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View Diary: WH, Dems "Seriously Considering" Vote on Obama Tax Cuts (294 comments)

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  •  four years ago we sold our home, initial (3+ / 0-)
    Recommended by:
    Cassandra77, Island Expat, elwior

    asking price in Northern California, top school district, old faux victorian ranch house 3/2 w/Family room and fire place. It was a fixer upper we redid ourselves. Iniital ask was$899,000. Retirees on fixed incomes in our neighborhood were getting $945,000 for what most would consider average homes in a "leave it to beaver' type neighborhood. They were counting on this pay off to cover their retirement after the mortgage was cleared. They are not millionaires and don't live like them.

    People need to be careful about the definition of a millionaire, geographic areas like ours have high costs for everything, housing is just one factor affecting incomes. In fact if houses weren't so expensive here businesses might be more willing to come here.

    Update Ca Schools Diabetes Lawsuit to be heard in Ca Supreme Court(unanimous decision) http://tiny.cc/zknbl

    by foggycity on Tue Nov 16, 2010 at 01:48:14 PM PST

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    •  The people you're referring to are not earning (2+ / 0-)
      Recommended by:
      elwior, According to Fish

      a million a year.  They are retirees living off the sale of the homes they bought 40-50yrs before at
      30 to 40 thousand.  I think most of us are talking about folks who gross more than 250 grand per year.
      Most small businesses never gross $250 grand per year.

      United we stand - Divided we are all truly screwed. Keep them blaming one another - they'll never notice what's really going on.

      by Cassandra77 on Tue Nov 16, 2010 at 03:46:06 PM PST

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      •  Yeah, I am sick of the lack of honesty (2+ / 0-)
        Recommended by:
        Cassandra77, J Orygun

        and good reporting on this.

        Adjusted Gross Income is not the same as salary.  To make over $250K per year in AGI, you are probably making well over $400K.

        Small businesses filing as individuals will only hit the new taxes if they are pocketing money rather than investing in their company.  In fact, I bet an argument could be made that higher taxes being paid on AGI might make them consider reinvesting this money in their business rather than paying higher taxes on it.

        •  Honestly, I'm a small biz person and I can say (0+ / 0-)

          to gross $250K, you'd probably need to be doing a million a year in sales.

          United we stand - Divided we are all truly screwed. Keep them blaming one another - they'll never notice what's really going on.

          by Cassandra77 on Wed Nov 17, 2010 at 06:44:56 AM PST

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