Obama tax break

tinfoil said:
http://online.wsj.com/article/SB100...82986.html?mod=WSJ_hp_LEFTWhatsNewsCollection

Hey, good idea, Obama! Bravo. Even though people on the left laughed and ridiculed a similarly small tax break ($600), I think conservatives will be happy with at least a small break for working families and individuals.


I think it was dumb to not give employers a break. They're the ones who will hire the unemployed.
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There are provisions for them to write off 100% of investments to expand their business in the next year. What are you talking about?

The Rs pretty much got everything they wanted, including a campaign drive in 2012. "No tax hike" is a solid promise especially when Bernanke has already pretty much said we'll still be in a hiring slump for 4 to 5 more years.
 
So Obama basically gave them everything they wanted.

Why didn't we just vote for McCain instead? At least he's honest about being a Republican.
 
Obama tax cuts

1...Reduce worker payroll taxes for 1 year,(reduce SS tax by 2%)
2...give more favorable tax treatment to new business investments
3...temporary tax breaks for students and working families.


This President knows how to stimulate and grow the economy...

:lol:
 
CERVIXCRUSHER9000 said:
So Obama basically gave them everything they wanted.

Why didn't we just vote for McCain instead? At least he's honest about being a Republican.
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The Rs had him over a barrel and he knew it. Unfortunately the Rs were too cowardly to call his bluff. The only way he could keep his promise not to raise taxes on anybody making less than 250K was to capitulate. He should have pushed this through earlier, instead he shoved that health care dildo into the out hole and made it so he had no leverage to force through only the rate extensions he wanted.
 
Damocles said:
There are provisions for them to write off 100% of investments to expand their business in the next year. What are you talking about?

The Rs pretty much got everything they wanted, including a campaign drive in 2012. "No tax hike" is a solid promise especially when Bernanke has already pretty much said we'll still be in a hiring slump for 4 to 5 more years.
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I was refering to the 6.2% FICA matching. By keeping the employer costs the same, they missed an opportunity to spur some hiring.

When is an investment NOT a write off?
 
What is absolutely stunning about this, is democrats could have probably benefited on election day, had Obama went ahead and committed to renewing the Bush tax cuts. Aside from the political advantage it would have given Dems, it would have also helped stimulate the lagging economy, and probably spurred some job growth. Most of the lack of growth and stimulation has been because investors are uncertain, corporations don't know what their tax liability is going to be, and can't really plan for the future until that is settled. It could have been settled back in August or September. So basically, this partisan playing around with the Bush tax cuts, cost them seats in November, and kept the economy in the crapper through the fall. Now, in the 11th hour, they are going to renew the Bush tax cuts, but the thing is, all the planning for 2011 has already been done, and it had to be presumed the taxes would increase, since that seemed to be the message from the Democrats. Whatever benefit it might have had in boosting employment, is all but gone now.

This is a HUGE political blunder on part of the Democrats and Obama. Yet another opportunity missed, to turn things around for the party, and get things going in the right direction... squandered because they thought they could make political hay out of running against "Bush" by opposing extension of his tax cuts. Tsk tsk tsk.
 
so basically hes taking away a small amount of the standard deduction and in return we get 2% off of SSI tax? Whats the catch? If I accept this doe that mean i lose SSI in the future? Its some sort of set up
 
Chapdog said:
so basically hes taking away a small amount of the standard deduction and in return we get 2% off of SSI tax? Whats the catch? If I accept this doe that mean i lose SSI in the future? Its some sort of set up
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Yes, I believe that is the plan for the New Deal to become obsolete!
 
so couple making 200k a year saves roughly 4k if its a 2% reduction minus the loss of about 500 each standard deduction? Seems like its to good to be true. i dont know shit because was to busy at work then watching pats whoop some ass. and sox sign gonzalez. Gonna have to study the details tomorrow.





plus im feeling nice
 
Damocles said:
The Rs had him over a barrel and he knew it. Unfortunately the Rs were too cowardly to call his bluff. The only way he could keep his promise not to raise taxes on anybody making less than 250K was to capitulate. He should have pushed this through earlier, instead he shoved that health care dildo into the out hole and made it so he had no leverage to force through only the rate extensions he wanted.
Click to expand...

we should sticky this.....in about 20 months libs are going to be bragging about how Obama's tax cutting policy worked and how he overcame Republican's resistance to cutting taxes.......
 
I just hope I don't have to hear another fucking word about debt and deficits any time soon (HA!) and that the policies work to help get the economy firing again.
 
Still trying to figure out details on this cut. Do we lose part of our personal deductions in exchange for the SSI reduction?
 
wow, frankly I would rather something like:

Reduce withholding to 4% from 1k-75k for employee and employer. Then nothing between 75k and 200k. Then from 200K+ reactivate to 2 or 3% for both employer and employee with no ceiling.
 
tinfoil said:
http://online.wsj.com/article/SB100...82986.html?mod=WSJ_hp_LEFTWhatsNewsCollection

Hey, good idea, Obama! Bravo. Even though people on the left laughed and ridiculed a similarly small tax break ($600), I think conservatives will be happy with at least a small break for working families and individuals.


I think it was dumb to not give employers a break. They're the ones who will hire the unemployed.
Click to expand...

"No one gets everything they want in a deal, but our top priority is to restore certainty to the private sector so that businesses small and large can start hiring again."
Click to expand...

