Wait, I thought Democrats were about "tax and spend" right? Well this headline certainly speaks of tax cuts. But wait, if you dig just a bit deeper, you see the REAL meat of Obama's "cuts".
The plan means billions in breaks by: nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who make less than $50,000 annually and do not itemize their deductions, and providing 150 million Americans with tax cuts of up to $1,000.
"I'd reward work by providing an income tax cut of up to $500 per person -- or $1,000 for each working family -- to offset the payroll tax that they're already paying," he said.
So in other words, 7 million people in this country will stop paying taxes all together. I'm all for cutting the taxes of senior citizens, but to cut them entirely seems a bit extreme.
Obama proposes funding the tax cuts by closing corporate loopholes, cracking down on international tax havens and increasing the dividend-and-capital-gains tax for the wealthy, he said.
So there's the REAL "tax cuts". It's not "we're cutting taxes for you". It's "we're cutting taxes for some of you and making the rest of you pay for it". That's not a tax cut, that's a shift in who pays what.
So tell me Mr. Obama, what happens when the people who managed to be super successful in America decide that they no longer want to live in America or they move their money overseas? I imagine there's a ton of laws on the books that allow people to put money into an international bank and avoid taxes that you propose.
I know if my taxes all of a sudden go up, I know I'll be looking at a much more creative way of to pay as little as possible. Face it, there are people who are being punished more then others simply because they are successful.
How about just a flat tax Mr. Obama? Say 15 or 20%? That way the more successful you are, it doesn't matter, you'll still pay the same rate.
Travis
2 comments:
A flat tax doesn't fix anything. All that means is the wealthy get weathlier and the middle class still doesn't get a tax break.
Wait, how the hell do you figure that? A flat tax is just that. A certain percentage of your income goes towards taxes, regardless of the amount of money you earn. So a person earning 100k a year would pay 15k a year with a 15% flat tax. Another person making 25k a year would pay $3,750. So I fail to see how "the wealthy get wealthier and the middle class doesn't get a tax break".
Maybe I'm not a financial guy, so please explain to us how that works.
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