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Obama Proposing Tax Cut Of $1,000 for Most Families???

Discussion in 'Political Discussion' started by cupofjoe1962, Feb 9, 2009.

  1. cupofjoe1962

    cupofjoe1962 Rookie

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    Obama Proposing Tax Cut Of $1,000 for Most Families who earn less than $150,000 or singles who make less than $75,000.

    How will we get this money?

    Will they cut our take home pay or will we have to wait until we file our
    taxes?
    Last edited: Feb 9, 2009
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    From what I understand it will be a deduction on your taxes next year...
  3. BelichickFan

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    #24 Jersey

    So he's already changes the cutoff of middle class to rich to this $150K/$75K now, I see. He was talking about $250K during the campaign.

    BTW, those who don't pay income tax will be getting welfare here not a tax cut.
  4. FreeTedWilliams

    FreeTedWilliams Moderator PatsFans.com Supporter

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    IT is a straight out redistribution of wealth, these people ALREADY PAY NO INCOME TAXES, and now in addition to the money they already get from EIC, he is going to give them an additoinal $1,000, so if I were you, I would open up a Big Screen TV business, because that is what they are going to spend there moeny on (updrading the current big screen TV that they already have).

    This is the dumbest thing in the whole, if you really want to get the economy going , lessen the tax burden on the people and business that actually create jobs! This will do nothing more than more the country towards Obama's coveted 50% dependent on the government for their very lives.
  5. PatriotsReign

    PatriotsReign Rookie

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    I actually agree with you here BF. This is total bs. He did say he'd cut taxes on those making less than $250k and that was his definition of the middle class. For the life of me, I do not understand why our gov't is cutting of tax rebates at such low levels.

    Keep in mind, it may not have been Obama who did this. It could have been congress.
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Oh, no, you can't get away with that one :) It was always Bush's fault, even with a (D) majority the last two years . . . and Obama will be signing the bill . . . he may not have written this up but he owns this bill.
  7. PatriotsReign

    PatriotsReign Rookie

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    what-evAH BF.....:rolleyes:
  8. BelichickFan

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    #24 Jersey

    Hey, I put a smile there ;)

    If Obama signs it he owns it, end of story.
  9. Real World

    Real World Rookie

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    That's how it's been with BOOOOOOOSH.
  10. Synovia

    Synovia Rookie

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    I make less than 75K. I will assure you that I do, in fact, pay income tax.
  11. Synovia

    Synovia Rookie

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    Because those are the levels where people need it. For someone who makes 250K a year, $1000 doesnt make a damn difference. You give someone who makes $30K a year, $1000, and they'll go out and spend it.


    The lower the income, the more likely it gets spent.
  12. Synovia

    Synovia Rookie

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    We tried that. It didn't actually work. Businesses just take the tax cuts and give bonuses to members of the board.
  13. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    He was wrong to suggest all below that pay no taxes but this proposal will have people getting $1K "tax cut" who pay no income tax.
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    That's fine by itself - but in the campaign he said everyone under $250K would get a tax cut. Evidently it was another Obama Lie.
  15. Synovia

    Synovia Rookie

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    Can you post a quote to that?


    I remember him saying that "wealthy starts at 250K",(as opposed to McCain, at $5m/yr) and saying he was going to give tax cuts to the middle class. I don't remember him ever giving a number though.
    Last edited: Feb 9, 2009
  16. BelichickFan

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    #24 Jersey

    Looking at this link :

    $150,000 vs. $250,000 - First Read - msnbc.com

    It's hard to tell who misled the voters - Obama's quote said tax cuts under $150K but the chart from the Tax Policy Center has a tax cut for those under $227K. So Obama's words weren't a lie but the plan was unless the Tax Policy Center miscalculated from his plan which is doubtful.
  17. Synovia

    Synovia Rookie

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    They're taking averages for ranges. I think you understand why the 226K-600K range is a problem for calculate an 'average tax change'




    Thanks for making my point:

    "What I can say is under the approach I'm taking, if you make $150,000 or less, you will see a tax cut. If you're making $250,000 a year or more, you're going to see a modest increase."


