redistribution of wealth

[Net]

Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

 

[jpeyton]

Awesome. Lets do it.

 

[BrunoPuntzJones]

Do your parents claim you on their return or do you file yourself?

 

[Net]

i file myself.

 

[ebaycj]

You need to have a job first.

Basically, lets say you make $2000 / year and the government takes $200 of that as taxes. And at the end of the year you get that 200 back, due to your low tax liability. In that situation, obama's plan would send you an extra $1000 on top of your $200.

 

[TallBill]

What percent of those checks do you think will go into an IRA?

 

[EagleKeeper]

The devil is in the implimentation details.

Just like the last handout, some people did not get it that it was felt that they should have.

 

[fskimospy]

Originally posted by: net
Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

It all depends on if you work or not. There are work requirements for the tax credit, but I'm not sure what they are.

How long are we going to have to hear HURF BLURF MARXISM from people when nothing Obama has proposed is anywhere near it?

 

[jpeyton]

What percentage of those checks will go right back into the economy, buying the consumables and services that drive the profits of small and big businesses up?

 

[BrunoPuntzJones]

Originally posted by: net

i file myself.

Kinda weird, but ok

And being a student wouldn't make any difference (unless the law changes to reflect that). You'd get whatever anyone else in a similar financial situation would get (this is a broad answer, there could be specifics that would change the result).

 

[eleison]

Originally posted by: jpeyton
What percentage of those checks will go right back into the economy, buying the consumables and services that drive the profits of small and big businesses up?

Your idea sounds good. So good, lets just have people just stay home and have the government print even more money/checks and give it away. After all, the money will "go right back into the economy", right? that will drive up profits, right?

What you are thinking about is unsustainable.

IMHO, the idea of "free money" will hurt the economy. People will get checks back, but as a whole the economy will lose a lot more jobs.

The odds are good, that I will probably get a tax credit. However, the more "free money" I have, the higher the risk someone, or some people just got fired/laid off because of this "free money"... Even though I will take the money, I would consider it blood money.

 

[TallBill]

Originally posted by: jpeyton
What percentage of those checks will go right back into the economy, buying the consumables and services that drive the profits of small and big businesses up?

Well, the last stimulus check that people got went towards paying bills and credit cards.

 

[Ryan]

Originally posted by: net
Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

What do you think about the Bush tax cuts, and the fact that the lower and middle classes got a larger cut than the upper? Keep in mind, that CURRENTLY - the lower class, and families also get many credits from the government (child tax credits, earned income tax credit - effectively government handouts, don't ya think?).

"If you and your spouse have a taxable income of $60,000 a year, you've had almost a 24 percent income tax cut since President Bush took office. (And ditto if your income was just $20,000.) Meanwhile, the folks who make $350,000 a year got a cut of only about 12.5 percent; those who make $1 million a year got an even smaller cut."
http://www.slate.com/id/2108201

 

[EagleKeeper]

Originally posted by: jpeyton
What percentage of those checks will go right back into the economy, buying the consumables and services that drive the profits of small and big businesses up?

The size of the checks are one issue. the total amount is large, but if it is not pooled, the amount of items that create new jobs may be minimal.

Similar to a recent study(stated on the media) showing that the iPhone & iPods are very popular and the sales are currently being driven by the "poor" class.

That would indicate that handing out handouts does not always translate into expenditures that benefit the economy here.

 

[Extelleron]

Originally posted by: jpeyton
Awesome. Lets do it.

:disgust:

Tax policy is where Obama/Dems fail completely. You actually support raising taxes on hard working Americans and handing that money directly to people who sit at home collecting welfare? That's pure communism and has no place in America.

People who do not work and do not pay income tax should be ineligible for any sort of tax credit from the government. I would hope any reasonable person would be up in arms over this plan; this is your money going to people who do nothing for a living.

It is just as rediculous to raise taxes on hard working people making over $200,000 and redistribute that wealth via tax cuts to people earning less. But we can forget about that because majority wins an election and the majority are not going to care about what is right, only what benefits them.

Same idea with the idea of giving away free money to people who don't work. People in that group will be happy to vote for Obama in turn for free money.

 

[mugs]

Originally posted by: net
Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

No. Unless you qualify for whatever that unspecified $1000 tax credit is, but we have no way to know that.

