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2010 Federal Income Tax Brackets (IRS Tax Rates)
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Every year about this time, when the Bureau of Labor Statistics (BLS) releases inflation data, specifically the CPI-U, experts from a variety of magazines and newspapers try to predict what the tax brackets will be the following year. This is possible because many figures in the tax laws are based on inflation, such as the standard deduction, contribution limits for Traditional and Roth IRAs, and the size and placing of the tax brackets themselves.
This year, the Tax Foundation is first out the gate with their prediction that everything will essentially remain the same as inflation was a mere 0.19%. When they performed this exercise in predicting the 2009 federal income tax brackets, they were 100% correct. I’m fairly confident that these numbers will be accurate when the IRS officially announces the tax brackets for 2010.
2010 IRS Tax Brackets
Here are the projected federal income tax brackets for 2010:
| Tax Bracket | Single | Married Filing Jointly |
| 10% Bracket | $0 – $8,375 | $0 – $16,750 |
| 15% Bracket | $8,375 – $34,000 | $16,750 – $68,000 |
| 25% Bracket | $34,000 – $82,400 | $68,000 – $137,300 |
| 28% Bracket | $82,400 – $171,850 | $137,300 – $209,250 |
| 33% Bracket | $171,850 – $373,650 | $209,250 – $373,650 |
| 35% Bracket | $373,650+ | $373,650+ |
Here are some other important non-tax bracket-related updates (until these are made official by the IRS, these are merely predictions by the experts). As expected, no (or very small) changes:
- Standard deduction remains the same: The standard deduction for singles will remain at $5,700. For married filing jointly, the number will also remain at $11,400. If you are a Head of Household, it’s expected to increase by $50 to $8,400.
- Personal exemption remains the same: The personal exemption will remain at $3,650.
- Annual gift tax exclusion unchanged: For 2010, the current 2009 gift tax exclusion of $13,000 is expected to remain the same. The gift tax is how much you can give to someone else without any tax considerations.
For comparison, here are the 2009 Federal Income Tax Brackets and the 2008 Federal Income Tax Brackets.
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Thanks for sharing these!
Just one more year until Obama raises my taxes to 40%! Phew
There is absolutely no evidece to suggest that that will happen…
If your making over 375k+ and you complain about 40% please get over yourself.
you have no idea what you are talking about. why are you qualified to decided that the people who earn the most should pay a higher percent of their salary? you should get over yourself…try making more money. that’s what capitalism is all about. why should people be punished for being successful? and obama is trying to kill capitalism and replace it with big government.
Here here Josh! But Socialism isn’t that bad.
Obama scares me with his big change…and i am not a 35% bracket person more around the 18% lol but is you tax the rich they take it out on the employees and in return causes a lack of jobs, insurence and a increase of gov. spending to pay unemployement benefits along with asst. liveing that they can then draw….. which in the end only effects the poor and the tax raise only goes to help the people it put out of jobs a big fat circle of bad decisions made by our wonderful goverment…. i think they themselves need a reality check!
that has been my thought as well Josh….is it so wrong to be working hard and being smart to make more than most people?
its like saying to a straight A’s kid in school that since he/she was very smart/hardworking, he/she has to score more in SAT to get admission to a similar school(of an under achiever)
i think its funny to hear people complaining about there 10 15 or higher tax bracket try living in say ireland where its 60 % for the highest earners and so on for lower earners
so if i was paying 15 or so id be thankful
but i guess who reilly wants to pay taxes
I love the idiots that say “try living in this or that country…” We live in the US and I would frankly like to keep it better than “this country or that country”, which is difficult when so many morons hold them up as the benchmark and encourage us moving ever closer.
Stand on principle, period. Bigger government and higher taxes = BAD!
he has a excellent idea of what he is talking about. the only reason that someone “successful” makes such an amount of money is because they aren’t paying accurately paying middle class americans for the smaller jobs that they do that make the company successful.
Preach it! Lets punish success in this nation by taxing people to death. And yes, Obama will raise the federal taxes to well over 45%. After the bush tax cuts expire on EVERYONE, after health care and cap and trade the top tax bracket is estimated to be over 45% and perhaps as high as 52.5%. Thats just federal taxes. Why dont you add the rest of our “tax everything that is alive and some things that aren’t” approach. Do you know what thats called? SLAVERY.
Honestly, if you make $375k+ my opinion is that you should pay the SAME tax rate as someone making $30,000 a year. You earned, you should get to keep it. If you want a handout, become a politician!
Steve, you are correct in my opinion. Everyone should pair their FAIR share of taxes. Our country runs on money and if you live here you should pay for your % of taxes for our rights and freedom. The crazy reality of Obama wanting to TAX those people who make 300k or 400k or more should not be held liable for the rest of the country.
Let’s make those people who make 20k a year and try to get ahead in life lazy since it’s more beneficial for them to sit back and collect a check versus trying to get ahead and make an honest living.
I agree and have always had a problem understanding that I should pay more or less depending on what I make in a year. Just doesn’t make sense to me! We should all pay the same tax rate based on what we earn. If you make $30K then you pay 25%. If you make $100K you pay 25% in taxes……then we all pay and let’s stop the welfare and we will be far better off. Have a great day.
You are too dumb to make 375+. Let me explain slowly. Why should people who work their buts off and make good money have to be punished? 40% of our salaries are quite a significant amount of money… I guess if you were intelligent enough to be earning a lot of money, you would be aware of that moron…
Beth, try not to call other people names like dumb and moron. It demeans you and takes away from you have to say and feel. Best to post your comments and move on. With that said I think that you are on the right track. In my opinion there should be one tax rate for all of us regardless of what we make. We all pay the same rate and it’s spread evenly across the board. Higer wage earners should not be penalized due to the fact they make more money. This is AMERICA otherwise known as the “land of opportunity”. I don’t think puppet BUMA gets it….he’s lost out there in space. Have a great day.
Beth….no one in this country pays 40% of their salaries in taxes. That is a right wing lie.
Yeah, you souhld be srmat lkie me. At lsaet I can slpel. Ihrnertience is a geart way two get rcih, or eevn the ltotrey! Ftoatobll palerys mkae mlolniois of dlalors. Oh wlel, I am a cref and msut cnotniue sahre cpopnirg. I jsut pay and pay and pay and sprehan my ptficohrk. Me tnikns roelvotuion is naer…………
“Link” wrote:
Beth….no one in this country pays 40% of their salaries in taxes. That is a right wing lie.
Really? OK, let’s do some simple math, and assume you live in a state (i.e CA) that has an income tax. Link, I’ll do my very best to keep it simple for you (I don’t want you to accuse me of being a right wing nut job):
Let’s say that a married couple has a taxable income of $90,000 (after deductions).
