Posted on 01/06/2009 7:04:01 PM PST by Free ThinkerNY
It now looks like half of President-elect Barack Obama's stimulus package will take the form of "tax cuts" for 95 percent of all Americans. Yet this wouldn't boost the economy as much as trigger a massive, unhealthy shift in American politics.
Under Obama's plan, the majority of American voters would pay no federal income taxes but would get money from the government instead. That is, these "refundable tax credits" are basically welfare checks — and Obama's plan would leave the most of us collecting, not paying.
A $200 billion giveaway won't do much to get a $14 trillion economy rolling again. But the plan would leave any future taxpayer revolt no hope of majority support.
Today, the bottom 50 percent of U.S. taxpayers pays a total of $30.6 billion in federal income taxes on a combined income of about $1 trillion. So about 3 percent of all federal income-tax payments come from the poorest half of the country. (The top 1 percent pays 40 percent; the top 25 percent pay 85 percent of the federal income tax.)
(Excerpt) Read more at newsmax.com ...
what’s in it for small businesses? Is there an elimination of capital gains taxes? What about the taxation of retirement investments? Anyone know??
I see many PS3’s and XBOX systems selling, as well as soft drinks, and big screens, and ...
We are, for all intents and purposes, a socialist country. This proposal only serves to cement that fact.
I don’t foresee any of it coming my way, and I am opposed to it, but if it does....... BLOAT!
“what’s in it for small businesses? Is there an elimination of capital gains taxes? What about the taxation of retirement investments? Anyone know??”
Just you never mind there bub! And keep coughing up your tax dough ... OR ELSE!!!
We've waited til it's too late.
For once I agree with Morris 100%. And someone had to say it. The poor are freeloading off the rich. They don’t deserve most of what they are getting and they are getting it simply because they have the votes. We live in a mob-ocracy where the mob gets what it wants, at least in terms of economics. All Constitutional safeguards against appropriating the wealth of the hard-working have been struck away by years of Liberalism. And conservatives have too often focused on social issues like gay marriage and abortion at the expense of economic liberty. Well, it has always been my firm belief that economic liberty leads to conservative social society and that Socialism leads to a libertine social society. You can’t have restrictions on abortion and a conservative policy on gay marriage with a huge state. Economic liberty is almost gone and that is a sign of the decline of a nation. I really do dread what society will look like when my grandchildren are adults.
They’re trying to sucker everyone in just like they did with the black vote.
God help us!
I’m most likely in the bottom 50% but I don’t want anyone’s taxes to go up.
Now the “rich” will have taxation without representation.
“A government big enough to give you everything you want is also big enough to take everything away.”
We are now living this statement.
Hows, that when the rich just got about 3.5 trillion and more on the way!!
I think that is called the 'tyranny of the majority'.
People will suck down the money like it was candy and when their life doesn’t miracously turn around, will go back to the trough for more money.
By then, Obama will have spent all of any money he could in giving it away already.
So... I think the proverbial “Obama is going to blow his wad” fits with this scenario.
So what’s he going to do 6 months into his admin and folks are broke again?
It makes good Democrat sense to remove people from the tax rolls(and even Reagan did that and so did Bush II) because it transforms tax-payers into tax-consumers whose immediate financial interest is in increasing government “services” and handouts to themselves and thus higher tax rates on those paying taxes. Tax payers tend to prefer the government to spend less and thus tax less. Those who do not pay taxes prefer that the government spend more. This population is an expanding constituency for ever bigger government.
Only citizens that pay taxes or are not on government assistance should be allowed to vote.
Oh, I agree that certain super-rich people who are connected with government are making a fortune. But the bottom line is that is nothing compared to the year-in, year-out transfer payments that continue to build up in our country. The top 50% of all wage earners pay over 95% of all taxes. The top 10% of all wage earners pay over two-thirds of all taxes. That flat out isn’t fair. The rich aren’t getting rich off the backs of the poor. The connected rich are getting rich off the backs of the top half of wage earners and the poor are being bought off to continue to vote for the corrupt system.
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