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    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #1

    Feb 12, 2009, 07:03 AM
    Middle Class Tax cuts
    Well the details are in on that tax cut for 95% of us . Time to start planning on how to spend it now. Sit down and sharpen your Dixon #2 Ticonderoga Pencil .
    Here's the details :

    You get an addition $13 bucks a week in your paycheck starting sometime in the spring! Beginning next year the amt. will be reduced to $8 bucks until you have received $800 for married couples or $400 for individuals

    Maybe that will cover the greens fees for the Frisbee golf course.
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #2

    Feb 12, 2009, 07:44 AM

    I read that this morning. I'm obviously excited.
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #3

    Feb 12, 2009, 03:33 PM
    Did you hear this one?

    "You're getting $600 - what can you do with that? Not to be ungrateful or anything, but maybe it pays down a bill, but it doesn't pay down every bill every month," she said. "The short-term quick fix kinda stuff sounds good, and it may even feel good that first month when you get that check, and then you go out and you buy a pair of earrings." -Michelle Obama on last year's stimulus checks
    With Obama's plan it would take roughly a year to save up enough stimulus to buy those $600 earrings. But hey, you can still buy some Obama earrings in the first week.
    BABRAM's Avatar
    BABRAM Posts: 561, Reputation: 145
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    #4

    Feb 12, 2009, 04:00 PM
    Quote Originally Posted by tomder55 View Post
    Well the details are in on that tax cut for 95% of us . Time to start planning on how to spend it now. Sit down and sharpen your Dixon #2 Ticonderoga Pencil .
    Here's the details :

    You get an addition $13 bucks a week in your paycheck starting sometime in the spring !! Beginning next year the amt. will be reduced to $8 bucks until you have received $800 for married couples or $400 for individuals

    Maybe that will cover the greens fees for the Frisbee golf course.


    That's why I favored a larger stimulus plan with substantial checks for the private sector in the minimum amounts of 1K to individuals and 3K plus for married w/children. Now for the life of me, Tom, what is it that you prefer, nothing, little, a whole lot more, or bandwagon with the others just to snipe without explaining alternative solutions??
    inthebox's Avatar
    inthebox Posts: 787, Reputation: 179
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    #5

    Feb 13, 2009, 12:04 AM

    House GOP Economic Recovery Alternative Will Create 6.2 Million New American Jobs | Republican Leader John Boehner


    Immediate Tax Relief for Working Families: House Republicans propose reducing the lowest individual tax rates from 15 percent to 10 percent and from 10 percent to five percent. Under the proposal, a married couple filing jointly could save up to $3,400 a year in taxes. The alternative also ensures that no additional middle class taxpayers will fall victim to the Alternative Minimum Tax.


    HMMM... $800 or $3400 ?


    G&P
    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #6

    Feb 13, 2009, 03:27 AM
    You don't know my solution yet ? Tax cuts and more tax cuts ;especially for American businesses who pay some of the highest taxes in the "1st world" . Also instead of expanding the role and size of the gvt. I would shrink it. Instead of permanently doubling the size of the Dept. of Education as an example;which this bill does ,I would take the steps to eliminate it or significantly shrink it's size .

    This thing is temporary . Banks like BofA and Citi which are zombies sucking on the blood of the tax payers should be allowed to fail . Others would take their place. Government caused this problem and more government won't solve it. Even Arianna Huffington understands that
    http://www.huffingtonpost.com/ariann..._b_166572.html
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #7

    Feb 13, 2009, 05:59 AM
    And yet the left is still spreading the myth that Republicans are offering nothing but obstruction.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #8

    Feb 13, 2009, 06:13 AM
    Quote Originally Posted by tomder55 View Post
    You get an addition $13 bucks a week in your paycheck starting sometime in the spring !! Maybe that will cover the greens fees for the Frisbee golf course.
    Hello tom and in:

