President Obama!

[brett636]

Re: Obamanation here today

brett, have you noticed a lot of confusion or even unawareness of the Making America Work credit? My co-workers and I were talking taxes the other day and most of them had neither heard of it or taken advantage of it when they filed their returns. When I told them it was a $400 credit for single filers and a $800 credit for married filers and that the only requirement was a job they kicked themselves for not knowing about it.

I find a lot of confusion for people regarding their income taxes in general. What you're referring too is the Making Work Pay Credit, and it really was supposed to make up for a reduced withholding of taxes from your paycheck throughout the year. Its also refundable so people who have a $0 tax liability can still benefit from the credit. It helps some people, but has hurt others. Case in point one client I had held two jobs last year, both of which reduced his withholdings by the $400, and either job by itself would have qualified him for the full $400 on his return. His combined income caused his credit to be reduced, and this double whammy made his refund much smaller than he had seen in the past. A fulltime driver at UPS will also see their credit reduced unless they are married, and their spouse's income doesn't double their AGI. Most tax programs will automatically add this to the tax return when they file. I would think the only people who would not get it when they qualify are the few people who still do their taxes the old fashioned way with pencil and paper if they weren't aware of it.

 

[1989]

Re: Obamanation here today

Does the stockbroker really pay alot more of his paycheck then the bricklayer ? Pound for pound, by RATIO, using 15%,both the stockbrocker and the bricklayer, pay the same percentage of their earnings, which leaves them both with the same percentage of net income. Now who is more likely to spend most of that net income on basic neccessities stimulating the economy, and who is more likely to hord or make a quick buck investing



We all know, it takes money to make money.....Kudos to those who have worked hard to achieve significant earnings. But lets admit, our Capitalist system is set up wear the more money you make, the more advantages of increasing your flow tenfolds. It's simply not as achievable by those making a modest paycheck. Therefore, reversing Bush's Tax Cuts to the Reagan days on income above the 250k plateau makes sense, and brings in much needed revenue, especially when we're fighting wars and stimulating the economy.

It does take money to make money, but it doesn't come without risk. Life isn't fair. The more risk you can stomach, many times the greater reward. Taking away the rewards for said risks will dry up the risk takers. Every economy needs these risk takers. They start businesses, hire employees, buy equipment for investment in their business in which helps employees of other businesses. Oh yes, they also pay more taxes than the average UPS employee. I'm just curious, what is considered a modest paycheck?

 

[moreluck]

Re: Obamanation here today

February 15, 2010
Democratic Sen. Bayh Will Not Seek Re-Election This Year


Democratic Sen. Evan Bayh will not seek re-election this year, Fox News has learned.



Democratic Sen. Evan Bayh will not seek re-election this year, Fox News has learned.
The two-term Indiana senator is known as a moderate Democrat. His retirement gives Republicans yet another opportunity to pick up a seat in a year when several incumbent Democrats are considered vulnerable.
Former GOP Sen. Dan Coats had been planning to challenge Bayh in November.

 

[wkmac]

Re: Obamanation here today

For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels.
The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained.

US Debt Will Keep Growing Even With Recovery

 

[bbsam]

Re: Obamanation here today

This is true. I usually advise my clients to do what you stated, or depending on when they bought the home they can amend their 2008 return and claim the credit as well. Its also a good idea to include a copy of the closing statements when mailing too.



In actuality that Capital Gains tax rate is too high. Capital Gains is related to investments, and the more investment taking place means more jobs for people like you so you can come on here and complain about the evil rich people holding you down. There is also a precedence that shows the government rakes in more tax revenue when they drop the capital gains tax rate because people invest more. Then again, you view the government as a great equalizer stepping on people who you view to be evil simply because they were able to get more ahead in life than you. Do you ever think about how pathetic you are believing this?

I am not going to waste my time explaining to you the tax code in detail, but if you want to know more, go get a copy of a pub. 17 from the IRS and learn it yourself. What I don't think is fair with the tax code are people who make $10k, claim to support 3 kids, and get 60% or more of their entire yearly income as a tax refund when they did not contribute a penny themselves. Its the same as welfare, only they call it the earned income credit.

Wow. Brett, what a load you're spreading today. The precedent you speak of is the same old tired line the republicans have always pulled out about any taxes. Lower any tax, they say, the coffers will overflow with new economic activity and thus tax revenue. More trickle down hooey. Now with capital gains, would that theory only work in the scenario where the stock market continued an amazing movement upward like we've had over the past 100 years? So when the market tanks, the tax revenue becomes non-existent and helps to add to the deficit. In the past few years we've seen the catastrophe of that mindset. Not only is the tax revenue gone, the empires of Wall Street are brought to their knees and the tax payer is left with the bill. Oh, those poor investment bankers! Now that is what is called Corporate Welfare, but they call it TARP, "To Big toFail".

