Quote:
Originally Posted by x5GuyInLA
So was Obama just blowing smoke up our asses when he said he would cut taxes for those making under $200K? I can understand the argument that Obama wasn't saying that he was going to give a tax break to those making under $250K, but now he's reducing that number. Haven't checked out the website, but my understanding from his commercials, it's under $200K. http://www.youtube.com/watch?v=z-SavgJlBLA. Skip to about the 30 second mark and you'll see the commercial. It's a right wing video, but the quote is straight from Obama's mouth. Another one... http://www.youtube.com/watch?v=sUomLMA3vVQ. Skip to about the 26 second mark.
|
Something just occured to me when I was watching those videos. There are tax differences for different amounts of dependents and whether you are single or married. A single person making $250k per year gets taxed differently than a family of 4 making the same amount.
So I played with the tax calculator at Obama's website, and here's what I found:
--Regardless of number of dependants or marriage status, if you make more than $250k, you get no tax cut -- these are the people that will get a tax increase of 3.6%, but keep in mind that the increase is only on the portion of your income that is over $250k
--If a married couple with or without kids makes between $150k and $200k, you get a tax cut
--A single person making between $150k and $200k does NOT get a tax cut
--A single person making under $150k gets a tax cut, assuming they count themselves as a dependant on their own tax return.
--A single person who does NOT count themselves as a dependant on their own tax return (i.e. a college-age kid living with their parents) making less than $100k gets a tax cut.
So that is where your $250k, $200k, $150k and $100k thresholds come from.