Reply #15: don't forget, when we talk about raising tax rates or

[wiggs]

raising the cap on taxable income we're talking about adjusted gross income.

When someone mentions raising the top income tax rate by 4% on those who earn more than 250,000....we're talking about someone who might really be pulling down substantially more than 250,000. After deductions and adjustments, then, they may pay the same rate you and I do up until 250,000....then just 4% more after that. It's really not as impactful as the gop, the left, and media allow it to sound. ( Not a tax guy, but as an example let's say someone is paid 350,000 per year...a more than nice amount. He deducts and adjusts his way down to 275,000 agi. He might then owe an additional 4% on the 25,000...he owes just 1,000 more than he does now which is already a historic low. That's what the gop is willing to go to the mat for. 1,000 for a well off family.)

Same with FICA wrt adjusted gross income. Someone who might be affected by lifting the cap might be making substantially more than 106,000, gross. If someone makes 200,000 in wages or salary and 20,000 in capital gains, lets say, and adjusts down to 140,000 agi, then he will contribute his share of the contribution (4%?) on the 34,000....he owes another 1,360. That's what the gop is fighting against, willing to default for, willing to demolish SS and medicare for, willing to hold hostage the most vulnerable among us for....so that someone making 220,000 gross doesn't have to pay another 1,360.

Why dems and pundits don't break down the numbers a little better is a mystery. Instead we get pulled into side battles about what rich means, corporate jets, who creates jobs, etc. We've completely lost the accuracy and framing of the discussion. As usual.