Posted on 02/21/2009 4:27:02 PM PST by Diana in Wisconsin
WASHINGTON (Reuters) - President Barack Obama will allow tax breaks given to wealthier Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.
Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama's budget proposals for the 2010 fiscal year.
(Excerpt) Read more at reuters.com ...
Oh wait, make that 7065. A drop of 300.
I didn’t realize it tanked so much last week. Luckily, all our money is OUT of the market as of about 11000. I only really watch the price of silver and gold these days.
Interesting. I’m not a black helicopter type guy, but I will tell you this, just yesterday it was reported that our bank, the bank we have all our accounts (mortgage) at is in deep trouble. They are supposed to make a large debt payment on March 2 and from the way the article was worded it looked like they are going to have a hard time getting a restructuring deal done. They already took TARP and the CEO has a note on the bank’s web page that tries to reassure, but he heavily notes that they bought extra FDIC insurance. Not good.
Things can happen. Time to at least put some thought into preparation.
But then if President Bush set up the budget for 2009, why are they changing it? I seem to be missing something. It is as if what President Bush did is meaningless and in that case so will whatever the big zero does in 2012.
Don't blame me Comrade, I voted for McCain / Palin
and
Obama / Pelosi / Reid, the Axis of Fascism.
The wife wants me to take them off my car, especially the second one, because she fears the same thing or worse, (a physical confrontation). Since I was born and raised in America, and Freedom of Speech is my birthright, I refuse to give in to these fears.
So far I have had a Prius Driving Libtard flip me off and a Lexus SUV driving Older Woman glare at me like a Nun with a ruler in Catholic School.
On the other hand, on two occasions, two lovely Conservative women told me they loved them and asked where I got them. I have had them on the car about a week.
You're wrong. In my opinion, the protests could start happening with increasing frequency probably by April and we could reach of point of an all-out protest by summer. We need to follow the model of the Solidarity movement in Poland during the 1980's, when large-scale protests caused the government no end of trouble and maybe will finally force even The One to realize the folly of his ways.
Bush left a very small footprint,
for a two term president
Well, if you think that this sort of tax cut will turn around this kind of world-wide financial crisis (in terms of its impact...), then it would seem to me that this kind of opinion is “out there”.
In saying that I’m not even referencing the fact of whether it should be or should not be done. I’m saying that *either way* it will have just about zero impact on the deepening Great Depression. You’ve got a total lack of perspective on how serious and wide-ranging and deep this Great Depression is...
Should we have a “drop” pool on how far will the market go down, down, down on Monday? Might as well have some fun. : (
I’m assuming this also includes the capital gains tax correct (which will have direct impact on the Market)?
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Yeah capital gains go from 15% to 20% ,, at this time that will only penalize a few that have very long term holdings...
I say for the coming week 5% down on the DIA to 7000 even ,, the floor traders will try to keep it from crashing down into the 6’s by only putting through uptick trades in the final minutes of each day..
If Citi or another big bank goes down then it’ll be much uglier.
Didn't say the tax cut alone would "turn around" the crisis, now did I?
You said — “In my opinion, the protests could start happening with increasing frequency probably by April and we could reach of point of an all-out protest by summer.”
Well..., here’s how the U.S. Military handled that, at the time. Notice it was General Douglas MacArthur and also six tanks commanded by Maj. George S. Patton that drove the protesters out, along with any of the family that were there, too...
At 4:45 p.m., commanded by Gen. Douglas MacArthur, the 12th Infantry Regiment, Fort Howard, Maryland, and the 3rd Cavalry Regiment, supported by six battle tanks commanded by Maj. George S. Patton, Fort Myer, Virginia, formed in Pennsylvania Avenue while thousands of Civil Service employees left work to line the street and watch the U.S. Army attack its own veterans. The Bonus Marchers, believing the display was in their honour, cheered the troops until Maj. Patton charged the cavalry against them — an action which prompted the Civil Service employee spectators to yell, “Shame! Shame!”
After the cavalry charge, infantry, with fixed bayonets and adamsite gas, entered the Bonus Army camps, evicting veterans, families, and camp followers. The veterans fled across the Anacostia River, to their largest camp; President Hoover ordered the Army assault stopped, however, Gen. MacArthur—feeling this free-speech exercise was a Communist attempt at overthrowing the U.S. Government—ignored the President and ordered a new attack. Hundreds of veterans were injured, several were killed — including William Hushka and Eric Carlson; a veteran’s wife miscarried; and many other veterans were hurt.
[ from http://en.wikipedia.org/wiki/Bonus_Army ]
I don’t know if that’s such a good precedent to use... :-)
Oh GOODIE.
You said — “If Obama is not careful, he will have a march on Washington in a couple of Years, just as Hoover did.”
Well, I would look at what happened. The U.S. Military drove them out, headed up by General Douglas MacArthur and Maj. George S. Patton with six tanks... LOL..
See post #150.
I don’t think that’s something that people, protesting, would be looking forward to...
You said — “Didn’t say the tax cut alone would “turn around” the crisis, now did I?”
That’s exactly the perspective that I was talking about and what I posted about. If you didn’t say it — I did — in referencing the fact that it would make no difference one way or another (except perhaps to an individual, alone...). You could do it; you could not do it — and you would never tell the difference...
That was the very point...
This thread is crazy. I am convinced that most convservatives have now become nothing but kneejerk devil’s advocates. Period.
This is great news if true. Of course, there is the possibility that I have missed some sly loophole in the report, but what I read is that Obama isn’t going to rescind the Bush tax cuts this year or even next. And people think that is bad news for the market? Or the economy? Are there that many people that are really that ignorant regarding this subject? My only complaint would be that he should have said this even before he took office.
I will look for signs that I am out of touch with reality or something. I guess that must be a real possibility.
But...but...but....that's not fair to the lowest 40% who don't pay ANY federal income tax. Why don't they get a tax break??? After all....they're humans too!!! /sarc
Where did you get the bumper stickers? I think I’ll get some.
Screw these bastards. We’re Americans.
I picked up on that too
That 200000 dollar number keeps shrinking, soon it will be 75000 dollars, you will see
The $250K was already in the works before the elections.
Gonna have to hold on to my $8/week tax cut, huh.
Karl’s on it.
“CAUTION: October 87 Re-Run On Deck?”
http://market-ticker.org/archives/2009/02/19.html
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