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New tax cuts proposed by Obama - 1/5/2009 2:32:12 PM

Vendaval

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Many Americans may be receiving tax cuts under the new Administration during 2009. I could use a rebate check to help pay the higher cost of heating this place in the winter. How would you use or spend a rebate check?
(some words bolded for emphasis)

"Obama predicts quick OK on economic rescue plan"

By STEVEN R. HURST, Associated Press Writer Steven R. Hurst, Associated Press Writer – 54 mins ago

"Obama, whose inauguration is two weeks from Tuesday on Jan. 20, said he expected quick approval of rescue legislation by the new Congress.

"I expect to be able to sign a bill shortly after taking office," he said. Pressed on the timing, he said, "By the end of January or the first of February."

Obama's proposal to stimulate the economy includes tax cuts of up to $300 billion, including $500 tax cuts for most workers and $1,000 for couples,as well as more than $100 billion for businesses, an Obama transition official said. The total value of the tax cuts would be significantly higher than had been signaled earlier."

http://news.yahoo.com/s/ap/20090105/ap_on_go_pr_wh/obama_congress

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RE: New tax cuts proposed by Obama - 1/5/2009 2:49:38 PM

subrob1967

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Stop giving us pennies, when you give big business billions.

Giving every American over the age of 17 a million dollars would have been cheaper, would have stimulated the economy like mad, and would have saved every company asking for a handout.

People would have been buying cars, paying off mortgages, buying houses, buying electronics, investing...But noooooo, we Peons are given a pittance, and are expected to be thankful for it.

(in reply to Vendaval)

Post #: 2

RE: New tax cuts proposed by Obama - 1/5/2009 2:59:41 PM

SilverMark

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From my read of a couple of articles, my understanding is that it is to be a tax cut not a rebate. Perhaps I mis-read?
rob, your math is just a little off....I cannot remember the figure per taxpaying adult but it was somewhere in the $4000.00 per person if
you used the tarp funds as an incentive to individuals. There is an old thread floating around on the subject.

(in reply to subrob1967)

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RE: New tax cuts proposed by Obama - 1/5/2009 3:10:04 PM

subrob1967

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quote:

ORIGINAL: SilverMark

From my read of a couple of articles, my understanding is that it is to be a tax cut not a rebate. Perhaps I mis-read?
rob, your math is just a little off....I cannot remember the figure per taxpaying adult but it was somewhere in the $4000.00 per person if
you used the tarp funds as an incentive to individuals. There is an old thread floating around on the subject.

I wasn't talking about TARP funds, I was talking about current and future bailouts.

(in reply to SilverMark)

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RE: New tax cuts proposed by Obama - 1/5/2009 3:14:51 PM

SilverMark

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Still would quite reach your figure....even if you add the loans to GM and Chrysler....and as I searched I think of the 320 million people in the U.S. it is about $2200.00 per person.
A reach from 1 million by a bit wouldn't you say?

< Message edited by SilverMark -- 1/5/2009 3:18:17 PM >

(in reply to subrob1967)

Post #: 5

RE: New tax cuts proposed by Obama - 1/5/2009 3:24:39 PM

Mercnbeth

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My understanding is that the 'cut' will not be in the form of a check, but instead be a lower amount of withholding. Your reference seems to support that:

quote:

workers would see larger paychecks almost immediately because taxes withheld by the government would drop. The break would be retroactive to Jan. 1, and couples receiving a $1,000 tax cut would begin receiving an extra $40 in twice-monthly paychecks as the government tries to spark more consumer spending.

No check this time (SEE THERE IS A CHANGE!) but instead nanny is giving a raise in your allowance of how much of your tax money you get back.

Wonder if there is a max income ceiling? Then again, one of my New Year's resolutions is to run my business into the ground so I can qualify for the other side of the stimulus:

quote:

...as well as more than $100 billion for businesses

A daunting task, but I'm studying the AIG model. I've already booked rooms for a conference to go over the 2009 projections with my Executive Assistant beth, and my major marketing executives, (son, 2 daughters) at Wynn's new Encore resort in Vegas on the 22-26th of this month. I hope all the shareholders appreciate that it's 'off-season' and in deference to the economic situation, I'm only getting the 745 sq ft Salon Suite instead of the 933 sq foot Executive Suite. We all have to sacrifice.

It appears that the average worker will get $9.61 more per week in the paycheck to stimulate the economy. Please do your patriotic duty and spread it around; McDonald's, Burger King, Taco Bell or save up a couple of weeks and go to Wendy's.

Now if you are a married couple, that $80 extra is enough to go to the Lair in LA once a month. When you go let us know and we'll meet you there!

(in reply to SilverMark)

Post #: 6

RE: New tax cuts proposed by Obama - 1/5/2009 3:26:58 PM

Vendaval

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Now that is a wonderful idea!

quote:

ORIGINAL: Mercnbeth
Now if you are a married couple, that $80 extra is enough to go to the Lair in LA once a month. When you go let us know and we'll meet you there!

