Obama's Tax Plan: How low will it go?

[Shady]

Hold your wallets folks.

In the past week, Obama's tax plan has gone from those (and businesses) making $250,000 per year, to those making $200,000 per year, to those making $150,000 per year, and most recentlly down to $120,000 per year. How much further will it fall between now and inauguration day, if he's elected? My guess is probably down to somewhere around $75,000 by the time it's all said and done.

Obama's half hour infomercial lowered it to $200,000.

"Here's what I'll do. Cut taxes for every working family making less than $200,000 a year."

YouTube <--- Biden takes it down to $150,000

<--- Gov. Richardson takes it down to $120,000

When Pelosi and Reid get their hands on it, I can onlly imagine what it might drop to. Not to mention that the Dems insist they'll let the Bush tax cuts expire, which will result in EVERYONE getting a tax increase, seeing as Bush cut all tax rates by 5%.

:angry:

Edited October 31, 2008 by Shady

[Topaz]

You know what, a country with a 10 TRILLION dollar debt, no matter who the president is they are going to have to raise taxes or the country will go broke like Russia! Bush keeps printing money because the US does have it. The two wars seems like they are going to go on forever and ever. Good luck to the new president because the old one is leaving the country in a mess and if Bush really does have that place in South America then he'll probably head for the hills!

[Cameron]

No.

They need to STOP spending more than they bring in...

[sharkman]

Hold your wallets folks.

In the past week, Obama's tax plan has gone from those (and businesses) making $250,000 per year, to those making $200,000 per year, to those making $150,000 per year, and most recentlly down to $120,000 per year. How much further will it fall between now and inauguration day, if he's elected? My guess is probably down to somewhere around $75,000 by the time it's all said and done.

Obama's half hour infomercial lowered it to $200,000.

"Here's what I'll do. Cut taxes for every working family making less than $200,000 a year."

YouTube <--- Biden takes it down to $150,000

<--- Gov. Richardson takes it down to $120,000

When Pelosi and Reid get their hands on it, I can onlly imagine what it might drop to. Not to mention that the Dems insist they'll let the Bush tax cuts expire, which will result in EVERYONE getting a tax increase, seeing as Bush cut all tax rates by 5%.

:angry:

Things like this are finally starting to wake up the American voter. McCain keeps gaining and Obama keeps telling Biden to shut up. One more good Biden quote ought to do it.

[Riverwind]

Things like this are finally starting to wake up the American voter. McCain keeps gaining and Obama keeps telling Biden to shut up. One more good Biden quote ought to do it.

What the "american voter" does not seem to understand is that the huge US government deficit means that taxes must go up or spending must be slashed. Now republicans could take the stand that spending must be cut before taxes are raised but I don't hear many of them actually trying cut spending. So attacking obama for planning on increasing taxes is quite hypocritical.

[Liam]

Hold your wallets folks.

In the past week, Obama's tax plan has gone from those (and businesses) making $250,000 per year, to those making $200,000 per year, to those making $150,000 per year, and most recentlly down to $120,000 per year. How much further will it fall between now and inauguration day, if he's elected? My guess is probably down to somewhere around $75,000 by the time it's all said and done.

Obama's half hour infomercial lowered it to $200,000.

"Here's what I'll do. Cut taxes for every working family making less than $200,000 a year."

YouTube <--- Biden takes it down to $150,000

<--- Gov. Richardson takes it down to $120,000

When Pelosi and Reid get their hands on it, I can onlly imagine what it might drop to. Not to mention that the Dems insist they'll let the Bush tax cuts expire, which will result in EVERYONE getting a tax increase, seeing as Bush cut all tax rates by 5%.

:angry:

I'd be willing to keep paying taxes at my currtnt rate alongside a 10% cut of federal aid to my region to fix the problem. The problem is that "red" America gets a HUGE chunk of federal $$ to keep their regions habitable. I subsidize them with my taxes -- are they willing to give up their status as welfare queens?

[August1991]

You know what, a country with a 10 TRILLION dollar debt, no matter who the president is they are going to have to raise taxes or the country will go broke like Russia! Bush keeps printing money because the US does have it. The two wars seems like they are going to go on forever and ever. Good luck to the new president because the old one is leaving the country in a mess and if Bush really does have that place in South America then he'll probably head for the hills!

