Real Tax Cuts Of Obama Stimulus For Low & Middle Incomes Worked--Now Gone!

Discussion in 'Economy' started by mascale, Jun 4, 2011.

  1. mascale
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    mascale VIP Member

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    So The Ivy League Liberal Democrats at least came up with a plan that could work. One third of the Obama Stimulus was Tax Cuts, and here they are:

    For Individuals
    Tax Cuts

    Making Work Pay Credit Expanded Earned Income Credit To Offset Payroll Taxes - 6.2 percent of earned income of the taxpayer, $400 ($800 in the case of a joint return) Phased out at $95,000 of individual taxpayer, $190,000 of joint return ETA JUNE
    Child tax credit, Income threshold reduced to $3,000, provides credit of 15% on all earnings, up to $1,000

    American Opportunity Education Credits w/ $2,500 credit for first four years of higher education expenses (increase income limitations), with credit partially-refundable (30% refundable); adds course materials to tuitions and fees, increases credit to taxpayers with $80,000 income or households with $160,000
    Opportunity.gov Education Assistance Programs
    Sales Tax Deduction on new car purchases, phased out on $125,000 income per earner.
    Raises Exemption on AMT to 70,950 for joint filers and $46,700 for singles, expands applicable credits.
    Remove repayment requirement on $8,000 first-time home buyer credit for homes purchased after 2008 and before termination of credit (June 30, 2009)
    Extends tax credits through 2010 to make energy-efficiency improvements to homes, equal to 30 percent (capped at $1,500) of the amount they paid for energy-efficient furnaces, hot water boilers and other energy savings improvements.
    30 percent uncapped tax credit for solar water heating property, small wind energy property and geothermal heat pumps
    Tax credit for newly unemployed to cover up to 65% of COBRA. Tenured Workers over 55 can maintain COBRA until they are eligible for Medicare.

    For Business
    Tax Cuts

    Bonus depreciation for capital expenditures and debt cancellation
    5-year carryback of net operating losses for companies earning less than $15 million
    Extension of increased small business expensing, $250,000 deduction direct from tax liability
    Defer taxes five years on debt cancellation
    Expand work opportunity tax credit for disconnected youth and unemployed, recently-discharged veterans
    Prospectively repeal Treasury Section 382 built-in loss ruling, that helped the Wells Fargo acquisition of Wachovia.
    New Small Business Size Eligibilities

    For State and Local Governments
    Tax Cuts

    Allow financial institutions to purchase State and local bonds and other changes
    Coordination provisions with new grant program for low-income housing being designed by the Financial Services Committee
    Repeal AMT limits on new private activity bonds
    Taxable bond option for governmental bonds
    Clean renewable energy bonds
    One year deferral of withholding tax on government contractors
    Provide tax exempt bonds and tax credit bonds to "recovery zones." These tax exempt bonds and tax credit bonds can be used for a wide array of purposes to stimulate economic development, including job training and education. A "recovery zone" would be an area within a State, city or county that has exhibited high unemployment, foreclosures or poverty. These bonds would be allocated automatically to States and large municipal governments based on the number of unemployed individuals within that area.

    For Energy Incentives
    Tax Cuts - $20 Billion

    Provides $20 billion in tax incentives for renewable energy and energy efficiency
    Three-year extension of the production tax credit (PTC) for electricity derived from wind, biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities
    Grants of up to 30 percent of the cost of building certain new renewable energy facility
    Expands tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, roofs, cooling equipment and insulation.
    Provides a tax credit for individuals to purchase plug-in hybrid vehicles, alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles of up to $7,500
    New manufacturing investment tax credit for investment in advanced energy facilities and other innovative next-generation green technologies.

    Boehner and McConnell were opposed to all that from the start. The Party of Abraham Lincoln only takes things away that have anything to do with lower and middle income white people. That is on their permanent record, to cheapen the value of all of labor, especially of freed labor.

    "Crow, James Crow: Shaken, Not Stirred"
    (Many White Eyes not see tax incentive for more firewater of Tennessee Bourbon whiskey-makers--which is Intellectual Property, even in NAFTA! Hmmmm!)
     
  2. Epsilon Delta
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    Epsilon Delta Jedi Master

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    Yes, a third were tax cuts (which are now expiring) and another third pretty much went towards offsetting massive layoffs and cutbacks in state and local governments, leaving less than $300 billion of any actual stimulus spending, for an economy of more than a dozen trillion dollars, to counter the effects of an $8 trillion bubble. It was basically a non-starter, and it's no wonder it didn't work.
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    Refundable tax credits, poorly veiled welfare payments and fudging the withholding tables aren't tax rate cuts.

    Too bad there's no expiration date to the intellectual and semantic dishonesty of the Boiking's regime and their media cheering section.
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Economy groundin' to a halt...
    :eek:
    Slow-moving economy runs into 'brick wall'
    6/3/2011 : Job growth grinds to halt as consumers, employers lose confidence
    See also:

    Why jobs no longer top Washington's agenda
    6/3/2011 - With only 54,000 jobs added in May, political leaders still focused on deficit cutting
     
    Last edited: Jun 4, 2011
  5. mascale
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    mascale VIP Member

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    In most of history, like in Matt 25:14-30, the rich get computed to be richer, and the poor don't have enough to begin with.

    In the Refundable Income Tax, Schedule M, Credit: The upper middle ranges of the income scale were eligible for the credit, and the lower income ranges of the income scale were eligible for the credit.

    The lower may have owed nothing, but got money back. The upper middle may have owed taxes, but owed less after the tax cut. That is a tax cut.

    Since those lower incomes got a major relative boost in spending cash, then that would be said like a targeted tax cut stimulus.

    Those were tax cuts: And the Splintered Minority, took that away. The Tsunami and the rest of the winter took May employement gains away. That was a gain, and was not a 700,000 person job loss: A gain of about 800,000--compared to what was happening only a few years ago.

    "Crow, James Crow: Shaken, Not Stirred!"
    (Abraham Lincoln took over $1.0 mil. away for Sanee Sioux: Owed them, in a time of soaring deficits. Then troops were sent in, and killed them.)
     

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