Obama Announces Re-election Bid

[infinite monkey]

As I said, I'm willing to support the community. The schools. The hospitals. The things that happen, could happen, to any of us that might take extra care...I get that.

I am speaking specifically about the hugely skewed tax system. Buys a lot of big screens, and I'm only speaking from my experience from friends who brag about those very things.

[HungLikeJesus]

And don't forget that Tuesdays we get Soylent Green.

[lookout123]

How exactly would the revenue be cut? I've repeatedly stated I'm not looking for tax cuts. While the marginal rates would likely be cut for some I think we've already established that those very same people are already paying significantly less than those marginal rates currently.

[Fair&Balanced]

Its either/or

Either revenue would be significantly reduced or the middle class taxpayers would have to pay significantly more than they presently pay.

The current "effective" federal income tax rate for the middle two brackets, i.e. the middle class, is in the 5-10% range and you want to raise that to 20% or more?

[TheMercenary]

Originally Posted by Fair&Balanced

Either revenue would be significantly reduced or the middle class taxpayers would have to pay significantly more than they presently pay.

I would support this.

[lookout123]

Define middle class. I haven't put a fixed number on it because I don't know what it will actually have to be. I believe it will be lower than you actually do if everyone is actually paying on it.

You want to extend the 1% rate out to $65, 70, 80? I don't really care. I care that everyone pays something and that the new system is simple, easy to understand, and impossible to manipulate.

So if a family earning $75K now pays out an average of 10% that is $7,500. That same family if the cutoff is at $60K would pay $3,600 at the 20% rate or $5,100 at the 30% rate. Either way, I don't really care because they'll be using the same scale as their neighbor regardless of kids, retirement plans, or any other tax deductions.

[Fair&Balanced]

Originally Posted by lookout123

Define middle class. I haven't put a fixed number on it because I don't know what it will actually have to be. I believe it will be lower than you actually do if everyone is actually paying on it.

You want to extend the 1% rate out to $65, 70, 80? I don't really care. I care that everyone pays something and that the new system is simple, easy to understand, and impossible to manipulate.

So if a family earning $75K now pays out an average of 10% that is $7,500. That same family if the cutoff is at $60K would pay $3,600 at the 20% rate or $5,100 at the 30% rate. Either way, I don't really care because they'll be using the same scale as their neighbor regardless of kids, retirement plans, or any other tax deductions.

By middle class, I am referring to the middle brackets, with a marginal rate of 25-30% but an effective rate of 3-6%.

Depending your cut-off, they would pay significantly more as would everyone but the top 1% whose current effective rate is about 20%.

[Fair&Balanced]

By bumping into reality, consider your situation and Clodfobble's described above, where you have an effective federal income tax rate of 0% or the millions of middle class families with combined income in the range of $100K - $200K, with circumstances resulting in fewer (but still significant) deductions and with an effective rate of around 5%.

Putting aside the issue of "fairness" on which we disagree. Do you really think you can sell to the American people the fact that their taxes will probably increase while acknowledging that taxes for the top 1% of taxpayers wont?

The Mercenary may buy it, but I dont think you will find a groundswell of support among most working families.

[TheMercenary]

Originally Posted by Fair&Balanced

......but I dont think you will find a groundswell of support among most working families.

Not important. Raise it and eliminate the deductions. Everyone pays an equal amount of tax.

[HungLikeJesus]

I think there should be a child tax - with an adder for an extra head.

[TheMercenary]

Well this settles it. Obamy is Irish....

http://www.vevo.com/watch/corrigan-b...a/IEUV70800012

[TheMercenary]

Ouch. The tail wagging the dog for sure....

The controversy over the new film rose after New York Times columnist Maureen Dowd reported on Sunday that Ms. Bigelow’s film would be released in October 2012, just before the presidential election. She also wrote that Mr. Boal and Ms. Bigelow had been given “top-level access to the most classified mission in history,” and that the movie was “perfectly timed to give a home-stretch boost” to President Barack Obama’s re-election campaign.

http://blogs.wsj.com/washwire/2011/0...medium=twitter

[TheMercenary]

In January, President Obama named General Electric CEO Jeffrey Immelt to head the President's Council on Jobs and Competitiveness, an economic advisory board focused on job creation.

GE moving X-ray business to China

http://articles.boston.com/2011-07-2...hina-last-year

Remember, this is the same company that paid a those taxes last year....

[classicman]

wuts ur point?

[Griff]

I know it is a violation of free trade orthodoxy, but is it time to think about how we tax corporations who do business here? The GOP bunch of contenders won't go there though. Romney reiterated the humanity of corporations recently. He failed to note that his human corporations don't have the liability problems human beings have. A hard-core libertarian friend mentioned limited liability as the place where she breaks from Republicans. Obama's weakness on this really makes me question where all the pinko talk is coming from.