Obama spanks Wall Street.

[tw]

Originally Posted by classicman

A long, but interesting look from the "other side"

Then add facts to that citation to see it starts with a lie based in a half truth.

The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents -- John Kennedy on taxes,

John Kennedy's tax cut created a short term economic gain - followed by a harmful downturn. But again, those who want to spin myths ignore the lessons of history. Any economic boom created by money games means economics takes revenge later. Tax cuts to create economic wealth explains bad economic numbers for the next four years.

Basic knowledge does not come from a political agenda. Had classicman read that first sentence, then he knew the author was flawed. Tax cuts to create economic wealth is only believed by those too niave to learn and too ignorant to see throught extremist propaganda.

Any harm to the Dow today is directly traceable to George Jr and wacko extremists politics. Same people who promoted the Kennedy tax cuts as a solution back then are a major reason for economics taking revenge today.

Yes, Obama is being accused of talking negatively because that is what the economics who have studied these conditions in detail have been warning. Do you want Obama to tell the truth - or lie? If classicman had grasped the citation, then he immediately saw a political agenda that contradicts what this nation's best economist were saying only months ago in San Francisco.

A GDP drop of 9% which takes two years to reach bottom. Unemployment averages 7% and keeps dropping for five years. Housing prices take five years to drop 36%. Government debt rises 86%. Scary part is that America has already surpassed some of these averaging numbers. However statistical variations for 'average' GDP and unemployment numbers are large.

Thank you George Jr for debts we must still pay for such as the $1trillion for "Mission Accomplished".

George Sr was not that dumb. George Sr got the world to pay for Desert Storm. Economics is now taking revenge for wacko extremist economics just like economics did 1975 and 1979 for 1968 and 1970 Vietnam, Nixon's refusal to raise taxes, and numerous economic incentives that created Gerald Ford's stagflation.

Any economic pain today is directly traceable to eight year of wacko extremists who even said, "Reagan proved that deficits don't matter". Guess what. Deficits do matter. But Cheney was preaching to those who never learned from history. Deja vue for those who would again deny these lessons and again promote Kennedy tax cuts. Economics again taking revenge. Only the ignorant and naive would blame Obama. And yet that is what wacko extremists (Palin supporters) are doing.

[classicman]

Originally Posted by tw

add facts Kennedy's tax cut economic gain - harmful downturn spin myths ignore lessons money games revenge later Tax cuts bad numbers
Basic knowledge political agenda. Tax cuts economic wealth niave ignorant extremist propaganda.
directly traceable George Jr wacko extremists . Kennedy tax cuts revenge.
Obama talking truth lie? political agenda contradicts
GDP drop reach bottom keeps dropping Housing prices drop debt rises. Scary part
George Jr "Mission Accomplished" George Sr not dumb
Desert Storm taking revenge wacko extremist Vietnam, raise taxes, and economic incentives created stagflation.
economic pain directly traceable wacko extremists "Reagan proved deficits don't matter" Cheney preaching never learned Deja vue deny lessons tax cuts. taking revenge. ignorant naive bblame Obama. wacko extremists.

Maybe just maybe we need a little short term help to stem the tide of rising unemployment, reduced monetarycirculation, lowered production and falling housing prices. Maybe tax cuts do help - even if its in only for the short term to keep more people working and to buy some time. Just for the short term till the long term plan kicks in... Maybe?

China February Auto Sales Rise 25% After Tax Cuts

March 10 (Bloomberg) -- China vehicle sales surged 25 percent in February, the first gain in four months, after the government cut taxes on some models, helping the country extend its lead as the world’s largest auto market this year.

Sales of passenger cars, buses and trucks climbed to 827,600. The tally in the first two months rose 2.7 percent to 1.56 million, compared with a 39 percent decline to 1.35 million in the U.S.

China has halved retail taxes on small cars and drawn up plans to give out vehicle subsidies in rural areas to revive demand after auto sales rose at the slowest pace in a decade last year. Combined with the country’s wider 4 trillion yuan ($585 billion) economic stimulus package, the policies have caused General Motors Corp. to roughly double its forecast for China’s nationwide auto market growth this year.

“Consumers are regaining confidence because of the government’s stimulus policies,” said Ricon Xia, an analyst at Daiwa Research Institute in Shanghai. “Still, vehicle sales may fluctuate in the coming months.”

Passenger-car sales, including sport-utility and multipurpose vehicles, rose 24 percent last month to 607,300, the association said. In the first two months, the tally climbed 5.8 percent to 1.22 million.

Sales of cars with engines or 1.6 liters or less jumped 19 percent in the first two months. Their market share gained by 7.71 percentage points.

Rising sales and production cuts by automakers has caused the nation’s stockpile of unsold vehicles to fall to the lowest in two years last month, the grouping said.

Commercial-vehicle sales fell 6.9 percent in first two months as the sector received less government support than passenger cars, the group said. Truckmakers are now seeking similar stimulus plans, it added.

Originally Posted by classicman

Maybe just maybe we need a little short term help to stem the tide of rising unemployment, reduced monetarycirculation, lowered production and falling housing prices. Maybe tax cuts do help - even if its in only for the short term to keep more people working and to buy some time. Just for the short term till the long term plan kicks in... Maybe?

China February Auto Sales Rise 25% After Tax Cuts

The American Recovery and Reinvestment Act includes such a short-term tax cut:

Sales Tax Deduction for Vehicle Purchases. The bill provides all taxpayers with a deduction for State and local sales and excise taxes paid on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for
taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return). This proposal is estimated to cost $1.684 billion over 10 years

In fact, overall, about 1/3 of the provisions (and costs) of the bill are tax cuts and other tax relief/incentives.

