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OBAMA TAX HIKES WILL COST 35K PER YEAR TO BIGLAW
Poast new message in this thread
Date: February 26th, 2008 3:06 PM Author: Crusty wild old irish cottage Ohttp://www.abovethelaw.com/2008/02/obama_biglaw_and_taxesor_obama_1.php
bama, BigLaw, and Taxes (Or: Obama = $34,000 Paycut) [Ed. note: Today we bring you some "news you can use": a practical look at how political choices might affect your personal finances. This post is by Ted Frank, who blogs at Overlawyered.com and PointofLaw.com, and who has guest edited ATL in the past. Take it away, Ted.]
BigLaw lawyers love Obama. If one searches by law firm various databases on-line for campaign contributions, one sees an overwhelming sea of blue, and most of it to Obama.
But how will Obama affect BigLaw wallets? On Above the Law, we regularly see commenters threaten to abandon law firms for falling $5,000/year short of market. I therefore thought it worthwhile to examine the effects of Obama’s tax and spending plans on take-home pay.
We all know that Obama wants to end the Bush tax cuts. That is a 3% bump across the board to the bad old days when associates faced a marginal federal tax rate of 36%.
But the real hidden tax is that Obama plans to end the social-security tax cap. Right now, you may notice, sometime during the summer or early fall, your take-home pay suddenly goes up because they stop deducting FICA. Current law caps social security taxes: in 2008, the cap is at $102,000. Obama proposes to abolish this. That mid-summer bump will be no more: add about several thousand dollars to your annual tax bill.
But social-security taxes are not only on employees. The government also charges 6.2% to employers that you never see on your W-2s. But rest assured the partners see this, and will notice that the expense of keeping an associate has risen several thousand dollars a year when FICA taxes double and triple. Will they swallow that additional expense, or take it out of your bonus?
Find out, after the jump.
Update: If you read the original version of this post, please note that we've updated it by making the spreadsheet available. To access the spreadsheet, which you can then tinker with to reflect your own financial state, click here (or right-click to save it directly to your computer).
Further Update: Per Ted Frank: "The spreadsheet is only meaningful for taxable income above $164,550. Below that figure, it will produce garbage."
I’ve taken the liberty of calculating the effect of Obamanomics on the typical mid-level BigLaw associate. Betsy BigLaw is a fifth-year associate who is paid market at a New York City BigLaw firm. She rents; she itemizes her deductions; she is single; she maxes out her 401(k). I assume she’s generous, and gives $10,000 a year to charity; I assume her law firm partners are generous, and swallow nearly half of the Obama tax increase, only cutting her bonus $5,000. If either of those assumptions are untrue, the cost of Obamanomics to Betsy go up even more.
The effect is enormous. Betsy’s marginal tax rate goes up from an already ridiculous 42.5% to 51.4%—not including the new 6.2% marginal tax on your employer. Subject to how she structures her withholding, Betsy’s take home pay drops an average of $515 a paycheck—less in the early months of the year, but much more in the later months of the year. Add in the effects on her bonus, and Betsy loses nearly $20,000/year in take-home pay.
I added a third column: how big a pay cut would you have to take to receive the same take-home income? The answer is that Obama’s tax increases have a bigger effect on your income than a law firm cutting New York salaries by $34,000.
Now, money isn’t everything. A BigLaw associate, who is already handsomely paid, might find it worthwhile to take the equivalent of a $34,000/year paycut to have Barack Obama as president instead of John McCain; how else will we guarantee more Obamagirl videos? But given the hue and cry seen on Above the Law and XOXOHTH over salary fluctuations that are a fraction of that size, BigLaw associates may want to fully consider the effect of the candidates’ tax plans on their economic well-being. If you’re willing to reject a law firm over a few thousand dollars, how much money would sway your presidential vote and campaign contributions?
Update: If you read the original version of this post, please note that we've updated it by making the spreadsheet available. To access the spreadsheet, which you can then tinker with to reflect your own financial state, click here (or right-click to save it directly to your computer).
Further Update: Per Ted Frank: "The spreadsheet is only meaningful for taxable income above $164,550. Below that figure, it will produce garbage."
