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Thread: Obama Sets White House Meeting on Fiscal Cliff

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    Obama Sets White House Meeting on Fiscal Cliff

    President Obama invited Congressional Republicans and Democrats to the White House next week to begin talks to resolve the country's impending fiscal crisis, but he insisted on raising taxes on the wealthiest.

    "I'm not wedded to every detail of my plan. I'm open to compromise, I'm open to new ideas, I'm committed to solving our fiscal challenges, but I refuse to accept any approach that isn't balanced," the president said in his first statement since winning re-election.
    Here is my problem with this - The so called "fiscal cliff". It's not a cliff. Even under the worst of circumstances, where no deal is reached, and present spending levels, along with tax breaks, end for everybody, the CBO figures call for a contraction of half a percent, and unemployment up to 9.1% - BY THE END OF 2013!!

    OK, so we have a problem, but now is not the time to hurry this up. Obama and Congress need to take their time and work out a GOOD solution, instead of passing something based on fear and knee jerk reactions that turns out to be bad. Relax, Congress. Take a chill pill, and work this out logically instead of emotionally, and all will be good.

    Finally, now is not the time for Democrats to take a "my way or the highway" approach. They might have won, but there are still 47.9% of voters who picked Romney (47%=oh, the irony - LOL), so this is not political capital. "Slash and burn" did not work for Bush, and it certainly won't work for Obama either. Pull your heads out of your collective asses, and think, for a change. I know this is asking for a lot, but I think you can do it. You guys in Washington can't be as idiotic as you appear to be. So, just do it, and do it right.

    Article is here.
    Last edited by danarhea; 11-10-12 at 01:39 PM.
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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=danarhea;1061131620]
    President Obama invited Congressional Republicans and Democrats to the White House next week to begin talks to resolve the country's impending fiscal crisis, but he insisted on raising taxes on the wealthiest.
    "I'm not wedded to every detail of my plan. I'm open to compromise, I'm open to new ideas, I'm committed to solving our fiscal challenges, but I refuse to accept any approach that isn't balanced," the president said in his first statement since winning re-election.

    [\quote]

    Here is my problem with this - The so called "fiscal cliff". It's not a cliff. Even under the worst of circumstances, where no deal is reached, and spending cuts and tax breaks end for everybody, the CBO figures call for a contraction of half a percent, and unemployment up to 9.1% - BY THE END OF 2013!!

    OK, so we have a problem, but now is not the time to hurry this up. Obama and Congress need to take their time and work out a GOOD solution, instead of passing something based on fear and knee jerk reactions that turns out to be bad. Relax, Congress. Take a chill pill, and work this out logically instead of emotionally, and all will be good.

    Article is here.
    Congress really needs to reform the tax code. Making $250K as a number is futile.

    My advice to anyone with a small business earning $250,000 a year, would be -- change to a Subchapter S Corporation. Pay you and your spouse each $75,000 a year, Pay out the balance of $100,000 as dividends. Thus avoiding corporate income tax. Pay 15% capital gains tax on the $100,000; avoid payroll taxes on the $100K, and go on your merry way. The combined $150K the spouses take as salary won't see any increase in taxes.

    See how easy that is?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    The laws that created this "cliff" situation were signed by Obama, thus he simply seeks to undo his own moronic policy now. Playing the let's make a "new deal" game now is funny. Note how Obama can now call a tax increase on "the rich" a tax break for the middle class since he has effectively raised the taxes on everyone already as of 2013. Why are those, once cherished, Clinton FIT bracket rates now seen as bad news?
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    -chuckles- want to have some fun ? Google Obama’s budget plan, look for the CBO’s numbers, something like 9.7 trillion dollars of deficits over the next 10 years .. Now there is a plan set on destruction of the US

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=MaggieD;1061131646]
    Quote Originally Posted by danarhea View Post

    Congress really needs to reform the tax code. Making $250K as a number is futile.

    My advice to anyone with a small business earning $250,000 a year, would be -- change to a Subchapter S Corporation. Pay you and your spouse each $75,000 a year, Pay out the balance of $100,000 as dividends. Thus avoiding corporate income tax. Pay 15% capital gains tax on the $100,000; avoid payroll taxes on the $100K, and go on your merry way. The combined $150K the spouses take as salary won't see any increase in taxes.

    See how easy that is?
    Subchapter S means that there are no retained earnings, it all has to be allocated to the stockholders and they have to pay the individual tax rate. That's why Obama's plan is so poisonous.
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
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    Re: Obama Sets White House Meeting on Fiscal Cliff

    I like how he said hes open to compromise and new ideas, and then immediately drew a line in the sand that he wouldnt accept anything HE didnt think was balanced. That sounds like the typical Obama to me, not someone planning on doing things differently.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=MaggieD;1061131646]
    Quote Originally Posted by danarhea View Post

    Congress really needs to reform the tax code. Making $250K as a number is futile.

    My advice to anyone with a small business earning $250,000 a year, would be -- change to a Subchapter S Corporation. Pay you and your spouse each $75,000 a year, Pay out the balance of $100,000 as dividends. Thus avoiding corporate income tax. Pay 15% capital gains tax on the $100,000; avoid payroll taxes on the $100K, and go on your merry way. The combined $150K the spouses take as salary won't see any increase in taxes.

    See how easy that is?
    That might be good advice but you do know that Obama's plan only calls for increasing rates for income ABOVE $250,000 and ONLY on the income that is over that threshold.
    Alot of people are under the impression that the rates for your entire income go up when your salary enters a higher bracket. That is not true.
    Of course if the House refuses to pass the Senate bill that maintains tax levels for the lower brackets, all rates will be going up. It's up to them. T's voting against a tax cut.....how ironic.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=Diogenes;1061132063]
    Quote Originally Posted by MaggieD View Post

    Subchapter S means that there are no retained earnings, it all has to be allocated to the stockholders and they have to pay the individual tax rate. That's why Obama's plan is so poisonous.
    Make no mistake...modifying the "tax rate" will cause many corps to become SubS and, by doing so, as per my example, will legally avoid any higher tax brackets imposed by Obama in those making $250K and over.

    Reform the tax code!!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=iguanaman;1061132171]
    Quote Originally Posted by MaggieD View Post

    That might be good advice but you do know that Obama's plan only calls for increasing rates for income ABOVE $250,000 and ONLY on the income that is over that threshold.
    Alot of people are under the impression that the rates for your entire income go up when your salary enters a higher bracket. That is not true.
    Of course if the House refuses to pass the Senate bill that maintains tax levels for the lower brackets, all rates will be going up. It's up to them. T's voting against a tax cut.....how ironic.
    Good for you to point that out. Their going to maintain tax levels for the lower brackets or risk a lynching. Ha!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by MaggieD View Post
    Make no mistake...modifying the "tax rate" will cause many corps to become SubS and, by doing so, as per my example, will legally avoid any higher tax brackets imposed by Obama in those making $250K and over.

    Reform the tax code!!
    Agreed with the last part. But Sub S corporations don't work the way you described because the the Sub S "dividends" are taxed as ordinary income, not with the lower rate of dividends like from corporations that have already paid corporate tax.
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
    - Abraham Lincoln

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