As we get closer to the elections of 2008, it is almost a foregone conclusion that Obama will win the election. Under his new tax policy, married couples making more than $250,000 will have to pay an additional 3% on their taxes, for a total of 36%. For families like mine, which are barely making over $250,000, that's 90,000$ going to Uncle Sam alone, not to mention our state's relatively high taxes and our town's high property tax, and you're looking at over $125,000 in taxes not including social security and medicare and all the other things the government pig takes from us. Now factor in the cost of a college/medical school tuition these days. $60,000 including tuition, room and board, fees, and expenses. Because of our "high" income, we get 0$ of financial aid, while other much wealthier families in our town can hide their assets and pay 15% tax and get financial aid. In other words, because I have to go to college next year, my family's monetary revenue per year after taxes and social security and whatnot is $50,000 to support a family of 4. Where the hell is the justice in the world? Not to mention that my family had planned to have kids 5 years from each other so they would only have to support one kid's college tuition at a time. Well apparently, having concurrent kids in college gives you financial aid. Bullocks.

For comparison, some of my friends' parents can hide their assets in privately owned companies and pay 15% on capital gains tax while hiding everything they spend under business expenses and reinvestment into their firm (bullocks) and they get financial aid and federal grants. Bullocks.

This is another reason why I hate the current system and Obama.

JudgeMathis

Cuba1286 Posts

June 28 2008 16:27 GMT

Uhhhh... My house hold doesn't even make more than 60k a year(together). -_- Stop crying, your parents can afford your schooling.

Caller

Poland8075 Posts

June 28 2008 16:30 GMT

On June 29 2008 01:27 JudgeMathis wrote:
Uhhhh... My house hold doesn't even make more than 60k a year(together). -_- Stop crying, your parents can afford your schooling.

I understand
on the other hand how is it fair that other people can hide all their assets and make off like bandits anyways

JudgeMathis

Cuba1286 Posts

June 28 2008 16:38 GMT

I don't know. Don't people get their taxes reduced if they donate(clothes, money, etc)?

Clutch3

United States1344 Posts

June 28 2008 16:41 GMT

If your family makes $250k a year, and you're really worried that it's not enough to live on, how can you possibly complain when Obama wants to lower taxes on the vast majority of families that make a fraction of that

The problem you have is not with Obama, it's with your friends who are tax cheats. If everyone paid their fair share we wouldn't have these huge deficits and the weak dollar, etc.

If your family can't afford college, you should get student loans. Lots of us have been there, it's not that bad. But good luck, since the Republicans have been on a mission to make that a lot harder.

The 36% is a MARGINAL tax rate. The 36% rate would only kick in for a married couple at $200k. What that means is that under Obama, you'd be paying only (250k-200k)*(0.03) = $1,500 more than you are now. That's a little over half a percent of your parents total income. You really think that's enough of a difference to not vote for Obama??? See here:

2008 Income Tax Rates

p.s. I _highly_ doubt your family pays more than 50% of its income in taxes before payroll taxes. I'd be interested to see the actual breakdown.

Caller

Poland8075 Posts

June 28 2008 16:43 GMT

On June 29 2008 01:41 Clutch3 wrote:
If your family makes $250k a year, and you're really worried that it's not enough to live on, how can you possibly complain when Obama wants to lower taxes on the vast majority of families that make a fraction of that

The problem you have is not with Obama, it's with your friends who are tax cheats. If everyone paid their fair share we wouldn't have these huge deficits and the weak dollar, etc.

If your family can't afford college, you should get student loans. Lots of us have been there, it's not that bad. But good luck, since the Republicans have been on a mission to make that a lot harder.

The 36% is a MARGINAL tax rate. The 36% rate would only kick in for a married couple at $200k. What that means is that under Obama, you'd be paying only (250k-200k)*(0.03) = $1,500 more than you are now. That's a little over half a percent of your parents total income. You really think that's enough of a difference to not vote for Obama??? See here:

2008 Income Tax Rates

p.s. I _highly_ doubt your family pays more than 50% of its income in taxes before payroll taxes. I'd be interested to see the actual breakdown.

i would love to post it but thats personal information T_T

DrainX

Sweden3187 Posts

June 28 2008 16:57 GMT

You should come to Sweden

Here anyone with a good income pays around 50% taxes

Mindcrime

United States6899 Posts

June 28 2008 16:59 GMT

Poor disadvantaged $250k-earners...

kpcrew

Korea (South)1071 Posts

June 28 2008 17:05 GMT

the democrats champion the poor
the republicans champion the rich
the middle class pays all the taxes

thats how it is
i wish i could complain about making $250 thousand a year
my god, it must be impossible for you to live on ONLY $50,000
theres only a majority of people making less than your household in the united states

i feel for you man.

