The Conservative Cave
Current Events => Economics => Topic started by: Alpha Mare on November 18, 2009, 09:34:04 AM
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Millions of couples, retirees must repay part of Obama tax credit
More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama's tax break that was designed to help consumers spend the U.S. economy out of recession.
Individuals with more than one job and married couples in which both spouses work may have to repay the government $400, either through a smaller tax refund or a larger tax bill, according to a report released Monday by the Treasury Department's inspector general for tax administration. Social Security recipients who also earn taxable wages may have to repay $250.
http://www.startribune.com/politics/70186122.html?elr=KArks8c7PaP3E77K_3c::D3aDhUec7PaP3E77K_0c::D3aDhUiacyKUnciaec8O7EyUr
Is Obama planning a $3 trillion income tax increase?
Over at a Wall Street Journal conference, Christina Romer, chairman of President Obama’s Council of Economic Advisers had this to say about deficit reduction:
But the chairman of the president’s Council of Economic Advisers admitted that health reform and a growing economy isn’t enough to bring down the deficit. She did mention one other place that revenue could come from: letting the Bush tax cuts expire.
Me: Since Obama already wants to get rid of the income and capital gains tax cuts for wealthier Americans that expire at the end of 2010, clearly what Romer is referring to is the rest of the 2001 and 2003 Bush tax cuts. Letting all the 2001 cuts — rate reductions, child tax credit marriage penalty relief —
http://blogs.reuters.com/james-pethokoukis/2009/11/17/is-obama-planning-a-3-trillion-income-tax-increase/
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And yet when I look around, even after all the ass-busting I've done, it doesn't look like anyone thinks we've spent our way out of anything, let alone a recession.
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a huge tax increase will do wonders for the economy
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And yet when I look around, even after all the ass-busting I've done, it doesn't look like anyone thinks we've spent our way out of anything, let alone a recession.
I keep asking people who support Obama one question:
If you make $100K a year and are $70K in credit card debt, how does borrowing anohter $15K to buy new things improve your financial position?
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I look for this administration to let ALL of the Bush tax cuts expire, and then to further increase taxes on what they consider the rich. They might even get around to throwing the VAT into the mix. If you have noticed, several minions of Lord Zero have started talking about how bad the economy is effected by the huge deficits. We know they won't cut spending so that only leaves the option of skyrocketing taxes.
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I look for this administration to let ALL of the Bush tax cuts expire, and then to further increase taxes on what they consider the rich. They might even get around to throwing the VAT into the mix. If you have noticed, several minions of Lord Zero have started talking about how bad the economy is effected by the huge deficits. We know they won't cut spending so that only leaves the option of skyrocketing taxes.
Unfortunately, if you have money in your paycheck at the end of "da gubmint" getting done with you, then you're going to be considered rich as well.
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Millions of couples, retirees must repay part of Obama tax credit
More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama's tax break that was designed to help consumers spend the U.S. economy out of recession.
I can't wait till this starts getting around to the public. How's that Hope and Change thing workin' out for you Obamatrons? :lmao:
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I can't wait till this starts getting around to the public. How's that Hope and Change thing workin' out for you Obamatrons? :lmao:
0Bama will find some way to blame it on President Bush.