Federal tax bracket = 25%
State bracket = 9.3%
State SDI = 1.1%
FICA = 6.2%
Medicare = 1.45%
…and Link, I’m sure you will say “but that does not equate to 40%. You are correct, your effective tax rate will probably be lower, depending on your deductions, because the first two are “progressive” as your income goes up. But have you considered the other “taxes” not included above? Probably not. Property tax on homeowners and car owners. Gas tax, sales tax, excise tax, and on and on (do you have any idea how many hidden taxes there are that you pay and don’t even realize it?). If you made $90K last year, then got a 5% ($4500) raise for 2010, I promise you that well in excess of 40% of that raise WILL GO TO SOME SORT OF TAX if you live in a state with an income tax (totals up to about 43% PLUS those “other” taxes).
Please prove me wrong LINK, and I will concede the point. In California, $90K is not a lot of money (even after deductions). But the tax bill on that amount is, in my opinion, staggering. And whether you are a right or left winger, the bill at the end is the same.
Since you make 375+ annually that makes you smart and call everyone else is a moron because they don’t make as much as you. So that means the majority of people in Military, Police, Firefighters must be moron since they don’t earn as much you. These men and women risk more than you do. Choose your words carefully because… they are a part of the reason why you are able to earn and keep this money. Blame the government for the this mess. i also think we should tax equally to the the one con is how do you tax someone when the make next to nothing? Should we kill them i think not.
If you are so smart, you would know that the accurate spelling is “butt”!
Don’t forget hidden taxes…
Borrowed from a site called walletpop:
1. Gasoline tax
2. Gas guzzler tax
3. Hidden taxes on travel
4. “Sin” tax on beer, liquor, gambling and cigarettes
5. Catching a fish or two isn’t free
6. State taxes on insurance premiums
7. Excise tax on imports
8. Payroll taxes
Plus, there are a lot more, including corporate taxes passed on to customers
If you think these are hidden, you must live under a rock. When you go to pay for something, all of these taxes are availble to see. Open your eyes.
you aren’t taxed 40% of your total income, you’d be taxed for 40% of the remainder of your income off the last tax bracket which whatever% of the remainder from the previous bracket. it cascades. no one gives nearly half their money away.
Thanks! I almost freaked because I read the wrong column, but all is okay.
I did that too!
I’m trying to incorporate your 2010 tax table data into a spreadsheet but you were a little sloppy defining the brackets. For instance under “Married Filing Jointly” for the 15% bracket you should have said “$16,751 – $68,000″. You can’t have $16,750 in both the 10 and 15% brackets without explaining that in the latter (15%) it’s over $16,750.
Once again, couples (same sex or otherwise) living as if married, but without the piece of paper, get the short end.
Tax penalty hurts. I did a survey of 5 people in my office and asked them what their tax bill was before they were married and then afterwards, and the increase was between $3,000-$22,000! Ouch. Why are we penalizing married couples?
Why does the $1mil mortgage indebetness limit stay at $1mil when a couple marries, and doesn’t go to $2mil? I donno.
My husband and I were married in 1980. I will never forget my surprise and shock when I realized that because we were now “married” and made the same amount of money…….we OWED taxes to the IRS versus the refund we both received prior to marriage. I don’t understand how they came up with that one. One tax rate based on income is my approach. I remember saying to my husband “if I knew this in advance I would have continued to live together and forget the little piece of paper”. Have a great day.
I know what you mean. I live with my dog (same sex) as if married and I can’t claim the tax benefits of marriage. I’m totally bummed out. I feel cheated.
It can sometimes help & sometimes hurt. It depends on whether the two people make similar amounts vs. one person making a lot more than the other.
What happened to the promise of no income tax for those seniors that make under $50,000.?
Yep, just like the “I will make an itemized list of government spending, available to the public” promise!!! Its just a shame, no one is honest, or can do the right thing in politics
Or the “Read my lips. No new taxes.”
saladdin
HEH obviously has no idea how the econ works. HEH tell me, if i have to go to school and work very hard to make 400 k a year, why wouldnt i just be lazy and only make say 150 k per year since the GOVT will be taxing it so heavily, its not worth it…. you cant get mad at other peoples success. try to make yourself a success instead NOOB
I dont the tax system is fair to either lower income or higher, lets see people making higher wages have more tax shelters better ways to hide in the system while the poor get poorer.while my family are nether apoximately 65,00 a year by the time taxes are taken out we make appox 35,000 my husband has higher ins rates works 10 to 11 hours a day (hes a truck driver and get little benefit from all his hard work, while he enjoys his job it is disheartening to be now they have raised the per diem rate sounds good right NOT. as usual the trucking companies have worked it around to there advantage while we get to pay for it wonder if the irs had planned to shaft the trucker or help them
One problem i do have with your argument is the fact anyone who does not make over a X amount of money is lazy. Even though this nation offers great opportunities some have less than others. For example, those whom attend private schools, often end up with the better paying jobs. However this requires money, not everyone can afford the “ideal” education. So off the bat if i was raised in a wealthy house i have a better chance of becoming wealthy. But regarding the tax system we need reform because if everyone is paying the same rate then the people of this nation might be able to come together and see that its government’s at fault.
Yeah, unchecked capitalism is great. I just have to look at the value of my house and my 401k account to see how well that works.
That’s cute! Your comment made me laugh for the first time in awhile. I know what you mean. My home value going down and my retirement funds near gone……oh my. I don’t know how hold you are, but we had a lot of fun along the way.
I am about to get married. As a single, my fiance is an income earner in the 25% bracket and I am in the 28% bracket. However, if we file jointly we will both be in the 28% bracket. If we file seperately (once married) do we still get the benefit of our respective single bracket? It is really ashame that hardworking married couples are penalized with taxes. I must mention that I am a true believer in capitalism.
I do make over the $400k mark. I borrowed to put myself through school and have achieved the “American Dream”. I am happily married with three children and a home. I am very grateful for what I have. I also have a budget so I can afford to pay for what I have. Obama should run his house the same way. If he cannot afford something cut it from the budget. My friend drives a Range Rover. I drive a honda. Should I steal his car because I cannot afford one myself?
MS,
Ha Obama run his own house the same way. We are in more debt than ever before and we seem to keep wanting to spend more and more to see how deep we can go.
Joking of course, yes under the Obama plan you should go over to your friend and demand that he let you drive his car for say 3 days a week cause that is only fair to you since you don’t drive a luxury car.
May I ask you all just WHO then will pay for the USA debt disaster? Should Obama plant a few money trees to pay for the excess and stupidity that everyone has been living under for 2.5 decades? Ideas would be appreciated … and if you don’t have any then stop complaining.
