I am not an Obama supporter but balancing budget and putting some money in the pockets of 95% of the taxpayers (the second half of the plan that you chose to ignore) who have been going without a raise for the last 8 years will help the economy.
Yes they will. Trickle down economics is a load of horseshit, the rich don't spend more when they keep more though beneficial taxation. Put that extra little bit of money in the paycheck to paycheck vast majority of this country, and they will SPEND it mostly out of neccesity. That is trickle up economics and it works wonders for economic growth. Those that make >250 and are worried, it is only 3%, not like your taxes are doubling. If the current douchebag "43" didn't outspend and outhire (grow government) more than ANY previous president, democrat or republican, we wouldn't have to raise taxes to pay for his frat boy party. For the vast majority of this country, there is too much month left at the end of the money. If you're wondering, I will get hit by this taxation, not benefit
I'll be impacted by Obama's tax increase and I support it. I'm rich, I sit on my ass day long trading. I don't create any jobs. STOP spreading lies, retard it's 3 % increase in MARGINAL tax rate. you make it sound like Armaggedon.
THIS is exactly what I have said in many posts and to friends! Well said! Can I shake your hand?? I would like to have more friends like you in my life who have the perspective on this life and its purpose and meaning... and the guts to actually make some sacrifices (if that is what it is) for the greater good of his fellow man! IF more people thought like you explained in the above post... just think what kind of culture and world this would be! You just made my week!
Thanks for your post. I essentially said the same thing to the OP in a long-winded PM. And I told'em why.
Obama also wants to increase the cap gains tax and that will change investor behaviour. Tax increases on wages, especially of the kind Obama proposes, rarely change behaviour. Remember what happened years ago when Congress passed a luxury tax? This will refesh your memory. http://query.nytimes.com/gst/fullpage.html?res=9D0CE4DC1239F932A15754C0A967958260 One last point. How many problesm in this country are due to low taxes?
In the south, quite a few problems are caused by their low taxes. First of all, and most irritating to northeast blue states, southern red states are subsidized by the blue states. One specific problem is that the southern Republican states have abysmal infant mortality and poor prenatal care due to low taxes.
Can someone clarify this, please: Obama says 95% of Americans will get a tax cut. But 40% of Americans don't pay taxes anyway. Does this or does this not mean that those 40% that don't pay taxes will be getting a check for money that came by increasing taxes on those making $250K a year or more? Yes or no? If the answer is yes, I have three more questions: 1) What is the freaking incentive for that 40% to try to better themselves? 2) Does this simply mean welfare checks will increase in amount paid to recipients? 3) For those making $250K a year or more and now being taxed at a higher rate, what is the incentive to make more money, i.e. by hiring more people and expanding their business? Thanks. H
Look it!! Let's cut the crap. The ENTIRE f-king tax code and the way we are taxed to begin with is a total joke. It needed a SERIOUS overhaul yesterday! I studied it and the semester I finished... what I had learned was already outdated!!! It is a total joke that even the most sophisticated lawyers and CPAs have trouble deciphering without voluminous tax regulations, decisions and guidance opinions to f-kng explain what the clowns in the legislature enacted ! It is my hope that Obama looks into this and seeks bi-partisan support in such an endeavor and in this regard I am writing him a strong lettter asking him to put this on his agenda should he be elected! IF he passed a new tax code that almost everyone liked or at least felt was an improvement he would go down in history as one of the best!! Dare to dream!
I will put it this way: There are those of us who believe that the greatest achivement of humanity is capitalism. Then there are others who think the greatest achievement of humanity is THE SCIENTIFIC METHOD. The problem here is that the proponents of the first belief have control of dissemination of information and use it to indoctrinate people. It is a rather crude and primitive way to summarize progress of human history through triumph of capitalism while ignoring the contributions made to dignified living standards by scientists, engineers, philosophers and others. All the low taxes in the world would not end slavery without the possibility for mechanized and efficient labor. Furthermore, as I pointed out a few threads ago, without the invention of transistor the modern economy would not be possible. I often hear the expression "the rich create jobs". The rich don't create jobs out of the goodness of their heart, this is not charity. The rich create jobs so that they can profit through economic transactions. For example, when Delta airlines hires a pilot it is not doing that pilot a favor it is entering into a trade - expertise for money. If I go to H.R. Block to do my taxes I am not doing them a favor they are not doing me a favor. Trade is about mutually beneficial transactions and not charity. Now guys from Wall Street Journal and the like would have you believe that we should feel grateful to the rich for "taking care of us and giving us jobs" which distorts reality. Cutting taxes for the rich does not work for several reasons. There is a reason there are no patek philippe dealerships in the state of wyoming. On the demand side it does not matter whether you cut Bill Gates's taxes to zero if you there is no increase in purchasing power of others no more microsoft products will be bought. On the supply side, if you cut taxes the CONSUMPTION of the rich will not increase decisively or at all. All the investment argument is a load of crap. To make investments work you need others to have purchasing power... Same goes for loaning money out. It is important to differentiate between earned wealth and inherited wealth. Throughout all this screaming about depriving americans of the opportunity to succeed republicans actively promote the idea of eliminating the inheritance tax (which they cutely name the death tax) which serves no purpose other than promote generational wealth. If you follow Wall Street Journal line of thinking Paris Hilton is way more important to society than some graduate engineering student at MIT. But clearly, that kind of thinking will not take a country too far. The simple reality here is that for a country as a whole to be truly prosperous (as opposed to a tiny slice of people) the middle class has to be large and stable. If cutting taxes for the rich made some for some kind of Utopian existence France of Louis XVI would have been paradise, but it clearly was not. History is full of examples where nobility, aristocracy and simply "the rich" had all kinds of priviliges (political and economic) and it did NOTHING for the living standards of the average citizen. In this country(USA) there was an absolute belief in the private enterprise and laissez-faire in the years leading up to the great depression. After the total collapse of the invisible hand kind of thinking the economy become a bit more regulated and for the better. Look at how efficiently Dick Fuld managed Lehman no government bureaucrat could ever measure up! In present day, there is a concerted efforr to rewrite history and to proclaim that instead of the real cause of the depression (massive speculation/credit implosion) it was that countries started to impose tariffs instead of engaging free trade. That is all fine and dandy but even this spin version essentially means that the blind faith in the business community in 1920s was misplaced. Business community and the Republican party used to favor protective tariffs. Hell, for a good chunk of US history, tariffs were a major source of income. After the possibilities of globalization and exploiting people who live a foot in mouth existence became possible, the business community is all for free trade. In Summary: 1. Human existence improved more from the efforts of scientists and engineers and others than from consumption of the "rich" 2. The rich don't do anyone any favors by creating jobs. They enter into mutually beneficial expertise for money relationships for their long term benefit. 3. The rich benefit greatly from the purchasing power of the middle and lower classes (Wal-Mart makes most if not all of its money from the middle/lower classes) 4. Society is intervined, classes need each other.