And on a more personal note: I have no hatred, nor do I see as "evil" people with more than I. You obviously have me lumped in with some crowd that you place a tag on. In fact, I have done quite well thus far in life and am not inclined to stop now. But to look at the past 30 years of economic and tax policy and suggest that it's all right and that "trickle down" has worked is something I fing objectionable. To continue to believe that capital markets are a sustainable industry upon which this economy can flourish flies right in the face of historical fact. And thank you for not boring me with the tax code.

 

[wkmac]

Re: Obamanation here today

I am not going to waste my time explaining to you the tax code in detail, but if you want to know more, go get a copy of a pub. 17 from the IRS and learn it yourself.

IRS Publication 17

 

[moreluck]

Re: Obamanation here today

It's pretty bad when even a Democrat can't stand the Pelosi-Reid Reign in the congress. I think Evan Bayh was probably one of the good guys who just got soooooo frustrated with all the goings on in gov't. that he had enough of it and threw in the towel.

 

[wkmac]

Re: Obamanation here today

What I don't think is fair with the tax code are people who make $10k, claim to support 3 kids, and get 60% or more of their entire yearly income as a tax refund when they did not contribute a penny themselves. Its the same as welfare, only they call it the earned income credit.

Who should we really blame for this? Would it be fair to say whoever started and expanded all this mess are pure socialist/liberals and should never have been voted into office having advocated something so opposed to good gov't and true constitutional limitations not to mention the violation to individual right to property by gov't mandate of wealth redistribution?

Republicans are having a hard time getting traction on the idea that it is wrong to increase refundable child tax credits to families with no income-tax liability. It’s not a question of being stingy; many are genuinely concerned about the growth of a non-taxpaying class that potentially can vote subsidies for itself under the guise of tax reduction. In practice, however, this is less of a problem than it appears.

In truth, Republicans have no one but themselves to blame for the mess they have gotten into. It was they who invented the first refundable tax credit, the Earned Income Tax Credit (EITC), back in the 1970s. And it was Republicans who invented the child credit in the 1990s. Both were bad ideas that have come back to haunt them.

The EITC has a sterling Republican heritage. It was first instituted in the 1920s by a Republican Congress at the instigation of Treasury Secretary Andrew Mellon. Repealed in 1943, Republican President Gerald Ford revived it in 1975. In part, Ford was responding to the argument for a negative income tax that had been advanced by free-market economist Milton Friedman.

In the 1980s, Ronald Reagan supported a big increase in the EITC rate from 10 percent to 14 percent. In 1990, George H.W. Bush supported a further increase.
Despite the exploding cost of the EITC, Republicans in Congress created another tax credit in the 1997 tax bill. The child credit was intended to make it easier for mothers to stay at home and raise their children, rather than work outside the home. Although not refundable at first, it was in effect refundable for many because it increased their EITC payments. In 2001, the child credit was made explicitly refundable. Shortly, Congress will likely increase its refundability still more.

Where Tax Credit Is Due

 

[brett636]

Re: Obamanation here today

Wow. Brett, what a load you're spreading today. The precedent you speak of is the same old tired line the republicans have always pulled out about any taxes. Lower any tax, they say, the coffers will overflow with new economic activity and thus tax revenue. More trickle down hooey. Now with capital gains, would that theory only work in the scenario where the stock market continued an amazing movement upward like we've had over the past 100 years? So when the market tanks, the tax revenue becomes non-existent and helps to add to the deficit. In the past few years we've seen the catastrophe of that mindset. Not only is the tax revenue gone, the empires of Wall Street are brought to their knees and the tax payer is left with the bill. Oh, those poor investment bankers! Now that is what is called Corporate Welfare, but they call it TARP, "To Big toFail".

And on a more personal note: I have no hatred, nor do I see as "evil" people with more than I. You obviously have me lumped in with some crowd that you place a tag on. In fact, I have done quite well thus far in life and am not inclined to stop now. But to look at the past 30 years of economic and tax policy and suggest that it's all right and that "trickle down" has worked is something I fing objectionable. To continue to believe that capital markets are a sustainable industry upon which this economy can flourish flies right in the face of historical fact. And thank you for not boring me with the tax code.

What I state is true. Just because you have difficulty comprehending or accepting these facts is not my problem. Bush cut taxes and the government tax revenues increased. Capital gains tax revenue increased when the capital gains tax rates are reduced. To say otherwise is delusional at best.


http://www.discovery.org/a/2407
http://www.ncpa.org/pdfs/st159.pdf
http://www.heritage.org/research/taxes/wm327.cfm
http://www.cato.org/pubs/tbb/tbb-0302-13.pdf
http://www.house.gov/jec/fiscal/tx-grwth/reagtxct/reagtxct.htm

 

[moreluck]

Re: Obamanation here today

I think Brett has a clearer understanding of the economy than the prez. and all his so-called experts.

