Clementine
Platinum Member
- Dec 18, 2011
- 12,919
- 4,825
- 350
I don't think Obama told the truth about anything at the SoTU. But, why would he change his usual habits for a speech? His latest line of crap is that he wants tax cuts for the middle class. Of course, in 6 years, he hasn't done that. Obamacare raised taxes, especially for middle class. He is targeting the very people he claims he'll help.
Obama's Tax on Stay-At-Home Moms
"Most of Obama's tax proposals are structured to be sold with class-war rhetoric -- i.e., he is increasing taxes on the "rich" to help the poor. But that cannot be said of this proposal, which is designed to provide its maxium credit to families making $120,000 a year.
Who would this tax scheme help and who would it hurt?
For starters, an IRS webpage on the Child and Dependent Care Credit stresses: "The care provider cannot be your spouse." So, one beneficiary is daycare centers.
Compare two families, each with two children under three. In the first family, both the mother and father work full-time and each earns $55,000 per year. Their combined income of $110,000 is under the $120,000 threshold, so Obama gives them his full child-care tax credit. They are happy to take it, dropping off their 1-year-old and 2-and-a-half-year-old at a for-profit daycare center where a relative stranger deals with them during the majority of their waking hours.
In the second family, the mother — who has a college degree and a solid work history prior to the arrival of her children — has decided she should nurture her own children rather than pay a daycare center to hold them. She has given up a $60,000 per year job, and she and her husband now sacrifice and get by on his $58,000 per year salary.
What this mother gives her children for free is far more valuable than what the daycare center gives the children of the first family for a hefty fee.
The first family has an income $52,000 greater than the second. But Obama gives the first family, not the second, his tax credit.
The mother in the second family gave up income and material comfort to raise her own children. For this, Obama punishes her with the tax code.
http://www.cnsnews.com/commentary/terence-p-jeffrey/obamas-tax-stay-home-moms
Obama's New Tax on Middle Class
One tax hike in particular was very odd, since it’s aimed almost exclusively at middle class families with kids–the exact demographic the goodies in the tax plan is targeting.
The levy in question would increase taxes on college savings accounts known as "529 plans" (after their section in the Internal Revenue Code). By definition, these accounts are really only used by middle class families. Poorer households don’t have the extra income to save (and even if they have a little, there are much higher priorities like retirement or saving for a home). Very wealthy families might use 529 plans, but it’s far more likely that they have complex trust arrangements set up for their children.
http://www.forbes.com/sites/ryanellis/2015/01/19/obamas-new-state-of-the-union-tax-hike-on-middle-class-529-college-savers/
Obama's Class Warfare
The American economy is finally coming back, after one of the slowest post-recession recoveries in recent history. So naturally President Obama has decided that what we really need now is a return to the era of tax and spend. Oh, and of course, a healthy batch of class warfare too.
The president wants to junk the sequester caps that have been largely responsible for reducing our estimated deficit from $1 trillion a year to a more manageable but still sizable $469 billion this year. He would increase discretionary spending for next year by $68 billion above the spending caps enacted in 2011, with the increases roughly split between defense and non-defense spending. If these increases are enacted, discretionary spending would increase roughly 7 percent from this year to next, compared with average growth of 4 percent from 2004 to 2013.
The president would pay for his spending spree with a massive tax hike on small businesses and capital investment. The tax hike would cost Americans $320 billion over ten years, including higher taxes on capital gains, banks’ assets, and financial transactions. He would also end the tax deductibility of earnings in the highly popular 529 College Plans.
That capital-gains increase, by the way, would give America a higher capital-gains tax rate than such competitors as Canada, Greece, Norway, and Spain. If you include the state capital-gains taxes in 42 states, we would also be higher than Sweden and Finland. And, of course, countries such as South Korea, the Netherlands, and New Zealand have no capital-gains tax at all.
