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October 30, 2008
Is it $250K, $200K, or $150K? What's with all the tax cut thresholds?
You've heard all the talking-head wrangling over the seeming "moving target" when it comes to which income levels will, and which won't, see a relief in their tax burden under a President Barack Obama, should he win election and pass his agenda.
There are three different amounts. Here's my understanding:
A) $250,000. Barack Obama says that, if you make this amount or above, you will see your "Bush tax cuts" expire, which is an effective tax increase, as has been thoroughly discussed.
B) $200,000. Obama says that families* making less than $250K will not see an increase in their taxes, and that families making less than $200K will get a tax cut. So by inference, the 200-250 window is a "no change" bracket.
C) $150,000. Joe Biden was not identifying $150K as a threshold. His comment was that, contra McCain's plan, relief needs to go to the middle class. He said that the tax relief doesn't need to go to the wealthy, it needs to go to "those making $150,000." He could have said $40,000, or $75,000, or $199,999 -- any number less than $200,000 would have been accurate (provided it didn't go so low as to dip into income brackets that actually don't pay taxes to begin with). See B) above.
I think the confusion over this is causing already skeptical people to just shut their ears to what the actual plans are.
However, if you have factual information to share that differs from the above, I'd love you to share it. I'm not saying my interpretation is right; I'm simply sharing what my interpretation is.
*Single persons may experience slightly different results. I'm not sure.
Government , Presidential Elections | By joe lance | 9:47 AM
