Your Taxes and the Obama Tax Cuts
 

I Googled "senator Obama's capitol gains tax plan" and got this article from the Washington Post. I was interested in how his capitol tax changes would effect the people living in TV, specially all the people that move an average of three times after moving to TV. To all that think Obama's tax cuts are the main reason for voting for him, think about how they will affect you and your family. This assumes that not everyone in TV makes $250,000 or more! :1rotfl:



To be sure, these "tax cuts" contain some sleight of hand. More than $400 billion of the money over the next 10 years would take the form of refundable tax credits paid in cash to people who already pay no federal income tax. It would be more accurate to refer to these cash outlays as cuts in payroll tax or -- even more accurately -- as transfer payments. Regardless of what the credits are called, though, they would put more money in the pockets of some American families. That sounds great in these tough economic times. Who can be against a boost to spending power and consumption?

We can. While a few of Obama's proposals may be sensible, the overall package would be bad for the economy. Unlike rate cuts for high incomes or reductions in investment taxes, most of Obama's proposed tax cuts would do little to reduce the tax penalty on work and saving. For some households, the penalty on work and saving would even increase because the new tax credits would be phased out as income rises. These proposals wouldn't deliver the economic growth that incentive-based tax cuts would.

Furthermore, there is no free lunch. Obama's middle-class tax relief would have to be paid for, either now or later. Middle-class tax cuts might make sense if they were paid for by spending cuts, but that is not Obama's plan. Like his opponent, Obama points to vague savings from reducing waste, the kind of savings that never seem to materialize. He also hopes to reap savings by accelerating our redeployment from Iraq, a project with an uncertain fiscal impact. At the same time, he proposes a wave of new spending on health-care, education, energy and infrastructure programs and declares his opposition to reforms that would reduce the growth of Social Security and other entitlement benefits.

So where would the money come from for the tax cuts and new spending? Largely from raising other taxes: the ones that have the biggest impact on economic growth. Obama would let key parts of the Bush tax cuts expire, causing the top tax rate on ordinary income to go back to 39.6 percent, up from 35 percent today. The capital gains and dividend tax rates would rise to 20 percent from today's 15 percent. Obama might also impose Social Security tax at a rate of up to 4 percent on wages and self-employment income above $250,000, starting in 2019.

Great post GNU....in my opinion as well as many economists his plans will destroy our economy.

He has packaged everything to appeal but it just does not wash at all when you look at it. He is telling us how bad we got it and telling us EXACTLY what will go directly at our "bad" times.

Just want to add one more thing and then will go away as nobody wants anything but the silver tongue oratory....

Sen Obama's election will essentially finish off our free enterprise system !!

It is not all his fault, but this election will seal the deal !!!

Bucco

I recall in one of your prior posts, you questioned why somebody who had the audcacity to critize the developer was still living here and hadn't moved somewhere else if they didn't like it in TV.

So with all your gloom and doom predictions regarding the Obama presidency, and your staunch belief that if you don't like someplace, you should leave. One can only assume you will leave the US after he wins.

Where will you be moving to on November 5? I have heard Belize is nice.

No doubt you do practice what you preach, don't you?

First of all, you sarcasm aside, I never said what you attributed to me. I have WONDERED why someone would live here if they felt this was a regime.

To your second immature point, I have also said on here A NUMBER OF TIMES..many actually, that while I am voting for Sen McCain who I do not support but fear Sen Obama, that if he is elected he is MY PRESIDENT....OF Course you dont see fit to quote any of that and that is ok. I am an American who is proud of his country and if you dont find my feelings on this campaign to your liking you certainly have the right and responsiblility to disagree, but NEVER QUESTION MY PATRIOTISM as I took your remarks. I have defended this country through my service...I have defended Presidents that I did not agree with when they were threatened or coerced by other countries and will do the same for any President.

It is hard to find a country that isn't socialistic. I've lived in two different ones. Trust me you don't want that kind of government. However, many are realizing socialism can work for only so long and are turning a little more to capitalism.

I need to make one more point to BIMMERT1 who found it necessary to attack my motives and character...

you said...."you questioned why somebody who had the audcacity to critize the developer was still living here and hadn't moved somewhere else if they didn't like it in TV. "

Not only did I never say that, it was AS I KNOW YOU ALREADY AWARE referring to ONE situation and was never ever even close to a general statement. I also said, but you either failed to read or just omitted it that I felt this kind of general non specific criticism was unfair, but then you wouldnt understand it as you just did it to me !

Nice to hear from you too bimmertl!:)

I do believe the "audacity" comes from those that knew the rules in TV, signed papers that they would agree to those rules, that they think that they are above the rules and think rules are only for other people. As in all conflicts one of the options is "if you don't like it, get out". Why would anyone stay in TV if they didn't like living in a community where rules are the norm.

You assume that on November 5th that I will move anywhere! Because I pointed out something in my post that you take offense to you think I can't deal with whoever wins? Contrarie! I've lived with every president since I was old enough to remember who they were, (Eisenhower) and haven't left the country except to serve it and vacation. Is Belize the new hot spot to vacation?

I do practice what I preach! Conservatism, honor, trust, patriotism, and a strong belief that we live in the greatest nation in the world.

P.S. I don't recall all those people that said they would leave the country if Bush won ever left, or did you?:boxing2:

:coolsmiley:Hi Bucco, I think Bimmert was referring to me in his lovely post? Anyway, glad that you jumped in because I feel that many were offended buy that post.

This is fake but kind of funny none the less.

Dear Fellow Business Owners,

As a Business owner who employs 30 people, I have resigned myself to the fact that Barack Obama, wlll be our next President, and that my Taxes and Fees, will go up in a BIG way.

To compensate for these increases, I figure, that the Customer, will have to see an increase in my fees to them of about, 10%. I will also have to lay off 6 of my employees.

This really bothered me as I believe we are family, here and didn't know how to choose who will have to go. So, this is what I did. I strolled thru the parking lot and found, 8 Obama bumper stickers on my employees cars. I have decided these folks will be the first to be laid off.

I can't think of another fair way to approach this problem. If you have a better idea, let me know.

Sincerely,
Ward

dklassen Fantastic way to decide who gets the axe!!

Dont move to Alaska. I thought that Alaska was a state, But Palin keeps telling everyone we do things differently in Alaska, we share the WEALTH. Socialism, only if it was Obama as GOv. of ALaska..

Maybe you should move your company to alaska, Then again you would have to share with Palin, but that might be better than a Obama sticker.

"Moral courage is the most valuable and usually the most absent characteristic in men."
- General George S. Patton, Jr

You really need to work on your listening skills ~ You missed the part about NATURAL RESOURCES !!!

I believe she was talking about sharing the wealth of their natural resources with the citizens if Alaska which is quite different than confiscating payroll taxes from one person and giving it to others who don't pay taxes at all which is what BO wants to do.