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Under Obama's plan what will the taxes be for people making between $150K-$250K?

Did anyone else catch Biden's statement last night or correct me if I am wrong...he said under Obama's "plan" people making over $250K will be taxed and anyone making under $150K will see a cut in their I heard nothing about the people in between $150K-$250K (which by the way a lot of small businesses fall into)...what happens to these people in regards to taxes???

Answer Question

Asked by Anonymous at 12:55 PM on Oct. 3, 2008 in Politics & Current Events

Answers (8)
  • I didn't hear under 150 k. i heard under 250 k

    Answer by jambalover at 1:14 PM on Oct. 3, 2008

  • I believe he said that the people falling between 150 and 250 will basically have no changes... no increase or decrease

    Answer by sweetmelissa at 1:43 PM on Oct. 3, 2008

  • yeah no change, i am sorry but if you make over 100,000 dollars a year screw you! no jk. good for you but us teachers making under 35,000 really reallly need help b4 we loose our houses and stuff.

    Answer by AmaliaD at 2:14 PM on Oct. 3, 2008

  • They will pay more. We will all pay more. Many people will lose their jobs. I am not going to be hiring any help with housecleaning. I will not be buying a new car. I will not be putting on a roof. I will not be adding to my home. if the lawmakers think they will stick it to the middle class (yes $100k in the Silicon Valley, where houses START at $400k is the middle class) they are in for a big big shock.

    Answer by Trixiebelle2 at 2:55 PM on Oct. 3, 2008

  • We're a po' military family so it's neither nor for me.

    Answer by Izsarejman at 3:09 PM on Oct. 3, 2008

  • trixibelle, taxes will ONLY increase on those making over 250k, not 100. and even in Silicon Valley, most don't make over 100k

    Answer by autodidact at 3:29 PM on Oct. 3, 2008

  • I guess we'll try to make $249,999 then. I hope you realize that people who make this much will probably be going through loopholes and getting benefits, bonuses, ect that will not count on their income tax. Also, there will be more cash payments that will be under the table as to not have to be reported as well. I already know quite a few people that do this!!

    Answer by lil_angel00 at 3:44 PM on Oct. 3, 2008

  • Autodidact, most couples in the Valley do make well over $100k. The median income of residents in 2005 was $85,446 in Santa Clara County (Wednesday, May 31, 2006, SV Business Journal.) If you have two wage earners, that is $170,892. They take about 45% that salary in taxes, so now the take home pay is $85,446.The US. Census Bureau's 2006 American Community Survey says the median house payment is $4,339 in San Jose, California. ($52,000.00 a year.) Those "rich" people are left with about $33,446.00 after paying for their taxes and housing. Not exactly rolling in money. My point was no matter WHAT your "tax bracket' (Barack-et?) you will pay dearly after the election. It isn't going to matter who is elected. Taxes are going to go up for all of us after this huge unnecessary bail out.

    Answer by Trixiebelle2 at 7:38 PM on Oct. 3, 2008

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