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Tax Credits: speak for themselves and it's the only way to give money to people who mostly don't pay any taxes in the first place. Some call it welfare.
The excessive taxing of successful people: not much more socialistic than this idea: The top individual income tax rate, for example, would be increased by 13%, to 39.6%; the next-highest rate would be raised to 36%. The top rates on capital gains and dividends would rise by a third, to 20%
The Social Security payroll tax would be raised between 16% to 32% for families making over $250,000 a year. This means that the real returns these people get from their lifetime payments into the retirement program will be driven below 0%, according to my own previous research, which was published by the Cato Institute and elsewhere.
Death Tax: Mr. Obama also wants a permanent federal estate tax, with a top rate of 45%; his health-insurance plan includes a new payroll tax on employers; and he also contemplates several increases in the corporate income tax, including a new so-called windfall profits tax on oil companies.
Oil companies make one of the lowest profit margins in our business structure. The death Tax is designed to keep people from passing on their wealth to family members. Again this is the idea in a socialistic structure to keep anyone from having to much power and wealth....that's something you don't hear much in America.
His American Opportunity Tax Credit would provide a $4,000, fully refundable tax credit for college tuition expenses.
For 100 hours community service. That's $40/hr for untrained un-skilled workers obviously not coming out of their pocket since they are in school. So who pays? The people at the top that already pay. If you put a number on the people that pay from $1 and up 60% of Americans pay that but the average income comes out to $21.20/hr. So you tell me who pays.
His Mortgage Interest Tax Credit would provide a 10% credit -- refundable -- to offset mortgage interest payments for lower- and middle-income families. His Health Care Tax Credits, which the campaign says "will ensure that health insurance is available and affordable for all families," include "a new refundable 50 percent health tax credit on employee premiums paid by employers."
Currently existing tax credits would also become spending programs in the Obama tax program. The Savers Credit would be made fully refundable, and would be expanded, according to the campaign, "to match 50% of the first $1,000 of savings for families that earn under $75,000." The Child and Dependent Care Tax Credit would be made refundable and expanded to allow "low-income families to receive up to a 50 percent credit on the first $6,000 of child care expenses."
I don't even know what to say over this.
The Earned Income Tax Credit is already refundable. Mr. Obama would expand it to "increase the number of working parents eligible for EITC benefits, increase the benefits available to noncustodial parents who fulfill their child support obligations, increase benefits for families with three or more children, and reduce the EITC marriage penalty, which hurts low-income families." In short, welfare spending is to be increased by paying more money out to low-income income tax filers.
The Earned Income Tax Credit is already refundable. Mr. Obama would expand it to "increase the number of working parents eligible for EITC benefits, increase the benefits available to noncustodial parents who fulfill their child support obligations, increase benefits for families with three or more children, and reduce the EITC marriage penalty, which hurts low-income families." In short, welfare spending is to be increased by paying more money out to low-income income tax filers.
All those should speak for themselves. The only thing we are short of is government buying up businesses......ohh well that's underway also. I see this as a huge leap towards socialism rather than hesitantly (through understanding what Socialism means and has meant throughout history) edging that way.
I agree. Why is that so many believe that more money needs to be thrown at the education system. What is needed is for teachers to stop worrying about the children's damn esteem and start teaching the three Rs, ya know. It is sickening that teachers don't teach anymore. They babysit.
Exactly! I've talked to several teachers who said it isn't even about teaching anymore. It's about covering their backside! Such a waste of time.
Several years ago I read that major companies, like Xerox, were saying the colleges are not turning out the brightest scholars anymore. They are worried about corporate America's success in development and research.
You actually think trickle down economics is working? You and McCain who still thinks the economy is fundamentally sound. Some graph that you pulled out of God knows where does not negate what is common sense to most of us. Trickle down economics is making the rich richer and the middle class poorer. That is a miserable failure in my opinion and, thankfully, the majority share my views.
Look at the car industry, for example. Why is it that so many in manufacturing and sales are losing their jobs by the thousands? It's simple. Because the middle class doesn't have any money to buy any new cars. Why are Home Depots closing all over the country? Because middle class people don't have any money for home improvement, if they still have a home at all. More jobs will be lost if we continue down the path we have been going.
As far as how the CEO's I mentioned in my previous post walked away with millions? I really do not know. But I sure do know that it is criminal that they did. That is the real issue.
Because of moving production overseas and therefore taking jobs away from Americans. That would be why we can't afford to buy cars.
You must know by now that these liberals are nothing but elitists. It is funny that the truth is finally coming out.
I can't beleive how smugly Obama told Joe the Plumber he was going to share his wealth. Did you see the look on Joe's face? I surprised he didn't call him bitter, still clinging to his guns and religion.
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Who The ---- Is Joe the Plumber?