FYI - the idea of someone having a negative tax burden and receiving a check from the government is nothing new. http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit

 

[Ryan]

Originally posted by: Extelleron

Originally posted by: jpeyton
Awesome. Lets do it.

:disgust:

Tax policy is where Obama/Dems fail completely. You actually support raising taxes on hard working Americans and handing that money directly to people who sit at home collecting welfare? That's pure communism and has no place in America.

People who do not work and do not pay income tax should be ineligible for any sort of tax credit from the government. I would hope any reasonable person would be up in arms over this plan; this is your money going to people who do nothing for a living.

It is just as rediculous to raise taxes on hard working people making over $200,000 and redistribute that wealth via tax cuts to people earning less. But we can forget about that because majority wins an election and the majority are not going to care about what is right, only what benefits them.

Same idea with the idea of giving away free money to people who don't work. People in that group will be happy to vote for Obama in turn for free money.

Poor Dems, thos f'ing tards - IT"S ALL THEIR FAULT, THEY DON"T UNDERSTAND - THIS IS PURE COMMUNISM!!!. Good thing the EIC was implemented under the administration of Gerald Rudolph Ford, Jr (republican), increased largely under Reagan, Bush Sr, and Bush Jr.

"Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that most income measures, including the poverty rate, do not account for the credit), and enjoys broad bipartisan support."
http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit

What a bunch of FUD. :roll:

 

[CPA]

Originally posted by: Ryan

Originally posted by: Extelleron

Originally posted by: jpeyton
Awesome. Lets do it.

:disgust:

Tax policy is where Obama/Dems fail completely. You actually support raising taxes on hard working Americans and handing that money directly to people who sit at home collecting welfare? That's pure communism and has no place in America.

People who do not work and do not pay income tax should be ineligible for any sort of tax credit from the government. I would hope any reasonable person would be up in arms over this plan; this is your money going to people who do nothing for a living.

It is just as rediculous to raise taxes on hard working people making over $200,000 and redistribute that wealth via tax cuts to people earning less. But we can forget about that because majority wins an election and the majority are not going to care about what is right, only what benefits them.

Same idea with the idea of giving away free money to people who don't work. People in that group will be happy to vote for Obama in turn for free money.

Poor Dems, thos f'ing tards - IT"S ALL THEIR FAULT, THEY DON"T UNDERSTAND - THIS IS PURE COMMUNISM!!!. Good thing the EIC was implemented under the administration of Gerald Rudolph Ford, Jr (republican), increased largely under Reagan, Bush Sr, and Bush Jr.

"Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that most income measures, including the poverty rate, do not account for the credit), and enjoys broad bipartisan support."
http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit

What a bunch of FUD. :roll:

The EIC is FUD and it was wrong for each of those Presidents to inact or increase it.

 

[BigDH01]

Originally posted by: net
Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

First of all, Obama has claimed $500 per person, so you'd only be thinking about $500 at this point. Also, that's probably maximum payout.

With EIC, the current plateau for payout is between about $5600-$7000 salary per year. You get less for making less or more than that. The current maximum payout for you under the current plan (which is irrelevant as you have to be 25) is $428. With one child, you'd have to earn between $8392-$15399 to get your maximum payout of $2853. This means to collect maximum benefits, you need to work nearly 25 hours a week at the current minimum wage. This number goes up if you have 2 children. You basically need to work ~35 hours/week at current minimum wage to collect maximum benefit (at $11791). The maximum payout for 2 children is $4716. You get no benefit for children beyond this number.

Of course, the minimum wage numbers can be misleading and minimum wage is about to go up next year to $7.25. At $7.25 working full time, you barely qualify for full EIC benefits. The importance of EIC is that you have to work to receive full credit, and the more you work to a certain point (depending on the numbers above), the more money from the government you received. This appears to be a bipartisan program and Reagan himself expanded it.

I'm guessing Obama's $500 individual and $1000 family credit picks up where EIC left off. Maximum rebates for families that have two full time workers earning around $10/hr full time. But that's just a guess.

Nice Marx quote, BTW. Too bad you haven't read any of his other works.

 

[Extelleron]

Originally posted by: Ryan

Originally posted by: Extelleron

Originally posted by: jpeyton
Awesome. Lets do it.

:disgust:

Tax policy is where Obama/Dems fail completely. You actually support raising taxes on hard working Americans and handing that money directly to people who sit at home collecting welfare? That's pure communism and has no place in America.

