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Think A 3% Tax Hike is Scary..Try this - 10/19/2008 10:11:57 AM   
BlackPhx


Posts: 3432
Joined: 11/8/2006
Status: offline 		People are concerned about the 250,000 threshold tax hike proposed by Obama. That would raise taxes by 3% AFTER Deductions, credits, Costs etc were taken on Corporate Profit Incomes or Individual Incomes. Will it raise taxes to a point people can't handle it, after all it will be the highest tax rate we have ever paid right? Wrong. Pay attention to the Information behind the curtain. Especially the parts in Red. Remember the credits, deductions and exemptions don't go away, unless they are already scheduled to expire like certain Alternative Fuel Credits on Hybrid Cars.From:
http://www.tvhistory.tv/1942%20QF.htm
What Things Cost in 1942: 
Car: $1,100
Gasoline: 19 cents/gal
House: $6,950
Bread: 9 cents/loaf
Milk: 60 cents/gal
Postage Stamp: 3 cents
Stock Market: 119
Average Annual Salary: $2,400
Minimum Wage: 30 cents per hour

And now the Tax News
http://www.taxpolicycenter.org/legislation/1940.cfm
Current Tax Payment Act of 1943
  • Withholdings. Imposed withholding of income tax by employers on wages paid.
  • Income Tax Liability. Canceled 75-100% of lower of 1942 or 1943 individual income tax liability.

Revenue Act of 1943
  • Excise Taxes. Increased excise taxes on alcohol, jewelry, telephones, admissions, etc.
  • Excess Profits Tax. Increased excess profits tax rate from 90% to 95%.
  • Victory Tax. Lowered Victory tax rate from 5% to 3% and repealed postwar credit.

Revenue Act of 1942
  • Individual Income Tax. Increased individual income tax rates.
  • Corporate Tax. Increased corporate tax rates (top rate increased from 31% to 40%).
  • Excess Profits Tax. Replaced 35-60% graduated rate schedule for excess profits tax with flat 90% rate.
  • Victory Tax. Created 5% Victory tax on all individual income over $624, with postwar credit.
  • Personal Exemption. Reduced personal exemption amount from $1,500 to $1,200 (married couples).
  • Exemption for Dependents. Reduced exemption amount for each dependent from $400 to $350.

Revenue Act of 1941
  • Excess Profits Tax. Increased excess profits tax by 10 percentage points (top rate increased from 50% to 60%).
  • Tax Increases. Permanently extended 1940 temporary individual, corporate, and excise tax increases.
  • Corporate Tax. Increased corporate tax rates 6-7 percentage points (top rate increased from 24% to 31%).
  • Excise Taxes. Increased excise taxes on alcohol, tires, etc.
  • Personal Exemption. Reduced personal exemption amount from $2,000 to $1,500 (married couples).

Revenue Act of 1940
  • Individual Income Tax. Temporarily and permanently increased individual income tax rates.
  • Corporate Tax. Temporarily and permanently increased corporate income tax rates (top rate from 19% to 22.1%).
  • Excise Taxes. Temporarily increased most excise tax rates to 30-50%.
  • Personal Exemption. Reduced personal exemption amount from $2,500 to $2,000 (married couples).

Second Revenue Act of 1940
  • Excess Profits Tax. Created corporate excess profits tax (top rate of 50%).
  • Corporate Tax. Increased corporate income tax rates (top rate increased from 22.1% to 24%).
poenkitten

< Message edited by BlackPhx -- 10/19/2008 10:18:42 AM >
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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 10:47:13 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		yes- but there are exclusions, exclusions to exclusions, and exclusions to those exclusions to said exclusions.

I wish they would stop talking about debit and credit to taxes.  It re-affirms the master-slave arrangement.   That you have an account and we are tracking it down to the penny.   It also completely ignores inflation.  Not everything is colad.

Some may recall a $250 CHARGE  on my credit card that wasnt mine.  as it turned out- it was a debit not a credit or vice versa.
So I guess  I got some free money.  

