Thursday, October 30, 2008

The Tax Plan That "Changes" EVERY Day

The tax cut off was 250K, now its 200K, but Biden quoted 150K or so, and I am confused at what these jokers are planning. Doubling the capital gains tax and giving a tax CREDIT to families who pay NO, ZIP, ZILCH, NADA income taxes already. He acts like the middle class has been carrying the tax burden when the reality is they pay very little tax and the tax break he proposes is really a tax CREDIT that they receive at the end of the year straight from the pockets of those making 100K-250K or whatever he decides will help the non-taxed. So inflation will rise because companies and their bottom lines will remain the same and the middle class will either lose their jobs or pay more at Costco or other businesses. What a frickin' moron. Explain to me "fairness". What is it about freaking liberals who want to legislate "fairness"? Is this the time-out generation who has been babied to the point of a full blown whine filled America? Why does everyone have to be rich? Is that really what we are striving for? Is this called coveting? Class distinction or warfare? I don't get the incessant need for everyone to be wealthy...and is a 500 dollar credit really going to give the middle class a boost? I highly doubt it...I am the middle class and I don't want anyone else's money but THAT WHICH I EARNED! WARNING:RATED R HIDE THE KIDDIES BEFORE WATCHING


ba and the boys said...

i love when penn (or is it teller?) just points while the other yells bs!
how can this man be ignoring the facts like he does and still sweet talk over half to the nation (per the polls) to vote for him???
in the words of my good friend nikki...stop drinking the kool aid!

Mustang said...

The only beneficiary to a system in which the government takes money from Peter to pay Paul, is Paul.

Redistributive income, as demonstrated to us by the Soviet Union, does in fact achieve an egalitarian society: where everyone has nothing.

bullet said...

LOL, Mustang, too true.

ba, etc.: It's Teller who doesn't speak. I don't know how invoking them helps your point, but there you are.

Nikki: The 250K was an off the cuff estimate Obama threw out at the Saddleback "debate". That's also what it says on the website, but with the twist that the cutoff would be families under $250K (under $200K for individuals, which hardly seems fair). There's also something somewhere about payroll taxes for individuals over $97K, but I can't find it.

I'm not arguing your point, just showing you where the numbers are coming from. Although Obama and Biden have technically been consistent in the description of the plan, they have done an extremely poor job of explaining it in detail. That's excepting, of course, the part where you get money from the govt. just for being such a wonderful individual.

Khaki Elephant said...

I don't normally do this, but I'm going to repost a comment that I just dropped on my blog in response to this whole tax issue. It's a bit boring, but Obama's tax plan scares the bejesus out of me. So:

Before "cutting taxes" Obama will allow the Bush tax cuts to expire, meaning an increase for virtually everyone who pays taxes. But beyond that and according to the Tax Policy Center Obama will

*Increase maximum capital gains rate to 20 percent for those earning more than $200,000 ($250,000 for married couples)

*Restore phaseouts of personal exemptions and itemized deducations (PEP and Pease) for households making more than $200,000

* Restore 36 and 39.6 percent statutory income tax rates in 2009

* On Social Security/payroll taxes: impose additional tax of 2-4 percent on workers with income above $200,000 ($250,000 for married couples)

* Have a corporate tax rate at 35% compared to McCain's 25% (and while he always mentions Exxonmobile, this rate would impact companies like Ford, Chrysler and GM who are already crippled so expect the tax hike to add to the half a million autoworkers who have already lost their jobs).

* Provide a refundable $3,000 per employee credit for increases in employment for firms with growing employment -- which is tiny compared to the corporate tax he will unload . . . as somebody who hires employees I can tell you that $3,000 is not an incentive to a struggling company when the cost of a full time employee including benefits averages around $50,000 - $60,000.

etc . . .

But in the interest of not parsing words, Obama did say earlier that "If you make less than $250,000 your taxes will go down." Those words have changed . . . but then, so did his promise about public funding (not exactly a record of integrity here).

And finally, when you give money to people who don't pay taxes, that is not a tax cut. It's called welfare, a system that even Clinton slashed, realizing that it was going to bankrupt the country.

Dan said...

This boys and girls is how you buy elections without it costin you a cent.