    I'm not sure what you're saying, tom. Are you complaining that your handout isn't enough? Ok.
    Quote Originally Posted by inthebox View Post
    House GOP Economic Recovery Alternative Will Create 6.2 Million New American Jobs | Republican Leader John Boehner
    HMMM .... $800 or $3400 ?
    In, my friend, I'm just having a hard time believing guys like Boehner, because when he WAS in charge, and he COULD have DONE something to CREATE jobs - he didn't. So, I don't believe him now. Neither does MOST of the American public.

    excon
    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #9

    Feb 13, 2009, 06:38 AM
    Not complaining at all . I just recall all the Bush opponents belly aching about how small an amt. the stimulus check was last spring. Steve links to Michelle Obama's mocking . She got earrings at least... We can buy a couple of Starbuck Crapachinos each week (gotta boost that Seattle economy now that the President is going to stop production of the F22 Raptor )

    Btw I argued against it then and I am opposed to it now. Just cut taxes instead of all these phony stimulus moves.
    BABRAM's Avatar
    BABRAM Posts: 561, Reputation: 145
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    #10

    Feb 13, 2009, 11:48 AM

    Tom-

    That's why I strongly favor money in hand. Up front private sector checks and a larger stimulus package. We have saying in Vegas "cash is king." I suspect if the final edition of this package doesn't, then he will go back for that sometime this year. Tax cuts alone in large corporate America has meant only marginal job growth. In fact, they pocket most of saving, which has lead to extraordinary CEO bonuses and golden parachutes.
    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #11

    Feb 13, 2009, 11:56 AM

    When corporate rates are cut we can test that theory
    The Tax Foundation - Global Survey of Business Tax Rates Show U.S. Increasingly Uncompetitive
    TexasParent's Avatar
    TexasParent Posts: 378, Reputation: 73
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    #12

    Feb 13, 2009, 12:04 PM
    Quote Originally Posted by BABRAM View Post
    Tom-

    That's why I strongly favor money in hand. Up front private sector checks and a larger stimulus package. We have saying in Vegas "cash is king." I suspect if the final edition of this package doesn't, then he will go back for that sometime this year. Tax cuts alone in large corporate America has meant only marginal job growth. In fact, they pocket most of saving, which has lead to extraordinary CEO bonuses and golden parachutes.
    I worked for a small company for years, any time there was a tax cut, my boss just got richer. He didn't hire more people, he was happy with the size of the company, and we certainly didn't get any richer; there was no trickle down in our company. He simply had a better life style and more savings for his retirement.

    I have a father in-law who owes his own business and operates in exactly the same fashion.

    I don't disagree with tax cuts of a more substantial amount, but I don't buy the myth that giving it to business will create more jobs. Larger tax cuts to average American's who can get caught up on their late mortgage payments or credit cards, now that would restore some the credit mess we find ourselves in.
    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #13

    Feb 13, 2009, 12:26 PM
    Myths generally don't have facts backing them up .
    America's corporations suffer from a federal corporate tax rate of 35%, close to 40% with state taxes. This is the second-highest rate in the industrialized world, just a bit behind Japan, which may cut its rate soon. The European Union cut its average corporate tax rate from 38% in 1996 to 24% in 2007. Germany and Canada each recently adopted a top corporate rate of 19%, with Canada's slated to fall further to 15%. India and China have lower corporate rates as well.
    Ireland adopted a 12.5% corporate rate in 1988, when it had the second-lowest per capita income in Europe. Today, Ireland enjoys the second-highest incomes in Europe, and it raises more in corporate taxes as a percent of gross domestic product than the U.S. does with a tax rate three times higher.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #14

    Feb 13, 2009, 12:38 PM
    Quote Originally Posted by tomder55 View Post
    America's corporations suffer from a federal corporate tax rate of 35%, close to 40% with state taxes. [/B]
    Hello tom:

    You don't file a corporate tax return do you? If corporations didn't have any tax loopholes to climb through, they COULD pay 35%... But, of course, they have 'em - lots of 'em.