I am suspicious anytime there is a rebate or coupon.  There is always fine print.

In the end, the states will have to secced from the union.  We cant afford the military.   And we cant afford old age. So which will it be??



(in reply to BlackPhx)
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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 11:23:04 AM   
Naga


Posts: 147
Joined: 10/11/2008
Status: offline 		You have to pay attention to all the information, especially the "blue" information that stays behind the curtain. Not only with there be 3% tax hike, but they will not be renewing the Bush tax cuts (which, by the way, raise tax revenue by boosting the economy). When added together, that makes for a much more massive tax increase than 3%.

Never mind that when this further impacts the economy (resulting in less tax revenue), they will raise taxes again with the new DNC rubber stamp.

We have some of the highest corporate taxes in the world. With this hampering our growth, is it any wonder the economy is doing badly?

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 11:47:57 AM   
Musicmystery


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quote:

the Bush tax cuts (which, by the way, raise tax revenue by boosting the economy)


Yeah, that economy is zooming right along.

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 12:53:49 PM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		If you want my slant on it here it is. Make it mandatory to pay income tax, it is not you know. Set a level where everything above it is a windfall.

I saw, and if I can I'll go to the olmans and see if he can find it. A tax form from the early 70s. The tax rate for anything over something like $100,000 a year was 70% straight up. Of course that threshold is too low, but you get the idea.

No more tax on companies, either assets or profits, they are taxed when someone takes the money home. This might  have the effect of causing people to fold back profits into the company to increase capacity, to diversify or whatever. This will result in a larger, more stable income.

This is opposite of things like the VAT or sales tax, but we have had those for some time and they do no good. We know the system does not work in it's present form so new strategies must be developed. If we don't make it attractive for manufacturing firms to locate in the countries that are now dessimated by outsourcing and such, we are doomed.

You can buy nothing if you can't sell anything. We have nothing to sell. We need something to sell. It just doesn't get much plainer than that.

T

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 1:50:45 PM   
Musicmystery


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quote:

Make it mandatory to pay income tax, it is not you know.


Actually, it's a federal offense in the U.S.

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 3:39:34 PM   
Lorr47


Posts: 862
Joined: 3/13/2007
Status: offline
quote:

ORIGINAL: Naga

You have to pay attention to all the information, especially the "blue" information that stays behind the curtain. Not only with there be 3% tax hike, but they will not be renewing the Bush tax cuts (which, by the way, raise tax revenue by boosting the economy). When added together, that makes for a much more massive tax increase than 3%.

Never mind that when this further impacts the economy (resulting in less tax revenue), they will raise taxes again with the new DNC rubber stamp.

We have some of the highest corporate taxes in the world. With this hampering our growth, is it any wonder the economy is doing badly?


Correct me if I am wrong ,but arn't the Bush tax cuts still ongoing?  What DNC taxes have been passed to date? Didn't the republicans have control of the legislature for 6 of Bush's 8 years?  So, I would assume the Republicans approve of any corporate taxes left in effect.  And, your criticim of the Democrats is what?

< Message edited by Lorr47 -- 10/19/2008 3:53:59 PM >

(in reply to Naga)
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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 3:55:05 PM   
Naga


Posts: 147
Joined: 10/11/2008
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quote:

ORIGINAL: Lorr47

Correct me if I am wrong ,but arn't the Bush tax cuts still ongoing? What DNC taxes have been passed to date? Didn't the republicans have control of the legislature for 6 of Bush's 8 years? So, I would assume the Republican's approve of any corporate taxes left in effect. And, your criticim of the Democrats is what?



Roughly a year plus after the new president is in office, the Bush tax cuts will expire. The Democratic majority (Obama being one) voted to not extend or make them permanent.