Americans generate goods and services every year worth about $15 trillion. [To compare incorrectly, if your family income is $70,000 and you have a mortgage of $40,000, would you consider the situation bad?]

In fact, your quote of $10 trillion debt is misleading. About $5 trillion of that debt is held outside of the government itself. OTOH, that debt figure does not include calculations for future liabilities such as social security, medicare.

The US government's ability to borrow is ultimately based on its ability to tax, and its ability to tax is based on its legitimacy and the ability of Americans to produce goods and services. I think that it's correct to say that the US government could triple its debt or more and still have sound finances. (In the late 1940s, US federal debt as a percentage of GDP was over twice what it is now. At present, Canada and the US have comparable federal debt/GDP ratios.)

As I have argued umpteen times, the problem is not government debt or government deficits. The problem is government spending. Both Bush and Harper have proven to be just as profligate as Bob Rae, Dalton McGuinty, Peter Lougheed, Ronald Reagan and almost all Quebec governments. Paul Martin attempted to control spending but he resorted to strange accounting and passing spending off to the provinces.

Obama's tax plan is an interesting artefact but if I were an American, I would be more concerned about his spending plans.

I suspect that many people, shortly after next Turesday, will start to queue in front of the White House. Many, many people view Obama's election as their chance to fix things and make things just. They want payback. Yet Obama has two wars abroad.

As economists say, Obama's government will be buying guns and butter. IMHO, Obama is the Bob Rae of US politics. He's about to become an accidental leader at the beginning of a recession having implicitly promised much to many. Many staffers in an Obama Administration will see this as their chance to change the system and society.

With a Democrat-controlled Congress, US federal government spending is about to expand tremendously.

Edited November 1, 2008 by August1991

[William Ashley]

Here is a clarificaiton

1 person making 150,000$/ year is damn rich. (I would not call that middle class, I would call that Wealthy not ultra wealthy but well off)

Second 200,000 per family= 100,000 per person (still well off unless the dolar inflates drastically) --- note that

2 people making 150,000=300,000$ so your statement is mathamatically incorrect

Hold your wallets folks.

In the past week, Obama's tax plan has gone from those (and businesses) making $250,000 per year, to those making $200,000 per year, to those making $150,000 per year, and most recentlly down to $120,000 per year. How much further will it fall between now and inauguration day, if he's elected? My guess is probably down to somewhere around $75,000 by the time it's all said and done.

Obama's half hour infomercial lowered it to $200,000.

"Here's what I'll do. Cut taxes for every working family making less than $200,000 a year."

YouTube <--- Biden takes it down to $150,000

<--- Gov. Richardson takes it down to $120,000

When Pelosi and Reid get their hands on it, I can onlly imagine what it might drop to. Not to mention that the Dems insist they'll let the Bush tax cuts expire, which will result in EVERYONE getting a tax increase, seeing as Bush cut all tax rates by 5%.

:angry:

[White Doors]

1 person making 150,000$/ year is damn rich. (I would not call that middle class, I would call that Wealthy not ultra wealthy but well off)

In alot of cases a person makign that much in salary would be highly educated and have a ton of student loans, especially in the US. 150k is not 'damn rich' by any means.

[JerrySeinfeld]

You know what, a country with a 10 TRILLION dollar debt, no matter who the president is they are going to have to raise taxes or the country will go broke like Russia! Bush keeps printing money because the US does have it. The two wars seems like they are going to go on forever and ever. Good luck to the new president because the old one is leaving the country in a mess and if Bush really does have that place in South America then he'll probably head for the hills!

Uh oh. Here it comes. The expectations of the great messiah are already being curtailed!

Can you say over promise and under deliver?

[Shady]

Chris Matthews admits Obama tax plan is welfare.

YouTube

[Mortui]

If you would pay attention, maybe read his plan, you wouldn't bother posting this, or perpetuate propaganda like this. His plan is $200,000-$250,000 have no tax increase. Under $200,000 have a tax cut. Biden's reference was to something mentioned earlier in the interview, which is conveniently not available. And, by the way, Governor Richardson, Palosi, and Reid don't get to decide his plan. Next?