Obama's tax cuts
- Thread starter HornsInTheHouse
- Start date
MaduroUTMB
2,500+ Posts
THEU
2,500+ Posts
AGAIN. LET US BE CLEAR. TAX RATE CUTS ARE NOT TAX REVENUE CUTS!!!
TAX RATE CUTS OFTEN RESULT IN HIGHER TAX REVENUES!
I make under 50K as far as W2 income goes. This is because I am able to take many deductions for various expenditures. So the idea that any couple can make 52K, that isn't necessarily so. I would be part of those that would benefit from lower income tax cuts, but I also benefited GREATLy from Bush's tax cuts, and Bush's cuts increased tax revenue. I am in favour of finding that happy medium where tax revenue is maximised as tax rates are kept low.
TAX RATE CUTS OFTEN RESULT IN HIGHER TAX REVENUES!
I make under 50K as far as W2 income goes. This is because I am able to take many deductions for various expenditures. So the idea that any couple can make 52K, that isn't necessarily so. I would be part of those that would benefit from lower income tax cuts, but I also benefited GREATLy from Bush's tax cuts, and Bush's cuts increased tax revenue. I am in favour of finding that happy medium where tax revenue is maximised as tax rates are kept low.
I just saw a Bill Moyer's segment covering how badly off we are at the Federal level with entitlement spending and interest payments to service the national debt. The national debt is approaching $10 trillion and we have run deficits for 31 out of the last 35 years.
At the rate of growth we are seeing in Medicare and Social Security spending, there will be no money left to pay for anything beyond those 2 programs and debt service payments by 2040.
Medicare is by far in the worst shape. Social Security payouts will exceed revenue collections beginning in 2017.
Those programs must be reformed through a combination of changes in tax rates, benefit reductions, and age increases for eligibility. Any discussions of Federal tax and budget priorities that do not address Medicare and SS reform are a waste of time.
At the rate of growth we are seeing in Medicare and Social Security spending, there will be no money left to pay for anything beyond those 2 programs and debt service payments by 2040.
Medicare is by far in the worst shape. Social Security payouts will exceed revenue collections beginning in 2017.
Those programs must be reformed through a combination of changes in tax rates, benefit reductions, and age increases for eligibility. Any discussions of Federal tax and budget priorities that do not address Medicare and SS reform are a waste of time.
Brubricker
250+ Posts
pevo wrote:
formermav43
250+ Posts
Ever been in a bear market and sold stock to prevent larger losses and found, as a result, you have a huge tax bill?
With cultish Obama's tax policies (probably increasing capital gains taxes back to 35% or more), you'll end up with a much larger tax bill in just trying to preserve your gains over many years of investing.
He's going to favor anybody who has never had the initiative to invest -- the consumers rather than the jobs creators. That's not real smart visa vis adding to capital formation in a capitalist economy. In fact, that's disaster just waiting to happen.
The smart thing to do would be to eliminate capital gains taxes altogether to attract more capital to create more jobs -- thereby vastly improving the lot of the middle class that he says he's so concerned about. But people who are incredibly jealous of those who have made it just can't surpress their jealousy enough to advocate such a rational tax policy.
Since "the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returns", letting the Bush administration tax rates expire would significantly de-motivate the nation's job creators (that top 1%).
The Top 1% Pay About As Much As The Bottom 95%
If Obama wins and implements such idiotic tax policies, we'll see a recession like we haven't seen since Jimmy's 50 IQ economic policies.
With cultish Obama's tax policies (probably increasing capital gains taxes back to 35% or more), you'll end up with a much larger tax bill in just trying to preserve your gains over many years of investing.
He's going to favor anybody who has never had the initiative to invest -- the consumers rather than the jobs creators. That's not real smart visa vis adding to capital formation in a capitalist economy. In fact, that's disaster just waiting to happen.
The smart thing to do would be to eliminate capital gains taxes altogether to attract more capital to create more jobs -- thereby vastly improving the lot of the middle class that he says he's so concerned about. But people who are incredibly jealous of those who have made it just can't surpress their jealousy enough to advocate such a rational tax policy.
Since "the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returns", letting the Bush administration tax rates expire would significantly de-motivate the nation's job creators (that top 1%).
The Top 1% Pay About As Much As The Bottom 95%
If Obama wins and implements such idiotic tax policies, we'll see a recession like we haven't seen since Jimmy's 50 IQ economic policies.
His plan is to raise income taxes on the wealthy and also increase capital gians taxes as well. This will help him pay for tax cuts for people earning less. Sounds like robin hood economics to me. Let's also penalize people contributing capital to the market which in turn creates jobs. As the saying goes "if it appears too good to be true, it probably is."
Brubricker
250+ Posts
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