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Bill USA

(6,436 posts)
Tue Nov 27, 2012, 08:16 PM Nov 2012

The $250,000 Question: Poll Shows Obama’s Tax Plan Is Widely Misunderstood

http://www.thenation.com/blog/171437/250000-question-poll-shows-obamas-tax-plan-widely-misunderstood

For the last four years, President Obama has been pushing his plan to raise tax rates on people’s income over $250,000, but a new poll indicates that most people still don’t understand one of the plan’s most basic concepts.

OK, it’s a poll conducted by my journalism grad students at NYU, and it’s not highly scientific. But I can say with a reasonable degree of certainty that it’s more accurate than the Gallup and Rasmussen polls were about the election.

Here’s the Obama plan in brief. The Bush tax cuts would be extended for households with an annual income under $250,000 (or $200,000 for individuals), but the tax cuts would expire on any income above $250,000. That means, for example, if you make $300,000, your tax rate would rise a few percentage points, to the Clinton-era rates, but only on the portion above $250,000; in this case, only on $50,000. Bottom line: no one—not a billionaire, not someone making $251,000—would have to pay more taxes on that first $250,000.

There’s a widespread misconception, however, and it’s causing a lot of unnecessary fear. It’s the faulty belief that if your income is above $250,000, you’d have to pay the higher rates on all your income, as if you were suddenly being moved entirely into a higher tax bracket. That is wrong.
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Walk away

(9,494 posts)
3. Every Puke that get their face on camera crow about people making $250,000 paying a higher rate.
Tue Nov 27, 2012, 08:28 PM
Nov 2012

They always make it sound like this huge penalty for making more money. That corporate crackhead, Carly Farina, made a point of it.

Ash_F

(5,861 posts)
5. If you make over 250k, you shouldn't be confused about how taxes work.
Wed Nov 28, 2012, 12:04 AM
Nov 2012

Oh right, money doesn't buy brains.

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