Obama Plan Includes Massive Tax Cuts
I'd guess that bipartisan cooperation on this will be slim to non-existent (see Mitch McConnell's quotes in this article), but you never know:
WASHINGTON — President-elect Barack Obama plans to include about $300 billion in tax cuts for workers and businesses in his economic recovery program, advisers said Sunday, as his team seeks to win over Congressional skeptics worried that he was too focused on government spending.
The legislation Mr. Obama is developing with Congressional Democrats will devote about 40 percent of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, costing roughly $150 billion. The package will also include more than $100 billion in tax incentives for businesses to create jobs and invest in equipment or factories.
The overall economic package, of $675 billion to $775 billion, is taking shape as Mr. Obama arrived in Washington and planned to begin trying to build support in Congress and among the broader public for his approach to stimulating the economy. Mr. Obama, who flew to the capital on Sunday to join his family in a hotel suite while awaiting his inauguration, planned to meet with Congressional leaders on Monday and deliver a speech on Thursday laying the ground for his emerging economic program.
Although some tax cuts were always expected to be included in Mr. Obama’s economic package, his team disclosed the scope and some details of the plans on Sunday at a time when Republicans have begun voicing criticism of what they describe as an open-checkbook approach to spending. By focusing more attention on the tax cuts in the plan, Obama aides hope to frame it as a balanced, pragmatic approach.
I cut you man!
I cut you good...
Diabolus est Deus Inversus
Since they aren't going to help anybody, what Obama needs to do is tax the wealthy and reinstate the highest capital gains tax. We need income, not more outgo.
Bush do this? $500 tax break is going to save a person's home? The number I saw online was 300 billion of the stimulus on tax cuts. That's almost half of the proposed amount. Doesn't leave alot for infastructure.
A $500/year tax cut would equal about $42/month. Wow. Watch the massive taxpayer spending spree from that one! You can't cut taxes, while increasing spending to create jobs. It means less revenue, which means MORE borrowing.
...at what point over the next 12 months Obama will realize that there is no "bipartisan" support for him in D.C.?
n/t
Giving a "tax credit" to poor people does what? Without an income and a tax percentage to go against, credits do nothing for the people that need the help. It's like claiming medical expenses. If you pay little in tax because of low income, claiming your medical expenses will mean nothing to you. It's no wonder Paul Krugman is shaking his head. More wasted chances to do something right.
the devil is in the detail when it comes to the overused/overgeneralized term "tax cuts". tax cuts for lower income people? corporations? the ruling class? who are we talking about?
cutting the capital gains tax, cutting corporate taxes, and making the the bush tax cut permanent will act as an anti-stimulus.
but tax cuts to help the poor and disadvantaged would be a good stimulus.
i predict that obama will cater to the right in any tax cutting measure: like offering to reduce the corporate tax, and the capital gains tax. prove me wrong obama.
[crap: this was not meant to be a "reply"...]
Doesn't sound like a tax cut for the unemployed at all.
It doesn't even sound like a tax cut for working people!!! It sounds like a tax deferral in that they just taking less out on payday but it'll still be the same tax liability come tax return time.
Here it comes. Obama is doing what he is told by the MIC.
is what?
meet the new boss...same as the old boss
Can't say as there should be any shock involved here though. The same experts that created this financial mess and gave Bush advice, are the exact same one's giving him advice. I've never seen a Dem economist or a Rep economist yet.
the first three letters of Mickey Mouse...
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
n/t
its called the old shell game or if you prefer indian giveing! what they give you with thier right hand they take it away from you with thier left hand , some where down the line they figure out how to screw you out of what ever they give you! higher state taxes , or higer property taxes or higher city taxes or some new tax they havent thought up yet! can you feel the breeze where they used a razor blade to cut the seams on your pants in the back where the good stuffs located, just dont grunt or scream for them to stop, they like your pain! change my ass! grunt!
