Obama policy question.

[JOE29]

We all know his plans to tax people who make over $250,000. But what does that involve? Is that tax going to be just for people who make over $250,000 a year or for people who don't make that much in a year but have over $250,000 in other bank accounts? or both?

[Lord Rick]

I'm guessing you don't have too much to worry about.

[Groucho]

Originally Posted by Lord Rick

I'm guessing you don't have too much to worry about.

[Pharoh]

Originally Posted by Groucho

And those that do?



Also, will a President Obama call for the renewal of the Bush tax cuts?

[VinVega]

Income. He's taxing income, not how much you have in the bank. Not how much your house or car is worth, etc.

[X]

Originally Posted by Pharoh

Also, will a President Obama call for the renewal of the Bush tax cuts?

Oops. Could that mean that he's saying he's going to lower the taxes of people while tacitly allowing their income taxes to rise through his inaction?

[Doughboy]

Originally Posted by Pharoh

And those that do?



Also, will a President Obama call for the renewal of the Bush tax cuts?

First of all, the tax increases are for individuals making over $200,000 a year and couples/families making over $250,000 a year. So this 250 grand figure that's been out there is a little misleading. And as the Joe the Plumber incident has now magnified, small business income would be affected as well.

As for the Bush tax cuts, I believe he's mentioned letting them expire on people in the same tax bracket. The 200/250 grand crowd. As for whether or not he'd extend them for everyone else, who knows? A lot can happen between now and 2010. If the Dems do let them expire for everyone, the economy will go even deeper into the crapper. An individual making $30,000 a year would have to pay an extra $900 in taxes.

[Thor Simpson]

I say roll back the tax cuts and send a stimulus check to anyone who sees a tax increase. Except rich people. They can suck it.

[Larry C.]

THe $250k tax break is a noble idea. But it won't work. I bet its down to $60k when all is said and done.

[Doughboy]

Originally Posted by Thor Simpson

I say roll back the tax cuts and send a stimulus check to anyone who sees a tax increase. Except rich people. They can suck it.

A stimulus check for how much? My taxes would go up close to 1500 bucks if the Bush tax cuts expired. Do I get that money back? Because the last stimulus package they passed didn't come close to that amount.

Why not just keep the tax cuts in place and allow people to hold onto their money instead of having the government decide how much everyone is entitled to?

[Thor Simpson]

I was joking. But in the joke you get your full 1500 back with interest. There is also a duck.

[VinVega]

Thor, you're hilarious.

[Doughboy]

Originally Posted by Thor Simpson

I was joking. But in the joke you get your full 1500 back with interest. There is also a duck.

I see. The scary thing is a lot of people would probably think the "stimulus package" approach is a good idea. We're on the verge of having 2 of them in less than a year's time.

And I say this as someone who received a check the first time around and would presumably get another one this time. I don't want it! It adds to the deficit. It doesn't stimulate the economy in any meaningful way(i.e. job creation, investment). And with all due respect, it's welfare.

[Venusian]

Originally Posted by Doughboy

A stimulus check for how much? My taxes would go up close to 1500 bucks if the Bush tax cuts expired. Do I get that money back? Because the last stimulus package they passed didn't come close to that amount.

Based on what you said your taxes would go up by, you shouldn't have been elligible to receive a check from the last stimulus

[nemein]

Originally Posted by VinVega

Income. He's taxing income, not how much you have in the bank. Not how much your house or car is worth, etc.

Unless you happen to die during his time in office right

[VinVega]

Originally Posted by Doughboy

I see. The scary thing is a lot of people would probably think the "stimulus package" approach is a good idea. We're on the verge of having 2 of them in less than a year's time.

And I say this as someone who received a check the first time around and would presumably get another one this time. I don't want it! It adds to the deficit. It doesn't stimulate the economy in any meaningful way(i.e. job creation, investment). And with all due respect, it's welfare.

I agree with you about the stimulus. It's a bunch of smoke and mirrors. They'll get some money into folks hands for the holiday season so it won't seem that bad for retailers. The government is basically just praying people start feeling better about the economy and stop going into a spending shell like they have been.

[Thor Simpson]

Has any sort of analysis been completed on the effects of the previous stimulus package or is it still too early?

I know most people have probably spent their checks and I have a hunch things aren't hunky dory, but I have no data to back that up. I also don't know if things would be measurably worse or better had the checks not been sent out.

We aren't feeling the pain of the debt just yet (I think) but have we seen the boost that was the short term goal? Or were other circumstances such that the stimulus effects were rendered meaningless and we would require another go at it before drawing any conclusions?

For the record, I've always thought these checks were a terrible idea, but I'm certainly open to revising that view if there is measurable nation-wide progress that can be attributed to them.

[VinVega]

Originally Posted by Thor Simpson

Has any sort of analysis been completed on the effects of the previous stimulus package or is it still too early?

From my memory, it did boost personal spending for a month or two, but the general recessionary trend picked right back up after folks worked through the money.

[Doughboy]

Originally Posted by Venusian

Based on what you said your taxes would go up by, you shouldn't have been elligible to receive a check from the last stimulus

I believe if you made less than 75 grand, you were eligible to get a stimulus check last time. I make far less than that, hence I was eligible and I received one. Hell, people who paid ZERO income taxes received a "rebate" check.

And yes, my taxes would go up 1500 bucks if the Bush tax cuts were completely repealed. When Clinton raised taxes in 1993, it affected people who made as little as $30,000. The expiration of the Bush tax cuts would in effect raise taxes on people in that income bracket.

I'm not saying Obama and the Dems would let them completely expire. No one really knows til 2010 rolls around(unless they repeal them sooner than that). But if they do, don't assume it'll only affect the "rich".

[nemein]

Why not just keep the tax cuts in place and allow people to hold onto their money instead of having the government decide how much everyone is entitled to?

That's not being very "fair" minded of you though

[JOE29]

Originally Posted by Lord Rick

I'm guessing you don't have too much to worry about.

Well, I really wasn't talking about me. My friend keeps saying about how he's not going to have to pay more taxes because it's the income only that will be taxed, like was stated here. I was looking for some amunition to come back at him with. That's why I started this thread. But I guess he was right. Unless Obama changes it later, but he wouldn't do that, would he?

[kvrdave]

There is so little out about any of his policies that I don't think anyone can answer these questions. When he does put something into place, you can bet it will not look like with thought it would , but will be told why it is.

So long as he cries for my pain, it's all good.

[wendersfan]

Originally Posted by kvrdave

So long as he cries for my pain, it's all good.

That would be a refreshing change from the way you are treated here, where we usually laugh at your pain.

[VinVega]

Originally Posted by kvrdave

So long as he cries for my pain, it's all good.

"Feel" your pain, not cry for it. You were never listening all those years with Clinton in office.

[kvrdave]

Anyone can say they feel my pain, Clinton dropped a tear. He showed it, baby. Obama better do the same.