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Thread: US Treasury asks Congress to lift debt ceiling

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by winston53660 View Post
    Uhmm Obama did cut taxes:

    Tax cut for 95 percent? The stimulus made it so


    PolitiFact | Tax cut for 95 percent? The stimulus made it so
    Here we go again, 95% of the people don't pay taxes thus couldn't get a tax cut. The stimulus wasn't sold as a tax cut and the Obama rebates did no good at all. Different day, same tired old argument. Liberals are like cult followers and nothing changes the mind of a cult follower including actual facts. Here again are the Obama vs Bush tax cuts.

    Tax cuts
    Total: $288 billion
    [edit] Tax cuts for individuals
    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Homebuyer credit: $8,000 refundable credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years.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.

    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: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Lord Tammerlain View Post
    Which proves my point about government deficit spending does it not?
    We have 3.5 trillion added to the U.S. Debt the past two years. When you spend 700 billion and get most of it back that isn't part of the deficit or the debt.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Here we go again, 95% of the people don't pay taxes thus couldn't get a tax cut. The stimulus wasn't sold as a tax cut and the Obama rebates did no good at all. Different day, same tired old argument. Liberals are like cult followers and nothing changes the mind of a cult follower including actual facts. Here again are the Obama vs Bush tax cuts.

    Tax cuts
    Total: $288 billion
    [edit] Tax cuts for individuals
    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.

    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.
    You realize you did not address his point in any way?
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Govt. provides funds from taxpayers to American workers who build the roads. Those taxes come from the gasoline and diesel that the American drivers pay. I am amazed at how little some understand about our tax payments.
    Another strawman. Nobody is debating the source of funds for the department of transportation.

    The economy is beginning to recover but at what cost. It is the private sector economy that will grow the economy, not the Govt. spending. There are four components to GDP of which govt. spending is about 20%.
    I agree, and we are witnessing the private sector grow (it was shrinking)! Public jobs are dwindling, and oddly enough, the dollar is rallying during the Feds massive purchases of short term federal debt. The future of America is looking brighter day by day.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Here we go again, 95% of the people don't pay taxes

    WOW that right is a pretty extreme statement on your behalf

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Goldenboy219 View Post
    Another strawman. Nobody is debating the source of funds for the department of transportation.



    I agree, and we are witnessing the private sector grow (it was shrinking)! Public jobs are dwindling, and oddly enough, the dollar is rallying during the Feds massive purchases of short term federal debt. The future of America is looking brighter day by day.
    Tell that to the 16 million plus unemployed Americans along with the employed Americans who now have to pay for another 3.5 trillion added to the debt. Doesn't seem that that BEA got the same partisan memo that you got because GDP growth is meager at best and job creation is terrible. 1.3 million stopped looking for jobs in December. Looks like the American people aren't buying the rhetoric either and rightly so.
    Last edited by Conservative; 01-08-11 at 10:07 PM.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by winston53660 View Post
    WOW that right is a pretty extreme statement on your behalf
    Why do you continue to buy what you are told by people who distort the actual numbers? Giving people that don't pay any Federal Income Taxes isn't a tax cut, it is a welfare payment.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by winston53660 View Post
    Uhmm Obama did cut taxes:

    Tax cut for 95 percent? The stimulus made it so



    PolitiFact | Tax cut for 95 percent? The stimulus made it so
    A one time tax CREDIT is not the same as a tax cut. As a businessman that actually pays taxes, I can tell you that mine have gone up, the last two years.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Redress View Post
    They instituted the tax, collected the money, hired the people to do the work. The issue is not how they collected the money, nothing I said had anything to do with that, but that the roads are a federal(and state) program that is good, despite your claim that the government is only good for creating debt. Roads are one example of something that the government does good with.
    In 2010 67 billion dollars was collected by the FEDERAL GOVT in excise taxes for the interstate highway system. How much was spent on the interstate highway system. I will give you a hint, a lot less than 67 billion dollars. What did they do with the rest of the money?

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    In 2010 67 billion dollars was collected by the FEDERAL GOVT in excise taxes for the interstate highway system. How much was spent on the interstate highway system. I will give you a hint, a lot less than 67 billion dollars. What did they do with the rest of the money?
    Again, not addressing the point I made.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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