Obama: Tax Hike For People Making Over $250,000/Year Is “Chump Change”

• November 4, 2008

Sway: Our next question is from Matt from Iowa: “If your desire is to spread the wealth around, what incentive is there for me to try to work hard? If I am only going to get more taken away from me, the more money I make, why wouldn’t I just slide into a life of relaxation and let rich people take care of me? And a lot of people are asking similar questions, and I wanted you to specify. What does this mean exactly?”
Obama: What is amazing to me is this whole notion that somehow everybody is just looking out for themselves. I mean, the fact is, we just talked about student loans. When young people who have the drive and the skill to go to college can’t afford to go to college, how do you think we pay for scholarships or loan programs? That money doesn’t grow on trees. It’s got to come from somewhere, and the attitude that I have is that, if we want to grow our economy, the way it grows is from the bottom up. You don’t just give tax breaks to millionaires and billionaires. What you do is make sure the tax code is fair. I want to give a tax cut to 95 percent of working Americans, but in order to pay for that, I’m going to take the tax rates back to what they were in the 1990s for people who are making more than a quarter of a million dollars a year. Now for people who are making more than a quarter of a million dollars a year, if they are paying 2 or 3 percent higher in taxes, the notion that they’re somehow going to stop working, or that this young man is going to not want to be successful, that just doesn’t make any sense. Back in the 1990s, we created more millionaires, more billionaires, because the economy was growing, everything was strong, at every income bracket, people were doing well. So this idea, that somehow everybody is just on their own and shouldn’t be concerned about other people who are coming up behind them, that’s the kind of attitude that I want to end when I am president.
Sway: Just out of curiosity, for those that are being taxed that are making more than $250,000 a year, how much difference would it be from how they are being taxed today?
Obama: Well, right now, they are getting taxed at 36 percent. Under Bill Clinton in the 1990s, they were being taxed at 39.6 percent. You are talking about a 3.6 percent difference, and for the average person who is making half a million, a million dollars, now people like you Sway, that’s chump change, that’s nothing. But it could make a big difference for that young person who is trying to figure out whether they can go to college or not, if we could give them more of a break or more scholarships or grants to go to college.

For the record, a 3.6% tax increase for someone making $250,000/year is $9,000. That $9,000 would go to the government on top of the money this citizen is already paying.
That’s not chump change for people making that mount of money. That’s not chump change for the businesses that individual could be spending his/her money at. That’s not chump change for anyone.
Leave it to an arrogant, tax-and-spend liberal to think that it is.

Tags: Domestic Issues, Politics

http://Array richNJ

Hey….give the kid asking the question credit. Matt from Iowa is not being dupped by the “one who knows not what he speaks off but still rambles on to show how intelligent he is”. That shows that the younger kids are smarter than the media.
SigFan

Chump change to one who already has his money secure and has (I assume) already paid the tax at the lower rates of today.

My wife and I are small-business owners, and for the privelege of risking our capital, we are double taxed (self-employment tax) and through combined earings (I work a “regular” job as well), will absolutely be in the evil rich category. While I’m sure we can get by on a little less, that is not the point. Where does it say in the Constitution that the government should determine how much it is fair for me to earn and keep?

Maybe I would feel a little less “bitter and selfish” if Obama and Biden would open up there homes to a few underprivelged folks and spread a little more of their wealth around rather than the BS that the media keeps letting them feed the people not bright enough to understand they are being conned.
Lioncourt

Obama has deliberately referred to “people” who are making $250K a year–when he should be including SMALL BUSINESSES that are making $250K a year. Everybody except people stupid enough to vote for a baby-killing Maoist knows that people who have a small business that takes in $250K don’t get to take all that money home with them!

Jesus you are stupid. The small businesses still get all of the same deductions they usually do. The gross profits are not taxes, but the net. 98% of all small businesses make less that $250k.
http://www.willisms.com/ Zsa Zsa

The USA is facing a HUGE Choice tomorrow. Obamas plans for the USA and small business owners are going to be the ruin of many. Get out and vote tomorrow for McCain!!!
robert108

The only real “right wingers” in this country are the groups I mentioned, and others like them. Conservatives and Republicans are not “right wingers”. The extremism of the lefties who run the Dem Party and the MSM does not automatically make anyone who opposes them “right wing extremists”.
http://sayanythingblog.com/ likwidshoe

I want to give a tax cut to 95 percent of working Americans…

He wants to give a tax “cut” to people who pay nothing. The man believes that he can divide by zero and come to a figure. Remedial math would show that this is impossible.

…but in order to pay for that…

You don’t “pay” for tax cuts. You pay for spending.

Back in the 1990s, we created more millionaires, more billionaires, because the economy was growing, everything was strong, at every income bracket, people were doing well.

He’s right, except that this happened AFTER the Republican tax cuts.

