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  #1 (permalink)  
Old 07-29-2010
Secretary of Defense

 
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Obama And The Bush Tax Cuts

“I do not believe it (allowing the Bush Tax Cuts to expire) will affect growth.”
- Treasury Secretary Timothy F. Geithner

http://www.nytimes.com/2010/07/26/us...6geithner.html

And yet...

Quote:
The nascent US economic recovery would be halted in 2011 if Congress fails to extend the Bush tax cuts for the wealthiest Americans, analysts at Deutsche Bank said.

The cuts were enacted in 2001 and 2003 under President George W. Bush and covered those earning more than $250,000, but they are set to expire at the end of this year.

Deutsche said the drag on gross domestic product should they lapse could be as much as 1.5 percent, with the more likely impact at 1.1 percent.

The impact would be worse, the analysts said, if Congress fails to fix the Alternative Minimum Tax, which was enacted in 1969 to make sure rich people pay taxes but was never indexed for inflation, and thus is now hitting middle-income workers.

"In a worst-case scenario, allowing the Bush tax cuts to expire and failing to fix the AMT could result in (1.5 percent) of fiscal drag in 2011 on top of the 1 percent fiscal drag we expect to occur as the Obama fiscal stimulus package unwinds," Deutsche said in a note to clients. "If the recovery remains soft/tentative through early next year, this additional drag could be enough to push the economy to a stalling point."
You know that Obama & Co. want to let these cuts in rates expire... they 'have to' because:

A) Bush did them therefore they are Evil
B) The rich need to be punished... it's about the 'social justice' not about raising revenue.
C) Bush = Evil

Get ready to be shot in the ass again America...
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Another name for the "rich" - employers and business owners.

So why not be more accurate and just say "Business owners to get hit in the wallets with more taxes"...somehow I think the opinions would be different.
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

The bush tax cuts did nothing for wage growth which was stagnant or negative thoughout his admin. It's hard to believe dumping them will be any worse.
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by timj219 View Post
The bush tax cuts did nothing for wage growth which was stagnant or negative thoughout his admin. It's hard to believe dumping them will be any worse.
It's hard to believe you believe what you are saying.
There is only one tax increase I could get behind and that is eliminating the earned income tax credit.
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by Ernie S. View Post
It's hard to believe you believe what you are saying.
There is only one tax increase I could get behind and that is eliminating the earned income tax credit.
Not hard to believe at all. I don't worship the wealthy like you do. And I feel no contempt for wage earners. We're just different kinds of people I guess.
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  #6 (permalink)  
Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by iamwhatiseem View Post
Another name for the "rich" - employers and business owners.

So why not be more accurate and just say "Business owners to get hit in the wallets with more taxes"...somehow I think the opinions would be different.
Why would you think that ?

"Business owners" are rich, fat bastards and need to be brought to their knees.

Nevermind that doing this will make even more jobs disappear.

We need to make rich people ... not so rich.

That's the most important thing y'see
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  #7 (permalink)  
Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

we all know its the poor and middle class people that create jobs, not those evil rich small business owners! lol

I love liberals
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by CSA View Post
we all know its the poor and middle class people that create jobs, not those evil rich small business owners! lol

I love liberals
How can you say that ?

I mean maybe if they only applied their bizarre ideas to themselves and left the rest of us alone, they might be 'lovable.'

They don't do this, they force all of us to take part in their foolishness by "making laws."

I find that pretty offensive and hard to "love."
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by CSA View Post
we all know its the poor and middle class people that create jobs, not those evil rich small business owners! lol

I love liberals
Quote:
Originally Posted by Captain Trips View Post
How can you say that ?

I mean maybe if they only applied their bizarre ideas to themselves and left the rest of us alone, they might be 'lovable.'

They don't do this, they force all of us to take part in their foolishness by "making laws."

I find that pretty offensive and hard to "love."
How nice. One assigns a point of view to a group that nobody in that group takes, and the other

well

Probably shouldn't say. Don't need the points.
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  #10 (permalink)  
Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

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Originally Posted by timj219 View Post
Not hard to believe at all. I don't worship the wealthy like you do. And I feel no contempt for wage earners. We're just different kinds of people I guess.
What makes you think I worship the rich? God knows I'm far from it. Believe me, son I'm a wage earner and I work my ass off for what I earn. You're probable 30 years younger than me and I'd still work you to death.

