Obama's Repeal of the Bush Tax Cuts (vanity)

October 15, 2008 | RetSignman

[RetSignman]

There has much being said about the Obama's repeal of the Bush tax cuts. First they said it would be only the top ONE percent (correct if I'm wrong) then they said it would affect only the top FIVE percent (again, correct if I'm wrong).

This whole Obama plan of taxation on the American people needs a deeper and more careful attention by everyone but, more importantly, the McCain campaign.

Look to the past and you'll see how this was handled by the Clinton Administration and very well could be the Obama strategy. Clinton didn't say there would be any significant tax increases in his administration. When he was installed as president what did he do?

He said, now that he was president, he had a more in depth information, previously unreported, and he needed to adjust his view and had to raise taxes on everyone in America. It was the largest tax increase, not just in American history but in the history of the world.

Don't think Obama has overlooked this history, he learned from it and he WILL use it.

[silverleaf]

letting the Bush tax cuts expire is a tax increase on EVERYONE

For some INEXPLICABLE reason (BDS?) McCain HAS NOT ADDRESSED this every time the dandy pops off his “95% of the people wont see any tax increase” gibberish

I certain the artful dodger is playing clever lawyer-language nuance games with the peasants by promising to not “raise” their taxes, while knowing the Bush tax cut expiration will swamp everyone, in every bracket

[RetSignman]

[tax increase on EVERYONE]

Obama has nuanced that his plan will ONLY be on the top one percent or top five percent, take your pick, but if and when he is president THAT WILL CHANGE.

[griswold3]

The only ‘job growth’ during an Obama Administration is accounting. With the current tax code there are multiple methods to reduce your ‘income’ and your tax liability. The current rates encourage growth.

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not
bound to choose that pattern which best pays the treasury. There is not even a patriotic
duty to increase one’s taxes. Over and over again the Courts have said that there is
nothing sinister in
so arranging affairs as to keep taxes as low as possible. Everyone does it,
rich and poor alike and all do right, for nobody owes any public duty to pay
more than the law demands.”

(US Appeals Court Justice the Honourable Learned Hand)

[silverleaf]

We may already be in a depression by the time he ascends the throne. There won’t so many “rich people” to tax as he is expecting. I think economists expect o’s marxian philosphy on taxation of the rich and his stated ignorance about capital formation and free/regulated markets- will put the cherry on top of the sunday of a depression if it hasn’t sprung before he takes power.

The ones that stay rich during a depression... should be in demand to make sheltered investments abroad or downright emigrate, by many of the world’s economies..

[griswold3]

I agree with you.
Predictions of a 10-15% lower GDP next year means lower tax revenues. At the current rate the Congress is spending, we’re not in for pleasant times. Much more revenue will be required to service the debt, less for any future spending. Hauser’s Law states that no matter what level of taxation the government installs, tax revenues result in only 20% GDP. Higher taxes, lower GDP. It’s historical. It’s a fact.
Is there anyone left with any common sense?

[bobsatwork]

Obammy Hussein is doing the Clinton bait-and-switch. First, BJ said he would raise taxes on “people” making over 200k. When that wasn't playing well, he retreated, promising a middle-class tax cut. When he got into office he increased taxes on “families” making over 100k. I'd just wish they would be honest - the demographic they want to tax are 50 year old working couples. Not The “rich”. Say it out loud.

[Centurion2000]

We may already be in a depression by the time he ascends the throne.

I expect a market boom or crash the day after they announce the election victor. McCain = BOOM. Obama = crash and burn.

[silverleaf]

“Is there anyone left with any common sense?”

Dave Ramsey. Tune in now while you still have time to listen, learn and take steps to prepare for financial survival. He is on Fox Business or check out his web site and find a Financial Peace University working group in your local area.

[Logical me]

Obama has nuanced that his plan will ONLY be on the top one percent or top five percent, take your pick, but if and when he is president THAT WILL CHANGE.

Like I have said before, increasing the top one percent will increase the products and services they perform and the cost will be passed down on all of us, including the 95% and below. Looks like the lower percent pays all the taxes, as we do now. Think!!!!!!!!!!!

[silverleaf]

I wish I could expect a BOOM but I think it’s matter of maybe a lucky deep deep recession (and no new international war) with McCain and a democrat Congress and Senate,

or a depression and probably international field day war games to settle old grudges against their neighbors by our favorite despots - with Obama/Reid/ Pelosi/Frank/Dodd/Schumer at the helm

[griswold3]

I’m debt free!

I lived like no one else so that I can live like no one else!

The next step is to ‘control’ my income so I do not go over the ‘punishment’ level.
Bartering making a come back!