So this idea, that somehow everybody is just on their own and shouldn’t be concerned about other people who are coming up behind them, that’s the kind of attitude that I want to end when I am president.

Barack Obama wants to end his straw man.

…that’s chump change…

Arrogant and assuming, which is typical of Obama as well as his followers.

These people want to take your freedom away in the name of “fairness”.
di butler

cont.

However, approximately 15.7 million of these businesses have an annual gross income above $258,400.

Sorry for the gap, forgot to cut and paste the whole thing.
Mickey

Increased business tax(s) always leads to inflation. Bottom line is that the “middle class” consumer will flip the bill.

Meanwhile, under obama, entitlement policies will prosper.
This free $500 to people who don’t pay income tax is just a start.

Watch the market react on Wednesday. obama is not a centrist, never was, never will be. The people with money will cash out and wait for obama to go away in four years.
RebTex

Maybe I would feel a little less “bitter and selfish” if Obama and Biden would open up there homes to a few underprivelged folks and spread a little more of their wealth around rather than the BS that the media keeps letting them feed the people not bright enough to understand they are being conned.

THe McCain’s HAVE opened their home to a less fortunate individual.
THat’s the difference between talking the talking points & walking the walk.
RebTex

THE “white supremists” won’t let me in due to a pigmentation conflict…..
.
.
When I say “right-winger”, what I mean is the section that is to the right of center.
When I say “leftist”, what I mean is the section that is left of center.
robert108

I’ll believe in leftie social policies when rich lefties give their trust funds to fight poverty and when they open up their properties to the homeless. Until then, no sale.
robert108

Not really a counter argument, is it?
Jerry

I know this seem’s a small thing;

that’s chump change, that’s nothing

But, Cripes!.. That just sounds so Patronizing, and Condescending.

Every time this guy wants something, and gets asked a good question, is he going to shake his head with that snicker of his, tell folks to grow up, it’s only chump change, can’t we be nieghborly, etc…??

McCain/Palin.
Otherwise, get ready for an amusing, but expensive little four year ride.
http://sayanythingblog.com/readers/entry/some_hints/ AKAJOEL

Magic Dog—Lioncourt-and their self-imposed, bewildered ignorance…more gov mint school hazardous waste….
jvftz

I’ve always wondered something: Does it give wingnuts a hardon to talk tough like that?

I can only guess why the question would even occur to you.
di butler

How many small businesses are there?
In 2007, there were 27.2 million businesses in the United
States, according to Office of Advocacy estimates. The average gross income average for the fiscal year of 2007 was $239,000.
RebTex

I’ll believe in leftie social policies when rich lefties give their trust funds to fight poverty and when they open up their properties to the homeless.

Wait till the IRS get’s access to the secret Swiss accounts & imposes taxes on them!
THe leftists (& some right wingers) will squeal like little piggies!
Magic Dog

Obama has deliberately referred to “people” who are making $250K a year–when he should be including SMALL BUSINESSES that are making $250K a year. Everybody except people stupid enough to vote for a baby-killing Maoist knows that people who have a small business that takes in $250K don’t get to take all that money home with them!

Obama is NOT talking about taxing “the rich,” he’s talking about taxing small businesses into bankruptcy. And that’s okay, because bankrupt people WILL be dependent on the government.

Maoists like Obama WANT “the system” to fail. ACORN exists, not to steal votes and stuff ballot boxes–ACORN’s purpose is to JAM THE SYSTEM until it doesn’t work anymore. Obama WANTS more and more people bankrupt, unemployed, etc. He wants chaos.

“But that wouldn’t be good for the country!” you say. Exactly. Obama is seeking the Presidency BECAUSE HE WANTS THE U.S. TO COME TO AN END. When Obama takes the oath to “preserve, protect, and defend” the Constitution, he will be committing perjury.

I hope that some people in the military are preserving enough independence, and networking, to protect the United States against Obama.

I’ve always wondered something: Does it give wingnuts a hardon to talk tough like that?
RebTex

Are you referring to the white supremacists and the black Muslims?

Wha’ th’?!
No!
I’m talking about the Americans that have hidden accounts in UBS.
You know…to keep from getting taxed on it?
While some leftists will get nailed, some on the right will get snared, as well.
robert108

(& some right wingers)

Are you referring to the white supremacists and the black Muslims?
robert108

Joel: It’s actually worse than that. Within ten years, the influence of the Boomers will decrease, as we die off, and the SS/Medicare problems will no longer be a viable campaign device. Since lefties care only about voter demographics, and not people or issues, the new constituency for them will be the invaders, whose numbers will be radically increased under any leftie administration, and the radically increased Islamic immigration numbers, to compensate for past “discrimination” against them, especially under a Hussein Obama administration.
Combined with all the other special interest factions, this might give lefties a permanent majority over real Americans.
http://ndgoon.blogspot.com/ goon

If I have to pay an extra $9,000 then that’s $9,000 my employees don’t get. For their house payments, car payments, college, etc. So how is that good, exactly? I am sure if you are really rich then that is chump change. However, it is the ones of us who make over his limit but aren’t rich who really will get screwed.

