Posted by
Your Pal Zot on Wednesday, October 29, 2008 6:37:25 PM
Obama's definition of wealth is
$250,000 per year.
Let’s be clear, if you earn $250,000 you are rich. But as we see that definition has changed from $250,000, to $200,000 and most recently $150,000. But for sake of argument, Let's stick with $250,000.
If you earn 250,000 and you have a current tax rate of 36%, you pay to the federal government, $90,000 per year. Obama wants to raise that tax that from 36% to 39%. This change is $97,500. What's an extra $7,500 for a rich guy?
His proposal is to uncap the Social Security Tax. The current rate is 15.3% if you are self employed 15.3% or $38,250. otherwise, @12% it’s $30,000. for you having the honor to work for a company. What's an Extra $8,250 for my hard work being sef employed?
In the Free Peoples Democratic Republic of California (where I live today), the income tax rate is 9.3% (for $40,346 or more) or $23,250. Yes, your state may be less or more, but this is where I live, so this is what I have to go with...
In California, we have to pay 7.7% unemployment insurance or $19,250. Again, your state may differ so you may wan tto research this on your own.
Let’s break this down…
$250,000/yr income before any kind of deduction, but you are rich if you earn more than $250,000 so you may not deserve a deduction!
Taxes: Fed $97,500; SS $38,250 (if self employed); CA $23,250; Unemployment Insurance $19,250
Less the above $71,750/yr
If you choose not to own a home rather rent, and you earn $250,000 then chances are you don’t live in a shanty. So let’s say you pay $60,000/year in rent @$5000/mo which if you live in the SF Bay, LA or San Diego areas, $5000 isn't abnormal at all!
You are now left with $11,750/year to do what ever you want with… Who's Rich with $11,750?
I have yet to add all other expenses like car, car insurance, phones, internet, cable, electricity, water, gas, oh and FOOD! You know the luxuries of life.
OK, back to me showing you how screwed you're going to be with Obama as president!
If you own a home you may still have have a potential deduction. But you are rich, so let’s say the Obama Plan wants to take that away from you too…
Home @ 500,000 (in CA that’s a condo at best unless you live in the desert) Property Tax rate approximately $6500/yr
Home @ 1,000,000 (in CA that’s about medium) Property Tax rate approximately $13000/yr
If @ $13,000 then this reduces your net income to $58,750/yr
Mortgage on $1,000,000 home $96,000/yr (if payments are $8,000/mo)
This leaves you with -$37,250/yr
Mortgage on $1,000,000 home $66,000/yr (if @5500/mo)
This leaves you with -$7,250/yr
I have yet to add all other expenses like car, car insurance, phones, internet, cable, electricity, water, gas., oh and FOOD! You know the luxuries of life.
NOW WHO’S RICH MR. MARX? I MEAN OBAMA????
FROM EACH ACCORDING TO HIS ABILITY TO EACH ACCORDING TO HIS NEEDS!