Obama proposes tax cut - will they create jobs?

[The Rabbi]

I think tax cuts are a good thing.

As far as I can tell none of the tax cuts are geared to creating jobs.

Obama to announce new initiatives for middle class - Road Runner

It seems that he is just trying to buy off the american people.

It looks like Obama is beginning to go in the right direction. He will probably pull a Bill Clinton pretty soon....

I knew all of our hollering would whip this guy into shape.

Nothing is going to whip this sock puppet into shape. He shows he still DOES NOT GET IT.
Tax cuts are simply taking money from one group and giving it to another. The only way the gov't can give a tax break to one group is to tax another group more.
None of his "tax cuts" will change people's behavior towards working harder, saving more, or investing more. In fact they will do the opposite.
"Tax cuts" in and of themselves are useless as a policy tool. They are effective ONLY when they are used to influence behavior to make people work harder etc. But Obama thinks that "tax cuts" are what people want.
This boy is going down hard.

 

[Soggy in NOLA]

Since when did allowing me to keep more of my money become evil? Are you demented?

 

[manu1959]

Some of you seem to forget that 2/3 of our economy is consumer spending. Anything the puts more money in the pockets of people who are going to spend it, will, create and save jobs at the places they spend their 'new' money.

well said....they should have taken the 14 trillion they blew on the banks and auto dealers and cut each us citizen a check for 20k....that would have stimulated the economy....

 

[Soggy in NOLA]

What break did they get?

Yeah, really? Like I said, apparantly gettimg to keep your own money is wrong. I bet that asswipe probably pays virtually NO income taxes and even gets an EIC check at year end!

 

[Soggy in NOLA]

40% of the population pay no income taxes.... how do you give them a tax break?

 

[Soggy in NOLA]

SHouldn't a tax break go to those who actually pay taxes?

 

[manu1959]

And cutting corporate taxes will do this.

Most corporations pay no taxes.

Study says most corporations pay no U.S. income taxes | Reuters

of course not...they pay out their profits to shareholders and employees....there is no reason for a corporation to hold onto money have it taxed then "give" it to a shareholder or employee and have it taxed again....

 

[The Rabbi]

40% of the population pay no income taxes.... how do you give them a tax break?

That doesn't stop the Dums. When Bush proposed his "stimulus check" (another giant failure) the Dums lobbied succesfully to send them to people who paid no income tax too.

 

[Soggy in NOLA]

Bastards.. they phased out my "stimulus" check... I guess I paid so much taxes they figured I didn't need any money? Funny how these things work.

 

[Mr. Peepers]

SHouldn't a tax break go to those who actually pay taxes?

Almost 40% of my income disappears into federal, state and local taxes. Are you saying I don't pay taxes? I sure do see a huge chunk paid to "federal income tax" every two weeks. And you know the very rich hide whatever taxable income they can. They do NOT pull their weight. You know it and I know it. They pay less of their income in taxes than I do.

 

[The Rabbi]

And cutting corporate taxes will do this.

Most corporations pay no taxes.

Study says most corporations pay no U.S. income taxes | Reuters

of course not...they pay out their profits to shareholders and employees....there is no reason for a corporation to hold onto money have it taxed then "give" it to a shareholder or employee and have it taxed again....

Dividends are money paid out AFTER corporate taxes have been paid, not before. I believe the Bush tax cuts reduced this "double taxation" but of course that expired this year.
And it doesn't matter whether corporations actually pay taxes or not. The existence of a tax creates incentives (or disincentives) to certain behavior. This is why more succesful countries in Europe have lowered their corporate tax rates. The U.S now has one of the highest in the developed world.

 

[Soggy in NOLA]

And you know the very rich hide whatever taxable income they can. They do NOT pull their weight. You know it and I know it

Wow... you really are this stupid?

 

[Soggy in NOLA]

How old are you?

 

[Mr. Peepers]

Wow... you really are this stupid?

Alas, we have another non-reader with their head in the sand. *sigh*

More tax cases vs wealthy, U.S. banks | Reuters
Wealthy Americans worried about a U.S. government crackdown on offshore tax cheats - WORLD Law Direct Forums
http://hsgac.senate.gov/public/_files/071708PSIReport.pdf

 

[Vel]

SHouldn't a tax break go to those who actually pay taxes?

Almost 40% of my income disappears into federal, state and local taxes. Are you saying I don't pay taxes? I sure do see a huge chunk paid to "federal income tax" every two weeks. And you know the very rich hide whatever taxable income they can. They do NOT pull their weight. You know it and I know it. They pay less of their income in taxes than I do.

