remember?

[straydoglogic]

when i said we were in or headed towards a recession and i was told i didnt know what i was talking about?
am i still wrong?

[straydoglogic]

Re: remember?

huh..interesting...stray is proven to be right and no one has anything to say...
my poor bleeding liberal heart.....

[daved150]

Re: remember?

i'll give it up to you bro...i remember. i also dont remeber saying you were wrong...

[straydoglogic]

Re: remember?

i'll give it up to you bro...i remember. i also dont remeber saying you were wrong...

i didnt say you davey jones...im not pointing the proverbial fingah..

[FUZO]

Re: remember?

huh..interesting...stray is proven to be right and no one has anything to say...
my poor bleeding liberal heart.....

THE ONLY THING YOU GOT RIGHT IS THAT YOUR A LIBERAL.

[straydoglogic]

Re: remember?

I GOT RIGHT THAT WE ARE IN A FUKIN RECESSION...DEAL WITH IT!

[bohunt]

Re: remember?

People are losing there jobs around here everywhere. You look in the paper there is about 10 job postings.

[pigmeat]

Re: remember?

And we think mcain or obama can fix the economy...neither one of those fukin clowns can fix a ham sandwich!

[Akamai]

Re: remember?

doesnt matter which one gets in they both inherit a crappy situation.

Akamai

[FUZO]

Re: remember?

And we think mcain or obama can fix the economy...neither one of those fukin clowns can fix a ham sandwich!

OK JUST SAY THAT THEN BUT ONE OF THEM WILL RAISE YOUR TAXES BIG TIME AND MAKE IT WORSE ON YOU. IS THAT THE ONE PEOPLE WANT TO CHOOSE FROM. OR THE ONE THAT WONT RAISE YOUR TAXES THE ONE THAT WONT RAISE YOUR CAPITAL GAINS TAX THE ONE THAT ONE EXPAND THE INHERITANCE TAX. THE ONE THAT WONT CHOOSE GOV RUN HEALTH CARE. ITS SUCH A EASY PICK.

[straydoglogic]

Re: remember?

obama has said repeatedly that hes not raising taxes...please show me how he is going to raise taxes...and i mean for the 95% of average americans..
and the health care thing..hes not fineing anybody and the small businesses are exempt...

[daved150]

Re: remember?

obama has said repeatedly that hes not raising taxes...please show me how he is going to raise taxes...and i mean for the 95% of average americans..
and the health care thing..hes not fineing anybody and the small businesses are exempt...

to be honest...i thaught it was small biz with 250k or less in gross that wont be effected...dude, i can BARELY make my motgage (i'm late every month) and i gross more than that in 3mo's...it's the net i cant keep under control...mute point for me, becouse i'll be closing soon, but ALOT of biz's fall in that catagory...and will be forced out!

[bowbow]

Re: remember?

And we think mcain or obama can fix the economy...neither one of those fukin clowns can fix a ham sandwich!

Now that I can agree on.

[FUZO]

Re: remember?

to be honest...i thaught it was small biz with 250k or less in gross that wont be effected...dude, i can BARELY make my motgage (i'm late every month) and i gross more than that in 3mo's...it's the net i cant keep under control...mute point for me, becouse i'll be closing soon, but ALOT of biz's fall in that catagory...and will be forced out!

here dave check this out for your friend who beleives obama is going to cut middle class taxes. and one more thing. 35-45% of americans dont pay taxes how do you get 95% of middle class. Lets see what else he is going to spend 65 billion on his health care a year which will raise the deficit more.. wonder where he is going to get that money. redifining welfare obama. your a joke







In other words, unless you have income in the $85,000 to $100,000 (approx.) range you’ll have a higher marginal tax rate. A higher marginal tax rate on income will actually hurt work which is contrary to Senator Obama’s desire to “reward work, not just wealth”.

Although Obama is offering a new series of tax breaks, they undermine rather than improve economic incentives. First, whether or not you get those breaks will depend on your income. In Washington, taking away tax breaks as families work harder to make more money is called a “phase-out.” Economists have a different name for it—we call it a tax. Reducing a person’s tax credit as his income goes up also reduces his incentive to earn more income.

And a tax tends to penalize whatever activity is being taxed, not reward it. It is pretty much accepted by most economists that if you tax something you get less of whatever is being taxed. Taxes are a disincentive. Taxing labor income creates an incentive not to earn income from labor. If taxes on labor income go up and taxes on income from wealth do not, then you are going to see people shifting from labor income to income from wealth. Of course this assumes that people can shift from labor income to wealth income. If you can’t make such a shift you simply make do with less income.

Second, Obama would make some credits refundable for families with credits bigger than their tax liability, which would also have the nefarious effect of raising marginal tax rates. For example, consider a worker in the 10 percent bracket with $1,000 of tax liability before credits who claims $1,200 in credits. The tax impact of earning an extra $100 depends on whether the credit is refundable. If it’s not refundable, there’s no tax penalty on earning the extra $100 because the worker’s tax liability stays at zero. But if the credit is refundable, earning the extra money pushes the tax up from negative $200 to negative $190—that’s a 10 percent penalty on earning income.

Actually, it is a 10% penalty on earning that extra income, but still the point is valid: some people will be at the margin on earning that extra income and will decide, under Senator Obama’s tax plan, to simply forgo that extra income, and work, and opt for additional leisure time instead.

While Obama has publicly embraced a tax rate of 40 percent for couples earning over $350,000, his tax policies would result in a staggering 45 percent effective marginal rate in the $110,000 to $120,000 income range for this family. That is 11 percentage points higher than under current law.

Wow, that is quite an increase. Why? The problem is caused by Senator Obama’s reform of the Hope Scholarship Tax Credit for college tuition. Senator Obama wants to increase the tax credit from $1,000 to $4,000 but keep the phase out for the same income range. The larger phase out would increase the penalty on work from 9% under current law to 20%.

Because the phase-outs are so hard to decipher, many Americans may ignore them when making their work and saving decisions. Of course, those people are still burdened by the long and frustrating IRS worksheets required to compute the value of their tax credits; and creating a more confusing tax code certainly does not make for good government.

So, to recapitulate, Senator Obama’s plan would increase the marginal tax rates on those earning $25,000 to $85,000, exempt those from $85,001 to about $100,000 and then raise marginal rates on those making over $100,000. The largest increases would be on those in the $25,000 to $45,000 (not exactly those that most would call rich). Further, it will add to the complexity of the tax code for most Americans, and this means a social loss as well as more resources are devoted to determining people’s taxes instead of being productive. Definitely change we can believe in….or not. Sounds like the same old nonsense we always hear. “I have this hokey named plan that is rather complicated, wont achieve what I say it will, will discourage people from working, and make the tax code even more complicated….vote for me.” I think not.
_____
1These are the marginal rates in 2009 for a two-earner couple with two children—a college freshman and a 12-year-old receiving after-school care—under some specific assumptions. For comparison, the dotted line on the chart illustrates the effective tax rates under current law. The rates shown in the chart are not spelled out in the tax code; they are the result of giving and taking away tax breaks as the household’s income changes.

[deepsouth]

Re: remember?

If you raise tax on those who make more than $250,000.00 yr. , then lets look at who makes more than that. That pool of peeps are the ones who hire us(thats me and you average Joe) for jobs- now you raise their taxes and shit( as always) travels down hill. They will no longer be able to afford to pay us- so they lay off= us out of work. Or even better, tax big buisness and watch more of our companies move out of the countrywhere labor is cheaper and regulations to operate are non existant( means they make more money for themselves)= you and me out of work. I'd say don't raise their taxes and keep our jobs at home and you and me employed.