Tax on the rich could come to you soon.

[msmith198025]

http://news.yahoo.com/s/ap/20091102/ap_on_go_co/us_health_care_taxes


The bill is funded largely from a 5.4 percent tax on individuals making more than $500,000 a year and couples making more than $1 million, starting in 2011. The tax increase would hit only 0.3 percent of tax filers, raising $460.5 billion over the next 10 years, according to congressional estimates.

But unlike other income tax rates, the new tax would not be indexed for inflation. As incomes rise over time because of inflation, more families — and more small business owners — would be hit by the tax.

"Twenty years from now, we're going to see more and more small businesses ensnared into paying higher taxes," said Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee.

[HDRoberts]

Even in 40 years, I doubt I'll be making $500k.

This is much higher than the AMT. Deal with it in 20 years if it is a problem.

[Derwin0]

At one time the Social Security Tax only applied to the "rich". We know how that turned out.

Changing the threshold of a tax is much easier than getting the tax created in the first place.

[msmith198025]

Even in 40 years, I doubt I'll be making $500k.

This is much higher than the AMT. Deal with it in 20 years if it is a problem.

Its not just you personally, but peoples employers that could be impacted by this in the future. Which will in turn have an impact on their workers, and so on and so forth.

[Skyhi]

At one time the Social Security Tax only applied to the "rich". We know how that turned out.

Changing the threshold of a tax is much easier than getting the tax created in the first place.
That is a very valid argument, unlike the one the Representative in the OP is trying to make.

[Skyhi]

Its not just you personally, but peoples employers that could be impacted by this in the future. Which will in turn have an impact on their workers, and so on and so forth.
Most small business do not come close to NETting $1 million (if the owner is married) a year, nor will they in the near or distant future. Derwino's argument is reasonable...the other one is not, imo.

[msmith198025]

I guess we will see.

[Bob Haller]

Hey if I were making that much I would happily pay more taxes:)

The percentage of americans must be small. mostly the wall street type