healthmyths
Platinum Member
- Sep 19, 2011
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Obama said today "The money were spending on these tax cuts for the wealthy is a major contributor to our deficit,
Who's money is it that "we're" spending?
I mean I always thought the productivity and profits were the ownership of the people that owned or worked or were paid... not the government. But the way Obama obviously feels the money all of us earn is the government's first and they are letting us keep a portion that the government owns and by having higher or lower taxes we keep less or more of what the government owns!
Now I know Obama isn't the ONLY one that thinks that!
Here is a list of the "expenditures" that the Government allows US to keep i.e. not report on on our taxes i.e. deductions from what the government OWNS!
(Substitute Tax deductions with "Tax Expenditures" in other words all money is the government and we are allowed the following "expenditures"..
Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes; for example, the value of the tax breaks for homeownership exceeds total spending by the Department of Housing and Urban Development.
What are the largest tax expenditures?
2008 expenditures (tax deductions allowed
Type of deduction that government ALLOWS tax payer to subtract from taxes AMOUNT
1) Exclusion of employer medical insurance premiums and medical care $131 billion
2) Net exclusion of pension contributions and earnings $117.7
3) Deductibility of mortgage interest on owner-occupied homes $88.5
4) Accelerated depreciation of machinery and equipment $55.9
5) Deductibility of nonbusinees state and local taxes $49.1
6) Deductibility of charitable contributions $46.8
7) Deferral of income from controlled foreign corporations $31.5
8) Capital gains exclusion on home sales $30.0
9) Deductibility of State and local property tax on owner-occupied homes $29.1
10) Child credit $28.4
11) Capital gains (except agriculture,timber, and coal) $24.2
12) Step-up basis of capital gains at death $21.5
Who's money is it that "we're" spending?
I mean I always thought the productivity and profits were the ownership of the people that owned or worked or were paid... not the government. But the way Obama obviously feels the money all of us earn is the government's first and they are letting us keep a portion that the government owns and by having higher or lower taxes we keep less or more of what the government owns!
Now I know Obama isn't the ONLY one that thinks that!
Here is a list of the "expenditures" that the Government allows US to keep i.e. not report on on our taxes i.e. deductions from what the government OWNS!
(Substitute Tax deductions with "Tax Expenditures" in other words all money is the government and we are allowed the following "expenditures"..
Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes; for example, the value of the tax breaks for homeownership exceeds total spending by the Department of Housing and Urban Development.
What are the largest tax expenditures?
2008 expenditures (tax deductions allowed
Type of deduction that government ALLOWS tax payer to subtract from taxes AMOUNT
1) Exclusion of employer medical insurance premiums and medical care $131 billion
2) Net exclusion of pension contributions and earnings $117.7
3) Deductibility of mortgage interest on owner-occupied homes $88.5
4) Accelerated depreciation of machinery and equipment $55.9
5) Deductibility of nonbusinees state and local taxes $49.1
6) Deductibility of charitable contributions $46.8
7) Deferral of income from controlled foreign corporations $31.5
8) Capital gains exclusion on home sales $30.0
9) Deductibility of State and local property tax on owner-occupied homes $29.1
10) Child credit $28.4
11) Capital gains (except agriculture,timber, and coal) $24.2
12) Step-up basis of capital gains at death $21.5