_____________________________

"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
"WOLF MOON", OCTOBER RUST, TYPE O NEGATIVE

http://KinkMeet.co.uk

(in reply to Mercnbeth)

Post #: 7

RE: New tax cuts proposed by Obama - 1/5/2009 3:37:35 PM

ScooterTrash

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Seems a bit out of proportion anyway, if it's just an across the board tax cut, rebate, or whatever. $500 for a single taxpayer (or $1000 for a couple) might seem like a decent amount to someone who is not financially comfortable, but for middle income & up it isn't a drop in the bucket compared to what is paid by them in taxes. I might get my head chopped off for this one (pretty sure of it actually), but giving a percentage back based on income level would likely inject more money into the economy. People with more money are much more comfortable spending larger amounts of money (like buying a car) while folks who are strapped for cash may just look at the windfall as extra cash to set back for paying their regular bills or perhaps pop for that cheesy flat screen TV they have been drooling over. Something tells me that the vehicle purchase (or other major purchase) might put a bigger dent in the problem.

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RE: New tax cuts proposed by Obama - 1/5/2009 4:47:38 PM

Vendaval

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No beheadings now, much too permanent of a condition.

_____________________________

"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
"WOLF MOON", OCTOBER RUST, TYPE O NEGATIVE

http://KinkMeet.co.uk

(in reply to ScooterTrash)

Post #: 9

RE: New tax cuts proposed by Obama - 1/5/2009 4:52:39 PM

ScooterTrash

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From: Indiana
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quote:

ORIGINAL: Vendaval

No beheadings now, much too permanent of a condition.

Thanks...that might be painful...lol.

_____________________________

Formal symbolic representation of qualitative entities is doomed to its rightful place of minor significance in a world where flowers and beautiful women abound.
-Albert Einstein

(in reply to Vendaval)

Post #: 10

RE: New tax cuts proposed by Obama - 1/5/2009 8:15:25 PM

awmslave

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I hoped Obama has some understanding of the situation and ability to take decicive action. The hope is fading fast. He seems not understanding the whole economic ideology needs changing. Pushing borrowed money into the failed system is not long term solution. The system needs to be reformed first.

(in reply to Vendaval)

Post #: 11

RE: New tax cuts proposed by Obama - 1/5/2009 9:27:05 PM

hizgeorgiapeach

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Personally, I want to know why the hell they're making noises about Possible tax cuts (and they are still only a Possibility at this point - not a gien, nor a reality) when the country is a few trillion dollars in the hole, and this year isn't going to be any different than the last several as far as deficit budgeting goes.

They wanna do us a favor, they can start by actually passing a Balanced budget, NOT wasting our tax money giving it to big businesses that have already proven themselves Failures (or they wouldn't have needed to be bailed out) and not planning on cutting their already in the hold funds back even further.

I don't want a tax cut. I don't want a rebate. Either would be the height of stupidity on the part of the government. (I know - a bit of an oxymoron - stupidity in government.) I want them to actually pull their heads out of their collective asses and do the job they were hired to do, in a reasonable, responcible, Intelligent manner.

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Post #: 12

RE: New tax cuts proposed by Obama - 1/6/2009 2:21:42 AM

SilverMark

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From reading the articles on the subject....it is one part of the stimulus package....the rest is yet to be seen....

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Post #: 13

RE: New tax cuts proposed by Obama - 1/6/2009 6:54:53 AM

hizgeorgiapeach

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Mark - the article (and the goverment) calls it "part of a stimulus package." What I call it is, "the standard misdirection and manipulation of the public, so they'll forget just How Bad the problem is by being overjoyed at the prospect of paying a lil less personally."

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Rhi
Light travels faster than sound, which is why some people appear bright until you hear them speak.
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Post #: 14

RE: New tax cuts proposed by Obama - 1/6/2009 7:57:49 AM

SilverMark

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Would you prefer they do nothing?....

(in reply to hizgeorgiapeach)

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RE: New tax cuts proposed by Obama - 1/6/2009 8:11:50 AM

Mercnbeth

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quote:

ORIGINAL: SilverMark

Would you prefer they do nothing?....

You mean they are doing something, something different?

Tax cuts and business credits - how 'Republican' of 'Him' (giving proper capitalization); very 'inside the box' thinking.

Change?

(in reply to SilverMark)

Post #: 16

RE: New tax cuts proposed by Obama - 1/6/2009 8:13:23 AM

hizgeorgiapeach

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quote:

ORIGINAL: SilverMark

Would you prefer they do nothing?....

No, but showing some intelligence and telling the Truth - that they can't afford to cut taxes until the deficit is significantly lower - would be a step in the right direction. Especially if they followed it up by presenting a budget that did Not include yet more deficit spending, and instead cut back spending to well below what's being taken in, so they could start actually getting the deficit paid down.

