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[Smarta$$]

Bill, I've always realized I'm middle class (okay, maybe upper-middle class). It's the 'Bamster who insists I'm "rich" every time he gets in front of a teleprompter.

Under the Presidents tax plan, how much approximately would your tax increase be?

 

[jonjuan]

Under the Presidents tax plan, how much approximately would your tax increase be?

For gods sake, turn off rachael mad cow.

 

[GogglesPisano]

For gods sake, turn off rachael mad cow.

The guy asks a legitimate question, and you accuse him of being influenced by a TV pundit? Talk about partisanship.

 

[Smarta$$]

For gods sake, turn off rachael mad cow.

I want to know what he estimates his tax increase to be. In response to your post towards me, you are the LAST one who should talk about being influenced by your favorite "media".

 

[BILL LUMBERG]

True....

Somebody show me where my taxes went up over the last 4 years?? They went down....Payroll tax on Hiatus.....Mutt didn't build THAT!

Cue "but the debt..." fear mongers in 3.....2......1......

(Psst.....end 2 wars, and you suddenly have cash)

 

[SWA Bubba]

Under the Presidents tax plan, how much approximately would your tax increase be?

Don't know how this turned to politics (but it always seems to), but I'll take a shot at this...

Under President Obama's plan, most if not all SWA Captains, and not a few FOs will pay more in Federal income tax. That's due to increases in marginal tax rates for those individuals making >$200k, and married making >$250k. That's the basic tax increase that is visible to everyone and talked about every time the President speaks or Gov Romney speaks about the President. However, that's not all.

What is less talked-about, are additional tax increases that affect not only those "millionaires and billionaires," as the President refers to us, but most other Americans as well. For instance, the President desires to tax capital gains at ordinary income rates (any one who has mutual funds will feel a tax increase). In Obamacare, there are all sorts of hidden tax increases that we'll all feel in the coming years. Interest income will be taxed at higher rates (talk about killing the incentive to save or invest!), if you have a good health insurance plan that your union negotiated as part of your compensation, you will pay a "cadlillac health plan tax," in the form of imputed income, because you have a better health care plan than the government feels is "fair." If you sell your house (to move, for instance), you will pay a 3-point-something percent sales tax on the sales price (not the gain, if there even is any) to help pay for Obamacare. Yet to be determined is if you make a gain on the sale. Right now, you're tax-exempt on the first $250k/$500k (single/married), but no one will even talk about whether that gain is included in the President's plan to up the taxes on capital gains. Those are the first few that I can think of, but you can bet there'll be more. The bigger your bureaurocracy, the more you have to pay to feed it.

When the President talks about "no tax increases for the middle class," he is: a) not talking about us, because his definition of middle class is diffferent than ours (I consider myself upper middle class while the President considers me a millionaire); and b) only referring to direct federal income tax. Unless you subsist solely on entitlements (or literally live paycheck-to-paycheck in a rental, with no savings or investing of any kind), you WILL pay more tax to the feds under President Obama's plans, in one way or another.

Bubba

 

[SWA Bubba]

True....

Somebody show me where my taxes went up over the last 4 years?? They went down....Payroll tax on Hiatus.....Mutt didn't build THAT!

Cue "but the debt..." fear mongers in 3.....2......1......

(Psst.....end 2 wars, and you suddenly have cash)

While it's true that if you end two wars, you have more cash, but the payroll tax hiatus was a political stunt. It was a one-time (okay, two-time) reduction on your SSI withholding. It was billed as a "stimulus" to the economy, but really was to make the government look good in tough times, like they're doing something substantive. It averaged about $250/year for the average household.

Your taxes haven't gone up in the last 4 years, not because the President didn't want to, but because he didn't have the political power to do so in the economy we were in. Trust me, Bill, you're exactly the type of person that the President wants to pay more taxes, when he is able to make it stick.

Bubba

 

[BILL LUMBERG]

Let's see......best economy in recent history....late 90's.

Tax rate was pretty high but economy boomed.

Fast forward to today......more tax cuts are going to do the same AND reduce the deficit....sorry.....not buying what's being sold.

You really think Mutt is going to worry about us (Union employees) going forward? Sorry......again not buying it!

 

[SWA Bubba]

Let's see......best economy in recent history....late 90's.

Tax rate was pretty high but economy boomed.

Fast forward to today......more tax cuts are going to do the same AND reduce the deficit....sorry.....not buying what's being sold.

You really think Mutt is going to worry about us (Union employees) going forward? Sorry......again not buying it!

Here I agree with you wholeheartedly. I don't think Gov Romney is going to worry or care about us and our unions (other than his stated promise to not raise the marginal tax rate, and to get rid of Obamacare and its hidden taxes). However, if you really think that President Obama cares about you because you're in a union, than you've got on rosier glasses than anyone else. Airline pilots are not a big enough group for him to spend any political capital on, and make too much money for anyone to feel sorry for. His only interest in you Bill (and all of us), is to tax us more on our "millionaire's" salaries. He's already said that for the record.

Bubba

 

[Smarta$$]

Don't know how this turned to politics (but it always seems to), but I'll take a shot at this...

Under President Obama's plan, most if not all SWA Captains, and not a few FOs will pay more in Federal income tax. That's due to increases in marginal tax rates for those individuals making >$200k, and married making >$250k. That's the basic tax increase that is visible to everyone and talked about every time the President speaks or Gov Romney speaks about the President. However, that's not all.

What is less talked-about, are additional tax increases that affect not only those "millionaires and billionaires," as the President refers to us, but most other Americans as well. For instance, the President desires to tax capital gains at ordinary income rates (any one who has mutual funds will feel a tax increase). In Obamacare, there are all sorts of hidden tax increases that we'll all feel in the coming years. Interest income will be taxed at higher rates (talk about killing the incentive to save or invest!), if you have a good health insurance plan that your union negotiated as part of your compensation, you will pay a "cadlillac health plan tax," in the form of imputed income, because you have a better health care plan than the government feels is "fair." If you sell your house (to move, for instance), you will pay a 3-point-something percent sales tax on the sales price (not the gain, if there even is any) to help pay for Obamacare. Yet to be determined is if you make a gain on the sale. Right now, you're tax-exempt on the first $250k/$500k (single/married), but no one will even talk about whether that gain is included in the President's plan to up the taxes on capital gains. Those are the first few that I can think of, but you can bet there'll be more. The bigger your bureaurocracy, the more you have to pay to feed it.

When the President talks about "no tax increases for the middle class," he is: a) not talking about us, because his definition of middle class is diffferent than ours (I consider myself upper middle class while the President considers me a millionaire); and b) only referring to direct federal income tax. Unless you subsist solely on entitlements (or literally live paycheck-to-paycheck in a rental, with no savings or investing of any kind), you WILL pay more tax to the feds under President Obama's plans, in one way or another.

Bubba

Oh good God, I KNOW what the marginal tax rate plan is, I want to know what he, or you estimate your additional federal income taxes to be?

And by the way, most people who own mutual funds do so in a tax deferred 401k or IRA, and would not experience ANY tax increase related to capital gains. Your statement is plain inaccurate.