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Thread: More Democrats break with Obama on tax cuts

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    The claim is they pay no taxes. That's false. Keep up.
    The claim is that 95% of the people got a tax cut and you cannot cut taxes on people who don't pay any taxes. Did Obama cut those use taxes? I cannot believe you continue to drink the Kool-aid and the question is why?

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    The claim is that 95% of the people got a tax cut and you cannot cut taxes on people who don't pay any taxes. Did Obama cut those use taxes? I cannot believe you continue to drink the Kool-aid and the question is why?
    Once agian you are wrong. This is the claim I responded to:

    Quote Originally Posted by J-mac
    Upwards of half the American public today pays NO taxes at all . . . .

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    Once agian you are wrong. This is the claim I responded to:
    Ok, is that really relevant? Are you telling me that Obama cut Medicare and SS taxes that all people pay? Where is the tax cut for the 47% of the people that don't pay any Federal Income taxes?

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Ok, is that really relevant? Are you telling me that Obama cut Medicare and SS taxes that all people pay? Where is the tax cut for the 47% of the people that don't pay any Federal Income taxes?
    Has nothing to do with what I'm addressing. Do you want to make a new claim?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    Has nothing to do with what I'm addressing. Do you want to make a new claim?
    How about saying 47% pay no federal Income tax. That should do it.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    Has nothing to do with what I'm addressing. Do you want to make a new claim?
    You keep moving the goalposts to try and make a point. the point is Obama claimed that 95% of the people got a tax cut under his program and that is a blatant lie. There were strings attached and you cannot cut taxes for people that don't pay Federal Income Taxes. Here are the facts about the Obama tax cuts. How does any of this apply to people who don't pay any Federal Income taxes? Instead of a tax cut it is a welfare payment.

    I hardly see how most of these tax cuts help the individual taxpayer and creates jobs. All have strings attached and are targeted. The results speak for themselves, 16 million Americans unemployed today

    Total: $237 billion
    • $116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. Phaseout begins at $75,000 for individuals and $150,000 for joint filers.[29]
    • $70 billion: Alternative minimum tax: a one year increase in AMT floor to $70,950 for joint filers for 2009.[29]
    • $15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes).
    • $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
    • $6.6 billion: Homebuyer credit: $8,000 refundable credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers.[41]
    • $4.7 billion: Excluding from taxation the first $2,400 a person receives in unemployment compensation benefits in 2009.
    • $4.7 billion: Expanded earned income tax credit to increase the earned income tax credit — which provides money to low income workers — for families with at least three children.
    • $4.3 billion: Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners.
    • $1.7 billion: for deduction of sales tax from car purchases, not interest payments phased out for incomes above $250,000.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    Has nothing to do with what I'm addressing. Do you want to make a new claim?
    Here is how you cut taxes and benefit the economy

    Bush Tax cuts

    Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.[3] In addition, the child tax credit went from $500 to $1000, and the "marriage penalty" was reduced. Since the cuts were implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passes legislation making the tax cuts permanent, they will expire in 2011.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by washunut View Post
    How about saying 47% pay no federal Income tax. That should do it.
    That would help, but remember:

    Even if the discussion is restricted to federal taxes (for which the statistics are better), a vast majority of households end up paying federal taxes. Congressional Budget Office data suggests that, at most, about 10 percent of all households pay no net federal taxes. The number 10 is obviously a lot smaller than 47.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    Once agian you are wrong. This is the claim I responded to:

    And that is correct, let me break it down for you. Person A makes $20k per year, and pays all in Fed, State, and local taxes of a combined $3k per year. Now they take EIC's and take advantage of other breaks in the absurd tax code in this country and end up with a federal rebate of $1400. and a state refund of $1200. In addition they get a $600 child care credit making their total liability in total taxation of a net -$200. for that year. Not only did they not pay any tax, but got a subsidy from you, from me, from America.

    Now you tell me Why should person A get what I make as person B?

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Boo Radley View Post
    That would help, but remember:

    Even if the discussion is restricted to federal taxes (for which the statistics are better), a vast majority of households end up paying federal taxes. Congressional Budget Office data suggests that, at most, about 10 percent of all households pay no net federal taxes. The number 10 is obviously a lot smaller than 47.
    Ok found it....

    WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.

    About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

    Nearly half of US households escape fed income tax - Yahoo! Finance
    I was wrong when I said CBO, and should have known better. The CBO is only allowed to look at the information given them by a particular congress critter in order to issue its report. IOW, it can, and often times leave out much.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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