This doesn't sound like the tax decrease that was advertised. Please correct me, anyone if I am wrong, but I have the spread sheet before me that states that income up to $226,981 will get a tax cut of progressivly lower percentages as you go up the income ladder. All those above that income will get a tax increase.
So where is the tax increase on the wealthy that was promised?
oops...there it goes
yup and guess who's going to get screwed in the proccess. Because until they take some money from the multi-billionares and spread it around to the working people this financial situation is NOT going to go away!
as a payment toward an old IRS debt (almost all interest and penalties, of course) that never clears up.
Thanks for nothing, again.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
And I'm not seeing where we're even getting that $500 even to pay off our past IRS liability! It sure sounds to me like they're just giving us a break until we have to do our 2009 taxes next year.
Geeze, thats some massive tax cut Mr. Obama. I was thinking like a $5,000 taxcut. I cant beleive I actually thought when I voted for him he was gonna help us little people out. Doesn't look that way now. Geeze what am I gonna do with all that extra $$ every month? Hmmmm maybe save up for a ticket outta this country!
obscenely bloated Military Industrial Complex
obscenely bloated CIA (secret government) - secret budget
huge Medicare payments to big Pharma (that shouldn't have happened)
same hugeeven greater interest payments on the national debtsame type comment by me, is it spam or is it just me
statusquObama, change you can only pretend in
hasn't even been sworn in yet, and he's already going out of his way to promote no change. Nothing to see here. The election was just a formality.
let's all stop over consumption.
En masse, one… two… three…
NOW!
statusquObama, change you can only pretend in
THAT would truly be revolution!
Imagine the panic of our betters!
Individuals when the economy slumps, say ok, let's tighten our belts and cut out anything we don't need, and control our spending.
Apparently the gov't when the economy slumps, says ok, let's borrow money to pay off the old debt, and spend our way to a brighter tomorrow!
It's on par with going to your bank and telling them you are virtually bankrupt and can't pay your mortgage---so the bank loans you the money to pay off your mortgage, plus some extra credit to help you out.
And then, shortly thereafter the procedure is repeated again.
Which is EXACTLY what we have been doing for YEARS.
This economic ZOMBIE is DEAD.
Yet they are determined to revive it and get it up walking around some more.
Maybe they will, maybe they won't.
I estimate we have ten or twenty years max, then the ecology, the economy, it all comes crashing in big time.
statusquObama, change you can only pretend in
it would be. and for the future of the planet we need to stop over-consumption.
slight problem: our teetering economy is addicted to over-consumption--modeled on it, dependent on it, reliant on it.
which is why the neoliberal-nibbles around the edge of this big economic shit-cookie will do nothing except continue to slide. we need to re-think this whole thing. and the status quObama economic advisers scare the shit out of me. they are anything but outside-the-box thinkers.
Wouldn't hurt to throw a couple of big strikes at 'em either! Crazy how they still seem to think "trickle down" is an actual economic plan!
no matter what the size of the homes. Is that akin to a car belonging in the garage?
http://online.wsj.com/article/SB1231112796946...
Sounds like there will be a band, and a big party and a whole bunch of self congratulations, followed by the continuing of the recession.
from Obama, anyway.
I voted for him just because of the SCOTUS, but; hell - he'll probably appoint Rick Warren anyway...
And there aren't any good countries that allow old crippled guys on disability to become citizens.
Well, it's lunchtime and I'm a gonna go eat me some worms.
"$500 is only a reminder to people about how FUCKED they are."
My Bush $500 paid my gas bill and half a week's worth of groceries. Maybe the Obama $500 will pay half the gas bill this time.
Apparently we're going to see how the Great Depression would have worked out if Hoover got reelected.
Oh sorry, didn't mean to dampen this historical and hallowed moment with negativity/reality.
But I'll chew on this crumb, at least Mooselini hasn't gotten to appoint Levi Johnston as Ambassador to Colombia.
Let's see how this works:
$500 tax crumb
subtracted by the $1,500 in inflation that will be caused by printing more money
Equals:
Big Fat thanks for nothing...
