Tax the rich! OK, but then what, Mr. President?

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By Jeanne Sahadi,
senior writer CNN
April 12, 2011: 3:09 PM ET

NEW YORK (CNNMoney) -- For years, President Obama has been clear about his preferred tax policy: Tax the rich more and protect households that make less than $250,000 from higher taxes.

It's not clear what he'll say about taxes on Wednesday when he lays out his ideas for how to tackle the country's long-term debt. If history holds, he'll stick to his guns.

Certainly, continuing to promise low taxes for 98% of the country will help his newly launched 2012 re-election campaign. But it wouldn't be a great path to reining in debt. (Sorry GOP: Tax revenue has to go up)

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Check out the Stilitz video with the article here: http://money.cnn.com/2011/04/12/news...ex.htm?iid=RNM

OPM, some cannot get enough of it. It is sad that as a parent, you save to pass on whatever wealth you've collected in a lifetime only to have "certain people" believe that the Federal Government should TAKE some of it. Honestly, it makes me angry. I'm pissed even typing this. Watch the video. The idea appauls me. Who thinks like this? Probably the same people who think that households that save are a blight to our economy.

Bump in hopes of getting some feedback on, "who thinks like this?"

Bump again in hopes of getting some feedback on, "who thinks like this?"

Well, a more "fair" tax system would be appreciated. Here I am living in a 1200 sq. ft. ranch with two kids AND coughing up over $25,000 of income tax to uncle sam. That's cash money. No phooey or funny numbers. The $5000 check is in the mailbox right now. It's a shame middle class people like us end up paying like this. I need the money. My wife wants to put new doors in the house. The current ones are 40 years old.

News break, the mail man just picked up the check. Bye bye $5000. I bet the mail man looked at the envelope and laughed.

Anyway, back to the doors. Candidly, I thought we'd break even on the tax return. I didn't expect to owe an additional $5000 on top of the $20000 they had already helped themselves to. I was actually thinking about getting those doors which would have been a great way to stimulate the local economy because we would buy them from here http://www.fingerlelumber.com/produc...interior-doors, and I would have to hire someone to install them. But no, I gave that money to the government. It is sad to think that some would like for people like me to give more. Who thinks like this?

I wonder what some of the others who post on this site paid this year? I'm not hiding anything.

Here's some good news I'd like to share. I got a raise last week, yeap, 3%!!! Now for the bad news; I changed my witholding so I wouldn't have to write a $5000 check -- the 3% is gone -- I'll never see it. I'm starting to think I might be wrong; personal responsibility and hard work get you $hit.

Why is this thread being avoided?? Maybe it is that those with the higher ideas and more capacity to think don't want to talk about reality? Instead, they choose to ponder utopia from a different level??

Jump to replace SPAM lol.

It would indeed be upsetting if someone far weathier than this middle class family paid less than the $28,000 of income tax that we paid.

Interesting that the top 1% pay 32% of all the taxes. That's very "tax the rich-esqe" don't you think?

I wonder how much Lloyd paid???

I wish I was a CEO, but I'm too lazy and quit grad school before getting my MBA. I coulda been a contendah.

Now I'm faced with a $1500 day care bill and $600 in the checking account to cover it. Reality, reality, reality.............

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Originally Posted by SiriuslyLong

It would indeed be upsetting if someone far weathier than this middle class family paid less than the $28,000 of income tax that we paid.

Interesting that the top 1% pay 32% of all the taxes. That's very "tax the rich-esqe" don't you think?

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Carried interest.

For those who are following this little soap opera, I paid the daycare bill by taking money out of savings. Keynesians should be happy. My saved money is now in the economy.

Thanks for the interest.

"Thanks for the interest."

No,Carried Interest.

When in doubt, google.

I should have known lol. Probably fresh on your mind.

http://www.dailykos.com/story/2011/0...terest-matters

I should have been a hedge fund manager. That's where the money is!

My indoctrination to carried interest.

Congress's Carried Interest Tax Folly: http://online.wsj.com/article/SB1000...601217646.html

Another View: In Defense of Carried Interest: http://dealbook.nytimes.com/2010/05/...ried-interest/

How to Think About Taxing Carried Interest: http://www.american.com/archive/2010...rried-interest

But I digress, who thinks this way?

Who wants to tax part of my hard earned savings that I want to pass on to my children? Why would someone want my savings?

Probably shouldn't save. 0.2% interest. It's so sad that this savings isn't building on interest. The government wants me to spend it, but here they are taking more out of my paycheck every two weeks. Funny how the middle class get royally screwed.