Obama plans to unveil big tax cuts

Discussion in 'Politics' started by KenH, Jan 4, 2009.

  1. KenH

    KenH
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    Obama plans to unveil big tax cuts

    By: Mike Allen

    January 4, 2009 09:40 PM EST

    Aiming to foster bipartisan support for his record-setting economic stimulus, President-elect Obama plans to propose huge tax cuts for businesses and middle-class workers that will total about 40 percent of the package, or up to $310 billion, congressional officials said.

    The revelation is part of an intricately orchestrated roll-out of the plan that includes an appearance by Obama on Capitol Hill on Monday and a major speech about the economy later in the week.

    - rest at www.politico.com/news/stories/0109/17039.html
     
  2. LeBuick

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    Tax cuts in stimulus package

    Looks like the promised tax cuts will be 40% or $310 Bill of the stimulus package. Will that be enough to get the GOP's ok or will they bargain for the extension of the Bush tax cuts on the higher income folks?

    http://www.reuters.com/article/politicsNews/idUSTRE50405820090105

     
  3. LeBuick

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    Great minds must think alike, I just posted this same article. I guess the mods will merge the threads.
     
  4. KenH

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    :thumbs::thumbs: :thumbs: :thumbs:
     
  5. donnA

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    we're lower class, whats he going to do for those who really are in need? So far I've heard of nothing.
     
  6. LeBuick

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    If you pay taxes and below middle class you will get a cut. If you're in the lower economic bracket that doesn't pay taxes then you can blame the GOP for taking away your cut during the general election. They complained about people who don't pay taxes getting a rebate check (you know, like Bush gave out) so now Obama is gun shy to distribute any wealth to that level. :laugh:
     
  7. billwald

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    >If you're in the lower economic bracket that doesn't pay taxes

    That would be people on welfare? Everyone who gets a paycheck pays a payroll tax directly or indirectly. Even people who get the earned tax credit pay 8% out of their total compensation package.
     
  8. LeBuick

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    You got me Billwald, I thought during the general election someone said there are people who work but don't pay any taxes.
     
  9. Walguy

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    A lot of lower income people, when they file their tax returns, are able to claim a refund equal to (and in some cases, with tax credits, greater than) the total amount of federal income tax that was deducted from their paychecks during the year. These are the people referred to. When all is said and done, they end up with no federal income tax liability, and after claiming their refund have paid no net federal income tax for the year.
    There is probably also be a level of income low enough that no payroll tax is deducted in the first place. Obviously these people would also be included in those who pay no income tax.
     
  10. Walguy

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    Btw, I'm going to apply the same standard to Obama's tax cuts that liberals always apply when any Republican proposes them: no matter how many middle and lower income people benefit from the cuts, if even one person with an income over $50,000 also benefits from them in any way, I'm going to loudly and repeatedly denounce the entire program as a 'tax cut for the rich.' :D
     
  11. carpro

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    It wouldn't be a "stimulus" package without tax cuts, just another government spending spree.
     
  12. LeBuick

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    Don't you think $50K is a bit low to draw the line?
     
  13. LeBuick

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    I guess the Lib's get no credit for proposing the cut??? Even if they are doing it to get GOP support. Obama doesn't need nor will he get complete GOP support but this should suffice for Moderates like McCain, Susan Collins, George Voinovich etc...
     
  14. NaasPreacher (C4K)

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    Ken's thread was a couple of minutes older, so merged into that one :)
     
  15. sag38

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    Why should people who never paid taxes in the first place get money back? This makes no sense at all. It's nothing but another form of welfare and prepetuating the welfare mentality that is so prevelant in this country.

    If you want a good perspective of this go to work preparing taxes for H R Block for a couple of years. You would not believe the number of folks who get something for nothing. And, they can't even wait two weeks to get their check but pay hundreds of dollars in fees and interest to get their money today. What I saw was a system that encouraged people not to get married. It's a lot better, financially, for the man and woman to shack up. The man brings home the doe to support the family. The woman works just enough to claim the maximum earned income credit. The man files single. The woman files head of house hold, claims the children, gets all the money back she paid in taxes plus several thousand to boot. But, if they were married, kiss the earned income credit goodbye.

    Whoopee, lets pour money down the welfare drain hole.
     
  16. carpro

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    Dead on.

    All part of the Redistributor's socialist agenda.
     
  17. dragonfly

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    I wonder why it bothers some people so much when folk at, or near the bottom, get a little something extra in tax credits. You should be proud to help them, after all, these are the people truly doing the work no one wants to do. I am surprised that so many Christians here are so bitter.
     
  18. donnA

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    Obama said he was going to give rebates and tax cuts to 95% of americans, 95% don't pay taxes. We however do pay taxes, and plenty of them too. He talks about cutting peoples taxes but not ours, he says middle class and above, which means poor people continue to pay higher taxes. Pretty soon rich people will be paying less then we do.
     
  19. donnA

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    I agree.
    The tax cuts should first start with those who can less afford the high taxes they pay now, lower class, peopel making less then $50,000. and preferable people making less then $30,000.
     
  20. donnA

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    No, seeing that very few people here make that much, and most are less then $20,000. yr. My son is a manager and makes less then $30,000 yr. My other son works all the over time he can to stay above water, and still makes less then $25,000. yr with 3 toddlers to raise too.
     

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