People who do not work and do not pay income tax should be ineligible for any sort of tax credit from the government. I would hope any reasonable person would be up in arms over this plan; this is your money going to people who do nothing for a living.

It is just as rediculous to raise taxes on hard working people making over $200,000 and redistribute that wealth via tax cuts to people earning less. But we can forget about that because majority wins an election and the majority are not going to care about what is right, only what benefits them.

Same idea with the idea of giving away free money to people who don't work. People in that group will be happy to vote for Obama in turn for free money.

Poor Dems, thos f'ing tards - IT"S ALL THEIR FAULT, THEY DON"T UNDERSTAND - THIS IS PURE COMMUNISM!!!. Good thing the EIC was implemented under the administration of Gerald Rudolph Ford, Jr (republican), increased largely under Reagan, Bush Sr, and Bush Jr.

"Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that most income measures, including the poverty rate, do not account for the credit), and enjoys broad bipartisan support."
http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit

What a bunch of FUD. :roll:

It's rediculous no matter who introduced it; it is Obama's responsibility as Pres. to see that it is stopped.

The bottom line is, Obama would certainly support such programs/ideas stronger than a Republican would. Obama is the one who wants to raise taxes on higher earners and distribute that wealth to lower earners. Obama is the one who talks about higher earners "paying their share" when they already pay by far the largest % of taxes of any group. Obama is the one who talks about taking wealth from people and handing it to others as if it is a good thing.

 

[techs]

I still can't find a link to the original op's statement.
No link='s teh fail.

 

[sandorski]

Originally posted by: net
Obama's Plan

According to an article in the Wall Street Journal (8/19/08), taxes paid by small business people earning $250,000 or more each years will be distributed to those who pay little or no federal income tax. If a tax credit is $1,000 but otherwise the tax payer would pay only $200, the U.S. Government, under Obama's redistribution plan, would get a check for $800. Those who pay no income tax at all would get a check for $1000.

so i'm in college right now and i pay no income tax. does that mean according to his plan i'll get $1000 check? serious, will i if he carries out his plan?

In the words of Karl Marx, ?From each according to his abilities, to each according to his needs.?

Who wrote the Quote? Any link to the Obama Plan it's derived from?

I got a lot of doubts as to the accuracy of this quote.

 

[jpeyton]

Let's start redistributing this shit already.

It's an American tradition.

Whether we're talking about $10 billion/month from taxpayer pockets into the military industrial complex, or the Bush/Paulson $700 billion bailout for their Wall Street cronies.

Obama is the boogeyman!

:laugh:

 

[Ferocious]

Most people who make over $200,000 voted for Obama.

Country First?

 

[Ryan]

Originally posted by: CPA

Originally posted by: Ryan

Originally posted by: Extelleron

Originally posted by: jpeyton
Awesome. Lets do it.

:disgust:

Tax policy is where Obama/Dems fail completely. You actually support raising taxes on hard working Americans and handing that money directly to people who sit at home collecting welfare? That's pure communism and has no place in America.

People who do not work and do not pay income tax should be ineligible for any sort of tax credit from the government. I would hope any reasonable person would be up in arms over this plan; this is your money going to people who do nothing for a living.

It is just as rediculous to raise taxes on hard working people making over $200,000 and redistribute that wealth via tax cuts to people earning less. But we can forget about that because majority wins an election and the majority are not going to care about what is right, only what benefits them.

Same idea with the idea of giving away free money to people who don't work. People in that group will be happy to vote for Obama in turn for free money.

Poor Dems, thos f'ing tards - IT"S ALL THEIR FAULT, THEY DON"T UNDERSTAND - THIS IS PURE COMMUNISM!!!. Good thing the EIC was implemented under the administration of Gerald Rudolph Ford, Jr (republican), increased largely under Reagan, Bush Sr, and Bush Jr.

"Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that most income measures, including the poverty rate, do not account for the credit), and enjoys broad bipartisan support."
http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit

What a bunch of FUD. :roll:

The EIC is FUD and it was wrong for each of those Presidents to inact or increase it.

Then we should be having a debate about the merits of the tax credit alone, not using it as a wedge issue between both parties, nor accusing the other of involvement in psudo agenda to spread socialism/communism. I don't understand how republicans/conservative can attack Obama's involvement in "spreading the wealth", when Republicans and conservatives are guilty of the same act.