Here comes the tax increase
 

... and the redistribution of wealth... as promised.

No Question...It Was Promised
 

One of candidate Obama's campaign platform planks was a reduction of taxes for 95% of Americans and an increase for the 5% who are the weatlthiest. The recently-passed stimulus bill enacted his promise for tax cuts for the 95% of us. We'll know within a matter of a couple of days how much more the wealthy will pay. The talking heads seem to think that the Obama administration will simply let the Bush tax cuts expire in 2010, which was also what candidate Obama promised while campaigning. A significant majority of Americans agreed with his platform and he was elected.

So, if one wants to call it "income redistribution", so be it. But it can also be described as a successful candidate fulfilling his campaign promises -- something we've seen way too little of in the last decade or so.

No Question...It Was Promised
 

One of candidate Obama's campaign platform planks was a reduction of taxes for 95% of Americans and an increase for the 5% who make the most money. The stimulus bill enacted his promise for tax cuts for the 95%. We'll know within a matter of a couple of days how much more the wealthy will pay. The talking heads seem to think that the Obama administration will simply let the Bush tax cuts expire in 2010, which was also what candidate Obama promised while campaigning. That would raise the marginal tax rates on the wealthiest back to the same level they were during the Reagan administration. A significant majority of Americans agreed with Obama's platform and he was elected.

So, if one wants to call it "income redistribution", so be it. But it can also be described as a successful candidate fulfilling his campaign promises -- something we've seen way too little of in the last decade or so.

No tax increase that I can see. The Bush Tax cuts were for a time limited period but now they will not be extended.

I see it as reversing the BUSH income redistribution of wealth.

This means nothing to me I don't make over $250,000 a year and the average Villager makes $81,000. (According to a recent article)

Lets fix the economy by fixing the middle class. We are the real engine of the economy.

Those tax payers already pay 60% of the total tax bill today. And the top 10% earners pay a total of 80% of the total income taxes. And now they will be asked to pay more? Here is the problem with that plan. A very high percent of the folks that earn those high incomes and pay that high % of the total tax bill can afford to not work and may chose not to. Another high percent are close to the end of their career and will decide to move from a tax payer to a retiree and start drawing social security and become a tax taker vs a tax payer. If even 10% of those high income tax payers decide to some how drop their income to avoid paying more, than the rest of all there 81K people will have to make it up. And that means a huge tax increase.

In the past few weeks I know 3 people who have made a conscious decision to do something different. Now 2 of the 3 would have done something in the next 2 or 3 years anyway, but 1 is in his 40's, making big bucks, and decided to take his sail boat and do a round the world vacation for 2 years. And his reason was he was sick of the tax burden and decided if it was going up, he would take a pass. Higher taxes drive the highest paying people off the tax roles.

When one raises the tax on the top 5% income earners, and "reduces" it on the remaining 95%, and increases the national debt by $1Trillion - one relies on the belief that the majority of us cannot do basic math.

Just how does the $1Trillion get paid - principal and/or interest - plus the rest of any part of the debt or the basic budget? Taxes! Will the 5% pay that, as well as the delta from what the 95% used to pay to what they are now levied to pay AND the $1Trillion (or some share thereof)?

Let's take off the rose-colored glasses. EVERYONE's taxes are going up, only for some the percentage will be a little higher. The tax rate may not get raised, but watch certain deductions evaporate or be severely trimmed, such as home office, employee-related expenses, travel expenses and depreciation on business related equipment.

When you rob Peter to pay Paul, Paul too gets his pocket picked as part of the cycle.

AND, when they keep printing money because they can nolonger get China et al to carry our debt (which HAS happened btw), then your $ are worth nothing.

Since when do you folks want the US to be a welfare country? What's wrong with you people ???

Well them I'm safe and since it all comes down to whats best for "me" lets just forget about it....

And if you watched Glenn Beck Friday nite.... the end result will be anarchy and chaos in the streets... that show scared me to the core....

Why is there never a discussion about the big businesses...
 

that have shadow companies iin tax haves to avoid paying their share?
Why is that subject never exploited by the POTUS/Congress as a substantial opportunity?

Why are we the people so compassionate (or just sheep like) to accept this practice?

It always get down to a partisan tax the rich or screw the poor or whatever flag is flying that day....stooping over big $$$$ to pick up the dimes and quarters.

CHANGE....that is one that would make a difference and help we the people....ah there's the answer, it will obviously help we the people....hence no action.

BTK

The stimulus package was not for the 95%. It was a SPENDING bill the liberals have been wanting to pass for years. I am a middle class working man. Tell me what part of that package helps people like me. President Obama promised a tax decrease for all taxpayers earning less than $250000. His stimulus package gives that decrease to those only under $75000 and of course a check to people who pay no taxes but vote for democrats.
That package will cost every man woman and child almost $3000 each. I am a sole wage earner with a wife and two kids. When will I have to pay back the $12000? It has to be paid back. You know the truth. We will have to pay it. AND TARP too. It will be a tax increase or inflation that devalues what is left of our retirement savings. Either way I will pay $12000 for STIMULUS and almost $10000 for TARP (thanks to President Bush and the Congress democrats and republicans), and the liberals have just started.
Now tell me only the rich will pay for it and I will tell you they have the power to pass that bill down to me in the price of everything my family needs to survive. The idea that the rich will pay it is a pure myth. They pay the tax and collect it from the guy that cant pass it on.
And this housing plan is so ridiculous.. dont pay your mortgage, so the government will confiscate someone's money in the form of taxes to pay your interest.., and they will pay your principle too.. and they are advertising right now that everyone should come to our attorney general and see if their mortgage qualifies.. President Obama himself said it does not just apply to people in default.. anyone at risk may qualify... EVERYONE in this country is in risk right now. This country is in so much trouble...
Rick Santelli for President. Watch him tell it like it is..
http://www.youtube.com/watch?v=bEZB4taSEoA
Sorry for the rant but it is time people speak up.

