Talking Turkey on Taxes

Here's Obama's tax plan:
"Obama’s Comprehensive Tax Policy Plan for America will:
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
Under the Obama Plan:
Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut – his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit."

I have one HUGE question on this....Where in the heck is the money going to come from to pay for all these tax breaks and still maintain our dedication to the many social programs, government bail outs, government job-creation initiatives, increased funding for education programs, increased funding for space exploration, increased funding for infrastructure rebuilding....etc ???????

Is the "evil rich" gonna pay for it all? I, for one, don't think they've got THAT many resources, to be honest.

Comments

According to the Cato Institute,

the near one trillion we will have spent on Iraq & Afghanistan by the end of this decade equates to a $8,600 per family, or $2,700 per person debt burden Granted, Obama intends on stepping up our involvement in Afghanistan as our involvement in Iraq wanes, but I have a feeling the free-for-all Defense Appropriations and Supplementals are a thing of the past.

The single biggest factor in making this work is the economy. It looks like 2009 is going to continue to suck, but even a small boost in the GDP as the recession gives way to growth towards the end of this year (fingers crossed) represents a huge amount of revenue.

It can be done:

Point?

Is there some point in that presentation?

Just askin'.

The best thinking is independent thinking.

Subliminal Tetris fixation

It's to show how the economy can impact fiscal problems, Smitty.

We didn't know that....

Duh.

The best thinking is independent thinking.

Most rapidly reversed growth spurt in history

"I have grown as a blogger exponentially ever since coming to BlueNC. It wasn't long ago when I was pretty much of a jerk on blogs."

Ah

So, If I say something you don't like...I get quoted in some way that is supposed to show me in a bad light.

Hmmmm....To me that's sad.....and is cause for me to rethink the legitimacy of the folks here on this venue.

But, that's just me.

The best thinking is independent thinking.

You can rethink anything you want

You ask where the money will come from, I give you my opinion on where it could come from. No sarcastic dig at your diary or you. What do I get in return? "What's your point?" and "Duh."

Rethink the legitimacy of that.

Oops...sorry, got called away suddenly

sharrison....Yep, that was pure sarcasm, sorry 'bout that. I do have my moments, sometimes. Think I let a personal situation I had (the one that called me away) get me in "one of those moods" my wife tells me about.

I'm thinkin' we're in a VERY different situation economically than your man Clinton had. I do question where the money will come from and I'm betting so are a great many folks....on BOTH sides of the aisle.

The best thinking is independent thinking.

I suspect the first option to get the money will be to simply

keep the printing presses going. A $trillion or more disappeared in the stock market ... vanished...poof...and the presses are running hot.

The Bankers aren't loaning their bailout money because they know the derivatives meltdown and Commercial Real estate meltdown is just around the corner and they're covering their behinds.

The GDP is down...and likely to go down more. Velocity and lack of credit are tied together...as is the public's reluctance to spend....therefore a diminishing GDP...regardless of the amount of cash being printed.

The really rich folks are going to get a free ride. Not because of or by design by Obama, but simply because they have lots of money to weather the storm...whatever their tax load may be.

I have a very gloomy outlook on our economy. There will be an uptic for a few months and then we will enter a very dark period.

Stan Bozarth

And...the very rich???

What is to become of the dollars the likes of Nancy Pilosi has...and their earnings?

Will they go towards more earnings?

It's an honest question. The "very rich" will get a pass, regardless of Obama....take that to the bank (no pun intended).

The best thinking is independent thinking.

I hope we can close the giant loopholes

that let corporate profits go to the Cayman Islands or wherever they are hiding their money these days. Why should we let our infrastructure be the way to a fortune for people who won't pay their taxes?

And end the Iraq war-there's a few more billion.

Regardless of party affiliation with regard to those loopholes?

Doesn't matter to you who gets to take the loopholes to keep from paying taxes....correct?

Remember this...there are M A N Y high level democrats that are V E R Y rich that take advantage of those loopholes. M A N Y.

Some things "sound" good and are great political fodder but, when the truth is revealed....it's just more rhetoric.

