Daily Topics - Friday December 7th, 2012

Catch The Thom Hartmann Program LIVE M-F from 3-6pm ET!

Anything Goes on Townhall Friday

Hour One: "Brunch With Bernie" - Senator Bernie Sanders (I-VT) takes your calls

Hour Two: 8th Grader vs. Easy-Bake Ovens - McKenna Pope, 8th Grader-Garfield, NJ

Hour Three: Walmart's "death vs. profitability" calculation...

Comments

mblockhart's picture
mblockhart 13 years 31 weeks ago
#1

On discussions about the cutoff point for raising taxes - incomes over $200,000 for individuals and $250,000 for couples. Thom, please keep in mind that those are TAXABLE income levels. In other words net profits, the income you have left over AFTER you've paid for reasonable deductible expenses. For a homeowner that might be after the mortgage interest deduction; for a business owner it might be after you've paid for employees, materials, and other investments in your business. Always remember that we pay income taxes not on gross income but on TAXABLE income. It's a very important point since the wealthy have to make much more than those cutoffs to have net profits of those amounts.

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