GOP Chairman Steele: ‘after taxes, a million dollars is not a lot of money’

[Freeper]

kpete  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 05:31 PM
Original message
GOP Chairman Steele: ‘after taxes, a million dollars is not a lot of money’   Updated at 10:59 AM
   
Source: Boston Herald

GOP Chairman Steele: ‘after taxes, a million dollars is not a lot of money’
By Associated Press
Friday, February 5, 2010 - Updated 1h ago

LITTLE ROCK, Ark. - Republican National Committee Chairman Michael Steele and potential Democratic Senate candidate Harold Ford Jr. agreed Thursday that Americans want action now on health care reform, but disagreed about how to achieve it.

Steele and Ford — who is considering a run for a U.S. Senate seat in New York — faced off on health care, taxes, abortion and other issues for more than 90 minutes during a joint appearance at the University of Arkansas at Little Rock.

..............

The two often traded jokes, especially when Steele panned President Barack Obama’s long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Read more: http://www.bostonherald.com/news/us_politics/view/20100... /
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http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7653568

Of course the economic geniuses at the DUmp think he is stupid.

onehandle  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 05:35 PM
Response to Original message
1. Hey, Michael. Can I have a million dollars? After all, it's 'not a lot of money.'
   
Thought so.

Cheapskate.

After they are done taxing that million dollars he won't have a million to give you. If he is lucky he will have 400k left over by the time the feds and state get done with him.

GoCubsGo  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 07:30 PM
Response to Reply #1
27. I'd be more than happy to take that kind of chump change.
   
I'll even share it with y'all.

Obama gets his cut first though. Because even if you had that 400k left over after taxes when you take possession you get to pay taxes on it leaving you maybe 200k if you are lucky.

RedCloud  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 08:00 PM
Response to Reply #27
31. Exactly! A check in that amount each day please!

Then we get to tax 99% of that since that's what you libs want.

Generator  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 05:45 PM
Response to Original message
6. Even the math challenged like I can do that math
   
IF the taxes are 40% it's still $600,000. That's a nice living for anyone in one ****ing year or even three. JESUS.

Heck 40% would be the fed tax alone. You have to factor in state and city taxes too so more than likely my 400k figure is closer to truth.

Hekate  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Feb-05-10 05:55 PM
Response to Original message
12. Please, Mr. Steele, let me try "surviving" on a million bucks after taxes. Please?
   
Edited on Fri Feb-05-10 05:56 PM by Hekate
You can't make this stuff up.

Hekate

edit: typo

If you went out and earned a million dollars and 600k was taken off the top you would be a conservative all of a sudden.

[DumbAss Tanker]

I got a modest bonus this year, under five grand, on a salary that is just barely into six figure territory.  Only about 55% of it actually got paid over to me, after Federal and State taxes (Income, FICA, etc.) were held out.  Perhaps Steele made the point in a way that is all too easy to ridicule, but there is a very real point.

[Freeper]

I got a modest bonus this year, under five grand, on a salary that is just barely into six figure territory.  Only about 55% of it actually got paid over to me, after Federal and State taxes (Income, FICA, etc.) were held out.  Perhaps Steele made the point in a way that is all too easy to ridicule, but there is a very real point.

That right there my friend is why I wondered why lord O is so pissed about bonuses. They tax damn near half of it. He just got greedy and wanted it all.

[ColonialMarine0431]

I guess it depends on where one lives. In Florida, where there's no state income tax, that $1M might go a long way, ever after DingleBarry's proposed tax hike. In you're in California or NY, them fuggetaboutit.