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Sorry, but my income tax will go down with Obama as it will for most Americans. The teabaggers are fighting a cause that for most of them is against their own self-interests and against what is needed to improve this country.
I have no problem paying my fair share of taxes. I don't expect to get a free pass or a handout. But I know that at my modest income I'd like to have money after I pay my taxes to support myself and save for the future.
I have NO PROBLEM with the wealthy paying a higher percentage of taxes in 2011 when I know that they can still pay CPAs to hide some of that wealth "off-shore". I have NO PROBLEM knowing that after they pay their taxes they will still have plenty of money to buy multiple houses, investment property, luxury cars and lavish trips. I work hard, I save, and I plan to better myself. The freedom to be an American allows me these oopportunities and I have no problem contributing back to society so that others with that same drive can succeed.
As an educated consumer I know that I can choose to live in a smaller home or an apartment that costs much, much less to heat or uses far less electricity than a McMansion. That I can live closer to my job and use far less gasoline and avoid any gasoline taxes. Or better yet, use public transportation and avoid them altogether.
I don't support welfare queens or thug culture or criminal behavior and I most certainly do NOT advocate an increase in welfare benefits at all. But I do know that my fellow citizens do deserve better healthcare, better education and more police officers, public transportation options and other necessities that make getting a job, starting a family or just surviving in this world a lot less of a burden. I do NOT support or expect handouts. There is no such thing as a free lunch.
However as a citizen I have no problem paying taxes to help give people a start in the right direction.
Preach, my fellow southerner, Preach!
It's time for good ol' fashion southern populism to make a comeback. It's no way that that many of us would be able to survive on our own with our meager salaries, especially when they have held the same for the past 40 years while wealthy CEOs & elite families for the past 40 years have seen their wealth multiply by a factor of 100! Our electorate is so divided and conquered it's depressing. When our resources are pooled together, that's when we are strong as a state and as a country. When it's seperate, that's when we are weak and become food for the vultures(globalists).
There are so many in this state that have been taken for a ride. No unionism, barely any high-paying manufacturing jobs left thanks to the FTAs and NAFTA, unplanned & unpaid for wars that are slowly bleeding our treasury dry, lack of immigration control and yet STILL there are many on here who ignorantly extoll the virtues of "privatization" and American-style "free markets" as it is currently interpreted by corporatism.
I guess most on this board won't rest until this country is just another crappy third world country like Brazil, with suck-tacular low wages and and an even lower quality of life.
Curious if you can explain how after decades of deficit spending vs Obama's stimulus bill, Clinton was able to pull off a surplus in the 90s. You don't think that if the economy turns around and tax cuts for the ultra-wealthy are eliminated that we'll have another surplus in 10 years time?
Clinton pulled off the surplus?
First off, note the difference in terms: Deficit Spending means each year you spend more than you take in. The National Debt on the other hand is the total indebtedness the country is responsible for theoretically paying back. During the 90s the annual budgets produced a surplus but the US still was in the hole. But who was credited with the surplus? Clinton or the true cost cutters of the 90's?
Clinton, who recognized a tidal wave of public support for a good idea reducing spending/taxes was dragged to the bill signing table by the 1994 Contract with America and Newt Gingrich. (Clinton is a brilliant politician in his own right regardless of how you feel about his policies or moral character) He really had no choice but to go along. No one is really claiming HE spearheaded the lowered spending.
In came a huge freshman class of Republicans after the elections that had campaigned on reducing the deficit spending and for a time had great success with it with Newt Gingrich as the House leader. Without this immense pressure and the votes from the Repubican lead Contract with America movement Clinton couldn't have reduced spending and wouldn't be able to claim a surplus.
Newt also was vilified in the press for his efforts, for all that cost cutting and tax reduction...does anyone remember Clinton being vilified for tax cuts and spending reductions? Nope, he just gets credit for the 90's surplus, the fruit of the Republican-lead cost cutting congress.
BTW... as a result of lowered spending and taxes, many argue that, THAT lead to increased business activity and growth in the ecomomy. Its hard to claim a victory for lower federal spending and increased economic growth, and NOT admit that lowering taxes can stimulate the economy. JFK recognized it, Reagon lowered marginal tax rates and increased income to the government by something close to 2x previous tax revenues(although his defense spending to defeat the Soviets bumped up spending...good investment I think)
Even Obama and the Democratic leadership acknowledge that raising taxes would hurt the economy now that's why they're putting off until the economy heals. Well, if it hurts now...wouldn't it put a damper on any future ecomomy as well?
If you put a heavy tax burden on this economy (regardless of who shoulders the bulk of it... rich or middleclass...doesn't matter. Taxes turn into hidden cost of goods that gets pasted on to the masses anyway in the form of higher food costs, housing costs, hardgood costs = YOU still pay for the rich's tax increases, not them) you will not see strong economic growth with a heavy tax burden.
We're in unchartered waters on this spending, it will be interesting to see if Obama pays for it all... or just keeps printing money. If the latter happens you may want to buy a new wallet with wheels and handles (wheelbarrow) to go buy your daily bread.
Sorry, but my income tax will go down with Obama as it will for most Americans. The teabaggers are fighting a cause that for most of them is against their own self-interests and against what is needed to improve this country.
I have no problem paying my fair share of taxes. I don't expect to get a free pass or a handout. But I know that at my modest income I'd like to have money after I pay my taxes to support myself and save for the future.
