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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-misunderstoodFor the last four years, President Obama has been pushing his plan to raise tax rates on peoples income over $250,000, but a new poll indicates that most people still dont understand one of the plans most basic concepts.
OK, its a poll conducted by my journalism grad students at NYU, and its not highly scientific. But I can say with a reasonable degree of certainty that its more accurate than the Gallup and Rasmussen polls were about the election.
Heres 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 onenot a billionaire, not someone making $251,000would have to pay more taxes on that first $250,000.
Theres a widespread misconception, however, and its causing a lot of unnecessary fear. Its the faulty belief that if your income is above $250,000, youd 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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The $250,000 Question: Poll Shows Obama’s Tax Plan Is Widely Misunderstood (Original Post)
Bill USA
Nov 2012
OP
patrice
(47,992 posts)1. significant amount of that "misunderstood" = on purpose. nt
Walk away
(9,494 posts)3. Every Puke that get their face on camera crow about people making $250,000 paying a higher rate.
They always make it sound like this huge penalty for making more money. That corporate crackhead, Carly Farina, made a point of it.
Bill USA
(6,436 posts)4. and there are so many Tea-baggers in that category....LOL!
doc03
(35,148 posts)2. Have you seen the Harry and Louise ads on dividend
income?
Ash_F
(5,861 posts)5. If you make over 250k, you shouldn't be confused about how taxes work.
Oh right, money doesn't buy brains.