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Thread: Obama to call for middle class tax cut extension

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    Re: Obama to call for middle class tax cut extension

    This is FLUFF. The revenue from this tiny tax increase is about $100 billion per year or 7.5% of the 2012 deficit. This is about what the federal gov't spends in only EIGHT days. This is NOT a fix for anything except Obama's class warfare game plan, since it takes effect only in 2013. This is about the same gain as the cost of the recent student loan interest giveaway, passed last Friday, cost. No he can't!
    Last edited by ttwtt78640; 07-09-12 at 01:25 PM.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Sparky View Post
    I believe the middleclass is pissed off enough at him from the huge tax hike on them in the form of Obamacare.
    Don't tell sparky, but the average middle class family will receive a $4,000+ benefit from Obamacare -- not a tax bill.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Mycroft View Post
    I don't believe in half measures and I don't believe in pitting one group of people against another. It appears, with this news, that Obama doesn't agree with me. So be it...and I'm not surprised.

    My recommendation to both Parties: Either end the tax cuts for everyone or extend it for everyone. Have the courage and integrity to take a position one way or the other and accept the consequences (good or bad) for your position.

    For some reason, I don't think either Party will consider my recommendation.
    He can't end all of the tax cuts now because it would tank the economy, which needs stimulus. But there is zero chance of getting more effective stimulus through Congress, so we're stuck with what we've got.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

    -- Adam Smith

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    Re: Obama to call for middle class tax cut extension

    Please explain this $4000.00 benefit. I'm not disputing your words but I'm asking for definitive clarification. How does the "middle class" get this $4000.00 and where does this money come from?

    Thank you.

    Quote Originally Posted by AdamT View Post
    Don't tell sparky, but the average middle class family will receive a $4,000+ benefit from Obamacare -- not a tax bill.

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    Re: Obama to call for middle class tax cut extension

    Wow. So Obama reiterated the position he has held for the last two years. How is this news? And more importantly, in what way does this help the unemployed, the middle class, or the economy? This president is the king of the inconsequential.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by specklebang View Post
    Please explain this $4000.00 benefit. I'm not disputing your words but I'm asking for definitive clarification. How does the "middle class" get this $4000.00 and where does this money come from?

    Thank you.
    I am interested also. You beat me to this one. I'd like to see where this comes from. From what I have seen PPACA only increases cost to people.
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    Re: Obama to call for middle class tax cut extension

    They should let the tax cuts expire. This one year, two year extensions are not contributing to stability. Businesses (and people) don't know what their tax rate is going to be next year so they hold off on spending money until they see what happens. Stability is what we need right now.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by AdamT View Post
    He can't end all of the tax cuts now because it would tank the economy, which needs stimulus. But there is zero chance of getting more effective stimulus through Congress, so we're stuck with what we've got.
    Then he should just make the cuts permanent.

    The economy doesn't need a stimulus...at least not one from the government. We've already seen how ineffective that is. No, the economy needs stability. It needs an end to apprehension. It 's not getting that from Obama and the Democrats.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by lpast View Post
    Finally Someone trying to do something for the class that carries this country, in WARS and economically by doing the LABOR and actual WORK...that produces our economy.
    Its refreshing to have someone care about those that really need a break and not just slobbering all over themselves sniveling about how very bad the 1% that has 99% has it....


    President Obama returns to the tax issue today, with plans to call for a one-year extension of George W. Bush-era tax cuts for the middle class.Obama will again call for letting the Bush tax cuts for the wealthy to expire at the end of the year, saying the revenue can be used to help reduce debt and finance middle class programs like education.
    "President Obama today will push for extension of middle class tax cuts," tweeted White House Communications Director Dan Pfeiffer. "Will the GOP join him to provide certainty for 98% of Americans?"


    Obama to call for middle class tax cut extension
    Why is this breaking news. It is what he has proposed for years. Rehashing an old proposal through another campaign speech does not make it new, or news.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by ttwtt78640 View Post
    This is FLUFF. The revenue from this tiny tax increase is about $100 billion per year or 7.5% of the 2012 deficit. This is about what the federal gov't spends in only EIGHT days. This is NOT a fix for anything except Obama's class warfare game plan, since it takes effect only in 2013. This is about the same gain as the cost of the recent student loan interest giveaway, passed last Friday, cost. No he can't!
    biggest flaw i find in that is the 100 billion per year,infact what makes all estimates on the tax cut bad are the fact that to this day cbo uses 2001 gdp,cbo also fails to account in any gdp increases brought on by tax cuts,since it is near impossible to determine how much tax cuts contribute to the gdp.

    under many more modern studies,the estimated cost of the bush tax cut,for being a decade was estimated at 800 billion FOR THE WHOLE TAX CUT.there is however no accurate math to determine.but its safe to say since the middle class recieved the majority of the benefits,and the rich the minority of the tax cut.so the cuts would depend entirely off of gdp,any negavite effects to gdp could actually drop revenue from raising taxes,which is never accounted for in any liberal talking point on taxes.

    so far just playing with google endingthe bush tax cuts on the rich wouldraise anywhere from nothing to around 30 billion a year.this is simply because gdp effect is never accounted for as a proper variable.the increased revenue is based off the idea the rich will spend and invest at the same rate reguardless of reward.to a certain extent,the rich will invest under clinton rates,however the problem wouldnt be long term,but short term,as it will most likely set off a panic among the rich,causing them in the near future to hold on to it tighter under an economic situation,rather than spending and investing.

    this is why many times i have mentioned rather than letting them expire,make them slowly return back to normal over a few years,which would prevent a market panick(their money wouldnt go anywhere but tell them that).many people fail to realise there is an ideal tax range believed by supply side economists.we are currently within the range where lowering them any more would drop revenue,and raising them would most likely lead to the same revenue.if taxes exceed to optimal range in increases it will lower revenue gained rather than raise it or remain the same.


    a good example of this was how revenue grew under reagan,despite massive tax cuts,which boosts the theory that taxes can attain an optimal range and that higher income tax % do not equal higher revenue.this supply side theory has been proven quite true,whereas the raise taxes theory relies on a constant gdp for the theory to work.what few people seem to notice is that most of supply side and keynesian economics are interchangeable,only differing on how the money gets back to the economy and the type of recession each deals with.
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