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

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.

Originally Posted by rshoffer

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

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 ???

Originally Posted by cologal

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.

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

Originally Posted by TallerTrees

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 ???

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....

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.

Originally Posted by SteveZ

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

Originally Posted by rshoffer

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

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.

Originally Posted by cologal

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.

[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.