What they're doing isn't "doing something" rather than "doing nothing." What they're doing is slight of hand to keep people from looking to closely at what they Are spending, and how, and the fact that what they plan to spend and what they can afford are wildly seperated. When we spend like that, we get in trouble - it's considered irresponcible to the extreme, everyone ridicules, and what we can't pay for gets repossessed by the person we bought it from. When the government does that, it's called business as usual.

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Light travels faster than sound, which is why some people appear bright until you hear them speak.
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RE: New tax cuts proposed by Obama - 1/6/2009 8:30:45 AM

SilverMark

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So Obama is to leave it all the way it is to balance the budget? That would solve the issues at hand? I think that realisim versues view point has crossed up the thinking.
Perhaps Merc, tax cuts are a Kennedy-esque thing as opposed to a Republican thing? If the losses I have taken in the past can apply to the taxes my business must pay, my business can grow a bit? If on the average a person makes $40.00 more per week vs. getting a check for $400.00 dollars even if it goes to savings as opposed to spending we all might be just a bit better off? Is he supposed to just hand out money? I am not so sure what it is people want, and I am not so sure anything will work except time and a bit of pain but, I do believe that a start to make the economy move is much better than doing NOTHING.

(in reply to hizgeorgiapeach)

Post #: 18

RE: New tax cuts proposed by Obama - 1/6/2009 8:42:06 AM

Mercnbeth

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quote:

ORIGINAL: SilverMark

So Obama is to leave it all the way it is to balance the budget? That would solve the issues at hand? I think that realisim versues view point has crossed up the thinking.
Perhaps Merc, tax cuts are a Kennedy-esque thing as opposed to a Republican thing?

I'll leave the party differential to those who need it. To me, member of the party 'Pragmatism' its a 'business as usual 'thing'.

quote:

If the losses I have taken in the past can apply to the taxes my business must pay, my business can grow a bit? If on the average a person makes $40.00 more per week vs. getting a check for $400.00 dollars even if it goes to savings as opposed to spending we all might be just a bit better off?

As long as you follow the reward for failure philosophy - sure.

quote:

Is he supposed to just hand out money?

'ya know - I can't print money. So when business is slow or the receivables are getting hairy I do something, perhaps unique, I don't spend as much. I know, I know, a difficult concept - cut expenses; especially when all the kool-aid drinkers waiting for a His "Don't ask what you can do for your country - ask what the country can do for you."; inaugural speech.

quote:

I am not so sure what it is people want,

Sure you do - but its not politically correct to say so. They want to sit on their ass, not have to work hard, and have someone from the government feed, cloth, and house them.

quote:

I am not so sure anything will work except time and a bit of pain but, I do believe that a start to make the economy move is much better than doing NOTHING.

How about something that hasn't been tried since President Kennedy - self determination, personal accountability, and personal responsibility. The cheapest and easiest 'something' is getting the hell out of the way of people who can succeed and letting the failures, personal and ESPECIALLY corporate/business, reap their deserved consequence.

(in reply to SilverMark)

Post #: 19

RE: New tax cuts proposed by Obama - 1/6/2009 8:51:11 AM

hizgeorgiapeach

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quote:

ORIGINAL: SilverMark

So Obama is to leave it all the way it is to balance the budget? That would solve the issues at hand? I think that realisim versues view point has crossed up the thinking.
Perhaps Merc, tax cuts are a Kennedy-esque thing as opposed to a Republican thing? If the losses I have taken in the past can apply to the taxes my business must pay, my business can grow a bit? If on the average a person makes $40.00 more per week vs. getting a check for $400.00 dollars even if it goes to savings as opposed to spending we all might be just a bit better off? Is he supposed to just hand out money? I am not so sure what it is people want, and I am not so sure anything will work except time and a bit of pain but, I do believe that a start to make the economy move is much better than doing NOTHING.

I did not say "leave it the way it is TO balance the budget." I said - don't make false noises about being able to Cut Taxes in ORDER to balance the budget. I said quit spending more than they take in. I said start spending Less than they take in - in order to decrease the huge debt load currently in place. That isn't "leaving things as they are" - that's Correcting The Standing Problems With Responcible Solutions. If Obama (or any OTHER potential president or president elect) honestly wants to do something to fix the problems - then forcing Congrease to present a balanced budget is the place to start. Misdirecting taxpayers with false hope isn't.

Lying to people - whether it be those of us who bear the financial burden of being taxpayers - or themselves - is Not better than doing Nothing. And it's sure as hell not acting like a reasonable, intelligent adult who accepts personal responcibility in sticking to a sound budget.

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Rhi
Light travels faster than sound, which is why some people appear bright until you hear them speak.
Essential Scentsations

(in reply to SilverMark)

Post #: 20

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