    Sounds like hes doing exactly what he said he was going to do. The first quote, which is a fallacy, is MCCAIN.
    Last edited: Feb 9, 2009
  18. BelichickFan

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    #24 Jersey

    How about this range :

    $160,973-$226,918 = $2,796 tax cut

    Unless there's an additional cut we were lied to either by him or the numbers he gave. Because, as of now, no-one making over $150K is getting a tax cut so the above bolded range is simply not true.
  19. PatriotsReign

    PatriotsReign Rookie

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    I disagree...you give someone making $30K/yr and they'll use to pay debt. give it to someone making $100K and they'll buy something. It's just common sense.
  20. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It's difficult to generalize but I think those up to $250K would largely spend. Once you get into the millionaires, then maybe not.
  21. PatriotsReign

    PatriotsReign Rookie

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    It just makes sense that people making less than $75K will on average pay their bills with it. it all comes down to disposable income and a family's level of debt. And most families have a lot of debt right now.

    There is also the issue of fairness here. Certainly $100K for a single person isn't even close to being "wealthy". They pay a lot of taxes and should see a stimulus check. This isn't about "NEED", it's about getting people to SPEND MONEY.

    Thus the term "STIMULUS"
    Last edited: Feb 9, 2009
  22. Synovia

    Synovia Rookie

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    To a point. I put a whole lot more money away (stock, 401k, etc) now than I did when I was making 30K a year.
  23. Synovia

    Synovia Rookie

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    Depends on who you're asking. To the majority of us, $100K is a lot of money.
  24. Stokes

    Stokes Rookie

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    I realize it is difficult if not impossible to accurately correlate tax policy changes to economic changes since we never know what the outcome would have been without the change that was implemented, but we do know that the Bush tax cuts DID result in job creation I believe for a record number of months, and also brought in the same amount of tax revenue as the higher pre-cut tax rates (~2.7 trillion before and after).

    I'm not sure how you can look at that and say across the board tax cuts "didn't actually work." At best you can make the argument that job creation and growth were not the direct result of the cuts, which is certainly possible, though I'd argue that the cuts came at just the right time to pull out of the recession-9/11 funk the economy was in. When the economy is going well there's no need to boost with cuts, but in that case I think the cuts were what got things going again.
  25. cupofjoe1962

    cupofjoe1962 Rookie

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    So tax payers & non tax payers have to wait a year to stimulate the economy?

    Some how I don't think the pork in the package will do much for the economy.
  26. Synovia

    Synovia Rookie

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    I didn't say they didn't help in the short term. I said they didn't help. After that, we crashed. Giving people $600 does not affect the way they spend their money. To come out of a recession, people need to not be afraid to spend their money.

    Mortgaging our future for an uptick is not productive.
  27. Stokes

    Stokes Rookie

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    Right, by that time either things will be getting better on their own, or will have gotten bad enough that the stimulus won't be effective. A true stimulus would come into effect nearly immediately (like say slashing the corporate tax rate and/or cap gains rate). Just my 2 cents. They should be listening to Larry Summers, make it "targeted" and "temporary." What's going on seems to be using the bad economy as an excuse for lots of long term spending that once enacted will be tough to reverse. Tax cuts are easy to reverse, spending on established programs that may or may not do anything is not.
  28. Stokes

    Stokes Rookie

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    But the tax cuts weren't the reason for that crash. Poor oversight and bad decision-making were.

    And I completely agree with you, which is why I'm so nervous about how we're spending into the trillions for what may be a temporary uptick.
  29. Synovia

    Synovia Rookie

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    I know the tax cuts weren't the reason for the crash. I just think the crash is good evidence that the tax cuts didn't have any lasting benefit, and have increased tax burden significantly. We're going to be paying interest on that tax cut for the rest of our lives.
    Last edited: Feb 9, 2009
  30. PatriotsReign

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    You can't define wealth from a subjective viewpoint. If you made $30K 5 years ago and now make $50K, you know you're not wealthy. Yet when you made $30K, it' seemed like $50K would be a lot of money...but it's not.

    My point is, 100K is not wealthy. Sure it's good money, but that's not the same as being wealthy. Obama already said he thinks of wealthy starting at $250K. I'd have to agree with him.

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