- Jan 10, 2002
- 18,191
- 3
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Wes Clark's Families First Tax Calculator
- Thread starter dahunan
- Start date
Because Clark's tax cuts are aimed at "families" with children. Single/Married people with no children do not get any relief.
:frown:
:frown:
wow.. a family of 4 making $50k pays no income tax at all. I guess he's looking to dramatically increase the birthrate? And cut down immigration at the same time if that's his plan, hopefully.
edit:
oops, forgot about state taxes.
edit:
oops, forgot about state taxes.
Also, how come the thing only goes up to 100K? For a 2-income family that really isn't much anymore.
BTW it still tells you the savings when there is no tax left. A family of 4 making 50K pays $1583 in tax right now aparently, just over 3%.
I assume these tax "savings" come from somewhere.... how much more tax can us single guys expect to be paying?
BTW it still tells you the savings when there is no tax left. A family of 4 making 50K pays $1583 in tax right now aparently, just over 3%.
I assume these tax "savings" come from somewhere.... how much more tax can us single guys expect to be paying?
Married with 2 children and 50K in income pay no federal income taxes under the plan? That's a bit too generous if there is no relief for singles or childless couples.
And when exactly did FICA (payroll) become non-taxes? Considering the tremendous amount of waste in federal budgets (exacerbated over the past three years) I think it's quite reasonable to reduce the federal burden on families that are facing a disproportionate strain from INCREASING state/local taxes plus the reduction in services.
Well considering that Dean (and others) have mentioned payroll tax cuts while repealing changes in the tax brackets . . . it's perfectly appropriate to discuss FICA. The majority of American taxpayers have an effective FICA taxrate EQUAL to the bracket b/c they make less than 86K. Reducing FICA would provide a tax cut for everyone which could be paid for by raising the top three tax tiers to 1999 levels. The net effect would a tax cut for the majority of Americans . . . regardless of family composition.
Wes Clark's tax calculator is useful but it must be compared to competing tax plans. As long as competing plans include FICA reductions (Dean) then it's still an apples to apples comparison of how to give money back to American taxpayers . . . some prefer Gala while others go for the Red Delicious.
And since every intelligent person knows there's no such animal as the Medicare/Social Security trust fund . . . well there's no actual money in it . . . reducing FICA does not require increased copay, decreased benefits.
Wes Clark's tax calculator is useful but it must be compared to competing tax plans. As long as competing plans include FICA reductions (Dean) then it's still an apples to apples comparison of how to give money back to American taxpayers . . . some prefer Gala while others go for the Red Delicious.
And since every intelligent person knows there's no such animal as the Medicare/Social Security trust fund . . . well there's no actual money in it . . . reducing FICA does not require increased copay, decreased benefits.
It was reference to the complaints about previous taxcuts and how our children will be paying for those.
I am all for SS/FICA reform.
My understanding is that Dean will repeal ALL the Bush tax cuts (plus propose significant spending cuts . . . but maybe that's just the insomnia talking). If the federal budget is still in the red . . . then Deanites will cut some more spending (and/or raise some taxes . . . biased towards higher income Americans). FICA reform will take place within the context of a broader balanced budget . . . unlike the current morasse of dysfunctional fiscal policy . . . as noted by Paul O'Neill.
Of course, a slim Dean victory in NOV is unlikely to include significant turnover in Congress but at least most of the tax cuts will sunset while AMT will snag others. In either case, the long term damage of irresponsible fiscal policy will be blunted.
Of course, a slim Dean victory in NOV is unlikely to include significant turnover in Congress but at least most of the tax cuts will sunset while AMT will snag others. In either case, the long term damage of irresponsible fiscal policy will be blunted.
Dean is not going to get elected on repealing tax cuts. Plus from the sounds of it Dean already has plans to spend what ever saving might come from repealing those cuts.
CADsortaGUY
Lifer
Is this Clark's plan AFTER raising taxes back to preBush tax-cut levels? or is it starting from the current tax levels?
CkG
CkG
...because without children, you can work more hours to help pay for the tax cuts for those who have children...nice incentive this creates.
- Oct 30, 2000
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