correct me if im wrong.
but let's say under obamas plan tax rate is 25% for people making under 250k, and 35% for people making under 250k.
if you're making 249k you get taxed 25%
and if you're making over 250k, say 251k, you are not suddenly taxed 35% instead, but every dollar you make OVER 250k is taxed at 35%?
is this right?
Not sure of the exact numbers, ...but my understanding is that under Clinton, the rate was 39%.
Under Bush, he dropped the tax rate by 3 points, bringing it down to 36% for a limited period of time.
What Obama wants to do is to simply allow the tax cut to expire when it runs out, bringing it back to 39% again.
It's like a giant weekend sale at Macy's where you get 3% off on linens. Come Monday, regular prices apply.
Everyone is bitching because they want Obama to extend the sale on linens into the regular week, and Obama is saying we already put linens on sale on the weekend, ...during the week, we want consumers to save on food and clothing. And the rich are saying, ...but we want more linens, ...and Obama is saying you have enough sheets, if you want more, you have to buy them at regular prices. This week, we're putting clothes and food on sale, 'cause these people can barely afford clothes or food. Macy's is gonna cut these guys a break 'cause you guys have had a break all weekend, but no one has given these guys a break yet on what they need