 

[Lue C Fur]

Re: Obamanation here today

I think Brett has a clearer understanding of the economy than the prez. and all his so-called experts.

I think most 1st year college students have a clearer understanding of the economy than Obama...or maybe Obama and his admin do know what they are doing and its called bankrupting the country. Maybe its the grand plan...

 

[over9five]

Re: Obamanation here today

I think most 1st year college students have a clearer understanding of the economy than Obama...or maybe Obama and his admin do know what they are doing and its called bankrupting the country. Maybe its the grand plan...

If it is the grand plan, they're doing a stellar job. My single biggest fear for our country is not terrorism or healthcare. It is the deficit and the national debt.

 

[tonyexpress]

Re: Obamanation here today

It's pretty bad when even a Democrat can't stand the Pelosi-Reid Reign in the congress. I think Evan Bayh was probably one of the good guys who just got soooooo frustrated with all the goings on in gov't. that he had enough of it and threw in the towel.

In many ways Evan Bayh not running for reelection is more stinging than the Scott Brown victory. He lambasted the system and the pettiness, and said that he could do more for the nation by starting a business. Just consider there are only 100 U.S. Senate positions, they are prestigious and powerful, but not when there is a void of leadership. Right now, there is a void so large as to resemble a cosmic formation. -Charles Payne-

 

[wkmac]

Re: Obamanation here today

In many ways Evan Bayh not running for reelection is more stinging than the Scott Brown victory. He lambasted the system and the pettiness, and said that he could do more for the nation by starting a business. Just consider there are only 100 U.S. Senate positions, they are prestigious and powerful, but not when there is a void of leadership. Right now, there is a void so large as to resemble a cosmic formation. -Charles Payne-

Bayh has now sent an even bigger shock to the Washington establishment by basically saying "throw all the bums out!"

Good for him!

 

[moreluck]

Re: Obamanation here today

OK, the Messiah was on TV again this morning (surpries, surprise, in my Gomer voice). I have been hearing Odrama talk of an atomic energy plant........has he mentioned which city is getting this plant ??

 

[moreluck]

Re: Obamanation here today

We've just heard that the Obama Administration will be honoring the 43rd President of the United States by naming the gap between the tectonic plates beneath Haiti after him. The area will now officially be referred to as "Bush's Fault."

 

[moreluck]

Re: Obamanation here today

}



I'm sure most of us have read the so-called comparison of Lincoln and Kennedy, but did you ever consider the relationship between Obama and Lincoln?
You may be surprised.
Parallels of Abraham Lincoln and B. H. Obama:
1. Lincoln placed his hand on the Bible for his inauguration... Obama used
the same Bible.

2. Lincoln came from Illinois ... Obama comes from Illinois .

3. Lincoln served in the Illinois Legislature... Obama served in the Illinois Legislature.

4. Lincoln had very little experience before becoming President... Obama had very little experience before becoming President..

5. Lincoln rode the train from Philadelphia to Washington for his inauguration... Obama rode the train from Philadelphia to Washington for his inauguration.

6. Lincoln was a skinny lawyer... Obama is a skinny lawyer.

7. Lincoln was a staunch Republican... Obama is a skinny lawyer.

8. Lincoln was highly respected... Obama is a skinny lawyer.

9. Lincoln was born in the United States ... Obama is a skinny lawyer.

10. Lincoln was honest, so honest that he was called Honest Abe... Obama is a skinny lawyer

11. Lincoln saved the United States .... Obama is a skinny lawyer

 

[wkmac]

Re: Obamanation here today

What doth Teddy Roosevelt say?

“n the days of Abraham Lincoln [the Republican party] was founded as the radical progressive party of the Nation."

Theodore Roosevelt: an Autobiography (New York: Macmillan Company, 1913) pp. 381

Continuing further that line of thinking:

12: Republicans are radical progressives, Lincoln a radical progressive, Obama a radical progr.....


Another interesting quote from Teddy on page 420:

"I believed in invoking the National power with absolute freedom for every National need. . . “

Sounding familar?

 

[moreluck]

Re: Obamanation here today

Odrama just had his daily TV appearance......when is he going to stop campaigning and start taking care of our country.

Having an envoy to the Muslim world must come before jobs on his list of things I gotta do!!

 

[moreluck]

Re: Obamanation here today

The sky already fell. Now what? -- Steven Wright