Posted on 03/03/2009 11:02:15 AM PST by An Old Man
Who pays more, less and nothing at all under the president's proposals.
In Depth: How Obama Tax Plan Affects Eight Families WASHINGTON, D.C.--The $787 billion stimulus package passed in February and President Barack Obama's budget plan released on Thursday contain a confusing assortment of changes to the tax code.
(Excerpt) Read more at forbes.com ...
The talk today is that the socialists are going to lower your taxes. As with everything the socialists do, it has to be paid for, and the question is always where are you going to get the money.
And the Answer is! They are going to eliminate most of the Income Tax Deductions beginning with the "Mortgage Exemption"!
when bread, milk and other foods cost twice as much in a few years I am sure people will be told to blame companies and not government
Alternate answer, they are going to hyper-inflate the currency and put us all in the top bracket.
Alternate answer, they are going to hyper-inflate the currency and put us all in the top bracket.
(Hope this ain’t a dupe, last try went to never-ever-everland)...
Test
That tax credit elimination is only for people who have a proven track record of paying their mortgages. If you can prove that you have defaulted on your mortgage and have no business being in that expensive home, then you still get the exemption. /s
Except for those who can’t pay their mortgage...
They’ll get a “bailout”
That tax credit elimination is only for people who have a proven track record of paying their mortgages. If you can prove that you have defaulted on your mortgage and have no business being in that expensive home, then you still get the exemption. /s
(ohmygod! I've done it now!)
You passed...
...and 0bamagube will seize white owned farms to save us.
The socialist destruction of America. Obama and his Marxist thugs are doing EVERYTHING they can to destroy American capitalism and our freedoms.
I sure as hell hope the STUPID AND SELFISH libs are proud of the monster Marxist they put in the White House.
Many of these philanthropies function primarily as sheltered workshops to employ Democrat activists between demonstrations and elections.
No Mortgage Exemption?
Guess it’s time to gather my savings and pay off that last $40,000. Obama cab KMA!
As usual, there’s squat for me. And believe me I’m far from rich by any stretch of the imagination.
Apparently I just suffer from not having the prescribed life (mortgage, kids in college, etc.)
Gee, that certainly will help restore housing values, won't it Mr. Geithner.....[/sarcasm]
On Fox yesterday they had a clip of obama stating that all state and local taxes would no longer be deducted. How is that for a heavy hit?
The extravagant love of liberty, which marks democracy, prepares the way, by a natural reaction for tyranny. The future tyrant is, at first, the select
champion of the commonalty in the contest with the oligarchical faction.
Gradually he becomes more and more powerful, and, if he is banished, soon returns with an accession of influence:
next, he obtains a body-guard under specious pretenses, and finally turns out a consummate tyrant.”
The Republic of Plato
Nobody needs a charitable deduction this year. Stock losses are enough.
Two-hundred thousand a year is hardly a huge income, except in the eyes of those who earned $50,000. And it is usually the income category of the up and coming businessman or professional He is after the invester class that hasbeen created during the past twenty-five years, because he wants them dependent on government. He has already co-opted or taken down the mega-rich.
Two-hundred thousand a year is hardly a huge income, except in the eyes of those who earned $50,000. And it is usually the income category of the up and coming businessman or professional He is after the invester class that hasbeen created during the past twenty-five years, because he wants them dependent on government. He has already co-opted or taken down the mega-rich.
Boy is he ever going to be suprised when they don't materialize to fill his tax coffers.
He's just making sure those 300,000. plus income earners aren't able to knock down their net taxable income below 300,000. He want's it ALL.
That's going to happen whether it's intentional or not. Imagine the taxes you are going to pay on your $3,000,000.00 salary. (10 cent USD)> Obama is kidding himself if he thinks China and Russia won't just buy up all the more 10 cent USD's to offset the losses on US debt they already hold. Then when the dollar recovers, they'll be holding 10 times more. That's one heck of a good investment.
What frightens me is the strong possibility that he doesn’t care. He wants the United States cut down to size, because we have exercised too much power. God help us, but he may be to us what Gorbachev was to the Soviet Union.
That is a huge hit. I figure the tax increases are going to rip about $17,000 of disposable income out of my current position. If I had employees, I could simply lay one off to balance my budget. I don't have that alternative. The impact will be the same. That money won't be spent in my community. Some other business in the community will take care of the layoff to balance the budget from lost revenues.
You, sir, are correct. In addition, hyperinflation allows the massive debts to be paid off with inflated dollars so the creditors get screwed out of the value of what they have loaned, and a nice wrinkle is that it screws the old people out of their life savings, which they deserve for having voted for McCain, and it kicks the estates of the upper middle class into the value range where confiscatory estate taxes take over; and the aforementioned fact will cause many family farm consortiums to have to sell out to pay the taxes. It will reduce the value of endowments, thus insuring that there are fewer and fewer groups independent of the government able to undertake anything major in scope.
Dat boy sho’ ‘nuff do know how to spread it aroun’.
Your understanding, complete...
Of course, I neglected to mention that the purchasing power of the insurance policies the middle class struggled to pay for so their family would be well provided for will provide for relatively little after hyperinflation, so the prudent will be right there with the wastrels and whatever the government provides will be it; and, in addition, the long-term care insurance that the particularly prudent have purchased will get them only a fraction of the care they had expected, so they will have to rely on medicare, thus allowing the government to take title to all of their assets, making sure nothing is passed on to the next generation.
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