MiniRoman

Canada3953 Posts

June 28 2008 17:17 GMT

#10

ya taxes are gay

il0seonpurpose

Korea (South)5638 Posts

June 28 2008 17:36 GMT

#11

On June 29 2008 01:57 DrainX wrote:
You should come to Sweden

Here anyone with a good income pays around 50% taxes

yeah but then you all get free insurance and college fees?

JeeJee

Canada5652 Posts

June 28 2008 17:38 GMT

#12

I wish I had a problem like making too much money

Mickey

United States2606 Posts

June 28 2008 17:43 GMT

#13

On June 29 2008 01:27 JudgeMathis wrote:
Uhhhh... My house hold doesn't even make more than 60k a year(together). -_- Stop crying, your parents can afford your schooling.

Exactly.

My parents barely make 50k. Seriously Stop Bitching

Ok sorry for that comment, but when I saw how much money you guys make it made me angry. How about State Universities? They are considerably cheaper than Private.

KOFgokuon

United States14893 Posts

June 28 2008 17:54 GMT

#14

Don't be supported by your parents then
take out all loans in your own name, whether or not you actually pay them off is another story but when you apply if you stipulate that you aren't going to get any assistance from your family for college I think you should have a much easier time getting grants and loans

And Clutch3 is right, only the portion in the highest bracket gets taxed at the highest rate
and honestly, even if obama is president, that tax raise has to go through congress, and who knows if that'll work

if anything obama will work to remove that bullshit capital gains tax, so you should be happy

EvilTeletubby

Baltimore, USA22254 Posts

June 28 2008 18:08 GMT

#15

Wow @ this blog... you don't know how good you have it, and you still complain. TBH you sound a bit spoiled to me.

Like everyone has said, if you're so concerned about the wellbeing of your family, man-up and take out loans yourself.

Rayzorblade

United States1172 Posts

June 28 2008 18:12 GMT

#16

Your household makes almost four times above the median income in the United States.

What are you complaining about again?

dronebabo

10866 Posts

June 28 2008 18:27 GMT

#17

--- Nuked ---

Caller

Poland8075 Posts

June 28 2008 18:28 GMT

#18

i'm not complaining about the fact that there's high income

i'm complaining about the fact that other people are hiding their assets and getting away scot free from it

that was an example of criticizing obama's policies..

We don't actually make 250,000. We make something less than that. A lot less. But we still don't get any help and I can apply to like... 0 scholarship foundations.

in the mean time my parents work 14 hours a day 7 a week on work alone while other parents are coaching baseball teams and still earning money

Cheerio

Ukraine3178 Posts

June 28 2008 18:29 GMT

#19

Oh yeah, there is no justice in the world. When I was about to go to "college" my family earned neer $2500 a year (two thousand five hundred after tax, that's one hundred times less than yours earns now before tax).

And like Clutch3 said, you are getting the situation wrong. USA has progressive tax system, that means the higher tax % is applied only to the value of income which is above some limit. If you earn only slightly above 250000 u won't feel the difference.

http://en.wikipedia.org/wiki/Progressive_tax
If taxable income falls within a particular tax bracket, the individual pays the listed percentage of income on each dollar that falls within that monetary range. For example, a person who earned $10,000 in taxable income (income after adjustments, deductions, and exemptions) for 2006 would be liable for 10% of each dollar earned from the 1st dollar to the 7,550th dollar, and then for 15% of each dollar earned from the 7,551st dollar to the 10,000th dollar, for a total of $1,122.50. This ensures that every rise in a person's salary results in an increase of after-tax salary

And you should not react so painfully to tax changes. Want a change - find a way to cover your income like the others do of which you talk about, but for god's sake stop whining.

tiffany

3664 Posts

June 28 2008 18:36 GMT

#20

after all the posts that have rebuked the nonsense you wrote in your OP, you are still putting some blame on obama? do you not possess an ounce of logic or what.

your "friends" and their parents hiding their money has nothing to do with obama, go whine to them.

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