Obama Tax Cuts~VS~Bush Tax Cuts

[Ozoned]

Have you figured your 2009 taxes yet? I did mine today.

I have a special place in my heart for Obama now. Between the Bush tax cuts, and the Obama tax cuts, my effective federal tax rates are ***1.25%***

Not bad for 6 & 1/2 figures. I couldn't believe all of the deductions that kept popping up. I especially liked the ones for the refundable credits for the 4 tuitions that Obama is paying for. They even had fancy names for the credits like "hope" and "opportunity". And the one funded with stimulus money for making military annuities almost tax free, UNBELIEVABLE. Then there was the "making work pay credit".

Now I know what Obama and Bush were really talking about when they got together,,,and it wasn't Haiti.


I got me some of Obama's stash, and I really needed it. I think when I get done with my T-bone steak dinner tonight, I'm going to stop and give the guy under the bridge the scraps.

Only fair isn't it???

 

[her209]

Excuse me but how do you have six & 1/2 figures? Its either six figures or seven figures.

()

 

[Ozoned]

Excuse me but how do you have six & 1/2 figures? Its either six figures or seven figures.

()

Ya got me.. I guarantee it is about as far away from seven as six & 1/2 gets. Heh heh.

 

[Moonbeam]

Excuse me but how do you have six & 1/2 figures? Its either six figures or seven figures.

()

$1000.00.5 Six and a half figures

 

[TruePaige]

Ya got me.. I guarantee it is about as far away from seven as six & 1/2 gets. Heh heh.

I'm guessing you meant around 150k?

 

[Fern]

I'm thinking more like $6,500.

Fern

 

[woolfe9999]

I'm guessing you meant around 150k?

That's what it sounds like to me, but 150K it too much for the Making Work Pay credit, so who knows WTF he's saying.

- wolf

 

[Ozoned]

That's what it sounds like to me, but 150K it too much for the Making Work Pay credit, so who knows WTF he's saying.

- wolf

The Making Work Pay credit starts to be reduced for individual filers making $75,000 in modified adjusted gross income, or $150,000 for joint filers. The credit is reduced by 2% of the amount of income in excess of the $75,000 (or $150,000) threshold. The credit is completely phased out for individuals making $95,000 or more, or $190,000 for joint filers.

 

[Anarchist420]

The only good tax cuts are tax cuts that cut taxes for everyone and don't accompany stay-the-same or increased spending.

 

[Hacp]

The only good tax cuts are tax cuts that cut taxes for everyone and don't accompany stay-the-same or increased spending.

Exactly. Why is it the job of the government to decide who gets taxed higher or lower? Everyone should be treated equally: that is taxed at the same rate. Also, tax cuts funded by debt from china is just shifting the burden to the younger generation. People will eventually have to pay somehow.

 

[Argo]

I just did my taxes as well and a few things jumped out at me:

* The first time home buyer credit, apparently only applies to people making 65k (or was it 75k?). Either way - wtf? Do we really need to encourage people making less than 65k to buy a house in this economy?
* A bunch of my itemized deductions that I took were "reduced" because I make "too much". All in all - I lost out about $1000 because of this "reduction". I mean, come on - we already have progressive taxation, is there really a need to nickle and dime us even further?

 

[Nielsio]

Tax cuts don't do much when government spending is at an all-time high and it's funded through inflation and borrowing. This means you are paying for it through higher prices and those debts are going to be taxed one way or another in the future.

Another thing to consider is that bailouts and other cheap credits divert savings away from market-oriented producers. This means that the next Intel or AMD chip may come months or years later than they otherwise could have.

 

[TwinsenTacquito]

Lower taxes through deferred payment. This will never backfire, ever.

Also, if you're not making between $20k and 50k a year, you have nothing to fear from the IRS.

 

[her209]

Why is it the job of the government to decide who gets taxed higher or lower?

Article I, Section 8

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

 

[dmcowen674]

Obama Tax Cuts~VS~Bush Tax Cuts

Have you figured your 2009 taxes yet? I did mine today.

I have a special place in my heart for Obama now. Between the Bush tax cuts, and the Obama tax cuts, my effective federal tax rates are ***1.25%***

Not bad for 6 & 1/2 figures. I couldn't believe all of the deductions that kept popping up. I especially liked the ones for the refundable credits for the 4 tuitions that Obama is paying for. They even had fancy names for the credits like "hope" and "opportunity". And the one funded with stimulus money for making military annuities almost tax free, UNBELIEVABLE. Then there was the "making work pay credit".

