It's ridiculous, why not put an end to this once and for all with a national sales tax? Believe me, I am no where near the threshold of $250,000, but it is absurd to play these class warfare games. Geez, does Obama even really how many small businesses will be affected by this?

But that's not the worst and I can believe you don't mention Obama's plan to take away the mortgage interest and charitable contribution deductions from these same "rich" people. I'm surprised even whacko Carter hasn't yelled at Obama for it, you know it will substantially hurt Habitat for Humanity as well as every other charity.

Wonder how many people whom voted for "change" are already regretting it? Don't blame me, I voted McCain.

I noticed your shout out to Huizenga on Fri., "hey Wayne, I was right". You haven't mentioned though that several commentators to your blog were right about what would happen to Citi and BAC. Doesn't look too good to be a shareholder in them.

Herbert Hoover also raised taxes leading to and increased severity and duration of the Great Depression.

Apparently, we do NOT learn from our mistakes, or our history.

well, the rich have to get the direct message that they can't KEEP getting rich at the expense of the average worker or middle to low income worker.
Time has come

Good. If you're making $500,000 per year, then $11,000 is not a lot of money. It's only 2.2%. It's time that those few on top started raising the wages of those on the bottom. Perhaps if full time employees were making a decent wage (while making millions for those on top) it wouldn't be such a burden for them to pay more in taxes. The greed of the upper class must stop, and if that means I have to pay more in taxes, then so be it!

The problem is the media they caused all this hype and make the public panic. When the stocks started going down instead of saying the DOW went down 1% they choose to say the DOW went down over 300 Points sounds a lot more scary doesn't it. There is no reason why companies like Proctor and Gamble should be losing stock I don't know about you but I am still buying items like soap and paper towel and shampoo. Like they make noice for a storm that is over 10,000 miles away. The media needs to report news even if they have to make it up or at least make it more scary then it is. So I blame the media we should all avoid the news channels and reading this garbage. I voted for change because my life was better eight years ago before President Bush took office then it was after he took office. People forget the mess our country is in and they can't possible blame President Obama who just took office a little over a month ago. But isn't that politics always blaming the other party and never fessing up to their flaws.

Hey, I've got an idea. How about we just lower my taxes and raise everybody elses? That seems to be the attitude that everybody has these days? Has anybody even considered asking the question: Whose taxes can we raise without hurting the economy more than government spending of that money can help? I don't think that government spending can help. The reason that we are in this mess is because the government didn't regulate banks tightly enough -- regulation is something that the government should do, not spend money.

Hey, I've got an idea. How about we just lower my taxes and raise everybody elses? That seems to be the attitude that everybody has these days? Has anybody even considered asking the question: Whose taxes can we raise without hurting the economy more than government spending of that money can help? I don't think that government spending can help. The reason that we are in this mess is because the government didn't regulate banks tightly enough -- regulation is something that the government should do, not spend money.

If someone would look at the tax revenue base they would relize the most people are in the middle or lower welfare. This is where the majority of the US treasury revenues has to come from.

If you give the middle class tax breaks like Obama wants then the ones holding the revenue lost would be the upper class. Does it make sense for a business person to work for less money when they are the ones who take all the risks.
I can see many corporations leaving the US because we already have the highest tax rates in the industrial nations.

If Obama really cared about the taxpayers, including the businesses, he would implement a payroll tax holiday. The employee would then have money to pay his mortgage, credit card debt and buy goods, hence stimulating the economy. This would help businesses because the fed would pay their share of payroll taxes. This would help the businesses immediately causing a stabilization jobs. Unfortunately, Obama would rather punish those he defines as rich "250K and over". That's what we get for being responsible i.e. educating ourselves and working hard to achieve 'the american dream'...

