Andre Iggy, Russell Westbrook and Josh Smith get ambushed about the Bush Tax Cuts

No, and I don't feel bad for the top 2% either, but 50% taxes is excessive.

 

I agree it's excessive. But I think the point the host was making was a bad one, because the rate doesn't increase significantly under Obama, and the implication he's making is that it does.

Also, the taxes that you listed, are important taxes to pay.

 

There's another way to look at it.

From 35% to 39.6% is a 14+% tax hike.

 

Isn't that being a little misleading to say it that way?

It's not like he's paying 14% more taxes.

 

He is paying 14% more taxes.

Using some round numbers...

If he earned $100K and paid 35% taxes, his tax bill was $35K. At 39.6%, he pays $39.6K. he's paying an additional $4.6K, which is a 14+% increase. If his tax bill went up by $3.5K, it'd be a 10% increase.

Make sense?

 

I should add that if congress does nothing and lets the Bush tax cuts expire, the guys in the lower tax brackets will see an even higher tax hike than 14%. The tax cuts were progressive - guys in the lower tax brackets saw their taxes cut by far more than 14%.

 

14% of 100,000 is 14000.

He's not paying 14000 more in taxes.

That's why it's misleading.

 

You have a logic fault.

Your example, he'd be paying an additional 14% in taxes, not a 14% increase in his taxes. See?

 

Thus why it's misleading.

 

If he paid $100,000 in taxes, he will be paying $114,000+ in taxes when the tax cuts lapse.