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In campaigning its easy to make poromises but then reality sets in.The leaks are that he will let the Bush tax cuts stay until the runput in 2011. Really no surprise as that is what JFK did to simulate the economy lower taxes. Wahnder if he still intends to lower middle class taxes as promised .He seem to be in favor of continued bailouts and raising the deficit even more too.
I expect if the taxes were eliminated on the first 250k of income the consumer economy would take off very well. Placing the burden on the higher incomes would just about eliminate speculation as all profits on stock trades would be considered income and losses would not be deductable. It is past time for the people that own this country pay for the operation and maintenance. The rest of us are tired of subsidizing their elaborate lifestyles.
Whats hapenning is reality is about to meet Mr Obama. He aint God, just another political liar.
Yep, he knew the reality but he needed to lie to get elected. Get ready for the rest of his lies.
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Originally Posted by delusianne
? I think he's learned the real depth of the trouble we're in and he's adjusting accordingly. Would you rather he said, "Nope, we're sticking with my plan from January 2007"?
Are you just sulking because this destroys the right wing's "socialist" accusations? That's okay, there'll always be things to criticize and complain about. Just move on, with Rush and Sean.
Excuse me but higher taxes was supposed to be good for our economy. Did the law of economics change in the last few weeks or did we elect a liar.
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Originally Posted by ViewFromThePeak
Heck, I as a lowly citizen knew the real depth and problems, yet I'm not president-elect and my Ph. D. isn't even in economics or finance. I thought Obama was an intelligent person?
Obama is a Republicrat...just another slimeball like the rest.
No, he is not intelligent, he is stupid.
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Originally Posted by delusianne
I think as President-Elect he and his teams are privy to information we dont know.
What, that raising taxes will hurt a recovering economy? All he needed to do was ask, anyone with half a brain and lived through the Carter years could have told him that.
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Originally Posted by Marodi
The tax for the wealthy is a good bargaining chip with republicans when it comes time for obama to try and pass his economic packages. I doubt he will eliminate the tax increase, probably going to let it expire in 2011
They don't need a bargaining chip, they have the majority, they can and will do anything they want.
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Originally Posted by Kooter
He should be eliminating capital gains tax entirely, getting rid of mark-to-market accounting, and reducing income tax on all income.
That would go against everything he ran on. You think the Soros party is mad at him now, if he did that they would walk right into that oval office and drag him out.
Obama is weighing the better use of people's earnings: taxation or investment. Like it or not, what can repair this economy is: 1) incentive for Americans to earn wealth; 2) reinvestment by wealthy Americans. Redistribution of income may help a certain segment of the population while hurting the economy as a whole. Using money almost exclusively for consumption, as opposed to direct and indirect investment in business, is bad for the economy, as Americans should know by now.
Increased taxation disincentivizes and squanders American potential.
My belief is taxing on the "rich" will slow down the economy even further. Why? Instead of spending the money on investment opportunities which may potentially create more jobs, the wealthy may pick other options that will minimize their tax consequence.
I'm by no means "rich" but we're not in the 15% bracket either. For 2009, I'm finding every possible way to reduce my gross income, including maximizing my 401K. I'm going to be saving more than spending which is great for me in the long run but not necessarily good for the economy but the alternative is pay more taxes. No thank you.
Yeah, I know people who are on the cusp of the original tax hikes he had talked about who are actually planning on working less (and then subsequently buying less) so they won't get hit. That's lame! We should all work harder and consume and save more!
I current terms this would means a person making $200 thousand would pay no Federal Income Tax and a person with a $10 million bonus would pay $9 million.
This would start to restore fairness to our economy.
Seems like 'fairness' would entail getting to keep the money you earn.
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