Obama's Tax Plan

LadyT

LadyT

JPP Modarater
Contributor
http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html

His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.

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Nice move. Seniors vote.

As some who's undoubtedly not going to see one penny of Social Security and who will probably end up funding this cut, I'm not amused or impressed.
 
"There's no reason the IRS can't send Americans pre-filled tax forms to verify," he said. "This means no more worry. No more wasted time. No more extra expenses for a tax preparer."

yeah... this would be quite funny...

I agree, we are not going to be seeing SS for our generation.

Politically... good move on his part

Economically... what an idiot.
 
Superfreak said:
"There's no reason the IRS can't send Americans pre-filled tax forms to verify," he said. "This means no more worry. No more wasted time. No more extra expenses for a tax preparer."

yeah... this would be quite funny...

I agree, we are not going to be seeing SS for our generation.

Politically... good move on his part

Economically... what an idiot.
Click to expand...

What's wrong with that part?
 
LadyT said:
http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html

His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.

_________________________________________________

Nice move. Seniors vote.

As some who's undoubtedly not going to see one penny of Social Security and who will probably end up funding this cut, I'm not amused or impressed.
Click to expand...

I guess he's going to raise taxes in the top bracket to... err... 50%, to pay for this?
 
Superfreak said:
"There's no reason the IRS can't send Americans pre-filled tax forms to verify," he said. "This means no more worry. No more wasted time. No more extra expenses for a tax preparer."

yeah... this would be quite funny...

I agree, we are not going to be seeing SS for our generation.

Politically... good move on his part

Economically... what an idiot.
Click to expand...

Cutting taxes on the poor has a pretty much economically neutral effect. In fact, since adding money to the low incomes makes them so much happier than adding another billion to a billionares funds, the increased happinness in the economy will probably provide a boost, if anything.
 
Putting more money in the poors pockets will be good for the economy. The poor to lower middle class spend all they have, the ritch do not.
 
I'd love Obama's plan, I could retire and only withdraw 50,000
in interest yearly.
That said the majority of layers already know the poor are getting a free ride.
 
Watermark said:
Cutting taxes on the poor has a pretty much economically neutral effect. In fact, since adding money to the low incomes makes them so much happier than adding another billion to a billionares funds, the increased happinness in the economy will probably provide a boost, if anything.
Click to expand...
It is impossible to "cut" taxes on somebody who is a net tax receiver.
 
No money is really "locked away" anyway.

If you put money in the bank it's used to give loans to people who need the money.

If you put money in stocks it's used to grow the company.

If you put money in bonds it's given to the government, who then has more money to spend on it's various projects.

The only way you could really lock money out of the economy would be to burn it, which wouldn't destroy anything anyway. It would cause slight deflation which would simply make everyone in the US but you slightly rich.
 
LadyT said:
http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html

His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.

_________________________________________________

Nice move. Seniors vote.

As some who's undoubtedly not going to see one penny of Social Security and who will probably end up funding this cut, I'm not amused or impressed.
Click to expand...

Wow I agree. I have tremendous respect for seniors but they are the wealthiest age group and already don't pay for a lot. Most seniors I know who work do so for a little extra cash and because they enjoy it, it's not too many that are desperate for it.
 
TheDanold said:
Wow I agree. I have tremendous respect for seniors but they are the wealthiest age group and already don't pay for a lot. Most seniors I know who work do so for a little extra cash and because they enjoy it, it's not too many that are desperate for it.
Click to expand...

Settle down. I wouldn't go that far.
 
TheDanold said:
Wow I agree. I have tremendous respect for seniors but they are the wealthiest age group and already don't pay for a lot. Most seniors I know who work do so for a little extra cash and because they enjoy it, it's not too many that are desperate for it.
Click to expand...

Most seniors I know work and when they can't get work, stand on the side of the road with signs begging for money, because if they didn't do that, they'd have to eat dog food.

Hey, pulling stuff out of my ass and pretending it means anything is fun!

It's easier than thinking, you were right Dano! Thanks.
 
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