Obama cut our taxes.
By how much?
If you want to rant & rave, rather than answer this factual question: GO AWAY!
It is a fact. Obama stupidly cut taxes . Sorry, but the deficit demands a tax hike to help cut it down.
PolitiFact | Tax cut for 95 percent? The stimulus made it so Here are the number. it was 400 single 800 married.
Moderator Warning
gonzomax, political jabs are not permitted in GQ. While I generally issue moderator notes for this, since you’ve been repeatedly cautioned and warned on this subject before (and since the OP clearly indicated he didn’t want a political response), I’m making this an official warning.
Colibri
General Questions Moderator
Bosda, I reduced the font size of the last line of your post. While I appreciate the sentiment, the largest font size was a bit too much.
I may be wrong about this (please enlighten me if so), but as far as I’m aware all the tax cuts Obama has implemented were contained in the American Recovery and Reinvestment Act, or the stimulus bill, right? The provisions of that bill, including the detail of all the tax cuts, are listed here. The total level of tax cuts in the final bill was $288 billion, which was divided into $237 billion for individuals and $51 billion for companies. Most of the tax cuts look like they were in the form of tax credits, which I wasn’t aware of. Bear in mind Obama and the Democrats have also raised certain taxes, such as implementing a 10% tax on indoor tanning beds as part of the health care bill.
Just to point out, it is estimated that the stimulus bill (which was about a third tax cuts, and two-thirds spending outlays) saved or created about 2.5 million jobs and significantly raised GDP, which in turn reduces the deficit by increasing tax revenues and saving money on things like unemployment benefit for those 2.5 million people. It is also estimated that the stimulus will not have a particularly long-term effect on the deficit; it will be back to neutral with regard to the stimulus within the next 5-10 years. (The long-term deficit is driven almost entirely by entitlement programs, mostly Medicare).
So you may be right that it was a mistake to implement tax cuts instead of cutting the deficit, but on the other hand you may not be, because the stimulus also took a lot of money off the deficit by saving and creating jobs. And then there’s the question of how much unemployment and slow economic growth you’re willing to trade in exchange for cutting a deficit which most economists do not think is a serious problem in the short term. Personally I agree with economists like Paul Krugman who think the stimulus should actually have been much larger than it was, but yours is a legitimate position to hold as well.
Bolding mine.
So I’m not going to get an Obama check for $400?
Where do we even start?
The $400/$800 “Economic Recovery Payment” is definitely part of the plan (this is 6.2% of your earned income up to that maximum). $250 is going to those on disability or social security even if they don’t have earned income.
The American Opportunity credit expands upon the existing education credits. Qualifying taxpayers may get as much as $2,500 back (about $800 more than existing credits, with up to $1,000 of it refundable).
There are deductions for sales tax on new vehicle purchases. Sch L can be used to claim this, as well as real estate tax payments (up to $500 single/$1000 married), even if you don’t itemize. This is a big benefit to retirees who have paid off their mortgages.
You can do Roth conversions now, even if your income is over $100,000. Plus, you can split a 2010 conversion’s tax between 2011 and 2012. This isn’t a tax cut this year, but it defers tax due, and provides major tax savings after 5 years. (I don’t want to reopen the 401k/Roth debate… but if you’re laid off and haven’t done this conversion, get thee to an investment advisor ASAP).
There are a lot of other tax cuts aimed at businesses and business owners, including the HIRE act. Employers can save the 6.2% company share of Social Security tax, and may get a $1,000 credit if they retain workers. Companies offering medical insurance may get another credit (but, realistically, the law is written to make it very hard to qualify).
I’ve only scratched the surface. There are thousands of changes to the tax code. I’d send Congress a bill for all the time they’re going to cost me keeping up with it… but as usual, Congress will let someone else (my clients, in this case) pay for it.
Estimated by whom? Based on what facts?
Read the latest Krug column. You may not like it but it does make sense.
[URL=“http://www.nytimes.com/2010/06/21/opinion/21krugman.html?ref=paulkrugman”]http://www.nytimes.com/2010/06/21/opinion/21krugman.html?ref=paulkrugman
''hat Mercy & Sharing is creatubg a survival, educational and Life experience institutions with the purpose taking otherwise discarded kids that had no hope for their life , educating them, giving the skills and creating an expectancyt that they have ability to funtion within the Haitian society amd , in fact. become the future leaders.
Read the latest Krug column. You may not like it but it does make sense.
[URL=“http://www.nytimes.com/2010/06/21/opinion/21krugman.html?ref=paulkrugman”]http://www.nytimes.com/2010/06/21/opinion/21krugman.html?ref=paulkrugman
''hat Mercy & Sharing is creating a survival, educational and Life experience institutions with the purpose taking otherwise discarded kids that had no hope for their life , educating them, giving the skills and creating an expectancy that they have ability to function within the Haitian society and , in fact. become the future leaders.
You have to start somewhere and it cannot be just a matter of shipping your best minds out of the country.
Who, what, when, where why. I made no jab. I provided the information on the tax cut. What are you talking about? Am I warned not to provide the info he asked?
And then you provided your opinion.
“Stupidly” isn’t a jab? I’ll have to make a note of that for our next jab-free discourse.
Three of the most well-known economics research firms, IHS Global Insight, Macroeconomic Advisers and Moody’s Economy.com, estimate that the bill has saved or created 1.6 million to 1.8 million jobs, and will ultimately end up adding about 2.5 million jobs. The non-partisan Congressional Budget Office estimated that the stimulus created or saved between 800,000 and 2.4 million up until the end of 2009. I can’t find any up-to-date CBO estimates unfortunately. So I admit my memory was slightly off the mark in that first post: the estimates say that the stimulus probably saved or created more than 1 million jobs by the end of 2009, and at that point most of them predicted that it could have been, or will be, as many as 2.5 million. I don’t know how many additional jobs they think the stimulus created in the last 6 months on top of those figures above.
So there was a whole bunch of tax cuts I wasn’t aware of then. Any idea of how much all this is in total? Net tax cuts, net tax rises, etc?
stupidly refers to Obamas decision to cut taxes. Please read or have someone who can, explain it to you. Who the hell did I call stupid?
But you and Colibri are on the list . Why is it you can not understand a simple sentence?Colibri should not only apologize but remove a couple other warnings . He was as wrong as you are.
[mod note]
Are you having trouble with the concept of a personal insult? Back off now or take your argument to the Pit (if you wish to insult Hal) or to ATMB (if you wish to challenge Colibri’s moderating).
[/mod note]
No, you are. I said Obama stupidly cut taxes. Please don’t tell me that is not allowed. If you are agreeing with him. I am all ready for you to explain who i insulted. This should be good.
I insulted nobody. I said Obama stupidly cut taxes in a deficit time. Is there anybody in the moderating group who can save you guys from yourselves?
[Moderator Warning]
This is a warning for failing to follow Gary’s instructions. gonzo, having just recently returned from a suspension, in part for repeatedly refusing to comply with a moderator’s instructions, you should know you are on very thin ice.
Colibri
General Questions Moderator