Obama to "raise" taxes on the middle class...

[Jenksismyhero]

Well this is great. Good thing we increased our spending to record heights to "save" this awesome economy. Good thing we wasted tens of billions to auto companies that still went bankrupt. Good thing we bailed out the financial industry so they could hand out record bonuses. And good thing Obama continues to ignore his campaign promises.

 

I'm going to enjoy paying more, how about you?

 

http://news.yahoo.com/s/nm/20100201/bs_nm/...t_backdoortaxes

 

 

[BigSqwert]

If you make more than $250K I can't say I feel sorry for you.

[NorthSideSox72]

Well this is great. Good thing we increased our spending to record heights to "save" this awesome economy. Good thing we wasted tens of billions to auto companies that still went bankrupt. Good thing we bailed out the financial industry so they could hand out record bonuses. And good thing Obama continues to ignore his campaign promises.

 

I'm going to enjoy paying more, how about you?

 

http://news.yahoo.com/s/nm/20100201/bs_nm/...t_backdoortaxes

Hm. Seems odd, some articles are saying only the top two tiers of income tax (effecting those with income over 250k/family) are reverting (which is just fine as far as I'm concerned), but this one says the middle brackets are as well - not sure where the truth lies. And the cap gains increase is small enough to not have large effect on anyone other than huge investors, and the estate tax isn't something that effects many anyway.

 

The thing that does alarm me in there (other than the middle bracket income tax increases, if that is true), is the massive increase in dividend taxes - from 15% to 39.6%. That is a MASSIVE jump, and will surely have a significant effect on the markets, and thus everyone's investments, including 401k's. That has danger written all over it. It also has a side effect of forcing slides in buy-and-hold stock trading and mutual funds, away from value-based names, to more speculative ones - thus making the markets far riskier and less stable.

 

One thing in the article looks blatantly wrong - the removal of the $4,000 deduction for college tuition, which is being replaced by a much larger one, from the articles I read yesterday. I think they just missed the boat on that one.

 

Anyone have any good confirmation on which income brackets are truly changing? Since there is conflicting information out there?

 

[NorthSideSox72]

If you make more than $250K I can't say I feel sorry for you.

Problem is, if that article is right (which I am not sure of), the tax increases will effect people way below that as well.

 

[Jenksismyhero]

If you make more than $250K I can't say I feel sorry for you.

 

I guess it depends on which brackets we're talking about here, but this article suggests it's going to include every tax bracket, including getting rid of the 10%. So, even if you make 40k, enjoy paying an extra 5% to the government to help pay for absolutely nothing.

[BigSqwert]

I guess it depends on which brackets we're talking about here, but this article suggests it's going to include every tax bracket, including getting rid of the 10%. So, even if you make 40k, enjoy paying an extra 5% to the government to help pay for absolutely nothing.

 

Has Kap taken over your account?

[Jenksismyhero]

Hm. Seems odd, some articles are saying only the top two tiers of income tax (effecting those with income over 250k/family) are reverting (which is just fine as far as I'm concerned), but this one says the middle brackets are as well - not sure where the truth lies. And the cap gains increase is small enough to not have large effect on anyone other than huge investors, and the estate tax isn't something that effects many anyway.

 

The thing that does alarm me in there (other than the middle bracket income tax increases, if that is true), is the massive increase in dividend taxes - from 15% to 39.6%. That is a MASSIVE jump, and will surely have a significant effect on the markets, and thus everyone's investments, including 401k's. That has danger written all over it. It also has a side effect of forcing slides in buy-and-hold stock trading and mutual funds, away from value-based names, to more speculative ones - thus making the markets far riskier and less stable.

 

One thing in the article looks blatantly wrong - the removal of the $4,000 deduction for college tuition, which is being replaced by a much larger one, from the articles I read yesterday. I think they just missed the boat on that one.

 

Anyone have any good confirmation on which income brackets are truly changing? Since there is conflicting information out there?

 

That's assuming this worthless Congress actually passes legislation to include this. I have zero confidence they will.

[Jenksismyhero]

Has Kap taken over your account?

 

No, but I really don't see what we (the middle class) have gained out of this mess. Yeah, I guess things could be worse for some, but that doesn't mean anyone is better for it.

 

[Balta1701]

No, but I really don't see what we (the middle class) have gained out of this mess. Yeah, I guess things could be worse for some, but that doesn't mean anyone is better for it.

You've gained much richer wall street execs, and the Right keeps telling me that'll trickle down.

[Jenksismyhero]

You've gained much richer wall street execs, and the Right keeps telling me that'll trickle down.

 

Yeah, and the Left keeps telling me their going to stop doing that.

 

Here's the reality of the situation: if you're in the middle class (which 90% of us are), you get nothing in this country. The Left, for some strange reason, believes that the bottom 5% has to be given EVERYTHING, without anything in return. The Right (and the Left, cuz let's face it, neither exists without the uber-rich funding their campaigns) protects the top 5% so they can continue to hoard their wealth.