Nancy Pilosi is EXTREMELY rich and if there's someone here...lib or con...that truly believes that she is gonna give up her riches for the "less fortunate"....guess again. It's all a ruse, my friends. Sounds good...rallies the troops...gives the left great political fodder....but the truth is, it's just bunk.

But, hey, I could be wrong here. It's just my opinion...no "facts"....no "figures". Just my opinion. Someone have something to show me how much Pilosi is paying in taxes? Someone have something to show me how much she's "giving back"???

I can be corrected here....

The best thinking is independent thinking.

Does Nancy Hubby dance around the Big Owl?

Nancy Pilosi is EXTREMELY rich and if there's someone here...lib or con...that truly believes that she is gonna give up her riches for the "less fortunate"....guess again* Generic Republican Misinform Smitty

Not really! She is simply the wife of one the richest bastards around in Establishment and weird cult politics.....Her hubby sits on the boards of the most powerful Mega international corporations on the planet. In fact, you will find his establishment power in the Haliburton corporation sharing the profits from the Iraq war.....You are simply like most generic political folks,,,,you fall for the paradiem that the so-called left and right are not the same......In fact, all establishment politics are the same when it comes to money......

http://www.bohemiangroveexposed.com/

Guess that makes it all okie dokie

That the deal?

The best thinking is independent thinking.

Her name is Nancy Pelosi with an "e"

I don't know why that bugged me, but it did.

Also, I don't care how much she pays or doesn't pay in taxes, as long as it's done legally.

I do care about the laws that make people like me pay more of a percentage of my income in taxes than people like Trent Lott. Or Ted Kennedy.

Your post jumping on LofT because there are some rich Democrats completely obscured the point she was making, which was: There are loopholes that need to be closed.

If you're going to argue, argue - don't deflect. You can do better than that.

I don't give a flying

duck, who is making money and cheating with the bankers, they should be tarred and feathered. You may not believe this Smittster but I'm an American first and a Democrat somewhere down the line.

Great

And, I admire you for that. Hope more folks feel that way.

The best thinking is independent thinking.

Country First! Naw that didn't work either?

Your post jumping on LofT because there are some rich Democrats completely obscured the point she was making, which was: There are loopholes that need to be closed. If you're going to argue, argue - don't deflect. You can do better than that.*Linda

I don't give a flying
duck, who is making money and cheating with the bankers, they should be tarred and feathered. You may not believe this Smittster but I'm an American first and a Democrat somewhere down the line.* LoftT

Smitty! It appears that the Republicans and Democrats that bail out the Bankers were using that new and amazing slogan in saving the children.........

" LEAVE NO BANKER BEHIND"

Yep...and we shouldn't just stop discussing this, folks

When Obama takes office, he's gonna face an economy that is, by all reports, in ruins. Every week I hear about more and more plant closings. Last I heard on CNN was that the projection now is that as many as 100,000 small businesses will close in the coming year. And, as they said, the largest entity in America that employs Americans is small businesses...not giant mega-corporations.

I put this issue out on a thread because it is paramount. Without a solid economic situation in our country, all else fails. Our economy is the basis for so much...from our prosperity to our security. We can't afford to just "hope" things improve and we have a Clintonesque surge that brings in a surplus of funds to get us out of our current situation. We can't just print money to give to our citizens in hopes that they spend and spend and thus renew our vigor financially nationally.

We have to make sure that those that do employ our people have every opportunity to do so with as little government intervention as possible. Dollars spent for reviving our economy MUST go to those that take the initiative to succeed in business which, in turn, builds an employment base. Government can't just create new government jobs. Government can't just continue to put out money to losing propositions without oversight (ala, Big 3 auto companies) and without it being loans that MUST be repaid to our citizens that are the ones that loan the money to them in the first place. If it means that unions have to give concessions...even HUGE concessions...then that's what they're gonna have to do because it's in the best interest of our country...not just the few...but the masses.

I'm VERY concerned that we can't afford to just give and give and give without being fiscally responsible. I'm very concerned that's the direction we're going to head in.

The best thinking is independent thinking.

Awesome

nt

Tough to argue with

I couldn't agree more.

The best thinking is independent thinking.