[classicman]

Originally Posted by Redux

The American Recovery and Reinvestment Act includes such a short-term tax cut:

I am aware of that and I think its a great thing. I was specifically referring to tw's post. Thanks for the informed link & quotes to further support my point

[sugarpop]

Originally Posted by classicman

Maybe just maybe we need a little short term help to stem the tide of rising unemployment, reduced monetarycirculation, lowered production and falling housing prices. Maybe tax cuts do help - even if its in only for the short term to keep more people working and to buy some time. Just for the short term till the long term plan kicks in... Maybe?

China February Auto Sales Rise 25% After Tax Cuts

You can get cars here now for 0 tax. What does that have to do with anything? I don't think tax cuts will do much of anything but put more money into the pockets of the people who need it the least.

[lumberjim]

Originally Posted by sugarpop

You can get cars here now for 0 tax. What does that have to do with anything? I don't think tax cuts will do much of anything but put more money into the pockets of the people who need it the least.

is this a state thing, or do you refer to the 'The American Recovery and Reinvestment Act of 2009' where you can itemize your sales tax paid on a car on your federal return? there's a big difference. meaning, you save xx% of your tax paid depending on your income bracket. ...if you paid $2000 tax on a car, and are at the 17% tax bracket, you pay $340 less tax :: finger pop, swirl ::

some states don't charge sales tax far cars anyway......so those people don't benefit from the new 'program' anyway.

SEC. 1008. ADDITIONAL DEDUCTION FOR STATE SALES TAX AND
EXCISE TAX ON THE PURCHASE OF CERTAIN MOTOR
VEHICLES.
(a) IN GENERAL.—Subsection (a) of section 164 is amended
by inserting after paragraph (5) the following new paragraph:
‘‘(6) Qualified motor vehicle taxes.’’.
(b) QUALIFIED MOTOR VEHICLE TAXES.—Subsection (b) of section
164 is amended by adding at the end the following new paragraph:
‘‘(6) QUALIFIED MOTOR VEHICLE TAXES.—
‘‘(A) IN GENERAL.—For purposes of this section, the
term ‘qualified motor vehicle taxes’ means any State or
local sales or excise tax imposed on the purchase of a
qualified motor vehicle.
‘‘(B) LIMITATION BASED ON VEHICLE PRICE.—The
amount of any State or local sales or excise tax imposed
on the purchase of a qualified motor vehicle taken into
account under subparagraph (A) shall not exceed the portion
of such tax attributable to so much of the purchase
price as does not exceed $49,500.
‘‘(C) INCOME LIMITATION.—The amount otherwise taken
into account under subparagraph (A) (after the application
of subparagraph (B)) for any taxable year shall be reduced
(but not below zero) by the amount which bears the same
ratio to the amount which is so treated as—
‘‘(i) the excess (if any) of—
‘‘(I) the taxpayer’s modified adjusted gross
income for such taxable year, over
‘‘(II) $125,000 ($250,000 in the case of a joint
return), bears to
‘‘(ii) $10,000.
For purposes of the preceding sentence, the term ‘modified
adjusted gross income’ means the adjusted gross income
of the taxpayer for the taxable year (determined without
regard to sections 911, 931, and 933).
H. R. 1—204
‘‘(D) QUALIFIED MOTOR VEHICLE.—For purposes of this
paragraph—
‘‘(i) IN GENERAL.—The term ‘qualified motor
vehicle’ means—
‘‘(I) a passenger automobile or light truck
which is treated as a motor vehicle for purposes
of title II of the Clean Air Act, the gross vehicle
weight rating of which is not more than 8,500
pounds, and the original use of which commences
with the taxpayer,
‘‘(II) a motorcycle the gross vehicle weight
rating of which is not more than 8,500 pounds
and the original use of which commences with
the taxpayer, and
‘‘(III) a motor home the original use of which
commences with the taxpayer.
‘‘(ii) OTHER TERMS.—The terms ‘motorcycle’ and
‘motor home’ have the meanings given such terms
under section 571.3 of title 49, Code of Federal Regulations
(as in effect on the date of the enactment of
this paragraph).
‘‘(E) QUALIFIED MOTOR VEHICLE TAXES NOT INCLUDED
IN COST OF ACQUIRED PROPERTY.—The last sentence of subsection
(a) shall not apply to any qualified motor vehicle
taxes.
‘‘(F) COORDINATION WITH GENERAL SALES TAX.—This
paragraph shall not apply in the case of a taxpayer who
makes an election under paragraph (5) for the taxable
year.
‘‘(G) TERMINATION.—This paragraph shall not apply
to purchases after December 31, 2009.’’.
(c) DEDUCTION ALLOWED TO NONITEMIZERS.—
(1) IN GENERAL.—Paragraph (1) of section 63(c) is amended
by striking ‘‘and’’ at the end of subparagraph (C), by striking
the period at the end of subparagraph (D) and inserting ‘‘,
and’’, and by adding at the end the following new subparagraph:
‘‘(E) the motor vehicle sales tax deduction.’’.
(2) DEFINITION.—Section 63(c) is amended by adding at
the end the following new paragraph:
‘‘(9) MOTOR VEHICLE SALES TAX DEDUCTION.—For purposes
of paragraph (1), the term ‘motor vehicle sales tax deduction’
means the amount allowable as a deduction under section
164(a)(6). Such term shall not include any amount taken into
account under section 62(a).’’.
(d) TREATMENT OF DEDUCTION UNDER ALTERNATIVE MINIMUM
TAX.—The last sentence of section 56(b)(1)(E) is amended by
striking ‘‘section 63(c)(1)(D)’’ and inserting ‘‘subparagraphs (D) and
(E) of section 63(c)(1)’’.
(e) EFFECTIVE DATE.—The amendments made by this section
shall apply to purchases on or after the date of