Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
One of the things that President Obama has pledged to do is raise all income taxes as he is adamant the Bush tax cuts will expire. While I am opposed to this, there are some taxes he could raise or start that I think would be reasonable. A few examples:
1) A $25 per year federal vehicle registration on all personal & commercial vehicles with the money going directly to repairing & maintaining interstate roads & bridges.
2) A 15% tax on all estates from $1 and up.
3) A 15% tax on insurance settlements for general damages (“pain & suffering”). It’s free money, so why not tax it.
4) A 2% national sales tax with the money dedicated to buying down the principle of the national debt.
Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
Reverse Bush Tax Cuts for the Wealthy: Obama and Biden will protect tax cuts for poor and middle class families, but they will reverse most of the Bush tax cuts for the wealthiest taxpayers.
Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama and Biden believe that spending that cannot withstand public scrutiny cannot be justified. Obama and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending decisions are open to the public.
Make Government Spending More Accountable and Efficient: Obama and Biden will ensure that federal contracts over $25,000 are competitively bid. Obama and Biden will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government's high-volume purchasing power to get lower prices.
End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama and Biden have called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama and Biden will also tackle wasteful spending in the Medicare program.
Make the Tax System More Fair and Efficient
End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax havens and help close the $350 billion tax gap between taxes owed and taxes paid.
Close Special Interest Corporate Loopholes: Obama and Biden will level the playing field for all businesses by eliminating special-interest loopholes and deductions, such as those for the oil and gas industry.
Barack Obama and Joe Biden's Record
PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.
No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts.
Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.
One of the things that President Obama has pledged to do is raise all income taxes as he is adamant the Bush tax cuts will expire. While I am opposed to this, there are some taxes he could raise or start that I think would be reasonable. A few examples:
1) A $25 per year federal vehicle registration on all personal & commercial vehicles with the money going directly to repairing & maintaining interstate roads & bridges.
2) A 15% tax on all estates from $1 and up.
3) A 15% tax on insurance settlements for general damages (“pain & suffering”). It’s free money, so why not tax it.
4) A 2% national sales tax with the money dedicated to buying down the principle of the national debt.
According to the IRS website, #3 settlements for emotional distress ARE in fact taxable unless they are linked with a physical injury. Then they may exclude any amount used to pay medical bills, unless those bills were previously deducted.
Quote:
As a result of the above 1996 changes to IRC section 104(a)(2), a taxpayer receiving lawsuit proceeds from a non-physical injury claim cannot exclude any amount for payment to compensate for an intangible emotional distress value. The taxpayer can only exclude an amount for actual out of pocket medical costs. This exclusion would further depend upon whether the taxpayer had previously deducted those medical expenses on his or her tax return. See IRC sections 111 and 213.
Market Segment Specialization Program (MSSP) (http://www.irs.gov/businesses/page/0,,id%3D7050,00.html#Chap2 - broken link)
Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
Reverse Bush Tax Cuts for the Wealthy: Obama and Biden will protect tax cuts for poor and middle class families, but they will reverse most of the Bush tax cuts for the wealthiest taxpayers.
Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama and Biden believe that spending that cannot withstand public scrutiny cannot be justified. Obama and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending decisions are open to the public.
Make Government Spending More Accountable and Efficient: Obama and Biden will ensure that federal contracts over $25,000 are competitively bid. Obama and Biden will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government's high-volume purchasing power to get lower prices.
End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama and Biden have called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama and Biden will also tackle wasteful spending in the Medicare program.
Make the Tax System More Fair and Efficient
End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax havens and help close the $350 billion tax gap between taxes owed and taxes paid.
Close Special Interest Corporate Loopholes: Obama and Biden will level the playing field for all businesses by eliminating special-interest loopholes and deductions, such as those for the oil and gas industry.
Barack Obama and Joe Biden's Record
PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.
No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts.
Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.
HAHA!
It reads, blah blah blah blah.
Many of these things are the exact same promises all president aspirants have made. Yet none have been able to follow thru.
I hate to say this, but the more things change, ther more they stay the same.