If it were not for complaining Obama would not be in his position today. As far as debt I understand that we must pay taxes. However, I do not understand why people who make more should pay more. I am a doctor. I have many patients who are unemployed, smoke, take drugs, and drink alcohol. They are able to do so because the government sends them a monthly check for being American. Our greatest debt is not our deficit it is our people. People who receive governement money for being lazy should be subject to drug, alcohol and tobacco testing. We could recoup some money that way instead of stealing it from hard working americans. I already pay close to %50 of my salary to uncle sam. How much is enough?
ms……I completely agree with your welfare philosophy…I was just having this discussion yesterday…to get your check, you gotta pee in a cup. Not only that, but I would love to see that requirement as only the beginning. How about: we’ll help you find a job, if you get fired (not laid-off), you cannot re-apply for welfare….EVER.
Your Tax brackets are great BUT you should show what the tax is at each given point.
IE $67,000 = $??? Plus 25% of the balance up to What ever. That is what we are looking for T Porter
In 1906 an earthquake and fire destroyed over 90% of San Francisco. One year later, the city was back fully functioning. No help from the federal government, no bailouts, no armies of volunteers coming from all over the country.
In 2005 New Orleans was 60% destroyed by a hurricane. Four years later, after billions in federal money and help from all around the world, the city is about 40% restored. That’s what socialism does; that’s government dependency at its best.
The sight of tens of thousands of people sitting around in that stadium whining and waiting for someone to fix things for them just turned my stomach. Kind of makes we wish I could live in New Zealand, where there is still a bit of freedom.
No offense but the technology and architecture that was in place in 1906 was a bit archaic compared to what we have now. I understand your argument in a sense. When Houston was hit by a Hurricane the community banded together to repair what was damaged. We got everything back up and running fairly quickly, but it was due to the fantastic volunteers. Not to say while helping out you got a few ungrateful people, but most were very grateful!
what an easy way to find my tax bracket!…thanks Jim
Thanks for the brackets Jim. The other 90% of commenters are complete morons and should consider reading your article about marginal tax rates. It’s always great to here my fellow high earners whine about an incremental tax increase. Take eco 101 for starters.
Why do people always think that tax money is not going to something that is going to benefit them? Do these people pave their own roads, lock up their own criminals, equip our soldiers, teach their own children, manage their own international relations, facilitate interstate and international commerce, build bridges, provide helping hands to all the less fortunate and the 10% of America that is without work, regulate industries which would pour nuclear waste into the oceans if they could get away with it, chase criminals across state lines, etc.
I am against wasteful government as much as anyone, but let’s not pretend that every tax dollar is being wasted on something that we do not receive a direct or indirect benefit from.
PS Your salary is not necessarily indicative of how hard you work, which seems to be a running theme in this column. Teachers, pastors, farmers and soldiers generally work extremely hard (as examples) and are very rarely compensated with anything that puts them above the 15% tax bracket. Why do upper income earners tend to classify those who does not make as much as they do as lazy?
This is the most intelligent comment I’ve read so far on the site.
I totally agree with this comment. My husband is a fire fighter and he falls under the 15% tax bracket. They work very hard help everyone by no means are they lazy people. He went to college got his bachelors degree but choose to serve the people so why should they be punished for it. Most all civil servants don’t get paid much but they do the most meaningful work. Most people working in the higher tax brackets could care less about anyone but them selves and are rude to the people who serve them in one form or another. i.e. teachers, police, firefighters, store clerks, waiters/ waitresses. They are all hard working people too; the key word is “working”. What about the people who sit home and never work. The government should have tighter restrictions on who gets government money.
Well said! Thank you for something interesting, educational and a comment that held my attention. My father was a laborer and worked very hard. It’s a shame that our society looks down on those that don’t make high end incomes. It’s enlightening to realize that others out there in the cyber world realize another beings true worth based on who they are, not what they make.
Thank you as I was reading through these I was growing increasingly agrivated at all the post from “High Earners” stating anyone who wasnt is Lazy….I have been in the US Marine Corps for just under 6 years and have a family of 4. I made just under 30K this year and worked countless hours many of which in enviroments that most of the before mentioned high earners couldnt even imagine. I agree there are far to many lazy people but making such comments is just stupid and is degrading to some of the hardest and most selfless workers in this great country.
im in the navy and im sure i wont ever make it out of the 15% bracket and people i work about 300 days a year
gggeflat,
You make some great points but I don’t agree with your very last comment about higher income earners classifying lower income earners as lazy.
I am an upper income earner, with a military back ground and I have been a educator before. I decided I wanted more out of life and of course wanted to live a better life and while I am not an executive, MD, Lawyer or such I have friends from each section of life. Friends that earn less than 20k and friends that earn 7 figures. While they don’t usually associated between. There are plent of people out there than are quite happy to sit back and hold their hand out and expect that our government owes them something. But if you recall government does not make any money at all, they tax us for it. So to be honest if I get taxed at 35% I belive I should have some % of say in where that money goes.
How much of our tax money actally goes to better our economy versus loans or grants to other countries that simply HATE us?
How much of our tax money actually goes to fund bridges to no where type projects?
We need our Congress to stop worrying about how they are going to get re-elected and use our tax dollars to their agendas and start using our hard earned tax dollars for our country’s growth, expansion and needs.
And I won’t mention where all of the $$$ are going to come from to pay for the “Health Care” project that is going through Washington now.
Taxes. One of two guaranteed events in a human’s life.
My thoughts:
Rather than sit here and complain about the taxes that are imposed by our Government, in addition to belittling those that make less money than the next guy by calling them “lazy”, perhaps we should focus that energy toward the Government bodies by taking a stand and voicing our opinions based on ‘facts’ and not so much your personal feelings about others. I’m personally in the 25% range (70,000+/yr) so I’m not hear defending anyone. I just think some of you should focus your energy elsewhere within the system that will make improvements to the system.
I find this hilarious. Everyone complains about taxes, but how many of the posters are willing to move to another country and denounce their American citizenship to avoid paying progressive tax rates. I don’t recommend moving to Denmark though, where all their citizens are taxed at 40% regardless of how many euros they make.
So many people don’t realize how many deductions and credits there are to reduce your tax bill. To the guy who makes $375K – your federal tax bill assuming a standard single deduction is a tad bit over $107K. I am sure you are going to pay less than that because you have the wherewithal to reduce your AGI. Most folks can only reduce it by claiming dependents. If you are married and your wife makes the same amount or more than you, yeah, you might be paying a hefty tax bill. I recall seeing a 1040 of a famous couple with two kids that made about $400K, and due to deductions and credits, overpaid their taxes by $50K, and just had it applied to their return for the following year. Like I said, even though you are in the highest tax bracket, you are probably NOT going to have a $107K federal tax. I am not sure about state and local, since those taxes vary by state and locality.