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Date: February 26th, 2008 3:07 PM Author: Elite maize forum Jesus fucking Christ. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391103) |
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Date: February 26th, 2008 3:10 PM Author: Insane telephone Unreal. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391116) |
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Date: February 26th, 2008 3:16 PM Author: Vibrant maroon useless brakes haunted graveyard My dad would probably just retire rather than pay 50k more in taxes. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391139) |
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Date: February 26th, 2008 3:16 PM Author: Citrine base mediation sorry that your dad is a poor, dood (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391141) |
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Date: February 26th, 2008 3:17 PM Author: spectacular public bath jew Nice to see Lat picking up on uninformed xoxo memes. As has been said a million times in these threads, Obama hasn't laid out any specifics on his payroll tax hike and most recently has expressed support for a donut hole which would likely prevent a hike on those making under $200k.
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Date: February 26th, 2008 3:20 PM Author: Elite maize forum So he flip-flopped on the payroll tax? Nice. Guess which proposal the republicans will make a commercial out of? His own words in the debate of raising the cap from 97k will be used against him.
How can anyone vote for him when he hasn't laid out the specifics of his tax increases? |
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Date: February 26th, 2008 3:25 PM Author: spectacular public bath jew It's not a flip-flop. He wants to raise the cap, but hasn't detailed specifics.
Is the lack of specificity a concern for me? Sure, but I don't think there's any chance in hell of him lifting the cap without including a significant donut-hole. I'm sure he'll be forced to make a detailed proposal before the general election. |
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Date: February 26th, 2008 3:21 PM Author: curious tantric senate Link to him supporting donut hole? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391166) |
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Date: February 26th, 2008 3:23 PM Author: spectacular public bath jew http://factcheck.barackobama.com/factcheck/2008/02/05/fact_check_on_clintons_false_a_1.php (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391175) |
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Date: February 26th, 2008 3:24 PM Author: Elite maize forum "Conceivably, you might have the equivalent of a doughnut hole"
That doesn't mean he supports it. |
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Date: February 26th, 2008 3:27 PM Author: spectacular public bath jew Sure, it's vague but he continually references a donut hole every time he talks about the issue. See this story from yesterday about his stumping on the issue in Ohio:
"During the forum, Obama referenced a “doughnut hole” where people would not start paying the payroll tax until their incomes reached $200,000 or $250,000."
http://www.dispatch.com/live/content/local_news/stories/2008/02/25/obama.html |
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Date: February 26th, 2008 3:29 PM Author: Elite maize forum "he continually references a donut hole every time he talks about the issue"
Every time? That's a lie. I've heard him discuss it at least twice during debates and not mention anything about a "doughnut hole."
How can you vote for him when you don't even know what his tax plan is going to be? |
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Date: February 26th, 2008 3:31 PM Author: spectacular public bath jew As I said above and below, I don't believe there's any chance of a hike being enacted without a donut hole so it's merely a minor irritation that he hasn't spelled out the specifics.
HOPE! BELIEVE! ETC. |
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Date: February 26th, 2008 9:14 PM Author: Crusty wild old irish cottage RIGHT. I don't believe that. There's a decent chance he'd remove the payroll cap. Congress belongs to the Dems, they'd give Saint Obama anything he wants.
Fuck, I don't even want the doughnut hole idea. The answer is to raise the retirement age and cut benefits, NOT to raise taxes.
Also, don't forget, during the Nov 15 debate Obama said anyone making over 96k is rich and deserves to pay more taxes. More tax hikes will follow. |
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Date: May 5th, 2008 5:24 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9738699) |
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Date: February 26th, 2008 3:31 PM Author: Dark startled depressive space Newsflash: total 1st year comp. including the discretionary bonus is 205K. HTFH. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391222) |
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Date: February 26th, 2008 3:34 PM Author: spectacular public bath jew Not in my biglaw market.