FIRST OFF THE WHOLE IRS SYSTEM NEEDS TO BE CHANGED..WHEN AMERICANS NEED TO SPEND 15 BILLION TO HAVE SOMEONE DO THE TAX RETURNS IS A JOKE ...THERE SHOULD BE A FLAT TAX....EVERYBODY NEEDS TO PAY ....YOU CANT PENALIZE SOMEONE FOR BEING MORE SUCCESSFUL THAN SOMEONE ELSE.HOW MANY PEOPLE EARN CASH AND DONT DECLARE IT ....HOW MANY BUSINESSES TAKE CASH FOR PAYMENT THAT DONT REPORT IT,LIKE RESTRAUNTS ....BARS...ON AND ON...THIS SYSTEMS HAS TOO MANY FLAWS AND NEEDS TO BE ADRESSED..20 PER CENT OF PEOPLE CANT PAY 100 PER CENT OF REVENUES NEEDED.WHY ARE POLITICIANS NOT LOOKING AT A NEW METHOD OF TAXATION.THERE ARE ONLY 2 POLITICIANS WHO WOULD DO AWAY WITH THE IRS AND THEY ARE HUCKABEE AND RON PAUL.THIS WOULD BRING CHANGE.THE ONLY CHANGE OBAMA MADE WAS TO CHANGE HIS MIND...

Since the new millenium dollar has the buying power of a 1970's nickel, the base rates for income tax definately needs revamping. While a $12,000.00 increase in tax may seem like a lot, remember that by the time thier accountant finishes taxes and deductions this person will undoubtably pay less tax than someone making 50,000.

So Obama pie in the sky finance is just that-pie in the sky and another nail in our financial coffin-thanks Obie.....

I can say one thing Obama is working as hard as he can and maybe he might not have the right answer.
But look what the Bushes and the Republicans put us in. One more Republicans president and America would of been Tent City USA.

With 90% of all income taxes coming from the top 10% of earners (per IRS) and 41% of all workers paying no (net) taxes...again the IRS...perhaps we (the top 10%) should take the next 5 years off and pay no taxes at all and allow the Socialist redistribution crowd to pick up the slack? We can afford it...can you?

Single male who makes 30,000 a year seeks single female making 20,000 a year.

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This is kind of DE-MOTIVATING isn't it? If I quit my job, we would probably be at or near that $50,000 threshhold. I would have to see if its cost effective to do that. I don't think this was the affect Obama was looking for. Is this stimulus package a done deal? If not, Obama should go over it line by line and re-think some of the unintended consequences.

I'm going to suggest a flat tax as an equitable alternative to the "class envy" approach advocated by Obama and the accounting/IRS kingdoms. Besides being so simple that even Timmy "creative tax evasion" Geithner could do it, it seems to me to be the fairest method of ensuring everyone pays equally, according to their incomes. C'mon folks, it's a no brainer.

"With 90% of all income taxes coming from the top 10% of earners (per IRS) and 41% of all workers paying no (net) taxes...again the IRS...perhaps we (the top 10%) should take the next 5 years off and pay no taxes at all and allow the Socialist redistribution crowd to pick up the slack? We can afford it...can you?"

This is one of California's biggest problems. California is trying to tax the top bread winners right out of the state - and it's working like a charm.

OK Harriet, what about the new 10 cent rise per gallon in gas tax , the new driving tax, sunset of Bush tax cuts, and new carbon tax for electrical companies that get passed down to everyone? These measures should raise everyone's tax up a few hundred dollars a month Yes Harriet, I said everyone's, including your beloved downtrodden masses . Its true the top 10 % pay 90% of the taxes. This means your beloved people making under fifty pay little, if any when it comes right down to it. I also find it dubious that Obama is finding it so difficult to find Democrats, many of them very wealthy to fill cabinet positions, because they themselves are tax cheats, yet he raises everyone else's tax. Its the typical hypocrisy of communist, socialist and of coarse liberals . Just look at the markets today, investors understand money and are voting on their feet for Obama's tax plan. You still don't get it! If the market keeps dropping we will all be in your favored under fifty thousand a year category, at least the ones lucky enough to have a job will. Then what?

Lyndon Johnson declared the war on poverty, which did not work. So Obama declared war on prosperity, It wont work either.

Everyone should contribute to the operations and well-being of the country at the same rate. America is based on the notion that if one works hard, earns money, invests and manages it well that they can enjoy the wealth they build. For the government to demand that people with money give it to the government to spend as they deem proper is STEALING - flat out stealing.

The opposite is also true, meaning that if one is lazy or makes poor decisions on their finances, then they should endure a negative consequence. This will work to motivate people to work hard and get an education.