It is really the middle class, the people at the 25% bracket that take the greatest hit. The bottom bracket is 10%, 15%, then 25%? That is a 10 point increase. But when you look at the higher brackets, the difference isn’t so big. After 25%, it is 28%, which is only 3 points. Then 33%, which is a 5 points. The highest bracket, 35% is only a 2 point increase from the previous bracket. I remember when I jumped from the 15% to 25% tax bracket, I started placing more money in my 401K and opened an FSA to decrease my tax load.
I advise people to be educated financially, and that includes taxes. It is fine to go to an accountant, particularly if you have a complicated financial situation, i.e. small business, multiple consultancies, capital gains and losses and other investments, etc. But pick up a copy of the IRS 1040 guide, and see exactly how your tax is calculated, and what different credits and deductions can do for you. Ask your accountant or tax preparer questions, and make sure he/she is looking out for your best interests. Stay away from the one Wesley Snipes used, because, as much as we might complain about taxes, you don’t want the IRS after you.
Finally…someone who has a brain posts their comment!!!!
wish there was a similar calculator for state taxes as well!
No one likes taxes, but our feelngs about this should depend on what the monies are spent on.
It is true that the USA pays the smallest percent of any developed nation in foreign assistance. It’s really small. Polls consistently show that US citizens wildly over estimate the amount spent overseas in this way. What’s our problem? Is it the boostrap mythos–well those straps don’t stretch that far in utter disaster. Lucky for the Scandinavian countries, for US private donations, and yes for the UNDP we have some sort of humanitarian thing going in this suffering world.
Of course the high amount spent in Israel and also in our two big wars is in a special category….Most of you probaby think we need to spend those trillions in Afghanistan and Iraq.
That boondoggle of waste was set in motion by the last BUSH administration, and has been super biz for the war profiteers and the mercenaries at Xe and such. The claims that privatization (of prisons, highways, army etc) is more cost effective has been disproved pretty much across the board. It is a massive give away to special intersts.
No I want my taxes to be spent on helping people truly in need, generously including health care, conserving the environment, implementing innovations in technology and maintaining a free and open society. Lets create the conditions for growth and a better America.
Obama is Stalin.
I would like to see that these so called intelligent high earners would use correct grammar. LivesInNH: The word hear is used to describe one of the five senses, not to describe location. Don’t act like you were not HERE to defend anyone because if you weren’t then you would not have thrown out numbers. There are a plethora of missuses of the English language in this blog post, and most are from people that call themselves well educated and high income earners.
Thank god! I thought I would read through all these tax related posts without seeing something from a grammar nazi. Way to stay on topic! I agree, if you say you are educated and show poor grammar in an anonymous post on the internet then you must be liar! You must of voted for obama, thanks alot….
Surely you meant, “you must be a liar” and not “you must be liar.” As long as we are having fun discussing grammar, you might also want to know that it is “must have” not “must of”. Also, there is no such word as “alot.” There is “a lot” and “allot” – the former meaning a large amount; the latter meaning to allocate.
Your comma usage is rather poor as well and you need to learn how to capitalize. I understand that you may not want to capitalize Obama as a very bold political statement, but what did God do to you to not get capitalized?
Lastly, National Socialism (the party of those despicable Nazis you mentioned) is a conservative ethos. When you’re making fun of liberals, you want to call them grammar Communists.
Woot! I must be uneducated! My degrees are fake!
JB-
I should explain about the nazi reference because you do seem a bit distraught. Calling someone a “grammar nazi” is a humorous way of denoting someone’s overly zealous feelings towards the proper use of grammar and nothing to do with the political party the ruled Germany through the 1930s and early 40s. I think it is an appropriate phrase to use for someone who feels improper grammar equals a lack of education.
I make around 400k a year, and I am now forced by the government to pay a larger percentage of my money than people who earn less than me, and I am not bothered by this at all. First of all, I grew up in a lower-class family in a lower-class neighborhood, and I would not classify anybody in this neighborhood as ‘lazy,’ or ‘unintelligent,’ but rather ‘unfortunate.’ Unfortunate to be raised in such a terrible situation much like I myself did. It offends me to read these comments and find that people think lower-class citizens live off welfare checks and spend the money on drugs and alcohol, and I believe it is unfair to classify lower-class citizens as such. I am not arguing that nobody takes advantage of welfare, but most people do not. And how dare you people call lower-class citizens lazy. Lower-class is defined by income, not by indolence. Lower-class citizens have different trades like construction and farming, which make less money than an upper-class business person would. It is unfair to assume that because these lower-class workers make less money, they are lazier than an upper-class citizen.
Some people were saying that if these people were more intelligent and hard-working, they would not need the help of the rich or welfare, but you people must step out of your fantasy world for a moment and understand the reality of the world; people cannot just ‘become’ intelligent or just get a high paying job just because they decided they were going to do so. Contrary to popular children story morals, you cannot do anything you want by setting your mind to it.
I am okay with paying more taxes than the poor because I am well off. I can still afford luxurious things even though I pay greater taxes, and I certainly do not feel that the raised tax is a ‘punishment’ for making more money. Again, I am wealthy, and I am perfectly happy with paying more money to the Government to help the community and those in need because I can afford it. I think rich people who complain about high taxes are greedy and immoral, and not in the spirit of our great country.
On an unrelated note, some of you recommended a flat tax. I invite you people to get real. A flat tax would be absolutely horrible for the nation. The goal of this nation is not to benefit the rich, but rather to create a suitable standard of living for as many people as we can. For example, if somebody who makes 30,000 is taxed 25%, this person would barely be able to live. If I was taxed 25%, I would generally have the same state of living as I would if I was taxed 40%.
Pretty hot topic about variable vs. flat tax. Looking at the 2009 tax bracket to the 2010 tax bracket I don’t really see a big difference and as a matter of fact a higher rate for the 2010! What’s the big deal?
I guess no one read your post Erick… to bad too because it is very good. Why do people keep trying to associate wealth with being smart or hard working? We all know teachers who make under 40K a year who shouldn’t have to pay 25% tax rate and it should be a shame to think they should.
Come on now. Let’s not start romanticizing professions. I know plenty teachers who are dumb as a brick. And do you really want to start comparing national test averages with other countries?
I agree with Erick on the Flat/Fair tax proposals. They would be horrible.
saladdin
Those who can, DO. Those who can’t TEACH.
