On Taxes and Tax Cuts

iVillage Member
Registered: 10-16-2008
On Taxes and Tax Cuts
12
Mon, 10-20-2008 - 12:57am
If 40% of low wage earns don't pay any taxes right now, how does Obama propose to give 95% of the taxpayers a tax cut? Wouldn't that be more like 55% instead of 95%? Where did Obama get his figures from? It sounds more like instead of tax cuts, Obama is going to send out more stimulus checks, courtesy of China. That would be the only way he could come up with a 95% figure. Could Obama's tax cuts be no more than smoke and mirrors?

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iVillage Member
Registered: 09-15-2008
Mon, 10-20-2008 - 1:04am
iVillage Member
Registered: 10-16-2008
Mon, 10-20-2008 - 1:14am

http://online.wsj.com/article/SB122385651698727257.html

Thanks for the link to the article. So basically I'm right. Obama isn't giving anyone a tax cut, he's giving them a handout, courtesy of China.

From the article itself:

"Here's the political catch. All but the clean car credit would be "refundable," which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. In other words, they are an income transfer -- a federal check -- from taxpayers to nontaxpayers. Once upon a time we called this "welfare," or in George McGovern's 1972 campaign a "Demogrant." Mr. Obama's genius is to call it a tax cut."

iVillage Member
Registered: 09-09-2008
Mon, 10-20-2008 - 11:15am
iVillage Member
Registered: 05-06-2007
Mon, 10-20-2008 - 11:18am

Btw, the article you are referencing is an editorial. And here is some more info regarding Obama's "welfare".


Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07

iVillage Member
Registered: 04-17-2003
Mon, 10-20-2008 - 12:19pm

One thing *IS* certain. Bush's 'redistribution of wealth' to the top income earners did not have the intended effect of job creation and 'trickle down'.

The fact is, that in almost 25 years of what George HW Bush used to call 'Voodoo Economics' the middle-class has not seen the trickle down effect.

What we've seen is the rich getting richer and pocketing their dollars, not spreading it around, not creating millions of jobs, not building our economy from the TOP down.

It's now time to build it from the BOTTOM up.

Don't knock Obama's plan when the GOP has failed us time after time.

================================

Reward Republicans for 8 years of failure? No way, No how, No McCain!

 

iVillage Member
Registered: 07-03-2008
Mon, 10-20-2008 - 12:50pm
iVillage Member
Registered: 04-24-2008
Mon, 10-20-2008 - 1:01pm

Since announcing his tax plan, I always heard Obama say he'd give a tax cut on 95% of working families.

iVillage Member
Registered: 10-16-2008
Mon, 10-20-2008 - 8:52pm
In the end, editorial or not, the Obama tax cuts aren't tax cuts after all. They're tax credits, not actual cuts.
iVillage Member
Registered: 10-16-2008
Mon, 10-20-2008 - 9:21pm

The fact is, that in almost 25 years of what George HW Bush used to call 'Voodoo Economics' the middle-class has not seen the trickle down effect.

What we've seen is the rich getting richer and pocketing their dollars, not spreading it around, not creating millions of jobs, not building our economy from the TOP down.

It's now time to build it from the BOTTOM up.

Don't knock Obama's plan when the GOP has failed us time after time.

================================

Reward Republicans for 8 years of failure? No way, No how, No McCain!>

Oh really? Up until the Fanny Mae and Freddie Mac debacle, unemployment under Bush was at an all time low. Unemployment was even lower under Bush than it was under Clinton. Democrats always claim they can create jobs, while denying it's small business that creates jobs, not them. By the way, our current economic problems were caused by the Democrats who refused to do anything about Fanny and Freddie until it was too late. Obama was certainly a part of the do nothing crowd. Bush may have a low approval rating, but it's odd that a Democrat controlled Congress has an approval rating lower than his. I would call a 9% congressional approval rating for Democrats troublesome. The Madagascar hissing cockroach is more popular than most Congressional Democrats.

The Democrats promised us a more transparent, more ethical, and more moral Congress. They have failed to deliver on their promise. Tim Mahoney is a prime example of Democrat amoralism and unethical behavior. Instead of asking Mahoney to resign, Rham Emmanuel tried to pay Mahoney's mistress hush money to keep her quite until after the election. Yet you want to reward Democrats like Mahoney by sending them back to Washington because you believe the Bush administration is corrupt, and only cares about the rich, and that McCain is Bush 3. How ironic.

An Obama presidency will be Jimmy Carter 2. Get ready for double digit interest rates, double digit unemployment, and long lines at the gas pumps. That is if there is any gas left in this country. And what about this news Joe Biden hit everyone with over the weekend that once Obama becomes president, we will be attacked, because an Obama presidency will be put to the test? I'd like to know what this is about. The American people have a right to know what's going on. Why will Obama be put to the test, and why will we be attacked, and who is going to do this?

There are too many unanswered questions that make an Obama presidency a very unattractive proposal.

iVillage Member
Registered: 10-16-2008
Mon, 10-20-2008 - 9:28pm

http://www.prospect.org/cs/articles?article=tax_baselessness

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

http://www.msnbc.msn.com/id/24054024>

They don't pay any taxes. They get it all back when they file. Is that so hard for you to understand? Why all the hair splitting? Just to make Obama look more like the messiah than he already does? How pathetic.

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