Seriously though, even if you're making $205k, a hike with a donut hole up to $200k won't lead to anything remotely resembling a $35k tax increase. |
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Date: February 26th, 2008 9:17 PM Author: Crusty wild old irish cottage it's still too much to blow on fucking obama. anyone who sticks around biglaw until they're senior associates will make much more than that with their bonus, I don't want that raped at an additional 7.5% (not counting the impact to the employer that will no doubt affect raises and bonuses).
the solution is the raise the retirement and cut benefits. |
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Date: February 26th, 2008 3:25 PM Author: curious tantric senate Just so we're clear, Obama has been deliberately vague on whether there would be a doughnut hole or not, leaving it as a "could include," never a "will include." Edwards originally proposed the doughnut hole idea, and when Obama suggested lifting the cap, Clinton laughed him off and noted that firefighters and teachers would be among those affected by lifting the cap. So he's mentioned both as options... but it's entirely unclear what he'd actually do.
This calculation is fair game, and the doughnut shills have hardly a leg to stand on. That said, it's an option he's kept open, so it's certainly plausible. |
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Date: February 26th, 2008 3:29 PM Author: spectacular public bath jew This is correct, but I have a hard time seeing any scenario in which the cap gets lifted without a hole. Why would he propose such a politically-risky tax hike (that would reap limited revenue benefits) and why would Congress pass such a hike? It ain't going to happen. I'm sure he'll have to flesh out specifics on this before November, and I'd be willing to wager just about everything that any proposal would include a donut hole. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391215) |
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Date: February 26th, 2008 3:31 PM Author: curious tantric senate Well nobody knows what he will actually do, but he definitely hasn't committed to the donut hole. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391225) |
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Date: February 26th, 2008 3:55 PM Author: azure boyish stage idea he suggested jesus christ this exchange made me HUNGRY. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391352) |
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Date: February 26th, 2008 4:02 PM Author: Arrogant trailer park horny here (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391378) |
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Date: February 26th, 2008 9:18 PM Author: Crusty wild old irish cottage This is what I've been saying. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393009) |
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Date: September 1st, 2008 1:54 PM Author: Olive Provocative Nowag http://www.cheesebikini.com/wp-content/uploads/2008/03/obama-donuts.jpg (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10117209) |
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Date: February 26th, 2008 3:23 PM Author: Dark startled depressive space So Obama will raep me only a little in my 1st BIGLAW year and then a whole lot each subsequent year?? AWESOME, THAT MAKES IT SO MUCH BETTER!!! (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391179) |
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Date: March 27th, 2008 4:51 PM Author: peach address (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540174) |
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Date: February 26th, 2008 3:27 PM Author: Adventurous codepig hell Why the fuck didn't Hillary Clinton make a big deal about this? I feel deceived. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391202) |
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Date: August 27th, 2008 5:43 PM Author: Rebellious Faggotry too busy telling sob stories about single mothers who can't afford gas and health insurance like every other assbag democrat (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10102100) |
Date: February 26th, 2008 3:19 PM Author: frum abode juggernaut I'm not an Obama supporter,
But this type of shit is inevitable. You can blame the baby boomers for this crap.
There are way too many entitlements that need to be funded. Whoever is president, they are going to have to raise taxes, it's just the way it is.
Our generation is fucked in the ass. We will have to pay for a bunch of entitlements for other people that we ourselves will never get. Again, thank the boomers. |
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Date: February 26th, 2008 3:21 PM Author: fishy odious pervert We all should have to have an increase then. He wants to lower taxes on people making less than $75k. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391168) |
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Date: February 26th, 2008 3:22 PM Author: frum abode juggernaut I agree.
Fuck poors. |
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Date: February 26th, 2008 3:22 PM Author: infuriating location boiling water time to start committing tax fraud! (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391171) |
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Date: February 26th, 2008 3:23 PM Author: Elite maize forum If we say that our accountant told us we could renounce our citizenship in our minds and not have to pay taxes (and we are a movie star) then we will get acquitted! (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391180) |
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Date: February 26th, 2008 3:24 PM Author: infuriating location boiling water i'm convinced
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Date: February 26th, 2008 3:25 PM Author: Elite maize forum I still don't get why people support Obama. They don't even know what his tax plan is. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391191) |
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Date: February 26th, 2008 3:30 PM Author: confused misunderstood police squad background story link? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391218) |
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Date: February 26th, 2008 3:32 PM Author: Elite maize forum Link to what? The fact that he hasn't given a detailed tax plan yet? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391227) |
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Date: February 26th, 2008 3:32 PM Author: confused misunderstood police squad background story The "fact" that Obama voters don't know what his proposals are. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391235) |
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Date: February 26th, 2008 3:35 PM Author: Elite maize forum Um, how can they know the details of his tax plan when he hasn't released them yet? That's the point. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391253) |
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Date: February 26th, 2008 3:38 PM Author: confused misunderstood police squad background story I know the outline for what he wants to do, and if you'd read his plans you would too.
