The Obamanation

[jinx]

None of those things will help me.

[TheMercenary]

Ole Teddy is rolling in his fucking grave. Good on him. I wonder if he is dizzy yet?

[TheMercenary]

Ok. So the latest gimmick is for Obama to offer breaks on Capital Gains Taxes to small businesses. A capital gains tax is a tax charged on the profit made on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. How many Small businesses do you know of that have income from the sales of stocks, bonds, precious metals and properties. The majority of small businesses are S-corps, LLC's, PC's. Most of this income is taxed as personal income with some benefits from being incorporated. This is not going to do squat to help the majority of small businesses. Once again he is blowing smoke up our collective skirts in the guise of reconciliation.

In fact, the bigger pieces of the proposal are a $5,000 tax credit for each new hire along with reimbursement of Social Security payroll taxes for businesses that increase wages or hours for existing workers (both capped to ensure that funds go to small businesses) ...and using $30 billion from money repaid to the TARP fund to help community banks offer small-business loans through incentives to those banks to borrow money from the Treasury at a reduced dividend rate.

If you don't like these ideas, got a better one?

[TheMercenary]

Put the over spent money from TARP back into deficit reduction where it belongs and stop coming up with plans to tax income. It is a backhanded benefit. Small business will be hurt by any plans to raise taxes on personal income over $200k. A $5000 tax credit for one year will not offset the costs for insurance and payroll over the course of one year. But the point here Obama is trying to sell this Capital Gains reduction as some grand handout to small business and it is total bullshit.

Originally Posted by TheMercenary

Put the over spent money from TARP back into deficit reduction where it belongs and stop coming up with plans to tax income. It is a backhanded benefit. Small business will be hurt by any plans to raise taxes on personal income over $200k. A $5000 tax credit for one year will not offset the costs for insurance and payroll over the course of one year. But the point here Obama is trying to sell this Capital Gains reduction as some grand handout to small business and it is total bullshit.

So your only plan is to let the tax cuts to the top bracket extend beyond the original expiration date in the law (the end of 2010)...How did those 01 and 03 tax cuts (at a cost of over $1 trillion) help the economy?

And to put the TARP funds to deficit reduction rather than job creation....how does that create jobs?

[TheMercenary]

Originally Posted by Redux

So your only plan is to let the tax cuts to the top bracket extend beyond the original expiration date in the law (the end of 2010)...How did those 01 and 03 tax cuts (at a cost of over $1 trillion) help the economy?

It keeps the money where it belongs, in the hands of those who earned it and out of the hands of Big Government who will waste it on things that will not work to create jobs or attempt to do them inefficiently as the last Stimulus Package did. Your guys tried to tempt us with that smoke screen once already telling us that you are going to make jobs. You failed. You don't deserve more of my money to fail again.

[TheMercenary]

I guess I could rehire my wife and kids. Take the $5000 tax break for each of them and fire them at the end of the year when the break goes away.

So you really dont have a plan or anything constructive to offer....other than dont tax the rich even though the law under which those tax cuts were enacted mandate that they expire in 2010....and dont attempt to create jobs, since your economic expertise says that wont work.

More of the same... if is counter to your opinion......it fails.

Originally Posted by xoxoxoBruce

... as a matter of fact all you ever say is everybody else is wrong.

Its OK...didnt expect anything different.

[TheMercenary]

Originally Posted by Redux

So you really dont have a plan or anything constructive to offer.

Oh. Maybe you need to re-read my post. Leave the tax breaks in place where money earned stays with those who know best what to do with them. Stop lying to the American public about what you are doing with our money and how your Kabuki Theater plans are going to do something they will not.

To date you and your party have not offered anything constructive to fix the situation we are in. Ok, wait. You did significantly increase the Debt Ceiling so you could spend more and drive the economy down more. You told us that you were going to make more jobs and you didn't. The electorate is on to you.

Originally Posted by TheMercenary

Oh. Maybe you need to re-read my post. Leave the tax breaks in place where money earned stays with those who know best what to do with them...

And how well did that work out?

How did those 01 and 03 tax cuts weighted heavily to the top bracket, at a cost of over $1 trillion, contribute to middle class economic security, as promised?

BTW, numerous economists, including the lead economist at Heritage and other conservative economists have acknowledged that the stimulus plan has contributed to the GDP growth in 09...the first real growth in nearly three years. The consensus among economists across the political spectrum have agreed.

[TheMercenary]

Originally Posted by Redux

And how well did that work out? How did those 01 and 03 tax cuts, at a cost of over $1 trillion, contribute to middle class economic security, as promised?

Better yet, how did it fail?

Unemployment rate 2001 =4.7

Unemployment rate 2003 =6.0

Unemployment rate 2006 =4.6

Unemployment rate 2010 =10

[piercehawkeye45]

Originally Posted by TheMercenary

Better yet, how did it fail?

Looking at that, Clinton apparently had the best plan.

2009 9.3%
2008 08BM 5.8%
2007 08BM 4.6%
2006 08BM 4.6%
2005 08BM 5.1%
2004 5.5%
2003 6.0%
2002 5.8%
2001 4.7%
2000 4.0%
1999 4.2%
1998 4.5%
1997 4.9%
1996 5.4%
1995 5.6%
1994 6.1%
1993 6.9%
1992 7.5%
1991 6.8%
1990 5.6%
1989 5.3%
1988 5.5%
1987 6.2%
1986 7.0%
1985 7.2%
1984 7.5%
1983 9.6%
1982 9.7%
1981 7.6%
1980 7.1%

http://www.nidataplus.com/lfeus1.htm#annl

Although, the 2008 data is skewed because of the benchmark thing (08BM). If you look at the monthly data, in same link, the rise of unemployment under Obama was a pretty steady transition from Bush so logically its not valid to say that the rise in unemployment is Obama's fault, as it has steadied out in the past three months. You can't blame the parachute if you open it twenty feet from the ground.

[TheMercenary]

Originally Posted by Redux

BTW, numerous economists, including the lead economist at Heritage and other conservative economists, have agreed that the stimulus plan has contributed to the GDP growth this year...the first growth in more than three years. The consensus among economists across the political spectrum have agreed.

And numerous economists have also said that the blip at the end of the year was not sustainable and artificially reflected tax dollars that were poured into the failed Stimulus Package of Feb 2009. No one has said that the growth in GDP noted in one or two months of this year is refective of long term economic outlook. But they all have said it is artificial.

Hey..,Economists across the spectrum understand that employment is the last to recovery from a severe recession.

You start with growing the economy...and that has occurred for the first time in 2 years, as a result, in part, of the stimulus program.

And you still have offered nothing better and still cant explain how those 01 and 03 tax cuts at a cost of $1 trillion helped the middle class?