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Thread: Gee my family gets to fund more USofA citizens

  1. #1
    Custos morum PaulChristenson's Avatar
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    Question Gee my family gets to fund more USofA citizens

    Obama's budget proposal would effectively raise income taxes and curb tax deductions on couples making more than $250,000 a year, beginning in 2011. By not extending former President George W. Bush's tax cuts for wealthier filers, Obama would allow the marginal rate on household incomes above $250,000 to rise from 35 per cent to 39.6 per cent.<<<This was absolutely no surprise...

    About half of what characterized as a $634 billion "down payment" toward health care coverage for every American would come from cuts in Medicare.<<<Read loss of family income... That is sure to incite battles with doctors, hospitals, health insurance companies and drug manufacturers.

    To raise the other half, Obama wants to reduce the rate by which wealthier people can cut their taxes through deductions for mortgage interest<<<Fortunately my mortgage is paid off in 2012, so what interest deduction we were getting was minimal anyways......But this ought to be a HUGE INCENTIVE for someone wanting to buy a nice expensive home...NOT..., charitable contributions, local taxes and other expenses to 28 cents on the dollar, rather than the 35 cents they can claim now.So now, it costs me 72 cents to donate a dollar...really a huge incentive to continue my charitable giving... Even more money would be raised if the top rate reverts to 39.6 per cent, as Obama wants.

    Gee, maybe he'll allow me to increase my personal deductions by adopting a family or three...

  2. #2
    Site Ogre, Admin & FFBN Exotic pole dancer :) Ducati996's Avatar
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    In order to see the whole, you need to look both at where revenues will come from and at where they’ll go: By allowing the Bush tax cuts to expire (they never should have been implemented), the marginal income tax on the highest earners goes back to 39.6 percent (from 35 percent, now), and capital gains rates to 20 percent (from 15, now). The budget also limits the amount highest earners can claim for mortgage-interest and charitable deductions (from 35 percent now down to 28 percent), raising an estimated $318 billion over ten years. Finally, wealthier Medicare beneficiaries will have to pay higher premiums for prescription drugs.

    Presidential budgets are aspirations. They're not real, in the sense that no one really has to adhere to them. Obama's budget now goes to Congress, where budget committees will draw up their own versions. Even these congressional budgets are mere guidelines for appropriations and tax-writing committees. Lobbyists will be swarming. So don't expect the final offering to look exactly like the proposal the President is putting into motion. On the other hand, it is likely to bear more than a passing resemblance.

    It's about time a presidential budget uneqivocally redistributed income from the very rich to the middle class and poor. The incomes of the top 1 percent have soared for thirty years while median wages have slowed or declined in real terms. As economists Thomas Piketty and Emanuel Saez have shown, in the 1970s the top-earning 1 percent of Americans took home 8 percent of total income; as recently as 1980 they took home 9 percent. After that, total income became more and more concentrated at the top. By 2007, the top 1 percent took home over 22 percent. Meanwhile, even as their incomes dramatically increased, the total federal tax rates paid by the top 1 percent dropped. According to the Congressional Budget Office, the top 1 percent paid a total federal tax rate of 37 percent three decades ago; now it's paying 31 percent.
    Fairness is at stake but so is the economy as a whole. This Mini- Depression is partly the result of a widening gap between what Americans can afford to buy and what Americans when fully employed can produce. And that gap is in no small measure due to the widening gap in incomes, since the rich don't devote nearly as large a portion of their incomes to buying things than middle and lower-income people. The rich, after all, already have most of what they want.

    Duc
    '08 Kubota L 39, 2006 JD 2520 TLB, 2003 Cub Cadet 3204, 2006 Ford F-550 turbo diesel 4x4 mason dump, Wright Standers 52" mower, and a ton of attachments!

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    Senior Member Dougster's Avatar
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    Quote Originally Posted by PaulChristenson View Post
    Gee, maybe he'll allow me to increase my personal deductions by adopting a family or three...
    The entire Dougster™ family is available for adoption anytime you are ready!
    Quote Originally Posted by Ducati996 View Post
    It's about time a presidential budget uneqivocally redistributed income from the very rich to the middle class and poor.
    Damn straight Duc! I'll be by to pickup the keys to the L39 first thing next week! I'll take the dump truck too if you don't mind.

    Plus you wouldn't happen to have any Skippy Super-Chunk peanut butter, would you? It's a long ride home.
    I like this new wealth redistribution thang! Thank you all for helping to support me!
    Dougster™

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    Senior contributor Edster's Avatar
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    Quote Originally Posted by Dougster View Post
    The entire Dougster™ family is available for adoption anytime you are ready!