He's provided as many, if not more, details on his policy plans than any other candidate for president.
Do your fucking homework before you talk out of your ass. |
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Date: February 26th, 2008 3:40 PM Author: Elite maize forum Link to his detailed tax plans, please? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391283) |
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Date: February 26th, 2008 4:13 PM Author: Elite maize forum Well? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391421) |
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Date: February 26th, 2008 3:31 PM Author: infuriating location boiling water because they want to FEEL GOOD ABOUT GOVERNMENT AGAIN!!!!
whatever that means |
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Date: February 26th, 2008 3:32 PM Author: confused misunderstood police squad background story or, because we think his proposals make the best of the bad situation this country finds itself in. and we trust him to make principled decisions.
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Date: February 26th, 2008 3:33 PM Author: Elite maize forum Trust based on what? His job as a state senator? Or the fact that he gives pretty speeches? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391241) |
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Date: February 26th, 2008 3:35 PM Author: confused misunderstood police squad background story Unlike you, some of us actually know quite a bit about Senator Obama's record both before and during his time in government. And based on the facts we know he's an honest man.
The fact that the rezko bullshit is the best opp research HRC's machine could come up with makes this point pretty clearly. |
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Date: February 26th, 2008 3:37 PM Author: Elite maize forum Wow. A cultist to the core.
So you trust that he will have a great tax plan b/c you think he is honest. Okay. |
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Date: February 26th, 2008 3:40 PM Author: confused misunderstood police squad background story This isn't what I said.
I know his record. I know his history. And they lead me to reasonable believe he's an honest person.
As a second independent point unlike you I have read his policy proposals, and I know the basics of his plans.
You make it sound like other candidates are providing thousands of pages of revised tax code language. Which they aren't. |
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Date: February 26th, 2008 3:41 PM Author: Elite maize forum They haven't proposed 3 separate tax increases in speeches. He has. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391287) |
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Date: February 26th, 2008 3:42 PM Author: confused misunderstood police squad background story You are a ridiculous troll. And if you think that Hillary wouldn't raise taxes as much or more than Obama, you're the deluded one. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391291) |
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Date: February 26th, 2008 3:45 PM Author: Elite maize forum She would repeal the Bush tax cuts on the rich, which I agree with. This other stuff is insane, especially the capital gains tax increase. I'm not voting for him unless he takes back the cap gains tax increase (or only increases it to 20%) and implements the "doughnut hole" for the payroll tax at 250k. He's going to send us into a depression. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391309) |
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Date: February 26th, 2008 4:13 PM Author: aphrodisiac mint roommate link? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391429) |
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Date: February 26th, 2008 4:15 PM Author: Elite maize forum To what? I made several assertions. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391441) |
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Date: February 26th, 2008 4:16 PM Author: aphrodisiac mint roommate exactly. link me to everything you're babbling about or shut the fuck up. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391446) |
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Date: February 26th, 2008 4:25 PM Author: Elite maize forum Make a specific request. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391481) |
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Date: February 26th, 2008 4:29 PM Author: aphrodisiac mint roommate 1. link to hillary saying she will only repeal bush tax cuts?
2. link to hillary saying no other tax raises?
3. link to hillary disputing increasing payroll cap?
4. link to obama wanting to increase capital gains tax for regular people?
5. link to increasing capital gains tax leading to increased likelihood of depression?
6. link to obama specifying that he would eliminate payroll cap without a donut hole? |
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Date: February 26th, 2008 5:03 PM Author: confused misunderstood police squad background story he's made it clear he doesn't know what he's talking about. i wouldn't wait up all night. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391674) |
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Date: February 26th, 2008 5:21 PM Author: Elite maize forum Subject: Speaking of which Date: February 26th, 2008 3:38 PM Author: dr. joseph smith's rotting corpse, esq. ("Man-to-man up your ass, Bud!")
I know the outline for what he wants to do, and if you'd read his plans you would too.
