How will the upcoming elections affect your spending?

[Hoosier]

I believe it will prevent it from getting worse if they continue the Bush tax cuts. If the cuts go away, we'll be cutting back as will many others.

You realize the tax cuts are being extended for everyone making less than $250k a year, right? The debate is only about extending it for those making over that limit. So if you're making more than 250k, you'll pay an extra 4% taxes on what you're making over that limit. Is that going to affect your spending?

H.

[ronaldrwl]

You realize the tax cuts are being extended for everyone making less than $250k a year, right? The debate is only about extending it for those making over that limit. So if you're making more than 250k, you'll pay an extra 4% taxes on what you're making over that limit. Is that going to affect your spending?

H.

Well congress is out of session and I'm sure they haven't voted to extend the cuts while on vacation. And yes 4% makes a big difference. Consider ~65% of our income already goes to taxes of kind or another. And add to that our fixed expensive like FOOD, Mortgage, Life. So I would say anther 4% maybe close to all the discretionary spending we have.

[TS12000]

was broke, am broke, will be broke

[OgenRwot]

It doesn't really matter because we wont get a majority in the Senate let alone a veto proof majority.

[Hoosier]

Well congress is out of session and I'm sure they haven't voted to extend the cuts while on vacation. And yes 4% makes a big difference. Consider ~65% of our income already goes to taxes of kind or another. And add to that our fixed expensive like FOOD, Mortgage, Life. So I would say anther 4% maybe close to all the discretionary spending we have.

You realize that it's going from 36% to 39% only on earnings above 250k? So if you make 300k a year, this is a tax difference of $1,500 in taxes paid. You're saying that $1500 a year is your discretionary income on $300,000 a year? If you are spending $11k dollars a month in fixed expenditures (mortgage, food, etc) and left yourself with just $125 a month in surplus...

H.