How many jobs are you going to create with your tax cut?

 

[The Rabbi]

Wow... you really are this stupid?

Alas, we have another non-reader with their head in the sand. *sigh*

More tax cases vs wealthy, U.S. banks | Reuters
Wealthy Americans worried about a U.S. government crackdown on offshore tax cheats - WORLD Law Direct Forums
http://hsgac.senate.gov/public/_files/071708PSIReport.pdf

And that "non-reader" appears to be you.

 

[MaggieMae]

Socialism only begets more Socialism. Too much Government really is a bad thing. Now they're trying desperately to micromanage and this will only lead to more economic catastrophes. First this President gives Billions in Tax Dollars to the "Evil Corporations" and now he's out there railing against these same "Evil Corporations." Just another Government shell-game. Unfortunately many sheep will buy into these scams. It really is sad.

Completely agree. I guess they'll keep pumping blood into the corpse and the sheep will keep baaing.

Of course another analogy is that immediate surgery was required, but the cancer still exists and must be treated.

 

[MaggieMae]

Some of you seem to forget that 2/3 of our economy is consumer spending. Anything the puts more money in the pockets of people who are going to spend it, will, create and save jobs at the places they spend their 'new' money.

You mean the way it worked when he did it early on in his presidency?
Or how it worked when Bush did it?

You MUST cut the operating expenses to those that create jobs to allow more money to pay for the new employees.

And cutting corporate taxes will do this.

Maybe what needs to happen is allow smaller businesses the same tax breaks (loopholes?) that larger corporations enjoy.

Most Companies Pay No Federal Income Tax - CBS News

 

[Maple]

And cutting corporate taxes will do this.

Most corporations pay no taxes.

Study says most corporations pay no U.S. income taxes | Reuters

There is a difference between sales and earnings, corporations pay taxes on their profits or earnings, not the sales and it is the 2nd highest in the world.

RealClearMarkets - Articles - Do Corporations Really Pay No Taxes?

The politics behind the GAO report are transparent—to undermine the momentum that’s building to cut corporate tax rates. As I wrote several weeks ago (“In the U.S., Selectively Applied Capitalism,” July 28), the U.S. has the second highest corporate tax rate among 30 countries in the Organisation of Economic Co-Operation and Development. That matters because, as economists for the OECD recently concluded, the corporate tax is the most harmful to economic growth of all the levies most commonly used by member nations. That’s why GOP presidential nominee John McCain favors lowering it, but so does the powerful Democratic Chairmen of the House Ways & Means Committee, Charlie Rangel. The Democratic presidential nominee, Barack Obama, has also said in newspaper interviews that he would consider cutting the corporate tax, but he hasn’t made that an official part of his platform.

 

[MaggieMae]

The next two paragraphs are excerpted from the article. Just these two proposals show that Obama lacks understanding of how to fix this economy.
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The initiatives also focus on savings, requiring employers that don't offer work-based retirement plans to enroll their employees in a direct deposit retirement account, unless the employee opts out. The cost to employers would be offset by new tax credits, and the administration says the smallest firms would be exempt.

Obama will also call for caps on some student loans, limiting a borrower's payments to 10 percent of his or her income, and forgiving all remaining debt after 10 years of payment for those in public service work _ and 20 years for all others.



Obama to announce new initiatives for middle class - Road Runner

So once again Obama is saying that the people are irresponsible and need to have things set up for them to be responsible.

People are too irresponsible to read a credit card contract before signing. so now it is the responsibility of the credit card company.

People were too irresponsible to report their accurate incomes on the NINJA loan apps, so now the banks need to cover for them.

People are too irresponsible to save on their own, so the employers need to set it up for them.

Whatever happened to personal responsibility?

Yes, hindsight sucks. All those dumb people made their beds with no nudging from outside interests eager to make a buck off their ignorance. They shoulda known, dammit.

Seriously, what's the alternative? People living on the street and seeking government aid to feed their children and house them? It's still GOVERNMENT MONEY. At least there's some incentive in those programs for more people to take that personal responsibility that you say is lacking, and to which I agree. We've GOT to have more Americans educated, and student loans are choking them once they graduate. Doctors are more incentivized to go into consulting for Wall Street businesses where they can earn five times what they can actually practicing medicine. And that looks awfully good when someone is looking at tens of thousands in student loans (in many cases initiated by big banks at high interest rates, by the way).