Now I know what Obama and Bush were really talking about when they got together,,,and it wasn't Haiti.


I got me some of Obama's stash, and I really needed it. I think when I get done with my T-bone steak dinner tonight, I'm going to stop and give the guy under the bridge the scraps.

Only fair isn't it???

Well you're welcome and thank you for affirming my position and posts on the hate rich Republicans have for America.

 

[Nielsio]

Article I, Section 8

This begs the question though. It's pretty obvious that the government can write laws granting itself endless power. The question is whether that power is legitimate or not.

 

[her209]

This begs the question though. It's pretty obvious that the government can write laws granting itself endless power. The question is whether that power is legitimate or not.

Where does the power of the government come from?

 

[dmcowen674]

Quote:
Originally Posted by Nielsio
This begs the question though. It's pretty obvious that the government can write laws granting itself endless power. The question is whether that power is legitimate or not.

Where does the power of the government come from?

Since Bush I - Corporations

 

[Nielsio]

Where does the power of the government come from?

The power the government has now comes most fundamentally from (hundreds of) millions of people giving it a moral sanction.

If you're asking where power should come from, then I'd say it should come from the basic ways of acquiring property: homesteading, trading, gifting, contracting.

All countries/states today were established through conquest and usurpation.


To illustrate the earlier point regarding writing laws to give yourself power:

I'm Allowed to Rob You!
http://www.youtube.com/watch?v=ngpsJKQR_ZE

 

[Ozoned]

Well you're welcome and thank you for affirming my position and posts on the hate rich Republicans have for America.

Psssssst. I am sure that I am in the bottom 20% &
I don't hate America, I just hate you. BTW, how was the,,,,,,,steak? Heh heh.

 

[wiretap]

This begs the question though. It's pretty obvious that the government can write laws granting itself endless power. The question is whether that power is legitimate or not.

No they can't. They have enumerated powers granted to them.. in order to add to or change those, they need an amendment processes via constitutional convention.

Here's the enumerated powers they have:

To borrow money on the credit of the United States;

To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;

To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

To provide for the punishment of counterfeiting the securities and current coin of the United States;

To establish post offices and post roads;

To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries;

To constitute tribunals inferior to the Supreme Court;

To define and punish piracies and felonies committed on the high seas, and offenses against the law of nations;

To declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water;

To raise and support armies, but no appropriation of money to that use shall be for a longer term than two years;

To provide and maintain a navy;

To make rules for the government and regulation of the land and naval forces;

To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions;

To provide for organizing, arming, and disciplining, the militia, and for governing such part of them as may be employed in the service of the United States, reserving to the states respectively, the appointment of the officers, and the authority of training the militia according to the discipline prescribed by Congress;

To exercise exclusive legislation in all cases whatsoever, over such District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dockyards, and other needful buildings;—And

To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.

 

[Nielsio]

This begs the question though. It's pretty obvious that the government can write laws granting itself endless power. The question is whether that power is legitimate or not.

No they can't. They have enumerated powers granted to them.. in order to add to or change those, they need an amendment processes via constitutional convention.

Here's the enumerated powers they have:

You're telling me the state can't write laws giving itself more power by telling me they need to have a meeting in order to give themselves more power?

:\

No piece of paper or procedure negates the fact that they shouldn't be able to exercise powers that individuals never gave to them.

Bill Richardson on Government and Rights (with Jan Helfeld)
http://www.youtube.com/watch?v=GAY_hHGKL4M

Senator Bernie Sanders On Government and Rights (with Jan Helfeld)
http://www.youtube.com/watch?v=tBIKP4W50-I

 

[Hacp]

Article I, Section 8

As I said, why is it the job of the government to decide who gets taxed at a higher rate? If the government singled you out and taxed you and only you at a rate of 100% wouldn't you go crazy D:. Same analogy applies. Why are the rich taxed at a higher rate? Why are they being singled out?

 

[piasabird]

Well if you paid any taxes at all you are a real taxpayer. 6,500 is not much money.

Why are a lot of people not paying any tax at all?

 

[shira]

Ya got me.. I guarantee it is about as far away from seven as six & 1/2 gets. Heh heh.

I guarantee that if your household income is about $500,000 you aren't eligible for the Making Work Pay tax credit.

And no way your total federal income tax was only $6250 on income of $500,000. If you receive all sorts of exemptions and deductions that reduce your "normal" income tax, then the Alternative Minimum Tax will jack up your income tax nicely to well beyond that figure (probably to $100,000 or more).

Sorry.