Massive Tax Increases If Obama Re-Elected- Be warned!

i'm gonna go on welfare, get health care and climb everyday if this asshole gets re-elected

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Originally Posted by Mouse

I only watched it once, but applied the marginal rate to the whole income to come up with first number, and the mortgage deduction and state taxes he says a $2000 mortgage and simply applies 40% to it. It would be the INTEREST from the $2000 mortgage times the marginal rate, and the state tax times the marginal rate. I also haven't heard about this anywhere else. What I have heard is that AMT is going to hammer EVERYONE that makes more than like 100k and that will phase out all these deductions. I am not sure if that was part of what he was getting at?

It's gonna suck, even if his numbers are wrong....

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OK - no point in getting bogged down arguing about whether it's a shit sandwich made with white bread or rye.

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Originally Posted by cortez

i'm gonna go on welfare, get health care and climb everyday if this asshole gets re-elected

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Spoke to a colleague about it today, an internist - old country doctor type - good caring man. He told me he's tired of working 'til 10 PM every night to pay for all this government largesse. I told him I'll be cutting my hours down until my gross income drops at least 30-40% - take more vacations and expense to my practice. He agreed.

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Originally Posted by mamboni

I'll be cutting my hours down until my gross income drops

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Income ... undefined
Gross income ... all income from any source whatsoever

Mayhap you might be able to figure this puzzle out?

If he institutes "Obamacare" I will either take an exemption or be out of work. If I have to live on the street or in the sticks for these last few years, so be it.

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Originally Posted by palani

Income ... undefined
Gross income ... all income from any source whatsoever

Mayhap you might be able to figure this puzzle out?

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That's like someone saying, "Give me a gross of widgets" and you respond by saying, "what kind of widget are you referring to specifically?" - then they look at you like you've lost your mind when clearly they are incapable of rational thought.

Additionally, this sort of utter nonsense only applies to those naive enough to claim to be a 'US citizen'.

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Originally Posted by palani

Income ... undefined
Gross income ... all income from any source whatsoever

Mayhap you might be able to figure this puzzle out?

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You know Palani, some friendly advice: don't talk this way in real life to strangers. Thye might not be amused by your obtusity.

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Originally Posted by mamboni

You know Palani, some friendly advice: don't talk this way in real life to strangers. Thye might not be amused by your obtusity.

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Hey, he's just stating PRECISELY what the IRC says - nothing more, nothing less.

The IRC has a definition for 'gross income' however the IRC has NO definition for 'income'. The term 'gross' is not that difficult to comprehend (even when it comes to 'legal' terms), however WTF is 'income'*??** ??? ('gross income' being two words, thus TWO distinct concepts)

*'income' is DEFINITELY NOT 'compensation', 'cause insurance payouts ('compensation') have been ruled by the courts to be NOT taxable and NOT 'income'

**btw, rhetorical question - I know wtf the deal is - the 'income tax' is not a tax on income, it IS a tax on a corporate privilege or activity, and the amount of 'income' is meaning a means of assessing the tax

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Originally Posted by mamboni

You know Palani, some friendly advice: don't talk this way in real life to strangers. Thye might not be amused by your obtusity.

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The internal revenue started in England around the 1810's. They had a discussion of it in a parliament funded study 100 years later. When asked for the definition of income the question was left unanswered.

It's threads like these that make me think that I should try and sign up for whatever handout I can get. 0 income ;) Barely gettin by so WTF? It is nice though getting off the radar but damn it seems there's a LOT of perks in poverty, lol.