Barack Obama and Joe Biden will cut taxes for 95% of working families, and provide at least three times as much tax relief for middle class families as John McCain and Sarah Palin. The Obama/Biden plan provides $1,000 of tax relief for workers and new tax benefits to help families pay for college, childcare and save Barack Obama and Joe Biden: Change We Need | Obama Tax Calculator
Barack Obama and Joe Biden will cut taxes for 95% of working families, and provide at least three times as much tax relief for middle class families as John McCain and Sarah Palin. The Obama/Biden plan provides $1,000 of tax relief for workers and new tax benefits to help families pay for college, childcare and save Barack Obama and Joe Biden: Change We Need | Obama Tax Calculator
Wanna bet?
I make $60,000 per year and 4 years from n ow I'll be paying more taxes if Obam,a proceeds with his tax plans.
I make $60,000 per year and 4 years from n ow I'll be paying more taxes if Obam,a proceeds with his tax plans.
How so? If you're making $200,000+ in four years I don't really have sympathy for you, you'll be making more than 95% of Americans. If you're not, you'll be paying less in taxes.
How so? If you're making $200,000+ in four years I don't really have sympathy for you, you'll be making more than 95% of Americans. If you're not, you'll be paying less in taxes.
Obama has made it clear when rthe Bush tax cuts expire, he will pass those increases along to us (low & middle) class. He is also not proposing any over the counter tax lowering, but a series of tax credits to benefit a few.
A $25 per year federal vehicle registration on all personal & commercial vehicles with the money going directly to repairing & maintaining interstate roads & bridges.
I would be okay with something like that too.
Quote:
A 15% tax on all estates from $1 and up.
I'm assuming this wasn't a typo (in other words you did mean on ALL estates) and you did mean one dollar... not $1 million. I do have a big problem with this because IMO the estate tax is already unfair. The money that someone inherits has already BEEN taxed once: The person who earned it in the first place, and put it in the savings account or IRA or whatever, has been taxed on it. As for stocks and real estate or cars or boats, same thing applies: The money that was used to buy the thing that is eventually inherited, was already taxed. So the estate tax is double taxation to begin with. Right now the Federal estate tax only applies to estates of over $1 milllion in assets (which in many areas of the country, including my own, means that 1/2 or more of that is accounted for simply by the market value of an average house). But once the tax is applied, the recipient can be paying as much as 48% of the value of what they inherit, in estate taxes. And those taxes are due BEFORE the heir gets the inheritance... not after. So no, I'm not in favor of double taxation being applied to every single thing that is passed down from parent to child. Which brings up another point, what about estates passing from husband to wife or vice versa? To apply an across the board tax to every cent of that as well (it is an estate, after all) would be horrendous.
Quote:
A 15% tax on insurance settlements for general damages (“pain & suffering”). It’s free money, so why not tax it.
I agree with this but I see that another poster has stated that it is already taxed.
Quote:
A 2% national sales tax with the money dedicated to buying down the principal of the national debt.
[/quote]
That's food for thought, although I'd be torn between the money being used for that purpose or for serious investment in alternative energy to get us off our dependence on foreign oil ASAP.
Let me throw out one of my own: How about a much higher tax rate on gambling and lottery winnings? In other words put gambling into the same "sin tax" category as cigarettes, cigars and alcohol. Come to think of it, why not seriously raise the tax rate on those two items as well?
1) A $25 per year federal vehicle registration on all personal & commercial vehicles with the money going directly to repairing & maintaining interstate roads & bridges.
I disagree with this one because I have seen how "dedicated funding" works in practice.
One year the State spends $1 million on education from general fund.
Then the State institutes a lottey system, promising "all profits go to benefit education."
The following year, the State receives $500,000 in lottery profits, so cuts general fund education allowance by $500,000.
Education receives $1 million ($500k from lottery, $500k from general funding), some other pet project of the Governor's (tricycles for sex offenders convicted of lewd acts with a pet rock) gets $500k.
Then everyone feels good about "giving money to education" while the school really doesn't see much, if any, of that money.
Same applies to your "2% to pay down national debt" tax proposal. The government will just increase spending to create more debt that the 2% will immediately buy down.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
