Obama Proposing $1,000 Tax Cut For Most Families

oldreliable67 · 01-08-09, 11:16 AM

Quote:

President-elect Barack Obama, warning of dire consequences if Congress doesn't pass his economic stimulus plan, said he would offer working families a $1,000 tax cut and improve energy efficiency in millions of American homes in order to create jobs and stimulate the economy.

"To get people spending again, 95 percent of working families will receive a $1,000 tax cut— the first stage of a middle-class tax cut that I promised during the campaign and will include in our next budget," he said in a speech outside Washington.

Source: CNBC.COM

There is, of course, much more to his stimulus plan than this weak headline. What do you think of the Obama stimulus plan as it is presently being floated?

Iriemon · 01-08-09, 11:29 AM

Quote:

Originally Posted by oldreliable67

Source: CNBC.COM

There is, of course, much more to his stimulus plan than this weak headline. What do you think of the Obama stimulus plan as it is presently being floated?

I question whether this kind of fiscal stimulus will have meaningful short term effect as a physical matter. However, IMO it is very important to try to improve confidence in the economy and break the cycle of negative perception. So it may help in the all important pychological department if people think the economy will be turning around next year, as opposed to going into a depression.

Beyond that, IMO it is important that the government reintroduce fiscal responsibility in the budgets.

MrVicchio · 01-08-09, 02:30 PM

Quote:

Originally Posted by oldreliable67

Source: CNBC.COM

There is, of course, much more to his stimulus plan than this weak headline. What do you think of the Obama stimulus plan as it is presently being floated?

The closer we get to having a majority of people receiving funds, rather then paying taxes, the closer we are to complete collapse.

UtahBill · 01-09-09, 10:42 PM

This piddling amount to those of us still working, or retired and don't need it, adds up to a big waste of taxpayer dollars and a larger national debt.
A measly $1000 for me and my wife is nothing, assuming we will qualify for it having a 6 figure retirement income.
I would rather the money be spent in a way that creates a JOB for some poor person...

Simon W. Moon · 01-10-09, 12:49 AM

Quote:

Originally Posted by UtahBill

I would rather the money be spent in a way that creates a JOB for some poor person...

Spend it at a small, local business.

bilbus · 01-13-09, 08:42 PM

Wouldn't those families have to pay a $1000 worth of tax first?

40% of those 95% don't pay taxes.

Go back to sherwood forest robin hood.

DarkWizard12 · 01-13-09, 08:52 PM

The better thing to do is to lower business tax as well as get rid of the "hidden taxes" on small businesses and businesses in general.

RightinNYC · 01-13-09, 10:21 PM

I'll believe it and appreciate it if/when I see it in the mail.

UtahBill · 01-16-09, 08:56 AM

a better stimulus would be one that encourages the "haves" to spend some of their hoarded money so the "have nots" can be employed.
Lower the tax rates on the middle class, especially those of us with several hundreds of thousands in IRA funds. The least we should get is the same capital gains tax rate as the rich.
When we started our IRA's, we were being taxed at a much lower rate than now. How the heck did THAT happen?
I will never again be involved with any investments that involve Wall Street, and will encourage my grandchildren to invest in real estate instead. Long term, it is as good as Wall Street promises they will be, with much less risk....

Goldenboy219 · 01-16-09, 12:17 PM

Great thought!

If the truly wealthy, those with ultra high incomes ($5 million or more) would stop hording their money and buy at low prices, it will also create a multiplier effect. The only issue is: will they (prices)go lower?

Once the high income earners feel more upbeat about the economy, they will again begin to spend and invest (to increase net assets). Maybe this is the subconscious goal of TARP and future stimulus?

01-09-09, 10:42 PM	#4
UtahBill Sage Join Date: Sep 2005 Last Seen: Yesterday 11:18 PM Location: Peoria, AZ Posts: 7,683 Thanks: 1,101 Thanked 2,062 Times in 1,388 Posts Lean: Moderate Gender: Total Awards: 1	Re: Obama Proposing $1,000 Tax Cut For Most Families This piddling amount to those of us still working, or retired and don't need it, adds up to a big waste of taxpayer dollars and a larger national debt. A measly $1000 for me and my wife is nothing, assuming we will qualify for it having a 6 figure retirement income. I would rather the money be spent in a way that creates a JOB for some poor person...
	__________________ Education is expensive, ignorance is costly. Each generation should have more opportunities than the last, but not at the expense of the next.

01-13-09, 08:42 PM	#6
bilbus Educator Join Date: Sep 2006 Last Seen: 10-22-09 05:34 PM Posts: 629 Thanks: 36 Thanked 113 Times in 81 Posts Lean: Very Conservative Gender:	Re: Obama Proposing $1,000 Tax Cut For Most Families Wouldn't those families have to pay a $1000 worth of tax first? 40% of those 95% don't pay taxes. Go back to sherwood forest robin hood.

01-13-09, 08:52 PM	#7
DarkWizard12 Conservative Independent Join Date: Sep 2007 Last Seen: Today 02:11 AM Location: Tyler TX Posts: 5,572 Thanks: 2,643 Thanked 1,300 Times in 847 Posts Lean: Independent Gender:	Re: Obama Proposing $1,000 Tax Cut For Most Families The better thing to do is to lower business tax as well as get rid of the "hidden taxes" on small businesses and businesses in general.

01-13-09, 10:21 PM	#8
RightinNYC GIRTH 2.0 Mod team member Join Date: Mar 2005 Last Seen: Today 01:52 AM Location: New York, NY Posts: 21,314 Thanks: 2,422 Thanked 8,928 Times in 4,458 Posts Lean: Slightly Conservative Gender: Total Awards: 1	Re: Obama Proposing $1,000 Tax Cut For Most Families I'll believe it and appreciate it if/when I see it in the mail.
	__________________ People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

01-16-09, 08:56 AM	#9
UtahBill Sage Join Date: Sep 2005 Last Seen: Yesterday 11:18 PM Location: Peoria, AZ Posts: 7,683 Thanks: 1,101 Thanked 2,062 Times in 1,388 Posts Lean: Moderate Gender: Total Awards: 1	Re: Obama Proposing $1,000 Tax Cut For Most Families a better stimulus would be one that encourages the "haves" to spend some of their hoarded money so the "have nots" can be employed. Lower the tax rates on the middle class, especially those of us with several hundreds of thousands in IRA funds. The least we should get is the same capital gains tax rate as the rich. When we started our IRA's, we were being taxed at a much lower rate than now. How the heck did THAT happen? I will never again be involved with any investments that involve Wall Street, and will encourage my grandchildren to invest in real estate instead. Long term, it is as good as Wall Street promises they will be, with much less risk....
	__________________ Education is expensive, ignorance is costly. Each generation should have more opportunities than the last, but not at the expense of the next.

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01-16-09, 12:17 PM	#10
Goldenboy219 Budtender Join Date: Jan 2006 Last Seen: Today 06:45 AM Location: Evansville Indiana Posts: 4,139 Thanks: 2,232 Thanked 790 Times in 570 Posts Lean: Libertarian Gender:	Re: Obama Proposing $1,000 Tax Cut For Most Families Great thought! If the truly wealthy, those with ultra high incomes ($5 million or more) would stop hording their money and buy at low prices, it will also create a multiplier effect. The only issue is: will they (prices)go lower? Once the high income earners feel more upbeat about the economy, they will again begin to spend and invest (to increase net assets). Maybe this is the subconscious goal of TARP and future stimulus?
	__________________ Be mindful of the future, but not at the expense of the present. For in the present is where we shape our future. Last edited by Goldenboy219; 01-16-09 at 12:18 PM.

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