    Damn straight Duc! I'll be by to pickup the keys to the L39 first thing next week! I'll take the dump truck too if you don't mind.

    Plus you wouldn't happen to have any Skippy Super-Chunk peanut butter, would you? It's a long ride home.
    I like this new wealth redistribution thang! Thank you all for helping to support me!
    Dougster™

    Some how I knew you would reply to this post. I also pretty much knew what your reply would be. Just suprised you ddn't ask for a fresh loaf of bread too.



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    Site Ogre, Admin & FFBN Exotic pole dancer :) Ducati996's Avatar
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    Quote Originally Posted by Dougster View Post
    The entire Dougster™ family is available for adoption anytime you are ready!

    Damn straight Duc! I'll be by to pickup the keys to the L39 first thing next week! I'll take the dump truck too if you don't mind.

    Plus you wouldn't happen to have any Skippy Super-Chunk peanut butter, would you? It's a long ride home.
    I like this new wealth redistribution thang! Thank you all for helping to support me!
    Dougster™
    Lets not get ahead of ourselves it goes into effect 2 years from now for the most part (expiration 2010 of Bush's tax break). Besides the rich know how to hold on to their money (thats why we are rich -LOL), so I'm not sure why the crying? Do you want the salmonella special in the super chunk?
    '08 Kubota L 39, 2006 JD 2520 TLB, 2003 Cub Cadet 3204, 2006 Ford F-550 turbo diesel 4x4 mason dump, Wright Standers 52" mower, and a ton of attachments!

  6. #6
    Site Ogre, Admin & FFBN Exotic pole dancer :) Ducati996's Avatar
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    Quote Originally Posted by Edster View Post
    Some how I knew you would reply to this post. I also pretty much knew what your reply would be. Just suprised you ddn't ask for a fresh loaf of bread too.
    He gets cheese, and only cheese....
    '08 Kubota L 39, 2006 JD 2520 TLB, 2003 Cub Cadet 3204, 2006 Ford F-550 turbo diesel 4x4 mason dump, Wright Standers 52" mower, and a ton of attachments!

  7. #7
    Senior contributor Edster's Avatar
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    Quote Originally Posted by Ducati996 View Post
    He gets cheese, and only cheese....


    Just give him the stale green stuff that's in the back of the fridge Duc.



    Mahindra 4530, Massey Ferguson 1100, Woods 6'-0 bush hog
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  8. #8
    Site Ogre, Admin & FFBN Exotic pole dancer :) Ducati996's Avatar
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    Quote Originally Posted by Edster View Post
    Just give him the stale green stuff that's in the back of the fridge Duc.
    exactly my plan..I keep the good cheese with the good wine
    '08 Kubota L 39, 2006 JD 2520 TLB, 2003 Cub Cadet 3204, 2006 Ford F-550 turbo diesel 4x4 mason dump, Wright Standers 52" mower, and a ton of attachments!

  9. #9
    Respected Senior Member irwin's Avatar
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    Quote Originally Posted by Ducati996 View Post

    It's about time a presidential budget uneqivocally redistributed income from the very rich to the middle class and poor. The incomes of the top 1 percent have soared for thirty years while median wages have slowed or declined in real terms. As economists Thomas Piketty and Emanuel Saez have shown, in the 1970s the top-earning 1 percent of Americans took home 8 percent of total income; as recently as 1980 they took home 9 percent. After that, total income became more and more concentrated at the top. By 2007, the top 1 percent took home over 22 percent. Meanwhile, even as their incomes dramatically increased, the total federal tax rates paid by the top 1 percent dropped. According to the Congressional Budget Office, the top 1 percent paid a total federal tax rate of 37 percent three decades ago; now it's paying 31 percent.
    Fairness is at stake but so is the economy as a whole. This Mini- Depression is partly the result of a widening gap between what Americans can afford to buy and what Americans when fully employed can produce. And that gap is in no small measure due to the widening gap in incomes, since the rich don't devote nearly as large a portion of their incomes to buying things than middle and lower-income people. The rich, after all, already have most of what they want.

    Duc
    Trickle down didn't work in the eighties, and it didn't work for Bush, I have no doubt that failed ideology will be back anyway... someday.

    I'm not rich, nor am I poor, but for the last eight years I've felt like I'm dropping from comfortable middleclass to lower middleclass... The greed that had taken over our country with the last Prez. and co. (a true friend of the rich) is a prime cause of the present economic ills. I hope the adjustment hurts the greedy.

    We need someone who cares about the backbone of our economy... guys like me.


    .... Tim

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    Senior Member Underdog's Avatar
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