And just how much of the current national debt was created by the conservative President and Congress over the last 6-8 years.....

I quess you missed the line about fixing the middle class. You can produce a product but if we don't have the money to buy things the business will go down. Its just that simple.

I am paying my 2 mortgages on time every month.....I pay my taxes. But we have to solve the housing crisis or this will continue.

How do you legislatively solve greed and stupidity? That's the real housing crisis!

Producing products in the USA which are non-competitive gets us nowhere. We give most-favored-trading-status to communist/socialist countries who produce at one-twentieth the labor cost and don't tariff their products so that the American business can have a level business field. That's why we have a "jobs crisis" here.

We can continue to slam the previous administration for the debt level, but when most of that debt is due to the efforts to thwart terrorism and keep people safe. I say GOOD JOB! Going deeper into debt to subsidize special interests and trade pork for votes - that's counterproductive, as the stock market has shown all week long.

Puleeze, don't get me started
 

[QUOTE=l2ridehd;. Higher taxes drive the highest paying people off the tax roles.[/QUOTE]

I have been working with High Net Worth Individuals, aka rich people, for many years and I have never known one to give it all up because of taxes.
In fact, there is a rather large cottage industry, tax lawyers and accountants, whose main reason for living is to help these HNWI pay the least amount of tax possible.

"Nuff said, this is political and I'm outta here.:crap2:

There is a big difference between HNWI and people with over 250K on their W2 form. The latter are the ones paying the high tax bills not the one's your attorneys are working with. Those getting the W2 are the ones making changes. Those HNWI have never been a huge tax paying group as you so correctly pointed out. My post was about high wage earners.

:agree::agree::agree:

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The Tax Poem
 

The Tax Poem (wish I knew who to credit this to)

At first I thought this was funny...then I realized the awful
truth of it. Be sure to read all the way to the end.

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Tax his land, Tax his bed,
Tax the table at which he's fed.

Tax his tractor, Tax his mule,
Teach him taxes are the rule.

Tax his work, Tax his pay,
He works for peanuts; Anyway!

Tax his cow, Tax his goat,
Tax his pants, Tax his coat.

Taxhis ties, Tax his shirt,
Tax his work, Tax his dirt.

Tax his tobacco, Tax his drink,
Tax him if he tries to think.

Tax his cigars, Tax his beers ,
If he cries Tax his tears.

Tax his car, Tax his gas,
Find other ways to tax his ASS.

Tax all he has Then let him know
That you won't be done till he has no dough.

When he screams and hollers, tax him more,
Tax him till he's good and sore.

Then tax his coffin, Tax his grave,
Tax the sod in which he's laid.

Put these words upon his tomb,
'Taxes drove me to my doom...'

When he's gone, do not relax,
Its time to apply the inheritance tax.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)

Fishing License Tax

Food

License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
SalesTax
Recreational Vehicle Tax;
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service FeeTax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

STILL THINK THIS IS FUNNY?

Not one of these taxes existed 100 years ago,

and our nation was the most prosperous in the world.

We had absolutely no national debt, had the largest

middleclass in the world, and Mom stayed home to raise the kids.
What happened? Can you spell 'politicians?'

I hope this goes around THE USA at least 100 times!!!
YOU can help it get there!!!

GO AHEAD - - -

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This statement is so far from the truth: but when most of that debt is due to the efforts to thwart terrorism and keep people safe. The Afghan war is about terrorism however the Iraq war was about getting even pure and simple. The American people were sold a bill of goods about imminent mushroom clouds and the Bush administration successfully linked 9/11 to Saddam. And when the dust settled NO nuclear program, NO WMD program and NO link to 9/11.

Yes I agree NAFTA was and is bad but just so you know I know...the Bush administration negotiated the bill and Clinton passed it.

We have 2 huge Ponzi schemes overseen by a completely ball-less SEC. Almost no regulation in the banking and housing mortgage markets.

But extending the Bush tax cuts, cutting corporate taxes to 0 and continuing to fight 2 wars is NOT going to get us out of this trouble.

No problemmo--- as long as we stay on the hockey stick curve of printing more and more money everything will work out... Right?

My attitude toward politicians of any party is greatly tainted. I get so upset that the parties cannot DIPLOMATICALLY agree on bills that benefit the country instead of a particular party. I agree that the stimulus bill has BAD areas. Why can't hey compromise and agree to amend bills that have PORK. We cannot continue to have our country government run this way. I don't balme one party over another. I BLAME THEM BOTH. What a travesty that political agendas come before the people that make the system work.

I know what the problem is.....
 

if you don't pay your mortgage and cry foul, I'm a victim.....the bailouts will take care of you.

If you are a high net worth person...you can afford the counselors to help you minimize or avoid paying taxes.

If you are a corporation with shelter corporations in the Bahamas you don't have to pay taxes either.

If you go to work every day....pay your mortgage....pay your taxes....holy :cus:
back into a corner as you are about to get screwed.

Why is it not a priority to go after those who are not....NOT....paying taxes????

The answer is pretty obvious I think. You have high net worth people in DC...POTUS/Congress/Senate/Supreme Court....gues who their constituency is....other high net worth individuals. They are lobbied by the wealthy corporations who contribute to their every whim so why would they want to do anything about them?

They know we the people will just sit out here and mutter to ourselves and do nothing as usual.

So if you have the money it is no problem....if you don't have the money it is even less of a problem.

Middle America...doing whats right....:1rotfl:
bend over....we the people have obviously grown accustomed to being mauled.

We the people....the silent majority....you get what you deserve.....NOTHING.

btk