He's provided as many, if not more, details on his policy plans than any other candidate for president.
Do your fucking homework before you talk out of your ass.
(http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391269)
ReplyEdit Your Message
Date: February 26th, 2008 3:40 PM Author: Gaydolf Titler
Link to his detailed tax plans, please?
(http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391283)
ReplyEdit Your Message
Date: February 26th, 2008 4:13 PM Author: Gaydolf Titler
Well?
(http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391421)
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Date: February 26th, 2008 3:38 PM Author: spectacular public bath jew Trust based upon his record, the way he's talked about economic issues on the stump and in debates, and the fact that he's surrounded himself with intelligent economic advisors, and the fact that political realities dictate that there's no chance in hell of him raising the payroll cap without a significant donut hole.
Bump this thread later in the spring/summer when he releases a more detailed plan and we'll see who's right on this. I see no credible reason to fear Obama's tax plans right now.
edit: here's a good article from tnr on the pragmatism of Obama's policy shop: http://www.tnr.com/politics/story.html?id=4d40a39e-8f57-4054-bd99-94bc9d19be1a |
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Date: February 26th, 2008 3:34 PM Author: infuriating location boiling water ahhh yes, the indefinite bad transformed into the indefinite good (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391249) |
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Date: February 26th, 2008 3:36 PM Author: confused misunderstood police squad background story This is incomprehensible. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391259) |
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Date: February 26th, 2008 3:37 PM Author: infuriating location boiling water right (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391268) |
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Date: February 26th, 2008 3:32 PM Author: Elite maize forum They have destroyed the party. We will get thrashed in the Congressional elections too now. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391234) |
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Date: February 26th, 2008 3:33 PM Author: confused misunderstood police squad background story Says a supporter of the candidate who wants to usurp the popular vote and in the process disenfranchise millions of first-time voters. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391243) |
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Date: February 26th, 2008 3:35 PM Author: pearly big-titted half-breed the fact that some of you give a damn about this propigated untruth of a tax hike evidences how TTT you really are
true wealth doesn't care about hikes, because they have their income positioned in such away that allows them to take advantage of the many tax loopholes that exists and were created to separate the TTT from uber-prestige
if you cocksuckers were true blue-bloods you would be bitching about how HIGH the insanely LOW capital gains tax is whilst simultaneously living off of dividends and other unearned income |
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Date: August 27th, 2008 6:46 PM Author: Overrated ebony theater stage digit ratio Subject: Indeed It is all about cap gains - (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10102268) |
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Date: February 26th, 2008 9:31 PM Author: Contagious coral party of the first part plaza i believe it's called pulling a wesley snipes. The "fuck you it's not your money" defense really goes over well in Florida. you might want to consider moving there. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393148) |
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Date: February 26th, 2008 3:32 PM Author: Crusty wild old irish cottage it's not inevitable, raise the retirement age and cut benefits. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391232) |
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Date: February 26th, 2008 3:37 PM Author: infuriating location boiling water I hate baby boomers
My father is 59 and retired, I want to sock him in the face because he's already complaining about not being able to afford the nice house in the sunbelt he wanted. I want to sock him in the face and tell him to work for another 5 years, and maybe that 300,000 in after tax income would make things easier |
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Date: February 26th, 2008 3:38 PM Author: beady-eyed temple hissy fit plz do it for the rest of us. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391274) |
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Date: February 26th, 2008 3:43 PM Author: cobalt french chef new version boomers are leaving us a $7 trillion deficit, global warming, a country full of illegal immigrants, and crazy entitlement obligations all b/c they are selfish and short-sighted. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391294) |
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Date: February 26th, 2008 4:24 PM Author: Insane telephone TITCR! (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391476) |
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Date: February 26th, 2008 3:30 PM Author: Elite maize forum This spreadsheet also excludes his proposed increase of the capital gains and dividends tax from 15% to 28%. So it could be even more depending on what assets you own. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391217) |
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Date: February 26th, 2008 3:40 PM Author: walnut degenerate Have you seen any projections on how much of a hit stock prices would take due to selloffs before that takes effect? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391282) |
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Date: February 26th, 2008 3:42 PM Author: pearly big-titted half-breed the fact that some of you give a damn about this propigated untruth of a tax hike evidences how TTT you really are