Their will always be people on the bottom, whether they are there through their choices or circumstances beyond their control. I know an executive who maid 3 figures, got let go, and now works as a cashier. I also know plenty of starving artists who are not lazy. Being smart or dumb are not the only variables that go into how successful a person is. To those who would do away with welfare do you know who makes up the largest percent of America’s poorest people? The mentally disturbed (not necessarily lazy) who need our help and compassion not are complaining about having to help the less fortunate. I am in the bottom bracket working as a janitor at a university where I also attend school. When I get out I do expect to pay more taxes, depending on the job I get and I have no problem doing so, even though I have to work hard to get there. People can live without their movies, computers, eating out, fancy cars, etc. However, they can’t live without food, shelter, and perhaps some human decency. Maybe it’s not a perfect system but humans are greedy selfish beings so there will never be a perfect system. I am sure everybody would love it if we lived in utopia where the more fortunate gave to the needy when they needed, however much that was, without having to force out of their hand, but sadly we don’t.
What are the cutoffs for contributing to Roth IRA?
Federal sales tax is the answer; if your rich you will buy more stuff and therefore taxed more, if you are poor you will not buy as much and therefore be taxed less. Everybody pays the same rate, and there is less cheating on paying your taxes. Also, this way we can cut down on our huge portion of the government that is way too big and costs too much: the IRS.
Cry,cry,cry…here’s an idea,why don’t we stop paying all these damn football and baseball and basketball players these damn 2 to 100 million dollar salaries and use the money for something wise. Some people do not have the opportunities that others have had,so they never get the chance to make 350+ a yr. Personally,what are you people bitchin about,if you can afford it,why cry about it…oh god forbid,you can’t go out and add on to your 100K yacht,or put a 20k stereo in that Lambo you have. That’s the problem with this sorry ass country,you got the ones that are to lazy to help their selves and the ones that are to damn dependent on money that have gotten it the easy way or like most been born into it,and have never had a callas on their hand except from beatin off. Quit crying and get over yourselves.!
Yes! Stop complaining and let our government do what it wants! Democracy died along time ago, just deal with it comrades!
Until Regan became President, people who made more payed more. Regan is one of he people who put Social Security, Medicare and other public benefits into jeopardy with his flat tax idea. All that flat tax did was screw the little guy. I love the argument that why don’t you just make more money. I love the people who say why should they pay for the poor. I say why should the poor pay for your roads. Please get over your self and realize that the amount that you will be paying is not 40% higher just about 7 to 8% higher. Like it was before Regan started screwing everything including the banking and security exchange by not regulating them. Which put us into a deficit, followed by a war which we borrow money off of a communist country and pay them 50 billion a year in tax. That is what you should be upset about.
I don’t get how the above argument works… flat tax isn’t asking for the poor to be screwed over by the rich or the rich to be helped out more than anyone else, it’s about everybody being treated equally. I’m not rich by any means, but I don’t think that just because someone else was more successful than me financially they should be penalized for it or asked to contribute more than me. How much you partake in society isn’t dictated by how rich you are (if anything- some of these rich people have companies, etc so they are probably adding more to the economy etc than I am). But even without considering those things- it’s not like rich people are benefiting more by having well maintained roads or schools than my family would…
The argument “why don’t you make more money” isn’t necessarily helpful, but it just points out that people are responsible for their own situations, others shouldn’t be forced to take care of you. If you think a flat tax screws you because of your income- then the fact is you were already screwed by whatever happened to put you in a situation where you don’t make enough and can’t or won’t do what it takes to resolve that. I knew a lot of people in school that messed around the whole time and ended up going nowhere and barely making any money. I was one of them for a while in fact, but I changed my path and did what it took to get a better education and better job. Should I pay more to help them now? Regardless of how much I make, I don’t think so. I’m not saying EVERY person in the country who has a hard time getting by is in that position because they didn’t work hard or whatever, but the fact is- that’s life. It is what it is, but for most every other subject people want the government to treat everyone equally and not discriminate, so why should income be any different?
Dear huh,
As for why the flat tax won’t work, please see my post from 1/7 below. Oh and I do take responsibility for my situation. I chose to be a teacher because I am passionate about passing on knowledge and preparing the next generation to be able to choose their paths. I’m betting that at some point in your life you had a teacher that cared about you and pushed you. My wife is a nurse who has acted with professionalism and compassion to help save people’s lives while on and off duty. I’d also be willing to wager that you or someone you love has benefitted from a nurse who went the extra mile. Have you considered that teachers and nurses might struggle with low income? We had a couple of medical bills from the spring that we still have not paid off. We have been in the position of choosing what bills we will pay month to month. We struggle. We are, however, intelligent. We could qualify for high paid jobs in other areas. I have blown the top off of virtually every pre-professional exam I have ever taken. My wife was a successful pre-med student before she felt the calling for nursing. Would you have everyone who is intelligent and passionate always aim for the highest paying jobs? How about this. Figure out a way for me to do what I love (and do it in a public school setting, accessible to everyone) and pay me 6 figure salary. Then maybe I’ll understand your point of view.
question for michael comment on this matter.he states his comment but ,having a bit problem reading all those words he spelled.either he cant spell or needs to back to school my friend. jbl.
To: Huh
The point about flat tax is that this country was not in the state that it was before Regan, Regan made the flat tax rule. It only helped the rich then to make up for the loss of revenue from the “Overly fat” ones Regan then cut and taxed the programs that up until that point were working maybe not working the best but still working. Saying don’t tax the rich is a ridiculous argument because it was the rich that first started the process of putting more burden on the social services that were in place by using the ruse of the flat and fair tax theme. Since the Great Depression there was a tax scheme in place that limped along. The came Regan then came deregulation if you have followed history at all you should know the outcome. I am just saying that all the crying about being taxed unfairly is really about having tried Regan’s way then after getting into a hole and saying that we need to go back or try something different.
The second argument about people being where they want to be is full of it since if everyone was an entrepreneur who would do the work. Please if you have a business degree dig down and try to find a better argument then that. The point about the roads and taxes is the same argument that you are making why should a person who walks to work pay for the up keep of society it is a dumb argument, everyone has to pay, in order for things like roads schools etc… to work. And until the “great” Regan messed with the rules in place things worked. As far as “That’s life statement” hope you never have to taste life from the other side like so many people in Florida, Michigan, etc… Those people didn’t get there by not working hard they got there by being screwed into the ground by CEO’s being payed to make bad decisions, Banks and other financial institutions being unregulated. In that society you better have a gun and know how to use it because there won’t be any money for the police, fire, hospitals parts of this country are all ready there. Go take a walk out side of your bubble sometime.
