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U.S. Elections Thread (n/t) | by merlin | 2008-10-21 09:37:35 |
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Is it an "income tax cut" or a "payroll tax cut"? | by merlin | 2008-10-21 09:38:24 |
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*blink blink* wow, that's rather stupid | by Freakazoid | 2008-10-21 09:56:14 |
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If you actually read the editorial... | by esbita | 2008-10-21 09:59:06 |
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That's why he wants to rack up the taxes | by merlin | 2008-10-21 10:01:45 |
| More to the point... |
by jdelphiki |
2008-10-21 10:48:29 |
...(as the article mentioned), Obama's "payroll tax relief" ends up providing an increased benefit to those who pay no taxes, thereby increasing their incentive for them to stay on welfare and avoid finding jobs. At the same time, it provides an even stronger disincentive for folks to earn money, try to be successful, or invest in the economy.
What I want to know is this: What's Obama going to do for money when he's driven the wealthy either out of investing inside the US (and/or keeping their money here), or driven them back below the "middle class" threshhold? Will his "spread the wealth around" penalties simply increase to compensate or will his threshhold drop to include greater and greater chunks of the middle class *ahem* wealth?
It's almost like he's trying to create some kind of "sin" tax for having money. Like the exhorbitant taxes on cigarettes designed (presumably) to make it too expensive for smokers to smoke. Local governments use their sin tax money as do-good slush funds to add extra bucks into the coffers for schools, health care, or whatever else they can think of, but they don't talk about what happens when the sin tax is successful and the fundage collected goes away. What happens to all the do-good programs in that case?
Making such a plan for the economy with the "wealthy" deigned as the "sinners" who deserve to be taxed is much worse. My fearmongering aside, he won't likely make all the rich folks poor, but he easily *could* drive wealth and the incentives for investment away from US shores. How will he fund his programs then?
That said, even though I'm fiscally conservative, I am well aware that fiscally liberal economics actually *can* work, if administered properly. They include raising taxes responsibly and increased government oversight over the economy to curtail abuses and inequities in the private sector. It *is* a business model that actually *can* work.
Obama's problem is that he is reliant on winning over middle class voters and in that, he's built a plan that makes it look like he's not going to tax them. He can't afford to use the "T" word with the middle class or he'll flatly lose. Unfortunately, I can't see his plan working. He'll eventually have to raise the high-end tax rates to astronomical levels or he'll have to expand the boundaries of his taxation (below his $250K thresshold) to include more of the middle class.
I believe that if he'd kept his plan more progressive, covering more of the wage scale, he might have had a tougher time selling it but he would not be having to explain why he's paying people to stay poor. Or telling plumbers that he's going to spread their wealth around. And he would have ended up with a more realistic plan that has a more realistic chance of working. |
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[ Reply ] |
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One thing I don't quite understand. | by Peace_man | 2008-10-21 11:14:27 |
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Slight clarification... | by jdelphiki | 2008-10-21 12:41:31 |
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Earn more than what? | by Peace_man | 2008-10-21 13:27:44 |
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The point is this gives the worker MORE THAN | by merlin | 2008-10-21 13:32:09 |
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Is it fair to let people starve to death | by Peace_man | 2008-10-21 13:44:40 |
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I would kindly thank you to not put words in | by merlin | 2008-10-21 13:59:32 |
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When you propose alternatives, I will | by Peace_man | 2008-10-21 14:04:08 |
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Real simple, leave it alone | by merlin | 2008-10-21 14:13:45 |
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If that is your alternative plan, can you show me | by Peace_man | 2008-10-21 14:23:39 |
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Can you show me how Obama's plan | by merlin | 2008-10-21 15:06:48 |
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Back on topic | by DesiredUsername | 2008-10-21 15:23:20 |
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It seems that he will make this tax progressive. | by Peace_man | 2008-10-21 15:29:02 |
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Question: | by DesiredUsername | 2008-10-21 13:53:05 |
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It all depends on which of the various | by merlin | 2008-10-21 13:55:05 |
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But I don't think you can 'factor that in'. | by DesiredUsername | 2008-10-21 14:32:43 |
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Oh, I'll agree that I have overall issues with SS | by merlin | 2008-10-21 15:07:35 |
