Obama raising taxes on the Poor to help the economy?

Discussion in 'Economy' started by PLYMCO_PILGRIM, Sep 4, 2010.

  1. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    How Will The Expiring Bush Tax Cuts Affect You? - Forbes.com

    Obama supports letting these tax cuts expire. The poorest americans, all americans making under 32,000/year, are going to receive a 5% increase in their federal tax responsibilities.

    my bracket, the next one up, will receive a 3% tax hike.

    The richest people will get a 4.6% tax hike, or a slightly smaller tax hike then the poorest americans.

    How do we justify this in relation to the rhetoric of many who said the bush tax cuts were being only for the rich?
     
  2. Greenbeard
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    Greenbeard Gold Member

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    August 10:

    WASHINGTON — As debate heats up over President Obama’s proposal to let the Bush tax cuts expire for the wealthy but to extend them for everyone else, a nonpartisan Congressional analysis circulated on Capitol Hill on Tuesday provides a look at the impact the plan would have on high-income taxpayers. ​

    What does he support again?
     
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  3. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    If that is how it ends up being done I wont have an issue with it. It is the NYtimes and I take them with the same grain of salt I take FOXnews reporting but i'm taking this article at its face value for now.
     
  4. Greenbeard
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    Greenbeard Gold Member

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    Do you trust the Wall Street Journal?

    Democrats are aiming to push legislation extending Bush-era middle-class tax cuts ahead of midterm elections. But with Republicans and several Democrats advocating a similar extension for high-earners, too, prospects for passage before November balloting appear uncertain. [...]

    A spokesman for Senate Majority Leader Harry Reid confirmed on Sunday that the Nevada Democrat "intends to take a bill [to extend middle-class tax cuts] to the floor in September." ​

    Or the Speaker's own words:

    President Obama and Democrats in Congress are committed to fiscally responsible tax policies, including ensuring middle-class American families and small businesses continue to see tax relief. As Speaker Pelosi explained at her weekly press conference last week, “if we want to lower taxes for the middle class and reduce the deficit and create jobs, extending the tax cuts at the high end are not in furtherance of reaching those goals.” ​

    Or the President's own budget proposal, submitted months ago:

    Obama wants tax breaks proposed by President George W. Bush to expire this year. His budget would eliminate tax breaks on those making more than $250,000 a year, a move almost certain to be opposed by Republicans and perhaps some Democrats as the economy crawls out of the recession.

    "We extend middle-class tax cuts in this budget," Obama said Monday at the White House, but "we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it." ​

    There is something wrong with our discourse in our country when the contours of a public debate--no matter how clearly defined they are--are still hazy to voters. The discussion has always been whether to extend the cuts for the top earners, not everyone else.
     
  5. Quantum Windbag
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    Quantum Windbag Gold Member

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    Nice to see someone else admitting that the Bush Tax cuts did not only help the rich.

    That said, Obama has modified his original plan to let all of the Bush tax cuts expire because even the liberal economists are leery of raising taxes during a recession. On top of this, the Democrats are going to extend the cuts wit, or without, his support, so he might as well jump on the bandwagon and act like he supports the idea. The problem for Obama is that Congress wants to extend the cuts across the board, and make them permanent for the middle class. Obama only wants to extend them to avoid the negative effects of tax hikes before an election.
     

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