WOW.... does Cantor FINALLY get it? The above statement should be plastered over every politicians desk, computer, car, office door etc...

The UNCERTAINTY is why businesses are sitting on so much cash and refusing to hire new employees.

As for the deal...

What I like....

1) Estate tax at 35% for estates over $5mm. Not only is that a reasonable rate, but also a reasonable exemption.

2) I like the fact they extended all tax brackets for two years in a down economy

3) I like the fact they extended the cap gains tax rates for the two years as well

What I don't like....

1) The reduction in payroll tax to replace the 'make work pay' credit. There is no reason to extend this to all income earners (vs. the $75k phase out for make work pay). IF every dollar of everyone's income was subject to the payroll tax, then I would be all for it. But everyone over the 106,800 doesn't pay the payroll tax on that income. That should be the level of phase out for the payroll tax deduction. In addition, SS is in trouble already. The last thing we should be doing is reducing the revenue to SS.

2) The tax bracket extensions should have been coupled with what will happen after the two years. ie... 'hey we are extending the cuts for two years, but after that time frame the highest tax brackets will increase and cap gains tax rate will also go back to 25%.' The result of the proposal (from what I have read) does not do this and thus simply pushes the problem/decision into the future.
 
Superfreak said:
WOW.... does Cantor FINALLY get it? The above statement should be plastered over every politicians desk, computer, car, office door etc...

The UNCERTAINTY is why businesses are sitting on so much cash and refusing to hire new employees.

As for the deal...

What I like....

1) Estate tax at 35% for estates over $5mm. Not only is that a reasonable rate, but also a reasonable exemption.

2) I like the fact they extended all tax brackets for two years in a down economy

3) I like the fact they extended the cap gains tax rates for the two years as well

What I don't like....

1) The reduction in payroll tax to replace the 'make work pay' credit. There is no reason to extend this to all income earners (vs. the $75k phase out for make work pay). IF every dollar of everyone's income was subject to the payroll tax, then I would be all for it. But everyone over the 106,800 doesn't pay the payroll tax on that income. That should be the level of phase out for the payroll tax deduction. In addition, SS is in trouble already. The last thing we should be doing is reducing the revenue to SS.

2) The tax bracket extensions should have been coupled with what will happen after the two years. ie... 'hey we are extending the cuts for two years, but after that time frame the highest tax brackets will increase and cap gains tax rate will also go back to 25%.' The result of the proposal (from what I have read) does not do this and thus simply pushes the problem/decision into the future.
Click to expand...


The "Uncertainty" talking point is the dumbest fucking thing that lots of people have bought into since the Da Vinci Code.

And I'm shocked that you like the stuff that rich people will like and that the Republicans demanded. Really. Totally floored by that one.
 
Superfreak said:
WOW.... does Cantor FINALLY get it? The above statement should be plastered over every politicians desk, computer, car, office door etc...

The UNCERTAINTY is why businesses are sitting on so much cash and refusing to hire new employees.

As for the deal...

What I like....

1) Estate tax at 35% for estates over $5mm. Not only is that a reasonable rate, but also a reasonable exemption.

2) I like the fact they extended all tax brackets for two years in a down economy

3) I like the fact they extended the cap gains tax rates for the two years as well

What I don't like....

1) The reduction in payroll tax to replace the 'make work pay' credit. There is no reason to extend this to all income earners (vs. the $75k phase out for make work pay). IF every dollar of everyone's income was subject to the payroll tax, then I would be all for it. But everyone over the 106,800 doesn't pay the payroll tax on that income. That should be the level of phase out for the payroll tax deduction. In addition, SS is in trouble already. The last thing we should be doing is reducing the revenue to SS.

2) The tax bracket extensions should have been coupled with what will happen after the two years. ie... 'hey we are extending the cuts for two years, but after that time frame the highest tax brackets will increase and cap gains tax rate will also go back to 25%.' The result of the proposal (from what I have read) does not do this and thus simply pushes the problem/decision into the future.
Click to expand...

So they will eliminate this?
In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns.

This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.
 
NigelTufnel said:
The "Uncertainty" talking point is the dumbest fucking thing that lots of people have bought into since the Da Vinci Code.

And I'm shocked that you like the stuff that rich people will like and that the Republicans demanded. Really. Totally floored by that one.
Click to expand...

LMAO.... you are truly a fucking moron. Ask ANY business owner about the uncertainty. It has EVERYTHING to do with whether businesses feel comfortable in hiring. If they are uncertain what their tax liability is going to be, they tend to hold off on hiring any needed employees until that uncertainty is resolved.

As for the rest you again show that you are a complete fucking hack. I doubt you even read what I stated. Because if you had, you would have noticed that the payroll tax deduction that I didn't like.... benefits the wealthy when they need not get that benefit. It also hurts the revenue of SS.

You would have also noticed had you bothered reading what I wrote that I thought they should have raised the upper tax brackets at the end of the two year period along with the Cap gains tax rate. Again something that does not benefit the rich, whom you hate so much.

But again, you are a complete fucking hack that doesn't bother actually READING what people write. Instead you just parrot your insane bullshit time and time again. Fucking moron.
 
Chapdog said:
So they will eliminate this?
In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns.

This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.
Click to expand...

According to the article, yes, they will eliminate that in exchange for the payroll deduction.
 
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