true wealth doesn't care about hikes, because they have their income positioned in such away that allows them to take advantage of the many tax loopholes that exists and were created to separate the TTT from uber-prestige
if you cocksuckers were true blue-bloods you would be bitching about how HIGH the insanely LOW capital gains tax is whilst simultaneously living off of dividends and other unearned income
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Date: February 26th, 2008 3:42 PM Author: massive stage brethren shut the fuck up you striver faggot (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391290) |
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Date: February 26th, 2008 3:43 PM Author: walnut degenerate Truly wealthy people aren't working in biglaw. hth (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391296) |
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Date: February 26th, 2008 3:46 PM Author: Elite maize forum Um, the economy will go even faster into the shitter if the cap gains tax is doubled. It's not about "true wealth" whatever that means. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391318) |
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Date: February 26th, 2008 3:54 PM Author: pearly big-titted half-breed stop being coy. you know exactly what true wealth means (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391350) |
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Date: February 26th, 2008 8:59 PM Author: Crimson floppy mexican Do you twist yerself into a pretzel when reminded that Reagan eliminated the capital gains preference? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9392874) |
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Date: February 26th, 2008 10:13 PM Author: hyperactive deer antler (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393529) |
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Date: February 26th, 2008 3:46 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391316) |
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Date: February 26th, 2008 5:41 PM Author: tripping psychic people who are hurt Where's Charlie Rangel when you need him? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9391905) |
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Date: February 26th, 2008 9:06 PM Author: Crusty wild old irish cottage i can't believe you people chose this guy over Hillary Clinton when she was running as a moderate (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9392908) |
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Date: February 29th, 2008 5:52 PM Author: Know-it-all Nursing Home Because we want a candidate who can actually beat McCain, not some dumb bitch who would get slaughtered by McCain. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9407908) |
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Date: February 29th, 2008 6:08 PM Author: Crusty wild old irish cottage so he can tax the shit out of us? no thank you. I'd gladly take McCain over Obama.
Hillary said she wouldn't raise payroll taxes. |
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Date: February 29th, 2008 6:29 PM Author: Know-it-all Nursing Home Quit whining. Failing to take care of our domestic ills will cost us more in the long run. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9408032) |
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Date: February 26th, 2008 9:22 PM Author: hyperactive deer antler that fuck (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393057) |
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Date: February 26th, 2008 9:31 PM Author: aphrodisiac mint roommate Can someone run the numbers to see if this is true? How certain would this be?? If true, I am voting for McCain. (Right now I am undecided) (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393152) |
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Date: February 26th, 2008 9:43 PM Author: Contagious coral party of the first part plaza What a softball question from Tim Russert.
The question should have been "if the iraqis told you that leaving would be genocide, would you leave anyway?" |
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Date: February 26th, 2008 9:48 PM Author: tripping psychic people who are hurt I always thought congress made tax bills. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9393297) |
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Date: February 29th, 2008 5:41 PM Author: Crusty wild old irish cottage right. I guess there were no "bush tax cuts."
seriously, congress is controlled by dems, and the way they irrationally suck his vapid cock, they'd give him anything he wanted. |
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Date: February 29th, 2008 6:27 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9408021) |
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Date: March 1st, 2008 3:45 PM Author: hyperactive deer antler only a poor or a fucking fool would vote for Obama. who'd want to have even more of their wealth redistributed? especially when they get effectively no say in who gets it or what it's used for. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9411205) |
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Date: March 1st, 2008 3:48 PM Author: hyperactive deer antler (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9411227) |
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Date: March 1st, 2008 4:39 PM Author: hyperactive deer antler (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9411565) |
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Date: March 2nd, 2008 2:17 PM Author: Autistic big sanctuary idiot That's fine. My life is pretty good right now. It's not such a crime to live only slightly better in the future. If you're not a moron, you should keep in mind that all of your colleagues are also getting taxed.
The question that you have to ask yourself is whether the government can spend your colleagues' money better than they can. Judging from what BigLaw associates buy, this seems like a very weak assertion with strong empirical verifiability. |
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Date: March 2nd, 2008 2:32 PM Author: Insane telephone "If you're not a moron, you should keep in mind that all of your colleagues are also getting taxed."