My criticism of the Democrats is that they keep pushing legislation that hinders the economy and enacts socialistic agendas. They directly caused Freddy and Fanny to drain the economy, cause a housing bubble which inflated housing prices, and are now pouring money out the hole in the economic dike. Their agenda and special projects are not good for the economic health of this country.

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:26:58 PM   
Lorr47


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Joined: 3/13/2007
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quote:

Roughly a year plus after the new president is in office, the Bush tax cuts will expire. The Democratic majority (Obama being one) voted to not extend or make them permanent.

My criticism of the Democrats is that they keep pushing legislation that hinders the economy and enacts socialistic agendas. They directly caused Freddy and Fanny to drain the economy, cause a housing bubble which inflated housing prices, and are now pouring money out the hole in the economic dike. Their agenda and special projects are not good for the economic health of this country.



I doubt the fact Bush's tax cuts will not be extended over a year from now is having much effect on the 2008 economy.  People are concerned about next week not about over a year from now.

You state that the Democrats keep pushing certain legislation but the Democrats provide their own defense to that charge.  Democrats have been so inept at trying to get legislation passed that they are lucky to have passed legislation authorizing issuance of their own paychecks. And Mr. Bush has demanded the socialistic legislation through his Secretary of Treasury and with backing of many republicans.  To me the rest of your criticism should be directed to Bush and the republicans in the same vein that George Will  says Democrats in their wildest dreams could not have imagined the scope of and the type of government the republicans have created.   Bush has been the boss for 8 years with the Democrats totally inept.  At least give us a year to screw things up and then blame us. I turned Democrat to assure sane individuals are appointed to the Supreme Court.


< Message edited by Lorr47 -- 10/19/2008 4:28:55 PM >

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:31:15 PM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline
quote:

ORIGINAL: Musicmystery

quote:

the Bush tax cuts (which, by the way, raise tax revenue by boosting the economy)


Yeah, that economy is zooming right along.




Shhhhh,Clinton did this.

Bush is an economic genius.I heard we might feel this way in a few decades,but that came from bushies,so take it w/ a grain of salt.

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:31:55 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline
quote:

They directly caused Freddy and Fanny to drain the economy


Directly?

This should be fun.

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:35:11 PM   
Naga


Posts: 147
Joined: 10/11/2008
Status: offline
quote:

ORIGINAL: Musicmystery

quote:

They directly caused Freddy and Fanny to drain the economy


Directly?

This should be fun.



Look up who created the idea for the subprime loan and who legislated it. Google away.

(in reply to Musicmystery)
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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:39:03 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		Ah. The non-answer.

Clever when you have no answer.

Just not convincing.


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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:42:02 PM   
Joenextdoor


Posts: 145
Joined: 9/8/2004
Status: offline 		Tax cuts do help the economy.  I have heard all the whining about trickle down not working, and the drivel about this economy.  The truth is....Trickle down has worked, and the people whining are only looking at today.  Lets think about it....Bush came into office with the Dot Com bubble bursting.  Within one year, we had 9-11, and have been at war ever since.  In that time, the economy has grown, and grew until just recently, when the impact of democratic meddling in the housing market blew up in our faces.  Democrats love jobs but hate the people who provide them.  All you hear is about how Bush gave tax cuts to the rich....HELLO....its the rich who pay the taxes.  if you are going to reduce taxes, you can only reduce them on the people who actually pay them...that is of course, unless you are a socialist, then all the rules go out the window.  This country has been great for hundreds of years because the basic premise was, if you work hard, you can succeed.  Now we have a party that wants to end that, and tell people that you can succeed if you work hard, but in case you don't, then we will rob those who have succeeded and give you a handout.  It sickens me. 

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:48:56 PM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		 

I heard Newt Gingrich(on a Sunday talkshow)joke today that he once campaigned against democrats, saying they would nationalize banking......

Then he laughed and every got it,that is was republicans who nationalized half our banks,in order to save them from dying.

The irony was thick and added intensity to the laughter.

How anyone can say that Reaganomics or trickle down or supply-side are a workable,sustainable policy is beyond me.

