Obama and taxes

[TheLonelySquire]

Do you folks think Obama will stand by his campaign promise that no one making under 250k will see any increase in taxes?

 

[Gepard]

I sure hope so.

 

[Michael Chris]

I think on income taxes he probably will keep his promise.

 

[Lookingglassman]

Yup

 

[Welshie]

Do you folks think Obama will stand by his campaign promise that no one making under 250k will see any increase in taxes?

Not a chance in hell. Since when has any president in living memory actually kept a campaign promise?

 

[TheLonelySquire]

Well, he said "no new taxes of any kind for people making less than 250k" Would not cap & trade, cigarette, or VAT qualify?

 

[L1A1 Rocker]

Hold on to your ass folks. Taxes are going up - and everybody is going to end up paying more one way or another.

Do you folks realize that the U.S. has the second highest corporate tax in the world? And people wonder why jobs keep going to other countries. . .

 

[Michael Chris]

It depends on how you look at it.

 

[TheLonelySquire]

It depends on how you look at it.

How so, MC?

 

[L1A1 Rocker]

Well, he said "no new taxes of any kind for people making less than 250k" Would not cap & trade, cigarette, or VAT qualify?

I does in my book. His implication was that families making under 250K would not be paying more. We ALL are going to be paying more one way or another.

 

[Michael Chris]

It depends on how you look at it.

How so, MC?

Well, for instance the statement on his campaign website says: "[The Obama Plan] will not raise any tax rate on families making less than $250,000 per year, period!"

It says specifically "tax rate on families..." Which in my literal reading would mean tax rates on [targeting] families making less than $250,000 per year. The "cap & trade, cigarette, or VAT" tax rates are not tax rates on families, rather they do not depend on your income.

That said, I can see how that might appear dishonest, and I agree. Although, I think this is one promise he should break. We need to radically cut spending and boost revenue through taxation.

 

[L1A1 Rocker]

We need to radically cut spending and boost revenue through taxation.

You do not increase revenue by increasing taxes. The truth is actually opposite of that. You decrease taxes and that spurs increased industry and economic investment. That in turn generates more GNP that puts more tax money into the coffers.

 

[Michael Chris]

You can.

 

[L1A1 Rocker]

You can.

And that is the logic that got us Jimmy Carter's mess. Please look at what JFK did with taxes and it's affect on tax income. Then look at the Regan tax plan that was modeled on JFK's and see how much money was taken in.

The U.S. already has the second highest corporate tax rate in the world. Why do you think companies are already leaving our shores. You really want to see industry growth and jobs in the U.S? Cut the corporate rate to a more competitive 15% and watch things take off.

 

[miraclefan]

This thread will last long. Cant the GOV'MENT do something else for revenue then TAXES? Why bother working if I cant keep most of MY money that I WORKED hard to get? at this rate why bother working when I can just lounge around the house and wait for that sweet taxpayer money called welfare? *num-num-num-hmmm hard working taxpayer dollors taste good when you don't have to do ANYTHING to get it*

 

[kimc]

Anyone think we should get rid of the income tax system and go back to the import tariffs that funded the Federal government until relatively recently? Noto only would families and corporations have more money to spend but that would be one way to get rid of the trade deficit.

 

[Michael Chris]

You can.

And that is the logic that got us Jimmy Carter's mess. Please look at what JFK did with taxes and it's affect on tax income. Then look at the Regan tax plan that was modeled on JFK's and see how much money was taken in.

The U.S. already has the second highest corporate tax rate in the world. Why do you think companies are already leaving our shores. You really want to see industry growth and jobs in the U.S? Cut the corporate rate to a more competitive 15% and watch things take off.

I'm not talking about stimulating the economy. That surely needs to be done in the long term. I am also fully in favor of getting rid (not cutting) of corporate taxes, but right my now I think the primary concern should be on getting rid of the debt.

 

[L1A1 Rocker]

Anyone think we should get rid of the income tax system and go back to the import tariffs that funded the Federal government until relatively recently? Noto only would families and corporations have more money to spend but that would be one way to get rid of the trade deficit.

I'm in sink with you. Administrating the income tax system costs too much money. Unfortunatly, going back to just tariffs would not generate sufficient income to continue current spending levels. I'd be very willing to go to the fair tax system and eliminate the entire income tax system. Problem is, that would put a lot of accountants and tax lawyers out of business - and those folks have very powerful contacts in our legislature.

 

[miraclefan]

Anyone think we should get rid of the income tax system and go back to the import tariffs that funded the Federal government until relatively recently? Noto only would families and corporations have more money to spend but that would be one way to get rid of the trade deficit.

I'm in sink with you. Administrating the income tax system costs too much money. Unfortunatly, going back to just tariffs would not generate sufficient income to continue current spending levels. I'd be very willing to go to the fair tax system and eliminate the entire income tax system. Problem is, that would put a lot of accountants and tax lawyers out of business - and those folks have very powerful contacts in our legislature.

To true. *Blasted IRS*

 

[TheLonelySquire]

You can.

And that is the logic that got us Jimmy Carter's mess. Please look at what JFK did with taxes and it's affect on tax income. Then look at the Regan tax plan that was modeled on JFK's and see how much money was taken in.

The U.S. already has the second highest corporate tax rate in the world. Why do you think companies are already leaving our shores. You really want to see industry growth and jobs in the U.S? Cut the corporate rate to a more competitive 15% and watch things take off.

I'm not talking about stimulating the economy. That surely needs to be done in the long term. I am also fully in favor of getting rid (not cutting) of corporate taxes, but right my now I think the primary concern should be on getting rid of the debt.

How about not spending 10 trillion in the first place! (Both administrations are to blame)