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The extension of the Bush tax cuts was just one small part of Obama's economic policies. So what you are saying is that Obama's policies have failed to promote job creation and economic growth, and I agree.
And right along the lines, I could say that they've certainly held back from what could have been better growth, and have only added to deficit and debt issue like the entire decade.
BUT, extension of Bush tax cuts wasn't Obama's policy. It was a compromise made with republicans to extend tax cuts for the 95% and unemployment benefits extension. Why is it that "conservatives" forget these facts repeatedly?
Vote Obama, vote to cripple job creation, depress stock prices, and lower the value of retirement savings for working Americans. its that simple.
Because Obama, and not the largely unregulated casino atmosphere that the market has become, in which the house always wins, is keeping stock prices down......
Can you explain, in your words, proving that Obama is much worse?
Obama said the economy was doing fine he also said he was planning to spend more and create jobs by working on American infrastructure. You don't spend money you don't have and expect everything to work itself out.
He says he wants to create jobs, maybe government sector but the private sector he is not. When we hit taxmaggedon, a historical increase in taxes for both businesses and yes believe it or not, increase taxes on middle class America. Businesses are holding on and say that they will be forced to lay off more people? The cost of keeping someone on payroll will be too expensive. Businesses also know that unemployment will increase even further which in turn means less money being spent on product causing which in turn will cause businesses to contract even further which means no hiring now or into the future. And into a downward spiral we go straight into a double recession.
Why do you think businesses are not hiring now, they understand the economy and finance and see it coming and businesses are in survival mode. If you doubt what I am saying, look at the unemployment number. Ask, don't you think businesses want to invest more and grow more (to do this they would hire more too)? Businesses can't. They will not survive if they are spending. Nor if they do get into trouble can they demand that people give them money and threaten or to jail you go like the government can. If a business does not spend wisely then they will go out of business.
A second term will cripple job creation, depress stock prices, and lower the value of retirement savings for working Americans. its that simple.
If you are depending on your retirement savings, then you will get hurt too. Value and dividends will drop because business is hurting.
Alternative Minimum Tax will hit 25 million taxpayers for the 1st time
Meant as a tax the rich tax, actually having to do your taxes twice but this tax is less forgiving. This tax is not adjusted for inflation. Who should worry? People with income over $75,000 are vulnerable. Are these people rich? These people has some large deductions, but not the exotic ones. Most vulnerable are taxpayers with several children, interest deductions from second mortgages.
Eliminating the deductibility of state or local taxes on federal returns:
If you itemize your tax deductions you look for every legal tax deduction available. This will be taken away. If you live in a high tax state it will be worse than low tax states.
Reinstituting the Marriage Penalty tax:
Do both the husband and wife in one household work? Guess what, for many it will move you into a higher tax bracket. The marriage penalty will be costing 35 million married couples a higher tax bill and these couples don't have to be rich to be hit with this tax. I know this one all too well.
Cutting the child tax credit by half:
The child tax credit will be cut in half, from $1,000 to $500 per child, costing 31 million families an average of $1,033 in higher taxes next year.
Half-a-dozen taxes buried in Obamacare:
Just like the Alternative Minimum Tax, this tax is not adjusted for inflation and as time goes on will increase taxes on more and more people.
Washington Democrats will impose a $3.8 trillion tax hike on hard-working Americans. One example of a tax within Obamacare is there will a 3.8% tax on unearned income. So how will that effect you? Capital gains, are you trying to sell a house? Do you have dividends. Do you receive rental income, social security. Unearned income is any revenue gain that doesn't come from a wage, salary, or tips.
And since many are all for increasing taxes, when it proves this is not enough, they will eye getting rid of your mortgage deduction (already have looked at it). It has since died down for now, actually I called it a floater to see if since so many are for increasing taxes if they will buy into this too but after floating decided not to push it for now. FOR NOW! I also heard they are looking at 401K's.
The poor do not care about any of this, they are getting paid to do nothing, Many middle class are too busy with everything else to try to understand this or educate themselves in financial matters but the middle class better wake up because they are also right in the bullseye but many don't realize it.
Tax the rich? Think again!
People are buying the rhetoric but don't realize that it will effect them. Below is a list of some of the taxes that will hurt your pocketbook, so now you can not spend as much, let revenue for businesses, business will contract and lay off more people. When you have financial problems you DONT spend more money either! its an attempt to artificially prop the economy.
Which one or two of the increase in taxes will take money out of your pocket?
Middle Class America will get hurt more and my posts are just a few of the reasons.
Right now its all the ground rents in real estate going to mortgages and their financiers. Works perfectly for decades as a money pump in ponzi style mortgage interest until the occasional crash twice a century. Then they just rent out the politicians for a bailout.
Take the Rhine river. In a modern real estate model, its worth is what it can collect in tolls, which is worth whatever people will cough up depending on the strength of the monopoly. The bank will loan a buyer as much financing as the toll booth would support. The buyer will then send the rent to the fanciers as interest payments. Tax policy with lower capital gains taxes will encourage "improvements" which creative accounting will divert any value growth as capital, even as its worth is in reality ground rent increase. Then the buyer tries to pocket the capital gain. Its a constant money pump from the goods an service economy to the non productive one of FIRE sector leeches.
Fractional reserve banking as "a flexible means to expand credit" combined with rent seeking in real estate is destroying the country.
Last edited by gwynedd1; 06-15-2012 at 10:36 AM..
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