Federal sales tax won’t work. I am a teacher, my wife is a nurse. We have two kids and live frugally pay check to pay check. Besides very modest retirement accounts, we have no savings or investments and cannot afford to set aside any money at this point. Virtually all of my money after bills goes to living expences purchaces. Let’s say that’s about half my income. Someone making ten times my salary might spend more on their living expences purchases, but still, they will have a much greater amount to save, invest, etc. So, in effect, with the federal sales tax idea, I end up taxed on 50% of my income while a more wealthy individual is only taxed on 5-10% of his. For all of you in favor of a flat or fair tax, how about this. Everybody is taxed 15% across the board. This includes all capital gains with no shelters or loopholes. Yeah, I didn’t think you’d like the idea of having to give up your money that you didn’t actually work for.
Please see the FairTax website FAQ.
So, I am one of those people who make $375K+…aren’t I lucky! I went to a commuter college, put myself through school, worked my way up the corporate ladder. Along the way, I put my step-children through college, paid out of pocket for my autistic daughter’s therapy…she is now mainstreamed and have been helping my sister’s family stay above water and out of bankruptcy due to her husband being out of work. I wasn’t born with a silver spoon in my mouth…I worked, didn’t make excuses and made the most of the opportunities that I had…now with the tax increases…(oh yes, we give to several charities) We won’t be able to retire when I want to, will feel the pinch a bit more when helping my sister’s family as we refuse to let them lose their home and will feel the pinch…I am thinking about asking for a demotion so that I can benefit from all of the “freebies.”
sorry to but in so late on this but to some of the people who posted earlier about “omg the tax rates increasing!!!!!” how in the hell do expect the government to pay for anything if we had a flat tax? seriously, let’s think reality here, i work in a factory not because i want to, but because i have to do what i have to do to support my wife and my unborn child. let’s see some of you live the way i live on ~36k a year (and that’s WITH my wife’s income) both of us *COULD* get a better job, but with the job market the way it is and the area of the country we live in those jobs are few and far between. so how would i see it fair for someone who may (or may not have) worked “hard” to get promotions (usually either based on favoritism and to what it seems to me, very rarely qualifications)to be taxed the same as me?
To: ABCmom
Sorry but I do get lost in your argument. Yes you are very lucky to be getting 375+ in this economy. Most Americans live under the 50K a year mark. I imagine some of them have the same problems that you do. Except they don’t have the money to take care of things the way you did. “Now with the tax increase” things should start to get back to normal. The 7 or 8 percent you complain about was in place for a long time. Before the Regan years, personally I believe that they should get rid of the Charitable tax incentives. So many people with a lot use that incentive to hide there money by giving to charity s that they have a vested interest in. Thus recycling the money and picking up a profit in other ways besides straight money. Free trips, vacations etc…Plus my wife and I give to charity s not because we can claim a tax break but because we believe in the charity we give to. We would still give to those charity’s even if the tax break was taken away. I live on a pension so does my wife. We don’t live like there is no tomorrow we live with in our means. So many people live life large then when things go bad they run around screaming that the sky is falling. Be happy that you got to keep so much more to make your life better then most for so long before some one stood up and said this is a bad idea. My wife and I too know many people who don’t have insurance and have been working hard their whole life with no retirement savings. They to will work probably until they die. They didn’t have a silver spoon either. In life you help who you can help or you buy a bigger house so you can’t hear the screaming coming those in need.
Personally I think it should be based on a flat tax system. Taxes on 370,000 equaling 129,000 is robbery, get over themselves? Do you realize that my paycheck is signed by one of those high tax paying people? Over taxing the rich makes no sense I make approx 26k what incentive is there for me to make more if I am going to just give more of it away? You need to get over yourself and realize getting back at the rich is just a childish, jealous and utterly useless action.
To add when did we become so reliant on the Government, so many want to be cared for by the Federal Government from birth to death? Get over yourself and get off your butt an make it happen stop waiting for others to do it for you!
Well there’s an obvious reason you’re only making $26k per year, you don’t seem too bright. For simplicity sake, lets say you pay about $3,900 per year in taxes, so at the end of the day, you’ve got $22k in your pocket. Because you say there is no incentive to make more money, you would pass up a $400k per year job, which after taxes you’re going home with $260k. You couldn’t use an extra $238k in your bank account each year?
You realize that in order to lower the top 5% of earner’s taxes by 1%, you’d have to raise the bottom 60% of earner’s taxes by 1700%? Go back to school, friend. You might actually learn something.
A flat tax would be regressive. FairTax would not be.
Our country has reached a very sad place in its timeline. This is a country established and built on the backs of laborors; to insult the common man insults the entire nation. In order for capitalism to work there must be two extremes: Have’s and Have Not’s. The reason is that if everyone was on top who would do the bottom jobs. If you could make a doctor’s salary shaking fries at McDonald’s why bother with college. The idea that high income means more inteligent is not only false but insulting; anyone who can argue that point could be considered nonsensical. Someone stated how they help their family and were not born with a “silver spoon”, your argument suggest that your family is uninteligent. Why doesn’t your sister make more money? Why doesn’t her husband build a career for himself like you did? See, the idea that once one makes the money they are too smart to need anything or need to help anyone is ridiculous. Everyone survives by some form of charity and taxes are simply obligatory charity to fund the country in which you live. And yes I know “obligatory charity” is a condundrum but the truth is if we were not forced to do certain things we would not do them. It is just very sad to think that people consider paying for the survival of their own country to be a punishment. But where would you put your big house and your big business if not America? What we refuse to pay for will not last. And I agree that we need to check some of our political figureheads but anyone who is blaming the complete defecit on Obama must have forgotten we have been in a billion dollar war for nearly 10 years. No administration has been critcized as much as Obama in 1 year, EVER. I am not making excuses for him, he has not fulfilled all his promises but he does have years yet to impress me. I would ask those who blame him for every transgression brought on all citizens, are your points valid or just racism of the new millenium? Taxes are a pain for everyone but they insure our basic freedoms.
Well if you have enough money and obviously you know how to read, reasoning is another story. First you must go back to the President Regan years. Look at the public services that were in place and working for someone in your position. They aren’t there now or have been watered down so much as to not have much impact on your live. In the 80’s under the “Flat Tax” system I was in the 26 to 30k bracket. First off my taxes went up. Did that help me get up the latter? Services that my wife had because she didn’t work went away and the money for the things she needed came out of my 26 to 30k. Did that help me? Mean while the people who at that time were making a hell of a lot more were paying less into the social systems that people who had kids and were struggling under the burden of having services removed were enjoying more. I’m not saying that we should go social but the system we had before Regan worked and provided more for the masses. All I am saying is that those politics were slanted in a way that pushed the burden to the guy who was losing more in basic services and actually paying a little more. Raising the taxes of someone 7 or 8% would take things back to the way they “Were” give more money to spend on people who; for no fault of there own, don’t have the means to take care of their family s. Also if that 7 to 8% will hurt anyone that badly, I must report that “They are living beyond their means”. So they need to get real and you need to do some research. To end we became so reliant on the Government after the “Fat Cats” screwed the system over in the 1930s they called it the Great Depression.
