Figure your tax cut under Obama

Discussion in 'Current Events' started by newworker, Sep 10, 2008.

  1. newworker

    newworker New Member

  2. brett636

    brett636 Well-Known Member

    Bill Clinton also promised to cut taxes for the middle class. We all know how that worked out...
     
  3. av8torntn

    av8torntn Well-Known Member

    I filled out the little form and it seems that I do not get a tax cut. No surprise there. I suppose B. Hussein lied when he said he was going to cut taxes for the middle class.
     
  4. moreluck

    moreluck golden ticket member

    Av8....you got it !!
     
  5. newworker

    newworker New Member

    you must be in the top 1%

    that's not the middle class
     
  6. newworker

    newworker New Member

    Bill Clinton is not running
     
  7. over9five

    over9five Moderator Staff Member

    Neither is George Bush.
     
  8. brett636

    brett636 Well-Known Member

    So how is Obama going to pay for his $1 trillion in new government spending when he is cutting taxes?
     
  9. tieguy

    tieguy Banned

  10. over9five

    over9five Moderator Staff Member


    And Bidens been there 30 plus years. Why didn't he do it?
     
  11. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That's the real question.
    When government spends it is taxing that same amount.
    Question is: When will those taxes be collected?
     
  12. newworker

    newworker New Member

    how is mccain going to pay for his programs?

    If you look at the bottom line, mccain's tax cuts are overall
    larger than Obama's but most benefit's to those at the top 1% with $million yearly incomes and above.

    Obama's tax cut are overall smaller but benefiit those earning $100,000 and less per year.

    What group are you in?

    If you earn less than $100,000 per year why would you support mccain's plan to benefit the 1% at the top?
     
  13. paidslave

    paidslave New Member


    They haven't figured that out yet! If you make over 2.6 million you would pay $260.000 more. Lots of people here and most of the moderators make quite a bit!
     
  14. av8torntn

    av8torntn Well-Known Member


    Not according to the liar B. Hussein. He said that under 250,000 a year is middle class. Now to your little tax thing. If you do not believe me enter the numbers yourself. I am single. I have no dependents. My taxable income is 100,000. No tax cut for me. Now just for fun keep my same info and increase my income to 150,000 just for fun and see what happens.

    Anyhow the liar B. Hussein said he would repeal the Bush tax cuts. Now he says he may keep the Bush tax cuts. Which is it? How do you know what his tax plan is when he does not know? He says he wants to increase payroll taxes and capital gains taxes. At one time although it has been some time now he even wanted to increase the death tax and dividend tax.
     
  15. RU For Real?

    RU For Real? Guest

    You're single and make $100K? Why do you feel you deserve a tax break? I believe that the $250k figure was for families.

    BTW, the constant use of someone's (middle) name in an attempt to belittle them reflects poorly on you, as does the use of the word 'liar'.
     
  16. tieguy

    tieguy Banned

    Same tired rhetoric that we have heard the last 6 or 7 elections. yet history continously proves that republicans cut taxes for all of us while democrats jack them up.

    Same point I have made before regardless of what new tax games Obama plays if he allows the bush cuts to expire then he raises all of our taxes. If he then decides to raise taxes for the top one percent then everyone else is still paying more taxes from the repeal of bush cuts.
     
  17. tieguy

    tieguy Banned

    Ten Myths About the Bush Tax Cuts—and the Facts
    Myth #1: Tax revenues remain low.
    Fact: Tax revenues are above the historical average, even after the tax cuts.
    Myth #2: The Bush tax cuts substantially reduced 2006 revenues and expanded the budget deficit.
    Fact: Nearly all of the 2006 budget deficit resulted from additional spending above the baseline.
    Myth #3: Supply-side economics assumes that all tax cuts immediately pay for themselves.
    Fact: It assumes replenishment of some but not necessarily all lost revenues.
    Myth #4: Capital gains tax cuts do not pay for themselves.
    Fact: Capital gains tax revenues doubled following the 2003 tax cut.
    Myth #5: The Bush tax cuts are to blame for the projected long-term budget deficits.
    Fact: Projections show that entitlement costs will dwarf the projected large revenue increases.
    Myth #6: Raising tax rates is the best way to raise revenue.
    Fact: Tax revenues correlate with economic growth, not tax rates.
    Myth #7: Reversing the upper-income tax cuts would raise substantial revenues.
    Fact: The low-income tax cuts reduced revenues the most.
    Myth #8: Tax cuts help the economy by "putting money in people's pockets."
    Fact: Pro-growth tax cuts support incentives for productive behavior.
    Myth #9: The Bush tax cuts have not helped the economy.
    Fact: The economy responded strongly to the 2003 tax cuts.
    Myth #10: The Bush tax cuts were tilted toward the rich.
    Fact: The rich are now shouldering even more of the income tax burden.

    Source - http://www.heritage.org/research/taxes/bg2001.cfm
     
  18. tieguy

    tieguy Banned

    Same Source:

    In 2000, the top 60 percent of taxpayers paid 100 percent of all income taxes. The bottom 40 percent collectively paid no income taxes. Lawmakers writing the 2001 tax cuts faced quite a challenge in giving the bulk of the income tax savings to a population that was already paying no income taxes.
    Rather than exclude these Americans, lawmak­ers used the tax code to subsidize them. (Some economists would say this made that group's col­lective tax burden negative.)First, lawmakers low­ered the initial tax brackets from 15 percent to 10 percent and then expanded the refundable child tax credit, which, along with the refundable earned income tax credit (EITC), reduced the typical low-income tax burden to well below zero. As a result, the U.S. Treasury now mails tax "refunds" to a large proportion of these Americans that exceed the amounts of tax that they actually paid. All in all, the number of tax filers with zero or negative income tax liability rose from 30 million to 40 million, or about 30 percent of all tax filers.[17] The remaining 70 percent of tax filers received lower income tax rates, lower investment taxes, and lower estate taxes from the 2001 legislation.
     
  19. tieguy

    tieguy Banned

    And again the affect of Bushs tax cuts on lower income earners:

    As a result, the U.S. Treasury now mails tax "refunds" to a large proportion of these Americans that exceed the amounts of tax that they actually paid. All in all, the number of tax filers with zero or negative income tax liability rose from 30 million to 40 million, or about 30 percent of all tax filers.[17] The remaining 70 percent of tax filers received lower income tax rates, lower investment taxes, and lower estate taxes from the 2001 legislation.
     
  20. newworker

    newworker New Member

    What ever happened to the budget surplus in place when the current theives took control of the white house eight years ago?

    Do you consider the 40% drop in the value of the dollar and loss of purchasing power in this country over the last 8 years a tax?