Quote:
Originally Posted by jimnaseum
Obama will raise taxes on the rich only, and actually that's just a re-adjustment from Damn Bush's hi jinx, the middle class is the motor of the economy and that's who needs tax relief. The rich people don't pay that back (with interest) the middle class pays it back for the next thirty years.
|
At best, the Obama tax plan is laughable.
At worst, it is an economic disaster just waiting to happen...
First, I love how Obama still claims that "95% of all Americans will get a tax break if I'm elected." That's rather interesting since 100% of the people DO NOT even participate in the tax-paying pool to begin with. Currently, a whopping 41% of the public
get refunds every year OR they don't pay AT ALL due to their income level. So how Obama can give a tax break to 95% of all Americans when only 59% are paying taxes to begin with is something that should send a shiver up your spine. Because when someone starts off doing their math that shitty,
that's when you should start getting nervous. In fact, let's look at who
really pays the taxes in America. I know everyone loves to point fingers at the other guy, but this is how it actually breaks down...
The wealthiest 1% earn 19% of the income, but they
also pay 37% of the taxes.
In short, percentage wise, for as much as they take in, they pay twice out...
The top 10% pay 60% of the tab....
The other 50% earn 13% of the income but pay only 3% of the taxes.
Hey, I'm certainly not rich, but looking at the numbers it's impossible to deny that they pay more than a fair share. Hell, look at that last figure again and think about that:
50% of the people -- that's right, HALF of the people living here -- only help to cover 3% of the government's expenses. No wonder things like social security are bankrupt! Talk about disproportions!
Look, here's the truth about Obama and his Robin Hood-like 95% tax break for all: If he gets elected, he wants to send you 500 bucks. Yes, that's what it boils down to. His brilliant tax plan is nothing more than a rerun of the Bush $300 "give back" stimulus check that we all received this past year, the only difference being Obama wants to toss in an extra 200 bucks. Unfortunately, there's a problem with that, and I'll use myself as an example...
I pay about $160 a month for my combined AT&T phone/cell phone/DSL bill, and I pay about $40 for my DirecTV service -- so let's just call it an even 200 bucks. That means if Obama sends me $500 as my "tax break" , I can apply it towards those two things and basically get free phone and TV for 2 months.
And that's it. That was the astounding financial break that was somehow supposed to help me out
for an entire year. Meanwhile, every other cost that I have...rent, gas, food, electricity...are still going UP, costing me about $100 (or so) a month extra. So nice going, Barack: you gave me $500 back...I paid my phone/cable bill...but meanwhile at the exact same time I had to shell out an
additional $250, thus instantly cutting the value of your tax relief in half. In short, I don't consider giving me $500 to deal with a $750 swing very helpful. Because as I said it only helps for 2 months, after which I'm screwed for the other 10 months of the year.
And just like a late night commercial that screams at you:
BUT WAIT! THERE'S MORE!!!
Obama's brilliant plan
also re-defines "income" by now
adding small business assets into the tax pool. So, as an example, if you had your own private limousine company -- let's say you had 2 or 3 cars running around in service -- under current tax law your income would be defined as the money you made from renting them out, from making money by driving people around (businessmen, prom kids, whatever). And you could likewise deduct certain costs (like gas, the price of cleaning a driver's suit, etc). Well, that sounds right. After all, that's the way we've defined income for ages.
But under Obama's whacked-out plan he wants to ADD IN those things. To Obama, if you were running that same limousine company, then the worth of the cars should count as income TOO since
technically (in his view) you could sell them and make money. So since they have a worth they should be taxable, right? And that's the utter insanity of the Obama tax plan. He actually wants to redefine assets as "income" -- which, trust me, will translate into tax hikes across the board. And
that's how he's really planning to come up with the
$350 BILLION he wants for all-new programs. So you can bank on this:
a lot of small business owners who would normally laugh out loud over the assertion that they clear $200,000 a year (and thus cross the Obama tax hike line) are going to be in for a
big shock when Obama comes knocking to say, "I added things up and
technically (in my view) you cross the $200,000 line. So pay up. You owe me more money."
Look, I'm not saying Obama isn't a personable guy. I'm not saying you can't or shouldn't vote for him. That's up to each and every person to choose for themselves. But if you think a dyed-in-the-wool ultra Liberal like Obama who loves big government social programs is
ONLY going to raise taxes "on the rich" -- especially now when the country
ALSO has to come up with $700 Billion to bail out Wall Street (and even that is a low estimate since most economists believe it will take at least
double that to fix the market) -- then you're kidding yourself.