Here we go again. Obama has no hesitation in offering solutions to the economic crisis yet has still issued no condemnation of the massacre of Palestinians that is occurring in Gaza by the Israelis. Perhaps the Palestinians feel foolish in believing Obama when he said that he was an agent of hope and change when it seems apparent that Obama is offering neither hope nor change for the citizens of Gaza. Or perhaps Obama does not wish to offend the Israel lobby by daring to offer any solace for the plight of the Palestinians that they are enduring at the hands of the Israelis.
It is not up to him to make remarks regarding US international policies.
Whether we like it or not, it is up to the current administration to speak in behalf of the US regarding foreign affairs.
Excellent job by both you and Obama in ignoring the slaughter of innocent Palestinians by Israeli bombs and missiles which have been supplied by the United States as well as U.S. supplied F-16 fighter planes, which carries those bombs onward to their deadly missions. You also ignore the fact that Obama has already told Israel, via AIPAC, that the United States will always protect Israel's interests, the plight of the Palestinians be damned. Perhaps if your family had restrictions placed upon their food and their water and their electricity and their medical supplies, as the Palestinians do, then you might, just might, by urging the agent of hope to issue statements against the atrocities that are occurring in Gaza.
I'm beginning to think you're a computer robot or something.
You'll just have to wait for 15 more days, after 12:00 noon on Jan 20th, then your criticism may be justified. Until then, it's up to Bush and his administration to comment on and handle this ME crisis - which he is mostly responsible for causing in the first place.
This thread is about US economy and tax cuts anyway...
"Egotism is the anesthetic that dulls the pain of Stupidity" - Frank Leahy
Amitola
No, I am not a computer robot, merely a concerned and caring citizen who has the audacity to wonder, unlike the Obamamaniacs, why the president-elect does not comment [even though he has taken it upon himself, which you keep ignoring, to keep commenting about the economic situation] upon the Palestinians who are being slaughtered by Israeli missiles and bombs. One would logically assume that [alleged] progressives would be aghast at the fact that their hero has not distanced himself from Bush support of Israel's militant and barbaric policies by condemning the Israelis for their brutality against the citizens of Gaza. But it would seem to be too much to hope for the agent of hope to actually offer hope for the besieged people of Gaza. It would seem that the last thing Obama would wish to do would be to offend the sensibilities of AIPAC by condemning the actions of Israel.
Unfortunately, by his silence, Obama gives every indication that he is, like you, bereft of the meaning of the word that seems to be so foreign to so many Americans and that is the word empathy.
There are other threads were you can talk about Israel/Palestine.
This is not one of them. Is that so hard to comprehend? And as I said, he is not the president yet. Obama can't and shouldn't make statements regarding international affairs. Whether you like it or not...
Are throwing ideas like this around in the media for us as well. Oh boy. A payroll tax cut. That'll help me since I'm layed off!! Oh and how do your American CEO's compare to ours??
Yup. We. Are. Screwed.
http://www.youtube.com/watch?v=WjRUwkt2vqs
How is a tax cut/rebate going to do anything other than make sure the credit card companies receive their interest payments and keep us buying more Chinese crap with nothing to show for it as far as infrastructure goes?
Are these fuckers retarded or what?
Rule #1........always do the exact same thing to fix economy
If they keep this rich, corporate hand out shit going for too long and they are going to have a Shay's rebellion redux on their hands.
And the meatheads wonder why their approval rating is in the tank, everyone can see the crap that they are pulling, we're not all fucking blind
See, her and the rest are leaders. They don't listen to the commoners. I saw that online, but damned if I can find it now. It was one of those "piss off, I know more than you" moments in an interview.
And I can't find it now either. It was at the same time I found out why she would not bring impeachment to the table. Because her husband got a very lucrative contract. She took the bribe. She is a criminal.
Remember Germany in the late 1920s? They needed wheelbarrows of money to buy bread. If Obama and the Democrats aren't careful, that's the way it will be for us. Billions of dollars being given away without any strings and no accountability. Someone's getting rich, and we're going to the poor house.
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