Dear Confused:
That is a very good point and I wonder (given the fact that the “News” in this country is more about some tv show then what is actually going on around them.) It is like this society is more concerned with looking the other way then doing what is necessary. I wonder how many people know that we pay China 50 billion a year in “interest” and that we keep borrowing? That most of our Senators make over a million a year,plus gifts, and get a fantastic insurance plan. If we were to put the Senators in the average pay scale of the American worker with the poor insurance they the worker get; Would things be the way they are now?
People I’m a republican but an American first…so I would like to invite you to come together with me and just listen on this one point I have here…so as I read here I see we are fighting each other over the crazy amount of taxes that we pay our government. A government we ALL know is corrupt? Both Republican and Democrat. Why? Why take our government’s side and fight each other over this bs?
So hear me out…
Just over a hundred and fifty years ago people were able to make do without all these wacked out government services and without paying many crazy taxes? My point is wouldn’t it be nice to get back to that point in time? What is your government really doing for you anyway? This sounds evil but isn’t it time to stop feeding baby momma’s who keep reproducing and living off the government? Let them make do themselves like people would have 150 yrs ago!!! They can do it! And they will stop having so many baby’s on welfare and we will stop paying our out of control spending government these astronomical TAXES!!!! Please come together as American’s and live and let die!
Just the basic Federal Government necessities is all we should be required to pay for as American working class tax payers! Military Defense and Interstate Roads is all I can think of on a Federal level.
Any other government tax money revenue should go towards your own local community/county only! Let the local community decide how much if any taxes should be allowed. Some county schools might suck but you will at least have a choice to move to another county/town! This is supposed to be the United States. Not the United Federal Government.
Its difficult to understand why people have such hatred… Most of the comments I have read seem to sound more like whining, I do believe, if you make more money you should be taxed more… I am 28 years old, I have a degree and two years ago I was making 48,000/yr, since then I have had to take a job at a call center making 10.50/hr I work 7 days a week, I am not a lazy, dumb, or unmotivated person, just a bit of bad luck… but you better believe that when I get back into my field of work that I will be PROUD to pay my taxes, whether its 15% or more… And think of me working 7 days a week, working just as hard as you, while you are relaxing at home with you loved ones.
You know what, I am sick and tired of hearing this crap about someone else talking about another persons living. You know what EVERYBODY grows up and walks their own path. Its freaking sad that because now I am 23yo and my wife is 21 we fell in the 25% range. Let me tell you why because we both serve in the Army and some prick that camplains about making 12,000 last year because they didn’t want to do good for themselves and think I NEED to pay more taxes to support them, thats sad.. I say that because people refer to the 375+ group of being rich and shouldn’t complain. Well thats bull crap you should have lost your 1st ammendment right the second you open your mouth. Talking of rich? Its not being rich, it is being successful in life!!
Success entails more than just “cash”. Being part of the military, that should be obvious. Thanks for serving.
This is for all the self centered rich people posting whines about there 35%. You’ll never be happy the money you make can’t buy you happiness it just buys a diluted since of joy! I make 60k a year and i’m happier than any of you overpaid people I have a wife and 4 kids and do just fine!! I don’t qualify for any assistance and struggle from time to time but that struggle actually makes me human!! For example when I see a bum on the street who looks down on his luck i slide him what i can and walk away!! Point is I don’t judge or say he’s like that cause he don’t work or is lazy. I don’t know his story so why jump to some false conclusion of me being better than him. He could be me in a few years and most of you will walk right over me thinking dirty bum!! Those taxes we pay for “welfare babies” do help families that need our help!! One day I hope to be in 35% and up brackets and when I am I’m not going to cry capitolism when tax time comes around. We all have an obligation to each other in a giant circle of life so by all means climb your way to the top but please don’t think less of those less fortunate as yourself. Quit whineing and pay your taxes!!
For those of you complaining about taxes or lazy people. First of all, the lazy people that exploit the welfare system are few and far between. The majority receiving benefits are the working poor, whom capitalism cannot sustain with America’s expensive standard of living. Furthermore, only a negligible amount of taxes go towards them; in reality, the vast majority go towards medicare, social security (which you pay into and receive from), the military, paying interest on debt, public works (roads, police, etc.), and govt. administration (an often inefficient, but largely necessary bureaucracy).
Second, how is taxing rich people punishing “success”? Would a person making 500K and netting 300K after taxes (though they probably don’t pay all those taxes since they have accountants who hide their money in tax-shelters or who lobby Congress to create tax loopholes)–would that person ever trade places with some person making 80K and netting 60K after taxes. Probably not in most cases. I don’t think higher taxes will deter people from covetously desiring more and more wealth. It is also not very likely that the richer person works a whole lot harder than the 80K/year person. Middle class people work overtime and weekends. The difference is often just good fortune (catching a couple breaks, having parents who understand how to use the system to create wealth and imparted that financial literacy to their children). And why is “success” lots of money? Teachers, firemen, and nurses are not “successful” because they don’t make much? Chances are that those wealthy people needed a brilliant teacher or two who was making well below their “value” to educate, challenge, and inspire them.
There is also the patent fallacy that wealthy people work for their money. Some do. But many others “invest” in the market. Which is really just using complex derivatives to create artificial wealth out of nothing–all the while destabilizing the financial system which depreciates the value of 401ks and IRAs of people who actually work for a living. Serious market crashes used to be rare phenomenons, but since deregulation of financial instruments truly took hold in the 80s, crashes have become commonplace, occurring every few years.
In a capitalist system, you are going to have the top and the bottom–but it is not healthy when the divide is as wide as it is today. Working people cannot contribute if they are not making sustainable wages. During Republican President Eisenhower’s administration, during the Second Red Scare when everyone was being accused of being Communist, the highest tax rate was 91%. Under Reagan, it was 50% for his first term. Now people are complaining about 35% and potentially 39%. Calling Obama Socialist? During the past 30 years, there has been rampant deregulation, reductions in taxes, and tax breaks for outsourcing. The GDP has soared, the rich have gotten exponentially richer, but health care costs, education, and housing prices have also soared, while wages for middle and low class workers have only slightly improved. The result–everyone except the top 5% have gotten relatively poorer. There is, and has been, a class war going on–perpetrated by the filthy rich on the non-filthy rich.
Wealth is not created in a vacuum. Business owners need customers, workers and support personal (police to protect everyone, construction workers to build roads to transport goods, soldiers to protect the factory from foreign attack). If any group in this complex relationship suffer, every member suffers. There are no self-made millionaires without society.
I like your argument and you have changed my openion!
