It didn't make sense to me.

So AFTER they pay out all of their expenses (not including taxes) and they still have 250k left over in pre-tax income, then they would have their taxes raised?

What's the big deal?

[Muktar al-Portlandi]

Sukie Boehner. I just had to.

[Muktar al-Portlandi]

See that's what I thought. For a good laugh, I've been listening to Fox News on my way home from work. They're talking like a business that grosses 250k but only takes home 30k is going to be hit by the tax man putting them out of business and sending America into an apocalyptic spiral since 99% of people own small businesses.

It didn't make sense to me.

So AFTER they pay out all of their expenses (not including taxes) and they still have 250k left over in pre-tax income, then they would have their taxes raised?

What's the big deal?

Have they got business ownership up to 99%? How does that 46-47% slough off and own businesses at the same time?

[MidnightVoice]

Nope but lots of small businesses that make 250k or more unless huge are basic LLCs

Well, if the owner of a small business makes $250K a year, then he pays personal taxes on it. Has ZERO effect on his business. If he invests the money in his business, instead of taking it as salary, it is tax free