Meanwhile, the bank tax would almost certainly hit small community banks hardest and would make it harder for small businesses and start-ups to obtain loans. And the new tax on 529 Plans would sock it to those middle-class families that try to save for their children’s educations rather than rely on government largesse. "
http://www.nationalreview.com/article/396775/obamas-class-warfare-michael-tanner
Obama's Tax on Stay-At-Home Moms
"Most of Obama's tax proposals are structured to be sold with class-war rhetoric -- i.e., he is increasing taxes on the "rich" to help the poor. But that cannot be said of this proposal, which is designed to provide its maxium credit to families making $120,000 a year.
Who would this tax scheme help and who would it hurt?
For starters, an IRS webpage on the Child and Dependent Care Credit stresses: "The care provider cannot be your spouse." So, one beneficiary is daycare centers.
Compare two families, each with two children under three. In the first family, both the mother and father work full-time and each earns $55,000 per year. Their combined income of $110,000 is under the $120,000 threshold, so Obama gives them his full child-care tax credit. They are happy to take it, dropping off their 1-year-old and 2-and-a-half-year-old at a for-profit daycare center where a relative stranger deals with them during the majority of their waking hours.
In the second family, the mother — who has a college degree and a solid work history prior to the arrival of her children — has decided she should nurture her own children rather than pay a daycare center to hold them. She has given up a $60,000 per year job, and she and her husband now sacrifice and get by on his $58,000 per year salary.
What this mother gives her children for free is far more valuable than what the daycare center gives the children of the first family for a hefty fee.
The first family has an income $52,000 greater than the second. But Obama gives the first family, not the second, his tax credit.
The mother in the second family gave up income and material comfort to raise her own children. For this, Obama punishes her with the tax code.
http://www.cnsnews.com/commentary/terence-p-jeffrey/obamas-tax-stay-home-moms
Obama's New Tax on Middle Class
One tax hike in particular was very odd, since it’s aimed almost exclusively at middle class families with kids–the exact demographic the goodies in the tax plan is targeting.
The levy in question would increase taxes on college savings accounts known as "529 plans" (after their section in the Internal Revenue Code). By definition, these accounts are really only used by middle class families. Poorer households don’t have the extra income to save (and even if they have a little, there are much higher priorities like retirement or saving for a home). Very wealthy families might use 529 plans, but it’s far more likely that they have complex trust arrangements set up for their children.
http://www.forbes.com/sites/ryanellis/2015/01/19/obamas-new-state-of-the-union-tax-hike-on-middle-class-529-college-savers/
Obama's Class Warfare
The American economy is finally coming back, after one of the slowest post-recession recoveries in recent history. So naturally President Obama has decided that what we really need now is a return to the era of tax and spend. Oh, and of course, a healthy batch of class warfare too.
The president wants to junk the sequester caps that have been largely responsible for reducing our estimated deficit from $1 trillion a year to a more manageable but still sizable $469 billion this year. He would increase discretionary spending for next year by $68 billion above the spending caps enacted in 2011, with the increases roughly split between defense and non-defense spending. If these increases are enacted, discretionary spending would increase roughly 7 percent from this year to next, compared with average growth of 4 percent from 2004 to 2013.
The president would pay for his spending spree with a massive tax hike on small businesses and capital investment. The tax hike would cost Americans $320 billion over ten years, including higher taxes on capital gains, banks’ assets, and financial transactions. He would also end the tax deductibility of earnings in the highly popular 529 College Plans.
That capital-gains increase, by the way, would give America a higher capital-gains tax rate than such competitors as Canada, Greece, Norway, and Spain. If you include the state capital-gains taxes in 42 states, we would also be higher than Sweden and Finland. And, of course, countries such as South Korea, the Netherlands, and New Zealand have no capital-gains tax at all.
Meanwhile, the bank tax would almost certainly hit small community banks hardest and would make it harder for small businesses and start-ups to obtain loans. And the new tax on 529 Plans would sock it to those middle-class families that try to save for their children’s educations rather than rely on government largesse. "
http://www.nationalreview.com/article/396775/obamas-class-warfare-michael-tanner