    Having been a tax planner, I can tell you that most corporations pay LITTLE or NO tax.

    excon
    tomder55's Avatar
    tomder55 Posts: 1,741, Reputation: 341
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    #15

    Feb 13, 2009, 12:46 PM

    You mean all those state imposing extra corporate taxes aren't collecting anything ? You mean the Federal gvt. Gets no taxes from our corporations at all ?

    Even Charlie Rangel ;who has proposed corporate rate reductions knows better than that.
    Exxon's tax payment in 2007 was $30 billion .I bet they wish they had hired you !
    BABRAM's Avatar
    BABRAM Posts: 561, Reputation: 145
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    #16

    Feb 13, 2009, 12:48 PM
    Quote Originally Posted by TexasParent View Post
    I worked for a small company for years, any time there was a tax cut, my boss just got richer. He didn't hire more people, he was happy with the size of the company, and we certainly didn't get any richer; there was no trickle down in our company. He simply had a better life style and more savings for his retirement.

    I have a father in-law who owes his own business and operates in exactly the same fashion.

    I don't disagree with tax cuts of a more substantial amount, but I don't buy the myth that giving it to business will create more jobs. Larger tax cuts to average American's who can get caught up on their late mortgage payments or credit cards, now that would restore some the credit mess we find ourselves in.


    Perhaps some business tax cuts, but not on the notion it will produce a wave of jobs, but because the inflation effects everyone. I do firmly agree with you in pointing out the route usually taken rarely trickles down. Twenty plus years later and George Herbert Bush's policy on economics it still as insufficient today.
    inthebox's Avatar
    inthebox Posts: 787, Reputation: 179
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    #17

    Feb 14, 2009, 11:11 AM

    I don't believe any of these politicians, [ including the pubs that have been in power the past 8 years ]

    But

    IF plan A costs less and the difference for a married filing jointly in the current 15% tax bracket is $3400 vs $800 [ plan B ], then it should be a no brainer that plan A is more of a "stimulus."

    Partisanship should be put aside to do what is best for the country.



    The flipside to "Small business" [ I don't know what # of employees that means ] getting a tax break is;

    Yes, some owners may take the decrease in cost and pocket the extra revenue


    But


    Some may not layoff employees

    Some may hire

    Some may be able to offer more or some benefits.






    G&P
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #18

    Feb 22, 2009, 06:09 AM
    Either someone is lying to us, not telling the whole story or they failed math...

    It took only weeks for the notoriously slow Congress to pass the $787 billion economic stimulus package. President Barack Obama signed it into law less than one month into his presidency.

    So when should most people hope to start seeing the benefits of tax cuts in it?

    By April 1, according to the president.

    "Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans," Obama said Saturday in his weekly radio and Internet address.The president said his signature two-year "Making Work Pay" tax break will affect 95 percent of working families, and, in six weeks' time, a typical family will start taking home at least $65 more every month.

    Taxpayers won't get a separate check mailed to them like many did with last year's one-time payment designed by the Bush administration to help boost the economy.

    Instead, Obama's credit up to $400 credit for individuals and up to $800 credit for married couples is to be doled out through the rest of the year through paychecks. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.
    April 1 to Dec 31 = 9 months or 39 weeks

    $65 per month per family = $585.00 through Dec.
    $585 = $15 per week per family/couple
    $15 per week per family/couple = $7.50 per worker, per week

    Now that isn't $13 a week per worker is it?

    "Most workers are to see about a $13 per week increase":

    $13 x 39 weeks = $507.00
    $507.00 each = $1014.00 per couple

    $1014.00 is more than "up to $800," and that's just the first 9 months of a two-year plan according to their math. Where exactly do we add the $7.70 a week for 2010?

    Does anyone actually know, is the media just doing their best to hype this paltry tax break to help the president, or do they really suck at math?

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