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Rich working less because "why bother"???

My husband came home to me with a haunting story he was told by a coworker today. I am afraid this will become more of the norm:

A coworker and his wife make more than 250K a year. The male in the family works his butt of 14 hours a day doing extra work to support his family and their lifestyle. Their taxes are going up. (And I guess they own their own business on the side and those taxes are going up)

So instead of saving money for retirement anymore, they've decided to spend their money because A) they will probably change the taxes on the retirement money and B) the government is devaluing the dollar so drastically it wouldn't be worth much anyways.

In addition they've decided to work less to try to get income under the tax mark - so the lovely plan to save America is reducing productivity and local business because "why bother".

I'll bet they're not the only ones.

Answer Question
 
Praying

Asked by Praying at 4:15 PM on Feb. 26, 2009 in Politics & Current Events

Level 2 (6 Credits)
Answers (41)
  • Good, all the money they spend because the dollar is "devaluing" will help our economy out lots! Haha. Put that money right back into the market.
    Anonymous

    Answer by Anonymous at 4:19 PM on Feb. 26, 2009

  • My husband is at the top of our tax bracket and the next two years will turn down his raise. With a raise we would actually get less once taxes are paid than what he gets now. In a couple years his company would give him both raises he would have gotten plus his annual for the third year. That year we will break even and in 4 years when he gets that raise we will actually make more. I know many who refuse raises or work less because more is taken. In America right now it really does not pay to do well. You are hated by the have nots and because of their greed what you make you don't even get to keep. So pathetic.

    Anonymous

    Answer by Anonymous at 4:22 PM on Feb. 26, 2009

  • there's a similair situation effecting county employees where i live.
    due to recent pay cuts many county empoyees have lost the commitment to their jobs.
    it's unfortunate.
    heatherama

    Answer by heatherama at 4:23 PM on Feb. 26, 2009

  • Honestly, I think people are being a bit over dramatic about this.

    Retirement money is not taxed before it is put away. It is not taxed until it is taken out. But, whatever, to each his or her own.
    Anonymous

    Answer by Anonymous at 4:24 PM on Feb. 26, 2009

  • Why shouldn't they work less??? They're just trying to keep the money they make.

    All Obama's gonna do is give their hard earned money to the welfare system. How many times have you seen a post on here where someone thinks they should quit their job because they'll make out better collecting benefits and sitting on their asses at home??? It makes me sick. What ever happened to a work ethic and self respect?

    The upper class are not the only ones who should be held responsible for the decisions they make in life.
    Anonymous

    Answer by Anonymous at 4:26 PM on Feb. 26, 2009

  • Heather

    That's why they taught us in college (at least they did back when I was there) that socialism and communism do not work - people lose commitment to the jobs. If you're all treated the same no matter your merit why bother.
    Praying

    Answer by Praying at 4:26 PM on Feb. 26, 2009

  • If I keep working along with my hubbys income, because we are in Obama's 250k+ club -----
    After taxes we will make $160,000.
    If I quit my job making roughly $30,000 (plus com), that would put us in a lower tax bracket----
    We will then make after taxes, $155, 000.

    So, I am most likely quitting my job. The upside. It was an evening/weekend job and now I can be home with my kids.

    The downside. I was working to pay off my hubbys college tuition for him to get the job he has.
    Anonymous

    Answer by Anonymous at 4:26 PM on Feb. 26, 2009

  • Anon 4:26

    Although people who don't work at all and atually TAKE from the govt are a differen't class of people (if they can work and choose not to) it is similar what you say about them because the government is promoting a lack of productivity and innovation. It's creating a drone serf class.
    Praying

    Answer by Praying at 4:28 PM on Feb. 26, 2009

  • Anon 4:26

    Exactly my point, we aren't in the 250K plus club but my difference in income is negligible enough due to taxes already in place, that I stay home with the kid... I can't imagine it being even worse.
    Praying

    Answer by Praying at 4:31 PM on Feb. 26, 2009

  • So much for that top 2% paying for everything. Oh well, I guess they will have to use Obama's old classification for upper class (what was that, like $46,000) to pay for these grand plans of his.
    Anonymous

    Answer by Anonymous at 4:56 PM on Feb. 26, 2009

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