Obama eyes tax increases, Medicare changes

  • Posted by a hidden member.
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    Apr 13, 2011 7:59 PM GMT
    http://www.msnbc.msn.com/id/42566545/ns/politics-white_house
  • Posted by a hidden member.
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    Apr 13, 2011 8:10 PM GMT
    It's great that we finally have a president who is serious about reducing and eliminating the National Debt, and who isn't afraid to tell the truth to the American people about what we need to do to actually succeed in Debt reduction - and who isn't afraid to push Debt reduction policies that may be controversial or unpopular.
  • HndsmKansan

    Posts: 16311

    Apr 13, 2011 8:18 PM GMT
    Of course we lost our way (per article). Thats putting it politely. From what happened in 2000 to what Obama inherited, I'd say we fucking went off a cliff. Finally we can begin to repair the damage.
  • Webster666

    Posts: 9217

    Apr 13, 2011 10:24 PM GMT
    Why should poor and middle class people pay more income taxes than do wealthy people and corporations ?

    BTW, Biden is old.
    And, maybe he was up late, last night.
  • TrentGrad

    Posts: 1541

    Apr 14, 2011 1:22 AM GMT
    southbeach1500 said
    Webster666 saidWhy should poor and middle class people pay more income taxes than do wealthy people and corporations ?

    BTW, Biden is old.
    And, maybe he was up late, last night.


    Poor and many middle class people pay absolutely NO income tax... and many of them actually receive money from the Federal government as well!

    Or, to put it more concisely:

    50% of U.S. households have a zero or negative income tax liability.


    Assuming you're correct, it stands as a testament to how bad the US economy has become that half of all US households do not make enough money to pay income taxes.

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    Apr 14, 2011 2:44 AM GMT
    Let's just say we are pretty well and truly screwed.

    It's more a matter of seeing how we can soften the landing as hyperinflation begins to bite hard (talking Wiemar or even Zimbabwe style) until the new Amero or some other sort of cock-eyed attempt at a global currency unit is rolled out by the World Bank...
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    Apr 14, 2011 2:49 AM GMT
    southbeach1500 said
    TrentGrad said

    Assuming you're correct, it stands as a testament to how bad the US economy has become that half of all US households do not make enough money to pay income taxes.



    How can you not know that and go around here posting with such authority on matters like the Federal budget, economics and the debt?

    And furthermore, how can you not know that it isn't that these households "don't make enough" it's that the tax code favors these households.


    The "tax code favors them" is the funniest shit you've ever posted. The tax code favors hedge fund managers and private equity folks who don't actually contribute anything to society. icon_rolleyes.gif
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    Apr 14, 2011 2:50 AM GMT
    QUOTEPoor and many middle class people pay absolutely NO income tax... and many of them actually receive money from the Federal government as well!


    Could you source this to something that's data and not speculation? If it's true I wanna get in on it since I only make like 30k and pay income tax. Or does that number include people breaking the law ? I'm intrigued by this statement.
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    Apr 14, 2011 2:58 AM GMT
    Two things I want to happen, but never will (at least in this current Constitution) :

    ( a ) Term limits for congressmen and senators

    ( b ) A flat, non-exemptable 10% tax on income above a certain level (I'd say $100,000 USD and then indexing annually to real inflation if not the CPI)

    I probably have a better chance of waking up one morning with perfect 8-pack abs and an extra two or three "shoe sizes" larger, lol.
  • rnch

    Posts: 11524

    Apr 14, 2011 2:39 PM GMT
    [quote][cite]southbeach1500 said...How can you not know that and go around here posting with such authority on matters like the Federal budget, economics and the debt?...[/quote]



    yeh, wassamattawidu??


    southbeach jane thinks she is the only one here who can do that.


    icon_lol.gif
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    Apr 14, 2011 2:45 PM GMT
    rnch said[quote][cite]southbeach1500 said...How can you not know that and go around here posting with such authority on matters like the Federal budget, economics and the debt?...




    yeh, wassamattawidu??


    southbeach jane thinks she is the only one here who can do that.


    icon_lol.gif[/quote]


    However South-Ann-Coulter-Beach is permitted to start topics as an authority on the UK health system, lol!

    (and then there are his posts in Israel/Palestine topics)

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    Apr 14, 2011 4:16 PM GMT
    QUOTEGoogle this: households pay no income tax

    And then you can choose your own source, as I have found that when I put up a source, the liberals start shrieking that the story is not true because of the source I cited!


    I think you misunderstood my request for a source. I was not attempting to say that your story is 'wrong', I wanted to see additional details so I can see what it takes to qualify and why do the standards for qualification include 50% of households. It is also relevant to know if the group putting out the figures is trustworthy, as well as to know if their figures are actual data or if they are estimates and projections instead. The idea of many sources is also pretty nonsensical. There is ONE original source for the figures, and that's the one I wanted, not the Fox news or MSNBC articles. Evaluating the bias of that source is fair game.

    For future reference, it appears that the source is the Tax Policy Center.
    http://www.taxpolicycenter.org/taxtopics/federal-taxes-households.cfm

    The figures are projections but appear to be fairly trustworthy at first pass. In addition, I could not find a record of bias one way or the other for the Tax Policy Center, so they probably do not lean right or left, and in fact if I go by the news articles they have linked on their sites, most of those sources are liberal leaning, making it unlikely that the "50% of households pay no income taxes" figure is biased to the right.

    Unfortunately I don't qualify. You need to have several children (4 if you're making less than $50,000), paying for colleges, having just bought a house, or other such expenses to qualify. Apparently prior to 2008 only 38% qualified but due to the drop in the economy the figure got bumped up to 49% in 2008. That's quite a lot of people though.

    Here is a table showing who pays no income tax:

    http://www.taxpolicycenter.org/UploadedPDF/1001289_who_pays.pdf

    Going by that table, apparently the reason for the 47% number seems to be that there's a lot of people with children making under $30,000.
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    Apr 14, 2011 4:30 PM GMT
    Rune said
    Here is a table showing who pays no income tax:

    http://www.taxpolicycenter.org/UploadedPDF/1001289_who_pays.pdf

    Going by that table, apparently the reason for the 47% number seems to be that there's a lot of people with children making under $30,000.


    And isn't the bolded section a complete same for our country?