I have NO PROBLEM with the wealthy paying a higher percentage of taxes in 2011 when I know that they can still pay CPAs to hide some of that wealth "off-shore". I have NO PROBLEM knowing that after they pay their taxes they will still have plenty of money to buy multiple houses, investment property, luxury cars and lavish trips. I work hard, I save, and I plan to better myself. The freedom to be an American allows me these oopportunities and I have no problem contributing back to society so that others with that same drive can succeed.
As an educated consumer I know that I can choose to live in a smaller home or an apartment that costs much, much less to heat or uses far less electricity than a McMansion. That I can live closer to my job and use far less gasoline and avoid any gasoline taxes. Or better yet, use public transportation and avoid them altogether.
I don't support welfare queens or thug culture or criminal behavior and I most certainly do NOT advocate an increase in welfare benefits at all. But I do know that my fellow citizens do deserve better healthcare, better education and more police officers, public transportation options and other necessities that make getting a job, starting a family or just surviving in this world a lot less of a burden. I do NOT support or expect handouts. There is no such thing as a free lunch.
However as a citizen I have no problem paying taxes to help give people a start in the right direction.
I agree with the bulk of your comments, but its the Us versus Them that rings hollow to me. Its the class warfare tactics that allows politicians to push through legislation that you or I probably wouldn't support if we read it all.
Its not about Lowering the taxes on the Wealthy versus "paying for better healthcare, better education and more police officers, public transportation options and other necessities that make getting a job, starting a family or just surviving in this world a lot less of a burden."... Everyone wants those things.
But what happens to the governments ability to afford THESE things if it OVERSPENDS on earmark pork and a bloated buracracy and cripples the economy in the process? The "tea baggers" as you deride them, are for lowering SPENDING really, and not INCREASING future taxes..taxes that will have to be raised on all of us if we don't get a handle on spending.
You're right... the rich have their CPAs and tax loopholes (that congress keeps creating with the writing with each porkulus overspending bill) So if they don't pay the increased taxes Obama saddles them with....WHO DO YOU THINK WILL PAY? Yup...you and me and the rest of the middleclass. Again the rich take care of themselves. W-2 income is hard to hide from the IRS. So lets concentrate on lower spending and ltherefore the need for additonal taxes for everyone.
Learn more about pork spending: 2009 Pig Book (http://www.cagw.org/site/PageServer?pagename=reports_pigbook2009 - broken link)
I guess most on this board won't rest until this country is just another crappy third world country like Brazil, with suck-tacular low wages and and an even lower quality of life.
Brazil has its issues but its energy independent, and its Economy is doing well. The Reais is constantly gaining on the dollar. When they had the inflation problems in the 70's they elected an economist as President. They reacted to the Oil Shortage by using Sugar Based Ethanol.
Lula is also doing great things and is very popular. I have family in Brazil, their quality of life is actually pretty good.
Yes it wasn't exactly a surplus but they were paying down the debt at such a fast pace the Fed actually became concerned. It seems as if having too much of a surplus isn't good either? Its kind of like paying of your credit cards and closing them. You need to have a couple open to show everyone you can handle credit responsibly.
Yes I agree. There wasn't a surplus for the national debt... but because spending was held down, money could be diverted to paying down the national debt. It's like you get a federal tax refund and apply it to your old credit card bills.
See where the excess money goes now that could be used to continue the national debt paydown for the Obama years: 2009 Pig Book
Brazil has its issues but its energy independent, and its Economy is doing well. The Reais is constantly gaining on the dollar. When they had the inflation problems in the 70's they elected an economist as President. They reacted to the Oil Shortage by using Sugar Based Ethanol.
Lula is also doing great things and is very popular. I have family in Brazil, their quality of life is actually pretty good.
I know a couple of brown Brazilians at my college who would have an opposite opinion. From what I've heard not everyone in Brazil has the ability to enjoy the benefits of the good economy to which you are speaking. But I do agree, President Lula DaSilva has done some pretty good things as a Populist on behalf of the common man.
I just wonder if it will be enough be to counter the unfair socio-economic power structure that's pervasive there, where skin-color can indeed play a role in one's ability to move upward in that society.
Good morning People's Republic of Georgia! Glad to see so much liberal tolerance for opposing views, as well as an acceptance for different (dare I say...alternative?) viewpoints.
What?
People are debating views... nobody's telling anyone to shut up... why is dissent not tolerance?
Although I'm a simple TurboTax user and believer in social programs and entitlements, I'm also a believer in playing the game to reduce one's income tax burden. So I would say that, so long as the US maintains a social policy of mortgage interest deduction, it seems pretty obvious that it makes no sense to not carry a mortgage. If you own your house outright, take out a mortgage and use the proceeds for investing. Of course, there's some risk in this (recent months provide a horrifying illustration) but even so. At current mortgage interest rates, you could probably come out ahead of the game just by putting the money into T-Bills.
Not meaning to sound aggressively prescriptive here. Of course this is completely up to the tax payer and their financial advisors. One of the unsatisfactory things about the current system (now switching role from amateur financial advisor to social critic) is that it provides so much opportunity for the well-to-do to shelter their income via investments etc., while the less well-to-do are stuck with a relatively onerous burden of regressive payroll taxes.
I don't think it makes much economic sense to take out a mortgage only for the tax benefit... your payments will far outweigh your deductions.
Yes it wasn't exactly a surplus but they were paying down the debt at such a fast pace the Fed actually became concerned. It seems as if having too much of a surplus isn't good either? Its kind of like paying of your credit cards and closing them. You need to have a couple open to show everyone you can handle credit responsibly.
It's not that... it's just more efficient to run your business or your government with some type of debt... using your cash to finance everything is not the best way to run a company.
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Us versus Them...2009 Pig Book