The outrage with Obama comes, in part, that he continues to reward the irresponsible - from bad bank managers down to the guy who borrowed to buy more house than he could afford.

Don't bail these people out - Hold them accountable!!

Good. It's about time someone started looking out for the middle class. The "look out for the rich" Republicans are what got us in this mess in the first place. By the way, John McBush is a Joke.

Amazing how all of you rich people come out of the woodwork for discussions like these.

According to the census only 1.93% of the US had a FAMILY income over $250k. Not individual, but FAMILY.

Also from the census: The median income for all 233 million persons over the age of 15 was $28,567.[9] By only including those above age 25, the vast majority of students and all working adolescents are excluded. The median income for the people above the age 25 was $32,140 in 2005. Of those with incomes, over the age of 25, almost three quarters, 73.31%, the median income was clocked at $39,336 in 2005.[6] This figure excludes those employed part-time, students, working teenagers, retires and the unemployed. Depending on whether or not those working part-time are included, the average American makes between $32,000 and $39,000

Again, who really gives a flip about the few rich people? I don't.

Back in September when it looked like Obama was going to win the election, the DOW started to drop. Since he took office, the DOW has PLUMMETED over 2,000 points! The people that are making the higher salaries in this country are there because they took chances, worked hard and did the right things. To penalize them and give the money to the flunkies is un-American.

This is not about families who make $40,000 or $500,000. It is about 50% of workers paying zero taxes into the system while being successful becomes a dirty word.

Two married professionals earning $100K each are going to be defined as "rich". Absolutely the worst policy approach.

It reminds me of the socialist government policies in the UK in the 1970s before Margaret Thatcher. The Dems are making all the same mistakes in the name of social reform.

This is not about families who make $40,000 or $500,000. It is about 50% of workers paying zero taxes into the system while being successful becomes a dirty word.

Two married professionals earning $100K each are going to be defined as "rich". Absolutely the worst policy approach.

It reminds me of the socialist government policies in the UK in the 1970s before Margaret Thatcher. The Dems are making all the same mistakes in the name of social reform.

This is not about families who make $40,000 or $500,000. It is about 50% of workers paying zero taxes into the system while being successful becomes a dirty word.

Two married professionals earning $100K each are going to be defined as "rich". Absolutely the worst policy approach.

It reminds me of the socialist government policies in the UK in the 1970s before Margaret Thatcher. The Dems are making all the same mistakes in the name of social reform.

This is not about families who make $40,000 or $500,000. It is about 50% of workers paying zero taxes into the system while being successful becomes a dirty word.

Two married professionals earning $100K each are going to be defined as "rich". Absolutely the worst policy approach.

It reminds me of the socialist government policies in the UK in the 1970s before Margaret Thatcher. The Dems are making all the same mistakes in the name of social reform.

Europe pays for more social services because everyone pays into the system. Conservatives may not like it but at least it is funded equitably. Obama wants European social policies but only paid by the rich which is rapidly being redefined as working professionals. Any economist will tell you the funding does not add up. None of this is being laid out with transparency it is all very disinenguous. The middle class and small business is about to be taxed out of existence. There will be no recovery on this path, just spiraling deficits. I thought the Democrats were going to be smarter than this.

You're right they wont pay any income taxes. Chances are they haven't for the last few years. But wait until the fuel and electricity increases start and they spread across everything else. We'll all have less in our pockets than we ever did.

Fine, tax me more and I'll just lay someone else off. I have expenses. I dont care how much I earn I can only allocate so much money out. If the Fed takes more something has to give. It could be your job, but it wont be a Politicians.

On one hand I can't imagine what it would be like to raise a family on $50k in South Florida today, if the government is going to give out something to people making less than $50k.. how about giving out vasectomy's?

On the other hand, I'd gladly pay 40 to 50% taxes on a $250k salary for an upper middle management position, as would a few million other people. Why? Because thats still 3 or 4 times what most of us currently make at 2 jobs. Buisness owners bringing home salaries well into the 6 figures then laying people off claiming they can't make payroll because of the "cedit market" probably shouldn't be running a buisness to begin with.