Posted on 10/27/2008 6:07:33 PM PDT by Kaslin
Are Barack Obama's proposed tax increases adversely affecting our financial markets? We say yes, unambiguously. The senator has done a masterful job distracting attention from his tax increases with his $500-per-worker tax credit supposedly for 95% of Americans.
Obama has also set forth more than half a dozen additional refundable income tax credits targeted to low- and moderate-income workers for child care, education, housing, welfare, retirement, health care and other social purposes.
These tax credits are devised to phase-out based on income, which will ultimately increase marginal income tax rates for middle-class workers. In other words, as you earn more, you suffer a penalty in the phase-out of these credits, which has the exact effect of a marginal tax rate increase. That harms, rather than improves, the economy.
With the bottom 40% of income earners not paying any federal income taxes, such tax credits would not reduce any tax liability for these workers. Instead, since they're refundable, they would involve new checks from the federal government.
These are not tax cuts as Obama is promising. They are new government spending programs buried in the tax code and estimated to cost $1.3 trillion over 10 years.
Obama argues that while these workers do not pay income taxes, they do pay payroll taxes. True, but his planned credits do not involve cuts in payroll taxes. They are refundable income tax credits designed to redistribute income and "spread the wealth."
(Excerpt) Read more at ibdeditorials.com ...
O-BEAR-ma
people that don’t pay taxes
should not be voting.
I wouldn’t go that far. But I think people that haven’t made up their mind by now shouldn’t vote.
everyone pays taxes. it’s called inflation
but they’re often voting for people who want to create more
people like them that are dependent upon government.
eventually most people will be dependent upon the state, i.e., the government.
People that do not own at least one million dollars of private property should not be allowed to vote.
People that have more than four children should not be allowed to vote.
Men or women who have not served in the US military should not be allowed to vote.
People that do not own at least two dogs should not be allowed to vote.
yes, that also.
we call “taxes” taxes.
and we call “inflation” inflation.
the time value of money includes inflation.
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i was driving at a different point, i.e., that often people
who do not pay taxes per se are voting for socialists who will increase their ilk. eventually, it will destroy our country.
one example is a national health care system.
Obama's goal is to get that number over 50%, which should be attainable during his first term, especially if the economy tanks.
Once he has a solid majority of net tax beneficiaries (AKA "parasites"), there will be no stopping the complete and permanent conversion to socialism with teeth.
Black voters are about 10% of the electorate. They are relaibly democrat (socialist) voters. The left only needs 40% of citizens who pay no taxes to form a coalition that has the votes to redistribute wealth at their whim. Now not all of those non taxpayers are leeches of course but they are compensated for by the true believers. Tipping point may be already here.
Truth be told, we past that point midway in the Clinton Administration, if not earlier.
The avalance has begun. It is too late for the pebbles to take a vote on it.
L
It is reversible but to reverse the electorate must be more concerned with their asses than their wallets. Give Obama and the dems time and we will pay the price in American lives. Of that I have no doubt. Nor do I wish that on America which is why I will never vote for Obama or any democrat for that matter.
Yeah, it’s hard for the pebbles to vote to go back up the mountain in the middle of an avalanche.
IMHO, Obama has supporters in high places with lots of money munipulating the market. Two I think of are Soros and Buffet.
These two, togeher with their “following” could do what ever they want with their insiders and the idiots in Washington wouldn’t have a clue or could care less if they are getting their share of political PAC money.
JMHO.
Bet- Obama wins markets go up immediately. But capital gain taxes are increased, death tax increased, 401K plans taxed, Bush tax cuts fade into the sunset and the tax promise on $250,000 will be lowered to $100,000.
Deductibles will be reduced for those making more than $250,000, dependents going to private schools deductible will be eliminated and the $3,000 deductible for small businesses will be eliminated.
The evil rich do not have to live in this country. They can join the Arabs in France and Switzerland. When they leave, Massa Obama will have to stick the middle class with the bill to raise money to buy the votes of the poor in ‘12. Just look at Venezuela to see what lies ahead for the USA.
Finally someone said it!!!! Barry can promise what ever, it doesn't matter. These "cuts" [gvt checks] have to be passed by congress, just like the "stimulus checks" back in May. Maybe congress will pass this in the first year, but down the road? I doubt it. How about a REAL tax cut!!!!
Cut the marginal rates like Reagan and later GW Bush did. Drop the bottom rate to 10%, raise the income band on this level (i.e instead of the first $10k being taxed at the lowest rate make it the first 50k). What about not having the top rate kick in until $250K? Never happen!!! Why? Because that would be a REAL tax cut not just another bait-and-switch.
“People who don’t pay taxes shouldn’t vote”.
Kaslin wouldn’t go that far, but I might. Who was it that said (poor effort at a paraphrase) that a democracy falls apart when one group of people figures out that they can vote themselves part of other people’s money? That’s exactly what has been happening.
I actually have been thinking that there are too many people who are voting without understanding the issues or even knowing who the candidates are. If it weren’t for the huge potential for abuse, I might advocate a requirement to pass a basic test before voting. But that’s probably unconstitutional.
>...a democracy falls apart when one group of people figures out that they can vote themselves part of other people’s money? <
well said.
the point i was trying to make.
People with an IQ under 135 should not be allowed to vote.
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