WTF? So if you all get ripped off then you're fine? Aside from which:
A) Some of my colleagues come from families with money.
B) Some of my colleagues live in countries that don't have an insane tax rate. Like Russia or Singapore, for example. |
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Date: March 5th, 2008 2:50 AM Author: greedy thriller main people Your colleagues must have a hell of a commute. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9431515) |
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Date: March 4th, 2008 1:08 PM Author: hyperactive deer antler (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9426347) |
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Date: March 14th, 2008 2:26 PM Author: Crusty wild old irish cottage bump. some people seem to be forgetting this (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9477381) |
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Date: March 14th, 2008 2:49 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9477477) |
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Date: March 22nd, 2008 1:21 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9514237) |
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Date: March 27th, 2008 5:03 PM Author: peach address (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540234) |
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Date: March 27th, 2008 5:06 PM Author: Titillating nofapping cruise ship mad cow disease there is no way the cap gets lifted. right? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540249) |
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Date: March 27th, 2008 5:08 PM Author: peach address because a democrat controlled congress would never be motivated by an eloquent obama speech to do so (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540257) |
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Date: March 27th, 2008 5:10 PM Author: Snowy indecent friendly grandma area I hate seeing my $3700 a week paychecks reduced to $2200 because of taxes. It's enough to make me almost want to call for the overthrow of this TTT government. If my 3700 becomes 1800 I'm moving to Europe and dont think I'm joking. Some of the EU countries have lower taxes than TTT America. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540263) |
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Date: March 27th, 2008 5:11 PM Author: peach address wouldn't it be easier to just vote mccain or hillary over obama? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9540267) |
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Date: March 27th, 2008 5:11 PM Author: peach address "Obama believes that the first place to look for ways to strengthen Social Security is the payroll tax system. Currently, the Social Security payroll tax applies to only the first $97,500 a worker makes. Obama supports increasing the maximum amount of earnings covered by Social Security and he will work with Congress and the American people to choose a payroll tax reform package that will keep Social Security solvent for at least the next half century."
http://www.barackobama.com/issues/socialsecurity/#protect-ss
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Date: April 18th, 2008 10:35 PM Author: Impressive nubile field If he does this, SS will become a welfare program, which makes it slightly more vulnerable to long-term reform. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9649437) |
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Date: April 18th, 2008 8:55 PM Author: peach address (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9649048) |
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Date: April 22nd, 2008 7:54 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9667521) |
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Date: April 28th, 2008 2:29 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9698575) |
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Date: May 1st, 2008 3:12 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9717431) |
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Date: May 4th, 2008 8:53 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9734270) |
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Date: May 4th, 2008 8:58 PM Author: Crusty wild old irish cottage (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9734294) |
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Date: May 4th, 2008 9:02 PM Author: Primrose national doctorate PSA: Of the three candidates, lawyers give the most money to the obama campaign by far. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9734314) |
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Date: May 4th, 2008 9:36 PM Author: flesh frisky gas station Happily so. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#9734456) |
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Date: August 27th, 2008 2:47 PM Author: cracking aqua alpha ratface (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10101707) |
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Date: August 27th, 2008 2:55 PM Author: cracking aqua alpha ratface (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10101740) |
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Date: August 27th, 2008 6:20 PM Author: deranged milky rigor Holy shit! Thanks for the post. I think this just made me a McCainiac. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10102220) |
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Date: August 27th, 2008 6:22 PM Author: confused misunderstood police squad background story this whole thread is ridiculously misleading. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10102225) |
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Date: August 27th, 2008 6:39 PM Author: deranged milky rigor How so? The article seemed pretty clear to me. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10102252) |
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Date: August 27th, 2008 8:37 PM Author: saffron boltzmann Hasn't Obama gone on record saying his uncapping of Social Security -- by far the biggest tax hike of his plan -- will not happen until 2018, i.e. two years after his second term ends?