Clinton`s best point at the dem convo was that Cons have had six straight years to implement there policies, exclusively.And now we know that they are disastorous and don`t drive the economy.

To bad it had to take all the damage that con policy has rought,and the lost life savings of so many good people,to show this.

Deregulation,a disaster.

Obama will get us back on track,with normal,reasonable policies.

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 4:57:53 PM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		Beer Economics.....



If you had purchased $1,000 of shares in Delta Airlines one year ago,
you will have $49.00 today.

If you had purchased $1,000 of shares in AIG one year ago, you will
have $33.00 today.

If you had purchased $1,000 of shares in Lehman Brothers one year ago,
you will have $0.00 today.

But ... if you had purchased $1,000 worth of beer one year ago, drank
all the beer, then turned in the aluminum cans for recycling refund,
you will have received $214.00.

Based on the above, the best current investment plan is to drink
heavily & recycle.

It is called the 401-Keg.


_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 5:05:50 PM   
Lorr47


Posts: 862
Joined: 3/13/2007
Status: offline
quote:

I heard Newt Gingrich(on a Sunday talkshow)joke today that he once campaigned against democrats, saying they would nationalize banking......

Then he laughed and every got it,that is was republicans who nationalized half our banks,in order to save them from dying.


Meet The Press.  Until Gingrich laughed I swear the others did not get it.  Only if George Will throws a diatribe or Newt Gingrich says "that is a joke friends," are most willing to admit that the so called socialism and biggest government ever was orchestrated by the republicans.

(in reply to Owner59)
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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 5:17:33 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
Status: offline
quote:

ORIGINAL: Joenextdoor

Tax cuts do help the economy.  I have heard all the whining about trickle down not working, and the drivel about this economy.  The truth is....Trickle down has worked, and the people whining are only looking at today.  Lets think about it....Bush came into office with the Dot Com bubble bursting.  Within one year, we had 9-11, and have been at war ever since.  In that time, the economy has grown, and grew until just recently, when the impact of democratic meddling in the housing market blew up in our faces.  Democrats love jobs but hate the people who provide them.  All you hear is about how Bush gave tax cuts to the rich....HELLO....its the rich who pay the taxes.  if you are going to reduce taxes, you can only reduce them on the people who actually pay them...that is of course, unless you are a socialist, then all the rules go out the window.  This country has been great for hundreds of years because the basic premise was, if you work hard, you can succeed.  Now we have a party that wants to end that, and tell people that you can succeed if you work hard, but in case you don't, then we will rob those who have succeeded and give you a handout.  It sickens me. 


I hear you.  It's time we celebrated the hard-workers who have risen to success strictly on their own merits.

People are so ungrateful.  The wealthy give us jobs and pay all the taxes and they get no love in return for all their selfless giving. 

They try to put honest patriotic Americans like Ken Lay, Bernie Ebbers and Dennis Kozlowski in jail claiming they fraudulently enriched themselves at the expense of their shareholders and employees when we know the truth.

They were just trying to increase their wealth by any means possible just so they could could trickle it down to everyone else. 

It breaks my heart to see how these good, generous people are maliciously maligned.


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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 5:25:02 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		:-)

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RE: Think A 3% Tax Hike is Scary..Try this - 10/19/2008 7:20:20 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline
quote:

ORIGINAL: Musicmystery

quote:

the Bush tax cuts (which, by the way, raise tax revenue by boosting the economy)


Yeah, that economy is zooming right along.


In physics, there is such a thing as a perpetual motion machine.  It produces more energy than it takes in.  Such a thing is impossible.

The conservatives have created conceptually the exact same thing economically.  By reducing taxes, we stimulate the economy to such a degree that the resultant tax income boost exceeds the tax cut.  Magically, everyone has become richer including Uncle Sam.

It never seemed believable to me and Bush has permanently disproved the idea by cutting taxes and watching the economy choke.


_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to Musicmystery)
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