OBAMA ADVISER SAYS PRESIDENT WILL NOT EXTEND BUSH TAX CUTS, EVEN TEMPORARILY: ’100% COMMITTED’

[Tigress DEM]

130. My "most" was from the link I provided 98% in the US make less than $250,000

It isn't about feeling "sorry" for anyone, as much as understanding small business management and the break thru phase where a business is getting really successful and starts having to lay out more cash and hire more employees, which is all good, but major changes to their finances or tax structure could make the difference between expansion and laying people off.

Also that may "seem" like a lot of money and I'd be happy to have it if it were me, but if we can get the bar even that low it will make a huge impact. It's a concession of sorts, to keep pounding away at the rest of the structure that diverts all breaks to the uber rich.

I think the tax structure has been set up to keep those without family money out of the big time. By taxing people in the $175,000 - $300,000 range at $35 percent a group is set up to think they are unfairly taxed - and they probably are because there are so many loopholes and cheats higher up in the system.

The "sweet spot" for rich folk paying taxes is found in the AMT Alternative Minimum Tax at $447,800 where you get your DEDUCTIONS at 35% but only pay 28% tax on the remaining income. (See AMT link above for details)

I don't think the Payroll Tax Cut helps the employer as much as the employee. <snip> For 2011 and 2012, employees will pay 4.2% of their wage earnings for the Social Security tax, instead of the normal 6.2% rate. Employers still pay the full 6.2% rate.

I'm sure there is more to it, but the point is to put more money in the hands of people who actually work for a living. THOSE are my people. lol.

Tig