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Cas

Taxes on $250,000 annual income?

Pisces_26:

I do understand have a job make around 70K. I see no way i will ever make 250.000 a year, and i do have to pay more taxes let the money go to help my fellow Americans, Health care, schools. I dont like my taxes going places that give no help to us the tax payers.

Tee:

my point exactly. that is why I, and nearly everyone I know is voting for Obama.

DJ:

Welcome to 21st Century America.
The illegal alien situation is beginning to remind me of the Roman Empire.
Unemployment was high through the entirety of the Empire because so many businesses had slave labor, rather than paid labor.
I can only ask you to hope for a brighter future. Things seem to be going down hill very fast here in America.

Meri:

Basically $250k, puts you in the 33% tax bracket. See the last page of the IRS 2007 Tax Rate Schedules for a more granular view - http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

Estimates vary, but there are 2%-4% of the population (singles and couples) that earn $250k or more a year.

Tigee:

I make more now than I have for years. My income is well under 150k. But my tax burden was higher when Clinton was in office that it is now. A question I have, is Obama speaking of gross or net income. A lot of small business gross more than 250k but their net is much, much less.

Svwhu:

I believe we all pay taxes on nex income.

Meri:

There's a few things that come into play here. There's business taxes and personal income taxes, as well as salary (gross) and taxable income (net).

Small business owners pay business taxes on the business, as well as personal income taxes, so while a business may make $250k or more a year that doesn't mean the business owner's personal income is $250k or more.

Most times when people talk about income figures they quote their gross...think about it, when you talk to people, do you say your gross income (salary) or your net taxable income?

As far as which figures the tax plans are using, you'd have to see the candidates Websites.

Dave:

$250K is in the top 1.5% of incomes. $60K puts you someweheer around 27%

John P:

Boy are me and my husband stupid. We made around $60,000.00 and we thought we were upper middle class. Now we find out we must be midway the poor class. I know we tried to live from payday to payday like everybody else and have done without so much we needed. But now to be told I spent my life in the military and my husband worked for pepsi and fred myers for over 20years, that we have worked our entire lives to amount to being poor . Makes me feel like a failure at life. Served my country all my life and now I am not worth anything. Wow! Oh, well, came into this earth with nothing and going out with nothing. Just wasted my life working for nothing.

Pegalomania The Artsqueen:

A small business person who has to include their business expenses on their income tax can easliy earn $250,000. A dentist with a payroll, for example. I think Obama means household income and not individual income. Hopefully, we will never find out.

Loyal1:

YOU NEED TO BEFORE YOU MAKE YOUR DECISION

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