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Thread: Obama will not extend Bush tax cuts to wealthy

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by pbrauer View Post
    Go into to any store and see how many items are made in China or rather see how many you find made in the U.S.A. It doesn't take too much intelligence to know where our jobs have gone.
    They are going in services, not manufacturing. It makes sense, we are a post-industrial nation.

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    Re: Obama will not extend Bush tax cuts to wealthy

    I don't know if it's been mentioned here yet or not (haven't read through the thread), but despite how it's been presented, Peter Orzsag it's as thrilled with extended the Bush tax cuts as Republicans may think. He offered such as a compromise, not necessarily as the absolute solution to our nation's budget problems, as well as, how to get the economy going again. Read his op-ed from the NYTimes or go to this thread to discuss further.

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by drz-400 View Post
    They are going in services, not manufacturing. It makes sense, we are a post-industrial nation.
    But the only jobs that matter are manufacturing. Duh.

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    Re: Obama will not extend Bush tax cuts to wealthy

    I don't know a whole lot about owning a business or accounting, so I'm hoping someone can answer this for me...

    When someone owns a small business and the business makes a profit of say, $500,000 in one year, what is keeping the owner from paying them self $249,999.99 ( as their personal income and putting the other $250,000.01 into some kind of asset account? I'd think you would be able to pay yourself $249,999.99 and still be considered "middle class" according to Obama's tax plan. If I owned a business I'd likely only pay myself $50k to $100k anyways... the less money I pay myself the more I can put into the business and hopefully make the company more profitable and possibly be able to hire more people. I don't need a luxurious life to be happy. I'm not one to dictate what someone should be making... Just asking questions here.

    But I am confused why people are so outraged about a 3-4.6% increase in taxes for a select few when often these same people talk so much about balancing the budget. Cutting government programs is not enough to close the budget gap... and cutting programs is unfortunately a slow process. If the Republicans take over, which I expect they will, I hope they keep their promise and start cutting and changing government programs we don't need at a faster pace than the Dems have been. I have serious doubts though...
    "There is nothing which I dread so much as a division of the republic into two great parties, each arranged under its leader, and concerting measures in opposition to each other. This, in my humble apprehension, it to be dreaded as the greatest political evil under our Constitution." óJohn Adams

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by Jucon View Post
    I don't know a whole lot about owning a business or accounting, so I'm hoping someone can answer this for me...

    When someone owns a small business and the business makes a profit of say, $500,000 in one year, what is keeping the owner from paying them self $249,999.99 ( as their personal income and putting the other $250,000.01 into some kind of asset account? I'd think you would be able to pay yourself $249,999.99 and still be considered "middle class" according to Obama's tax plan. If I owned a business I'd likely only pay myself $50k to $100k anyways... the less money I pay myself the more I can put into the business and hopefully make the company more profitable and possibly be able to hire more people. I don't need a luxurious life to be happy. I'm not one to dictate what someone should be making... Just asking questions here.

    But I am confused why people are so outraged about a 3-4.6% increase in taxes for a select few when often these same people talk so much about balancing the budget. Cutting government programs is not enough to close the budget gap... and cutting programs is unfortunately a slow process. If the Republicans take over, which I expect they will, I hope they keep their promise and start cutting and changing government programs we don't need at a faster pace than the Dems have been. I have serious doubts though...
    As to your first question, the answer is that for most small businesses the income of the company is considered income for the owner. So the two numbers are added together to get the same 500K.

    On your second point for some it is a matter of equity. If you are going to get rid of the Bush tax cuts because we can't afford them, fine. But Obama is saying get rid of about 25% of the cuts and retain the other 75%. Others feel that at this stage of our economic recovery we can't afford to take any money out of the economy. Some will say that this will inhibit some small business owners from adding employees as they get to keep an ever decreasing amount of what they earn. Let's remember that this 4% is only one increase these people will be paying. In many states, which are also broke they have also raised the percent of income tax imposed on the highest earners.
    Also remember that the health care bill calls for an additional 3.8% of certain income for upper income earners.

    So Obama and company have done a nice job of isolating each increase and saying what's the big deal. Without having an hosest debate and putting all the increases together and explaining why that is the right way to go.

    Hope this helps.

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by drz-400 View Post
    They are going in services, not manufacturing. It makes sense, we are a post-industrial nation.

    Quote Originally Posted by phattonez View Post
    But the only jobs that matter are manufacturing. Duh.
    So how does a country go about exporting services? The harsh truth is that we import more than we export and our balance of trade has been on the negative side since the late '90s and our country gets poorer and poorer.


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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by pbrauer View Post
    So how does a country go about exporting services? The harsh truth is that we import more than we export and our balance of trade has been on the negative side since the late '90s and our country gets poorer and poorer.
    The U.S. has outsourced even service jobs. So stuff like tax returns, reading x-rays are done in places like India and sent back. The U.S. seems to have two choices:

    Continue to let "free trade" rule. This has kept inflation low in the states for about 20 years. While costing us millions of middle class factory jobs, and increasingly other jobs that can be outsourced.

    - Do what Obama promised in his campaign but has not acted on. That is turn free trade into fair trade. Balance our international trade aco****s. This has become harder as we now are so indebted to the countries we turned our manufacturing over to.

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by drz-400 View Post
    They are going in services, not manufacturing. It makes sense, we are a post-industrial nation.
    So you are saying America has become servants to the world?

    Sorry, its hard to believe you can have a sustainable economy without making or creating something. A pure service economy does not work.

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by upsideguy View Post
    So you are saying America has become servants to the world?

    Sorry, its hard to believe you can have a sustainable economy without making or creating something. A pure service economy does not work.
    We do have manufacturing but he is right, as time goes on more and more of the job market has shifted towards services. If we really wanted manufacturing we would lower minnimum wage significantly in order to compete with China but Americans will have no part in that.
    I use a lot of satire and sarcasm so keep that in mind when reading my posts.

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    Re: Obama will not extend Bush tax cuts to wealthy

    Quote Originally Posted by drz-400 View Post
    They are going in services, not manufacturing. It makes sense, we are a post-industrial nation.
    So you are saying America has become the servants to the world?

    Sorry, its hard to believe you can have a sustainable economy without making or creating something. A pure service economy does not work.

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