Some have wondered why the tea partiers are so worked up about taxes. Why, President Obama hasn't raised anyone's taxes. In fact, he lowered taxes for nearly everyone. This is baloney in its purest form. First of all, a tax rebate or tax credit is not lowering taxes. Only a reduction in rates can be considered lowering taxes. Rebates and credits are manipulations. Second, here is the short list of tax increases that are currently on the table.
1. Increase on stock dividends from 15% to 40% to take effect in 2011 (Senate Budget Committee). This would be a cyanide pill for the economy.
2. Increase in captial gains taxes due to the expiration of the Bush tax cuts.
3. Increase in the alternative minimum tax.
4. Increase in the inheritance tax (AKA the death tax).
5. The new "bank tax" promoted by Obama in his Cooper Union speech (4/22/10).
6. Last but not least (and not yet officially on the table), the European-style value-added tax (VAT). I might favor a VAT if it replaces income taxes, but if it's on top of the tax on income, then I'm adamantly against it.
These are six good reasons why the Tea Party Movement needs to remain vocal and vigilent.
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5 comments:
1. it's 15% to 20% and only for those earning over $250k jointly.
2. it's 15% to 20% and only for those earning over $250k jointly. Small bus. exempted.
3. No idea. I never understood the AMT
4. Remains at the 2009 level.
5. Nowhere in that speech did he mention the "bank tax" and he has asked that it be removed from the senate bill. He is in favor of a tax of 15 basis points (that's .15 of one per cent, not 15% as Fox likes to put it) to get back all TARP money.
6. VAT is only being used as political hay by the conservatives. Volcker only mentioned it as one possibility, not that it was fact.
I would argue that although you are correct as far the credit/tax rate goes, I would suggest that the "making work pay" credit is slightly different in that money is seen through less dollars being withheld each pay day, whereas the normal credit is a reduction in tax owe you only see/get back in refund when you fill out your forms every year. At least with this credit you get your money upfront.
If you make over $250k, then sorry, your taxes will go up in 2011.
Once more you are being somewhat duped by conservative misinformation. Might it be Kudlow this time?
Correcton: He did mention the 15 basis point tax to get TARP money back. The tax in the reform bill wasn't mentioned.
It's always difficult to keep track of all the various tax schemes being tossed around in Washington. My point is that those who oppose tax increases as a matter of principle need to be vigilant. BTW, how much you want to bet that the Deficit Reduction Commission proposes a VAT tax?
David, if I bet you, I would have to pay you. I am sure this commission will recommend tax increases and or new taxes, just as I am sure they will recommend some spending cuts. It's up to congress to do something and that will probably be nothing. Social security needs reformed and it just seems they haven't the will to do that. What amazes me is that 47% pay no income tax. When I heard that, I took my 2009 taxes, added in 3 kids and wow, what a break you get for having kids. Where was that when I had kids? I am sure your kids love it, but it hardly seems fair to me to get not just an exemption, but a $1,000 tax credit also?
Again, for what its worth, Jan. 2001 we had a 500 billion surplus and Mr. Bush and the congress just couldn't seem to control themselves. Fight two wars on borrowed money when you will never convince me that the citizens would have gladly accepted a tax increase or surcharge to pay for it after what happened on 9/11 was just ridiculous way to do things.
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