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 ...
You said — “This thread is about Obama raising taxes on us when the Bush tax cuts expire what is your opinion on this?”
I think it’s bad news to raise taxes when the country is going into a Great Depression... and will continue sliding and deepening throughout 2009 and perhaps even further.
The Great Depression is going to happen, however, no matter what Obama does or does not do. This one was a long time in the coming and stems from over a decade of problems and “phony financial instruments” and people going beyond their means and the government spending a lot more than any of us can afford. And really, this kind of Great Depression is something that comes around every so often anyway and it was expected by a lot of people, long before this.
And it’s a global issue and is not limited in scope to the United States. It is the collapse of a world financial system and who knows what will come out of that world-wide collapse.
If Obama manages to raise taxes like he says, even though it’s not something that I would do and would argue against doing such a thing, it’s not going to make much of a difference in the grand picture of things, and as far as the depth and severity of the Great Depression is concerned. It’s a tiny, tiny drop in the bucket compared to the world-wide collapse of the financial system.
To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.
From 20% to 25%...that’s a full-blown 25% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.
Either way, it doesn’t matter. It’ll depress economic activity either way.
“...because so many self righteous fools sat on their asses on election day.”
Amen, Amen and AMEN to that! :)
Who most likely will be nationalized (re. confiscated) ala Hugo Chavez.
Yep, I think the tax cuts helped people in nearly every bracket. They helped us, and we’re no where near what Obama considers “rich”. The whopping $13 won’t mean a thing once everyone’s taxes go back up. That way he can claim he cut taxes, even though the government will still be taking even more from us. People shouldn’t be fooled, if they pay any attention to their paychecks.
You said — “Please guide me to a state ready to secede.”
I think Latvia seceded. Who knows how long it will be, though, before they are re-assimilated...
Sure it is. It's 5 Percentage points.
You just have to read the fine print.
Got it here, too. Terrible foreboding. Total loss of my life savings? Enemies testing a weakling until a horrible war breaks out? 25% unemployment? Major civil unrest and martial law? Total collapse of the banking system? California declaring itself bankrupt and becoming a federal district like DC? Complete nationalization of banking, manufacturing, energy and health care? Two generations educated in public schools that don’t understand what we are at risk of losing with this communist in the WH? Something really bad is around the corner.
Oh..., one more thing on that...
You were saying — “This thread is about Obama raising taxes on us when the Bush tax cuts expire what is your opinion on this?”
I already wrote something on this up above, but here is another point.
I think Obama was smart in letting those tax cuts expire, instead of doing something about them beforehand. This is the kind of thing that I’m talking about (for conservatives), in picking certain fights and not lashing out about every crazy thing possible.
By Obama doing that, he avoided a fight on that particular aspect of the issue and simply let them expire. He was saving his “political capital” for something that counted (for him, that is..., not in terms of the conservatives, mind you...).
And one should take note of that and be careful how one opposes and what one picks to oppose on. If you spend your political capital on everything, you just end up broke and not being able to accomplish anything of any purpose or substance...
Amen.
And with Present Obamalamadingdong, it's alllllllll fine print.
My wife did a "quit claim" on her mom's house. She was entitled to 1/3 when it was sold. The fly in the ointment was her youngest brother. He was given a "life estate" to keep the house as long as he maintained it and paid the insurance. He did neither. I was concerned that some event might occur on the property that would lead to a liability suit. My wife and I would be the "deep pockets" as her two brothers own little and don't care for what they do have. It was easier to just get clear of the liability. In the end, her brothers sold the house and squandered the proceeds. My wife should have received about 1/3 of the $500,000 selling price.
My mom is living in her home in San Diego. It is free and clear as well. I hope she can enjoy it for many years. By the time she passes, I expect the inheritance tax to be back at 55%. The house will have to be sold for taxes. I'll split what is left with my sister.
-Obama 10/2/09
You said — “Ya know, I’m really fed up that I worked to keep this socialist out of office yet he was elected anyway because so many self righteous fools sat on their asses on election day.”
Well, it was by a plurality of about 10,000,000 votes and almost (not quite though) 200 Electoral College votes.
It turns out that Obama got the largest plurality of popular votes of any recent President (either Clinton or Bush) and also got a “majority” (for the first time in a while) of the voting public.
So, even if some did sit at home (and I’m sure some did), it did not make up that kind of difference...
McCain was the cause of the loss, plus the rabid black vote and other wanna-be-blacks, going for Obama...
I'm reminded of parsing the meaning of words. He may indeed give 95% a tax cut...an itty, bitty cut of social security withholding. At the same time, he might raise the hell out of the personal income tax rates. You did get a tax cut. Not a net reduction in taxes. Just a small cut in social security withholding. He never promised to reduce your net tax burden.
#1 way to limit economic growth - high taxes.
#1 way to stifle economic recovery - raise taxes (effectively what “allow Bush tax cuts to expire” would do).
How about a voluntary tax (a real one, not the enforced one we have now). Those who want to pay extra for government programs can give till their heart is content. Those who don’t - their mandated taxes go directly to National Defense and other Constitutionally clean purposes. Fair to all!
It turns out that Obama got the largest plurality of popular votes of any recent President (either Clinton or Bush) and also got a “majority” (for the first time in a while) of the voting public."
So, even if some did sit at home (and I’m sure some did), it did not make up that kind of difference...
Actually a change of just 300,000 votes (out of 125 million+) in a few battleground states would have resulted in an Obama loss.
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