 

So where does that leave the people that can pay for some things, but not without struggle? Nothing. Pay more. Pay more to save the rich because they messed up. Pay the poor because they can't do it for themselves.

 

Ridiculous.

[BigSqwert]

LOL at the premature Drudge bait.

 

The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week.

[GoSox05]

Yeah, and the Left keeps telling me their going to stop doing that.

 

Here's the reality of the situation: if you're in the middle class (which 90% of us are), you get nothing in this country. The Left, for some strange reason, believes that the bottom 5% has to be given EVERYTHING, without anything in return. The Right (and the Left, cuz let's face it, neither exists without the uber-rich funding their campaigns) protects the top 5% so they can continue to hoard their wealth.

 

So where does that leave the people that can pay for some things, but not without struggle? Nothing. Pay more. Pay more to save the rich because they messed up. Pay the poor because they can't do it for themselves.

 

Ridiculous.

 

 

We should go back to taxing the rich 70%.

[HuskyCaucasian]

LOL at the premature Drudge bait.

hmmm... some fact checking going on?

[Cknolls]

We should go back to taxing the rich 70%.

 

And raise the corporate tax rate too. Watch the jobs roll in baby. LMAO

Edited February 2, 2010 by Cknolls

[GoSox05]

And raise the corporate tax rate too. Watch the jobs roll in baby. LMAO

 

Hell yeah. Thats a good idea.

[bmags]

Haha, great great thread. Wonderful story by Reuters, news industry at the top of their game.

 

Also, the middle class doesn't benefit from medicare? Our military dominance? Social security? Highways? Your meat not being infested with diseases? Your medicine doing what it actually claims to do? Scholarship programs?

 

News to me.

[Balta1701]

Haha, great great thread. Wonderful story by Reuters, news industry at the top of their game.

 

Also, the middle class doesn't benefit from medicare? Our military dominance? Social security? Highways? Your meat not being infested with diseases? Your medicine doing what it actually claims to do? Scholarship programs?

 

News to me.

The Middle Class certainly gets some goodies from the government, but the story of the Middle Class over the past 30 years is one of steady erosion of its economic position at the expense of the upper class, and at the very least, that's been reinforced by government policy, if not entirely driven by it.

[Jenksismyhero]

It was a Yahoo news story, so I dunno how Drudge is involved.

 

And I'm not a proponent of over taxing the rich. If you have more, you should pay more. End of story. But I'm tired of Democrats getting into office and promising everything under the sun to disadvantaged people (which just doesn't exist, the country has provided ample means of equal opportunity, no matter what your lot in life is), without any sort of requirements. A good chunk of the country is just paid to do nothing. And it's at the expense of the middle class, who are already struggling as it is.

 

Edit: And yes, on the flip side the wealthy have been protected, which is equally ridiculous.

Edited February 2, 2010 by Jenksismybitch

[Balta1701]

A good chunk of the country is just paid to do nothing.

And really, this just isn't true.

[HuskyCaucasian]

It was a Yahoo news story, so I dunno how Drudge is involved.

Drudge uses overly dramatic headlines to draw attention to minor articles. I reference the headline that Obama's people were going door to door in Texas to take guns. The story was about law enforcement looking for Mexican gun runners.

 

The article's title might have been overstating the facts.

[Jenksismyhero]

Drudge uses overly dramatic headlines to draw attention to minor articles. I reference the headline that Obama's people were going door to door in Texas to take guns. The story was about law enforcement looking for Mexican gun runners.

 

The article's title might have been overstating the facts.

 

I recognize that, but he's correct in this case. Taxes are going to rise under Obama's watch. There's not much overstating about that.

[HuskyCaucasian]

I recognize that, but he's correct in this case. Taxes are going to rise under Obama's watch. There's not much overstating about that.

I didnt have a chance to read it. So, I cant comment. Just explaining the Drudge reference.

[Balta1701]

I recognize that, but he's correct in this case. Taxes are going to rise under Obama's watch. There's not much overstating about that.

You can't on one hand complain about the budget deficit and then on the other hand oppose everything that could be done to lower it.

[Rex Kickass]

I recognize that, but he's correct in this case. Taxes are going to rise under Obama's watch. There's not much overstating about that.

 

Short of completely unfunding our operations in Iraq and Afghanistan and eliminating all discretionary spending, or ending Medicare, there really isn't much choice.

[Jenksismyhero]

You can't on one hand complain about the budget deficit and then on the other hand oppose everything that could be done to lower it.

 

What? Why not? We shouldn't be in this position to begin with. IMO he spent a ton of money he didn't need to spend, and now he has to find a way to pay for it. I say CUT wasteful program and don't raise taxes on the majority of the country.