I wish people stopped worrying about Tax percentages, and paid better attention to the Wars we are causing. It is a grave for us which is being digged bigger and deeper for US. That’s why China and Russia are so hands off no matter what we do to Iraq and Afghanistan. We are almost a 3rd world country and they know it. It’s time for us to stop that and take care of this country.
I’m in construction and can say first hand, as far as my experience goes, about 90% of the time the more money you make the less work you do. There are always exceptions to this but it seems to be a reoccurring event where ever i go.
What else makes me sick about this country is How many attorney’s and lawyers we have. Do we really need that many people suing everybody over the dumbest shit. I constantly see these commercials on TV about if your or someone you know….. It’s ridiculous.
So far I think the majority of the opinions offered up have been insightful and quite entertaining. However, we can’t entirely blame the president and the government for the issues with our federal taxing system. We also have to look at the role we play. We are essentially allowing ourselves to be taken advantage of with respect to our so-called income tax and this points more to our inability to effectively hold our government accountable for its actions. What I mean is this. When we are employed we fill out an allowance form (w-4) which allows the government to take x percent of money from our compensation. Note that I said compensation and not income. If you are a real person as opposed to a fictitious person (a corporation) you can only receive compensation for services rendered or wages. You don’t have income. This term is only reserved for businesses who generate profit and losses and can generate negative or positive income streams. We on the other hand are in a contractual agreement with our employers to receive a set or variable wage (salary) based on our performance and receive compensation when our duty is performed as per contract.
But anyway, getting back to the point. We may very well be allowing ourselves to be taken advantage of. Taxes by definition are something that everyone pays at the same rate regardless of economic stratification. For example sales tax. Depending on your state rates vary,but we all pay sales tax when we purchase an item. It’s equal for everyone and we never receive a return on it unless we physically return the item purchased. Same thing with luxury taxes such as the taxes on gas, cigarettes, alcohol, cars, etc. We pay at the time of purchase and never receive a refund or return unless the items are returned. These are true taxes. Now looking at our so-called income tax. I repeat it is not a tax it is an allowance that we give the government the right to take from us. If we allowed the government to take out too much then the government returns or refunds us the overage. I repeat this is not a tax.
Now if we don’t like the allowance rates we should fight to change them, but please don’t get into the fight over poor versus rich and who may or may not have the right to complain about our so-called income tax rates. We all have the right to voice our opinion.
Lastly I will say this. If you are allowing the government to take 35% of your wages then find ways to reduce your income. Such as giving to charity or purchasing investment property, set up IRA’s etc. This will most certainly lower your taxable (allowable)income even if if doesn’t lower your tax (allowance) bracket, which effectively lowers your allowance to the government. But wait…here’s the great thing about what I just mentioned, it works at all levels of compensation. Now I’m a realist. I know some things are easier said than done, and in today’s economic climate you are lucky if you are employed. Nonetheless, some things to consider going forward.
This is an awesome, insightful response – thanks for posting.
You’re welcome. This was a fun one.
Can we get a flat rate tax that applies across the board for all and apply consumption tax thereafter? That way you pay based on your ‘lifestyle’? Just wondering … we’re moving up the tax bracket and we work pretty damn hard, just hate to “give” the IRS our hard earned money! Anyone have any suggestions about ways to “reduce” our income? And no, I’m not quitting my job, lol.
I here ya. We’re getting pretty high up in the tax bracket too. We donate to charity to reduce our compensation. I’ve heard of people starting non-profits and donating money to their non-profits, which lowers their compensation but keeps their money in-house so to speak. I’m not sure how that works, but you get the gist and it might be worth looking into. Buying developed land in impoverished areas is another way to reduce annual compensation. The real property you purchase will most certainly depreciate annually and you can write-off a portion of your losses. It depends on your fortitude how far you go with it. I personally am a big fan of stocking up for retirement and making charitable donations. They’re both good for your heart, long-term health, and your conscience. Well I hope this gets the creative juices flowing. Good luck.
Hi Abe. Next year, we’ll no longer be allowed to take charitable donations off taxes.
WOW….I was reading all the comments and thought how sad what money is forcing us into….a world of hate, greed & deceit. If you have a roof over your head (3000sq ft or 1000sq ft), food to eat (steak or hotdogs), a job (25,000 or 250,000) than you truly have a lot to be thankful for and if you have your health, than you are the richest person in the world.
I’m surprised I saw no comment/concern about what’s new for 2010. Is anyone aware that the Alternative minimum tax (AMT) exemption will drop from $70,950 for married filing jointly for tax year 2009 to $45,000 in 2010? I should also mention that the increased deduction for real estate taxes expires. I perceive this will result in significant tax increases in 2010 for many who have incomes under $135K. Can this be just another broken administration promise concerning taxes for the “middle class”?
You are a hundred percent right about broken campaign promises. Obama has the crazy idea that more taxes = more revenue.
Why do I have to pay for lazy people Congressman.
This is just my mind speaking but Id like to have my view thrown out.
I leave my home at 5:15 am and return at 7:30 pm. I have no time clock Im self employed. I invested 4 years in a degree and beg & borrowed 25000.00 to start up my business. Eat beans and rice for 2 years with a degree. Worked 6000 hours first 2 years to have a loss. I finally get my business going get married, wife two kids and a income now someone want to share my reward. Ill be glad if you will show me the 6000 hours of work and eat bean and rice and a 4 year degree without the goverment help like I did.
William
hey ms you make 400k+ what are you complaining about?????? Even with taxes out you probably still bring home over 200K a year!! Listen nobody likes taxes nobody! But i agree with taxing those who make more SIMPLY because you have more!! For example I make 30,000 a year I have a bachelors degree and Im not stupid and or lazy as you imply for those who make less than you!! If they tax me as much as you then I may not eat dinner sometimes every week! Meanwhile you will never starve with that kind of salary regardless of how bad the economy is or gets!! Does that make it right or fair maybe not but understand it is the only way!! you sound like an elitist to me!!
@ taxhead: I so agree with you. I also make about $32K a year, have a bachelors degree (graduated w/ honors) and can not believe that people think someone is automatically stupid and not hard working just because we don’t make a 6 figure salary. I struggle constantly to make ends meet and work 2 jobs as well. Apparently some of this elitists need to have their income deflated to understand how arrogant and misconceived their ideals are!!
I agree that taxe rates should be the same but if you did that the country would fail. No unemployment, forclosures would be sky high when people lost their jobs, no social security, crime would sky rocket because when people lost their jobs they’d have to steal.
Everyone who makes more or less money than me is an idiot. Everyone else should pay all my taxes for me. In fact, if you are not me, you are nothing but an oxygen thief. I think everyone who is not me should be shot.