That is a recipe for disaster and will ruin the economy and make it even worse.
http://ndgoon.blogspot.com/ goon

an extra 3,000.00 for my family is chump change? WTF is that? That means my cost of living raise is in essence going to the government so we can spread the wealth around.
di butler

If I have to pay an extra $9,000 then that’s $9,000 my employees don’t get. For their house payments, car payments, college, etc. So how is that good, exactly? I am sure if you are really rich then that is chump change. However, it is the ones of us who make over his limit but aren’t rich who really will get screwed.
http://www.bikebubba.blogspot.com/ Bike Bubba

Actually, as Obama wants to end the cap on Social Security tax, that 3.9% is actually 16% or so. Not exactly chump change….
http://ndgoon.blogspot.com/ goon

But, Cripes!.. That just sounds so Patronizing, and Condescending.

Every time this guy wants something, and gets asked a good question, is he going to shake his head with that snicker of his, tell folks to grow up, it’s only chump change, can’t we be nieghborly, etc…??

McCain/Palin.
Otherwise, get ready for an amusing, but expensive little four year ride.

I just call people that make these statements out of touch elites…
ur a dmf

Stupidest, yet unoriginal, quote of the week: Obama is seeking the Presidency BECAUSE HE WANTS THE U.S. TO COME TO AN END.

Smiley Hitler, you are a moron and should crawl back under a rock.
robert108

That’s all dependent on your personal definition of “center”, then. In the original definition, left meant more free, and right meant more authoritarianism.
The modern commie redefinition game has reversed that, with lefties, who are totalitarians, being characterized as “left of center”, while conservatives, who are the true moderates, being in favor of freedom with some practical limitations.
What do you think “center” is?
robert108

If it’s only “chump change”, why do it?
jvftz

Obama has deliberately referred to “people” who are making $250K a year–when he should be including SMALL BUSINESSES that are making $250K a year. Everybody except people stupid enough to vote for a baby-killing Maoist knows that people who have a small business that takes in $250K don’t get to take all that money home with them!

Obama is NOT talking about taxing “the rich,” he’s talking about taxing small businesses into bankruptcy. And that’s okay, because bankrupt people WILL be dependent on the government.

Maoists like Obama WANT “the system” to fail. ACORN exists, not to steal votes and stuff ballot boxes–ACORN’s purpose is to JAM THE SYSTEM until it doesn’t work anymore. Obama WANTS more and more people bankrupt, unemployed, etc. He wants chaos.

“But that wouldn’t be good for the country!” you say. Exactly. Obama is seeking the Presidency BECAUSE HE WANTS THE U.S. TO COME TO AN END. When Obama takes the oath to “preserve, protect, and defend” the Constitution, he will be committing perjury.

I hope that some people in the military are preserving enough independence, and networking, to protect the United States against Obama.
http://sayanythingblog.com/readers/entry/some_hints/ AKAJOEL

If it’s just chump change, why do it?

Excellent question!!

With combined spending on Social Security, Medicare, and Medicaid projected to rise by nearly 10 percentage points of GDP over the next 40 years, relying on revenues alone to keep deficits from expanding would require revenues to increase by 10% of GDP. With revenues/GDP currently around 19%, a boost of 10% of GDP would take us to 29%.

…Social Security and Medicare spending left unchecked would, after a generation, consume about 10 percentage points more of GDP than it does today.

Simple arithmetic suggests that with this much more of GDP eaten up by the two programs, all federal taxes on average would have to be raised by more than 50% to make up the shortfall…

This is no small matter: Think of it as reversing all of the gains in our long-term growth rate from the productivity boom of the past 15 years.

Three actions are essential: (1) reduce tax entitlements [welfare] growth through some form of means testing (and better scruntiny of tax expenditures); (2) eliminate all nonessential (and often counterproductive) tax expenditures in the rest of the budget; and (3) adopt fiscally-responsible policies that promote national saving and economic growth.

Obama is proposing exactly the opposite…

So how will Obama and the Democrats pay for existing programs while adding billions in new ones?

The answer is very simple, “fuzzy math.”

What Obama is assuming is that a Democrat-controlled Congress will pass the Bush tax cuts in 2010, and then immediately repeal them, creating new revenue.

Doesn’t make sense?

Well, it shouldn’t. This type of fuzzy math leads hedge funds to collapse, the mortgage industry to crumble, and we should be certain that the same will be true of our government.

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Obama: Tax Hike For People Making Over $250,000/Year Is “Chump Change”

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