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Hope - Obama's new attempt to soak the middle class

Discussion in 'Budget & Taxes' started by Hoosier8, Feb 22, 2012.

  1. Hoosier8

    Hoosier8 Well-Known Member

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    Obama's Dividend Assault

    President Obama's 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets.

    Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's 15% rate.

    Keep in mind that dividends are paid to shareholders only after the corporation pays taxes on its profits. So assuming a maximum 35% corporate tax rate and a 44.8% dividend tax, the total tax on corporate earnings passed through as dividends would be 64.1%.

    More...

    http://online.wsj.com/article/SB100...25493025537660.html?mod=WSJ_hp_LEFTTopStories
     
  2. FrankCapua

    FrankCapua Well-Known Member

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    On the retired and those trying to save for retirement.
     
  3. FrankCapua

    FrankCapua Well-Known Member

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    On the retired and those trying to save for retirement.
     
  4. unrealist42

    unrealist42 New Member

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    Once again we have protectors of the wealthy telling outrageous lies and brandishing the retired and their pensions as human shields for their unconscionable greed.

    Dividends would be taxed as ordinary income, only someone in the top tax bracket would pay the top rate. Dividends paid into retirement savings would not be taxed at all depending on what sort of savings plan the investment was in.

    btw, the corporate tax rate may be 35% but the rate that corporations actually pay is closer to 14%.
     
    Iriemon and (deleted member) like this.
  5. Hoosier8

    Hoosier8 Well-Known Member

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    Maybe we should move all manufacturing to China where the corporate tax rate is 0%.
     
  6. Hoosier8

    Hoosier8 Well-Known Member

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    Nothing like envy to drive anger. I would guess you think you are the bottom 80%. I am not the top 2% but the middle class and cannot agree with you. I know for statists like you that taxes are the end all and be all because government to you, is the only viable entity for success.
     
  7. Gator Monroe

    Gator Monroe Banned

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    Do people get Wealthy with Government Jobs ?:roll:
     
  8. Hoosier8

    Hoosier8 Well-Known Member

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    Right. Yet it is you complaining so I would bet you are projecting.
     
  9. Hoosier8

    Hoosier8 Well-Known Member

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    I know about 5 people with federal government jobs. A number of them have retired with about a 70k pension and another takes books to work for something to do.
     
  10. squidward

    squidward Well-Known Member

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    so why do you want to target those making a few hundred grand ?
    They aren't the bankers and CEO's that you speak of.
     
  11. Iriemon

    Iriemon Well-Known Member

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    You mean Obama is trying to get rid of the special low privileged rate loopholes that billionaires, trust fund babies, hedge fund managers, and Mitt Romney use to pay tax rates that are less than half the marginal rate working people pay?

    Good for him.

    That was they way Reagan had it.
     
  12. Iriemon

    Iriemon Well-Known Member

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    Plus the individuals only pay tax on the money they receive. The corporation pays the corporate tax. The individuals who receive the dividend are not paying a double tax.
     
  13. Hoosier8

    Hoosier8 Well-Known Member

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    From the article.


     
  14. hiimjered

    hiimjered New Member

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    That is true, the lower-income people have a huge loophole that allows them to avoid even the 15% tax that the rich people pay on the same type of income. The rich pay 15%, the average investors pay 0%, yet people clam it is the rich who have a big loophole and are avoiding paying the tax?
     
  15. squidward

    squidward Well-Known Member

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    then you started complaining that more should be taken from others and given to you.
     
  16. Hoosier8

    Hoosier8 Well-Known Member

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    Do go back and read the article.
     
  17. squidward

    squidward Well-Known Member

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    so you wish to pay a higher rate ?
     
  18. Meta777

    Meta777 Moderator Staff Member

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    Why shouldn't someone who makes all or most of their money through investing pay at a rate at least as much as someone working who makes less?
     
  19. squidward

    squidward Well-Known Member

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    bet you don't pay a higher rate than the guy earning $250 K in wage income.
     
  20. squidward

    squidward Well-Known Member

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    I agree, all income should be taxed equally.
    Our rates could be much lower.
     

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