I mean, our marginal rate is still higher under his plan than under McCain's, but now it's on the order of a few percent. |
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Date: August 30th, 2008 3:55 PM Author: Racy immigrant (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10112612) |
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Date: September 1st, 2008 1:31 PM Author: laughsome genital piercing theater (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10117149) |
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Date: November 5th, 2008 1:35 PM Author: exhilarant soggy turdskin dilemma Well, now that he's won, most tax profs seem to think he will in fact remove the cap on the social security tax:
http://taxprof.typepad.com/taxprof_blog/2008/11/tax-policy-in-the-obama-biden-administration.html
Steve Johnson (UNLV): "And the cap on incomes subject to the Social Security tax likely would disappear or rise steeply."
James Maule (Villanova): "The so-called cap on wages subject to FICA will be lifted, and it very possibly will be a simple removal such that all wages are subject to that tax."
2009 cap is 106,800 (which, btw, is a HUGE increase from even 1999, when it was $72,600).
Removal of the cap would mean about $6k in extra taxes for first years. Add into the fact that Employers will not have to pay more in social security taxes as well - one would have to think they might cut bonuses or at least prevent them from rising.
This doesn't even take into account the almost certain 3-5% increase on the top rate and the increases on the tax on investment income.
All this while he plans to give refundable tax credits to people who don't pay taxes or do useless community service in college.
Hope this guy is worth it! |
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Date: November 5th, 2008 1:41 PM Author: supple center kitty cat Totally unrelated question: I remember reading an old thread where you were deciding between Cravath vs. DPW. What did you end up choosing and how did it work out for you? OR if you don't want to say, who would you choose now?
And yea, Obama is gonna fuck us over... |
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Date: November 5th, 2008 1:53 PM Author: exhilarant soggy turdskin dilemma I'd rather not answer just because I don't want to become the "xyz firm guy" which I don't think any firm would appreciate. I'm sure I could easily be outted anyway and the only reason I haven't is because no one gives a shit (which I appreciate).
But I will give you the advice I give everyone. I only know about corporate - the litigation department at my firm is totally foreign to me (it is like they work for a different company in the building and I occasionally see them in the elevator or at a building event) - and I think this is pretty common at other firms - so you'll need to ask someone else if you are interested in litigation.
For corporate, though, ultimately the top tier firms (S&C, DPW, STB, CSM) are pretty different in how they assign work to young lawyers and your career options re: specialization, and I don't think there are two more different firms in this respect than Cravath and DPW. Cravath has the rotation system that you get assigned something and then keep changing every 2 years. DPW has a system were you pick three six month rotations as a junior and then you pick something and specialize in it.
The cultures are different, true. CSM might be slightly more impressive to your law school or banker friends. But I think ultimately this difference re: training and specialization should be where you make your choice. It really is two significantly different approaches - neither is "right" or "wrong" - but most likely you will prefer one to the other.
If you think you will likely pick an area you want to focus in and then do it - then you may want to avoid Cravath unless you only plan to be there a few years. But if you find the idea of being forced to specialize restricting and ultimately boring - DPW may not be the best place for you either. |
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Date: November 5th, 2008 2:54 PM Author: Arrogant trailer park *plans to out the first cheap lawyer i see at dpw* (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10331144) |
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Date: November 5th, 2008 5:59 PM Author: exhilarant soggy turdskin dilemma That won't narrow it down much. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10331692) |
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Date: November 5th, 2008 1:56 PM Author: Heady azn ticket booth "Most" now means "2 out of 15 who posted a quick blurb on taxprofblawg.com?" (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10330895) |
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Date: November 5th, 2008 2:02 PM Author: exhilarant soggy turdskin dilemma Most of those 15 weren't addressing the specific question (one of them went on and on about gay rights), but I don't think it is that controversial that Obama will try to do this, and all this crap about the "donut hole" has disappeared. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10330918) |
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Date: November 5th, 2008 2:22 PM Author: Heady azn ticket booth So I reiterate: you have extrapolated "most tax profs" from two out of fifteen who posted brief snippets on a blog? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10331013) |
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Date: November 5th, 2008 5:58 PM Author: exhilarant soggy turdskin dilemma Exactly 100% of the ones who expressed an opinon on the issue. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10331689) |
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Date: November 5th, 2008 1:42 PM Author: hateful brunch GOOD. (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10330831) |
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Date: November 5th, 2008 1:54 PM Author: exhilarant soggy turdskin dilemma who are you, some 59 year old retiree? (http://www.autoadmit.com/thread.php?thread_id=774162&forum_id=2#10330884) |