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Thread: Obama to call for middle class tax cut extension

  1. #301
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Karl View Post
    It's a little early, but are you buying?
    Yes. But you have to be smarter than a donkey, so sorry.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by haymarket View Post
    You may be jumping up and down in sheer glee that we have a growing national debt which will be passed on to our children and future generations to pay. I imagine in some sick way, that is your right. Many of us are not happy about saddling our children and grand-children with massive debt and feel it is profoundly unfair to them.

    And yet again I mention Luntz & Faris and that little rubber hammer swings and hits home producing the expected knee jerk response s you have to dig down and counter with Soros. That is sad.

    And yet again, for a time beyond calculation, you pervert my position on tax increases. I am not advocating that YOUR taxes be raised. I am advocating that OUR taxes - as in ALL Americans who earn dollar one - be raised.

    That is the responsible adult position for someone who believes we should hand our children a better nation that the one we were handed on the day we became Americans. Paying our bills is a major part of that.
    you need to find new analogies. your fixation with rubber hammers and two pollsters is pretty well beyond rotted. Adults realize promising the children that they can have all they want while others are tasked to pay for it is idiotic. and that is the dem strategy. The deems treat their dependent minions like little children-relieving them of responsibilities and rights and telling them that momma government and big brother will give them all they want as long as they keep voting den

    We have seen your schemes to make the rich pay two-three-four times as much taxes as they do now

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by haymarket View Post
    I am talking about the tax on money or wealth that a person gets from another.
    you are being dishonest then. the tax is not based on what someone gets but what someone has at the time of their death

    If a man has 10 million in wealth when he dies it matters not if he gives all ten million to one person, a million to ten people or ten dollars to a million, his wealth is still taxed the same

  4. #304
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Phoenix View Post
    I thought that was sales tax.
    That is not what was being discussed.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you need to find new analogies. your fixation with rubber hammers and two pollsters is pretty well beyond rotted. Adults realize promising the children that they can have all they want while others are tasked to pay for it is idiotic. and that is the dem strategy.
    I would love to never again use the little rubber hammer hitting your knee line. Please help. You as a long time standing right winger can prevent this by simply not making the typical and predictable knee jerk responses by mentioning somebody from the left every time you are impotent to defend the actions of one of your icons on the far right.

    Its all up to you Turtle.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you are being dishonest then. the tax is not based on what someone gets but what someone has at the time of their death

    If a man has 10 million in wealth when he dies it matters not if he gives all ten million to one person, a million to ten people or ten dollars to a million, his wealth is still taxed the same
    Where did I put that worlds smallest violin?

    You example FAILS to take into account the generous exemptions that the law extends.

    Exemptions and tax rates
    Year Exclusion
    Amount Max/Top
    tax rate
    2001 $675,000 55%
    2002 $1 million 50%
    2003 $1 million 49%
    2004 $1.5 million 48%
    2005 $1.5 million 47%
    2006 $2 million 46%
    2007 $2 million 45%
    2008 $2 million 45%
    2009 $3.5 million 45%
    2010 Repealed
    2011 $5 million 35%
    2012 $5.12 million 35%

    * under current law
    As noted above, a certain amount of each estate is exempted from taxation by the federal government. Below is a table of the amount of exemption by year an estate would expect. Estates above these amounts would be subject to estate tax, but only for the amount above the exemption.
    For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means the estate would have paid a taxable rate of 19.7%.
    As shown, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002 exemption level with a 2001 top rate. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstates the federal estate tax. The new law sets the exemption at $5 million per person.[22] A top tax rate of 35 percent is provided for the years 2011 and 2012.[23]
    Care to try again?
    Last edited by haymarket; 07-17-12 at 12:38 AM.
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you are being dishonest then. the tax is not based on what someone gets but what someone has at the time of their death

    If a man has 10 million in wealth when he dies it matters not if he gives all ten million to one person, a million to ten people or ten dollars to a million, his wealth is still taxed the same
    Might want to add that this tax for all intents and purposes starts before death. If someone were to give is children all of his money six months before he died the government will go back and assess the estate or death tax anyway. This is called a gift in contemplation of death.

    So folks who say it is not a tax on an individual either are lying or don't know the law.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by washunut View Post
    Might want to add that this tax for all intents and purposes starts before death. If someone were to give is children all of his money six months before he died the government will go back and assess the estate or death tax anyway. This is called a gift in contemplation of death.

    So folks who say it is not a tax on an individual either are lying or don't know the law.
    This is simply done to prevent tax avoidance.
    "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

    Quote Originally Posted by Aberration View Post
    Yawn. Yes apparently I don't know the difference. There is no rational way you could have come to that conclusion based on what I wrote, but yes. Obviously.

    Just as you obviously don't know how you get into debt. It is obviously not through spending right?
    I know if I'm already deficit spending that I can decrease my spending and still be deficit spending. Are you so ignorant of accounting and simple arithmetic that you need examples to prove it?

    Income year 1: $50k
    Spending year 1: $60k
    Increase in debt year 1: $10k

    Income year 2: $50k
    Spending year 2: $55k
    Increase in debt year 2: $5k

    There is an increase in debt year 2 but a decrease in spending.


    Again, no one was asking for an increase in Fed spending. The deal was to decrease spending at an amount equal to an increase in taxation and the Repos wouldn't do it.
    Last edited by MoSurveyor; 07-17-12 at 04:03 AM.
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    Re: Obama to call for middle class tax cut extension

    For some reason, few seem to be discussing the reality of Obama's spending, preferring the raw numbers without the context of population growth and costs inherited by the President.

    Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree.
    But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.

    Even hapless Herbert Hoover managed to increase spending more than Obama has.

    MW-AR658_spendi_20120521163312_ME.jpg
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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