We are different kinds of people, Tim. I work hard and pay my bills. You would rather the government take even more of my money and give it to you.
Since the thread is about the wealthy business owners. I'll bite. The guy I work for is far from wealthy. He's upside down on his mortgage and his credit cards are maxed out like most everyone else. I took half pay last week so he could make payroll but healthcare costs are going to make it that much harder for his business to survive. Raise his taxes on top of the other costs obama has driven up, and I might be sucking on the government's tit too pretty soon.

edit: Sorry I checked your profile I'm only 7 years older than you. (61 tomorrow) Isn't time you grew up?
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Consider...if company paid payroll taxes were diverted only if companies could prove they used the money to pay wages for new hires...the unemployment problem would be over in a week.
In my company...I could hire about 15% more staff.
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by Ernie S. View Post
What makes you think I worship the rich? God knows I'm far from it. Believe me, son I'm a wage earner and I work my ass off for what I earn. You're probable 30 years younger than me and I'd still work you to death.

We are different kinds of people, Tim. I work hard and pay my bills. You would rather the government take even more of my money and give it to you.
Since the thread is about the wealthy business owners. I'll bite. The guy I work for is far from wealthy. He's upside down on his mortgage and his credit cards are maxed out like most everyone else. I took half pay last week so he could make payroll but healthcare costs are going to make it that much harder for his business to survive. Raise his taxes on top of the other costs obama has driven up, and I might be sucking on the government's tit too pretty soon.

edit: Sorry I checked your profile I'm only 7 years older than you. (61 tomorrow) Isn't time you grew up?
I may be old but I'm immature. It's part of my charm. If your boss is in that bad an economic condition maybe he isn't a very good business man and maybe it's time for you to look for a job at a more stable company. Now for the part that will make your head explode when you read it. I also work hard and pay my bills. And my taxes. I don't think I will be getting any more of your tax dollars than you will of mine.
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  #13 (permalink)  
Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by Ernie S. View Post
...I took half pay last week so he could make payroll but healthcare costs are going to make it that much harder for his business to survive. ...
Unbelievable!!! Here you are, saying that the present method of health care in America is probably going to put your employer out of business and you out of a job, yet you want to stay the course, full steam ahead, with the old ways.

I am curious: Why?! What possible reason do you have for supporting a plan that will put your employer out of business and cost you your job? What is the win for you, or for anyone, in that scenario?
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Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by Dick Martin View Post
Unbelievable!!! Here you are, saying that the present method of health care in America is probably going to put your employer out of business and you out of a job, yet you want to stay the course, full steam ahead, with the old ways.

I am curious: Why?! What possible reason do you have for supporting a plan that will put your employer out of business and cost you your job? What is the win for you, or for anyone, in that scenario?
My boss does not provide health care. He is about to be taxed an additional $2,000/employee. You see in fact, I'm against "a plan that will put [my] employer out of business and cost [me my] job"
So yes full steam ahead. At least I have a job. Hopefully I can hold onto it until the economy picks up some time after 1/20/12.
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  #15 (permalink)  
Old 07-29-2010
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Re: Obama And The Bush Tax Cuts

Quote:
Originally Posted by Ernie S. View Post
My boss does not provide health care. He is about to be taxed an additional $2,000/employee. You see in fact, I'm against "a plan that will put [my] employer out of business and cost [me my] job"
So yes full steam ahead. At least I have a job. Hopefully I can hold onto it until the economy picks up some time after 1/20/12.
So you do not have health care at all? Do you have children? If so, what do you do? You are in favor of denying health care to children?

Here's my second thought: If in fact your boss is going to be taxed $2000/employee but you and your family will get health coverage, then maybe you ought to take a $2000 paycut to keep him afloat, you employed, and you with health insurance.

Here's my third thought: The economy is improving. He needs to pay attention and get his business going again.

But whatever the case, status quo is not in your best interests.
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