When Obama raises the taxes....

[Panic]

I'm going to live with durito. Dont fvck around, durito...I'm coming, whether you like it or not. I suggest the other conservatives on the board, do the same. All the Obama fans will put us up when he starts taxing...since they have a nice heart.


BBD- who will you be shacking up with?

Deuce- what about you?

[bigboydan]

I think we should all move in with Durito. That way he might see the light in regards to voting Republican is the only way to go.

[Fishhead]

OBAMA will only raise taxes on the very rich........and the capital gains tax.

Im in favor of both.

[ryanXL977]

i guess people dont see that doublign the debt in 8 yrs is more of a tax than anybody could ever raise
people are not smart sometimes

[durito]

So Dan, you make over $250,000 a year too?

[durito]

You can come live here all you want, you will still owe US taxes.

[tacomax]

You are aware of how deep in defecit the US is? You do realise that someone has to put up taxes, right?

[element1286]

You are aware of how deep in defecit the US is? You do realise that someone has to put up taxes, right?

That will only be true if he decreases spending, which I doubt.

[isetcap]

Everything will be OK as long as you make less than 250K.

Senator Obama doesn't "count" allowing the Bush tax cuts to lapse as a tax increase. Unless the cuts are re-enacted, rates will automatically return to the 2000 level. Senator Obama claims that letting a tax cut lapse -- allowing the rates to return to a higher levels -- is not actually a "tax increase." It's just the lapsing of a tax cut.
See the difference?
Neither do I.
When those cuts lapse, my taxes are going up -- a lot -- but by parsing words, Senator Obama justifies his claim that he won't actively raise taxes on 95 percent of working Americans, even while he's passively allowing tax rates to go up for 100% of Americans who actually pay Federal income taxes.
Making this personal, my Federal Income Tax will increase by $3,824 when those tax cuts lapse. That not-insignificant sum would cover a couple of house payments or help my two boys through another month or two of college.
No matter what Senator Obama calls it, requiring us to pay more taxes amounts to a tax increase. This got me wondering what other Americans will have to pay when the tax cuts lapse.
For a married family, filing jointly and earning $75,000 a year, this increase will be $3,074. For those making just $50,000, this increase will be $1,512. Despite Senator Obama's claim, even struggling American families making just $25,000 a year will see a tax increase -- they'll pay $715 more in 2010 than they did in 2007. Across the board, when the tax cuts lapse, working Americans will see significant increases in their taxes, even if their household income is as low as $25,000. See the tables at the end of this article.
Check this for yourself. Go to http://www.irs.gov/formspubs/ and pull up the 1040 instructions for 2000 and 2007 and go to the tax tables. Based on your 2007 income, check your taxes rates for 2000 and 2007, and apply them to your taxable income for 2007. In 2000 -- Senator Obama's benchmark year -- you would have paid significantly more taxes for the income you earned in 2007. The Bush Tax Cuts, which Senator Obama has said he will allow to lapse, saved you money, and without those cuts, your taxes will go back up to the 2000 level. Senator Obama doesn't call it a "tax increase," but your taxes under "President" Obama will increase -- significantly.
Senator Obama is willfully deceiving you and me when he says that no one making under $250,000 will see an increase in their taxes. If I were keeping score, I'd call that Tax Lie #1.
The next loophole involves the payroll tax that you pay to support the Social Security system. Currently, there is an inflation-adjusted cap, and according to the non-profit Tax Foundation, in 2006 -- the most recent year for which tax data is available -- only the first $94,700 of an unmarried individual's earnings were subject to the 12.4 percent payroll tax. However, Senator Obama has proposed lifting that cap, adding an additional 12.4 percent tax on every dollar earned above that cap -- and in spite of his promise, impacting all those who earn between $94,700 and $249,999.
By doing this, he plans to raise an additional $1 trillion dollars (another $662.50 out of my pocket -- and how much out of yours?) to help fund Social Security. Half of this tax would be paid by employees and half by employers -- but employers will either cut the payroll or pass along this tax to their customers through higher prices. Either way, some individual will pay the price for the employer's share of the tax increase.
However, when challenged to explain how he could eliminate the cap AND not raise taxes on Americans earning under $250,000, Senator Obama suggested on his website that he "might" create a "donut" -- an exemption from this payroll tax for wages between $94,700 and $250,000. But that donut would mean he couldn't raise anywhere near that $1 trillion dollars for Social Security. When this was pointed out, Senator Obama's "donut plan" was quietly removed from his website.
This "explanation" sounds like another one of those loopholes. If I were keeping score, I'd call this Tax Lie #2.
(updated) Senator Obama has also said that he will raise capital gains taxes from 15 percent to 20 percent. He says he's aiming at "fat cats" who make above $250,000. However, while only 1 percent of Americans make a quarter-million dollars, roughly 50 percent of all Americans own stock – and while investments that are through IRAs, 401Ks and in pension plans are not subject to capital gains, those stocks in personal portfolios are subject to capital gains, no matter what the owner’s income is. However, according to the US Congress’s Joint Economic Committee Study, “Recent data released by the Federal Reserve shows that nearly half of all U.S. households are stockholders. In the last decade alone, the number of stockholders has jumped by over fifty percent.” This is clear – a significant number of all Americans who earn well under $250,000 a year will feel this rise in their capital gains taxes.
Under "President" Obama, if you sell off stock and earn a $100,000 gain -- perhaps to help put your children through college -- instead of paying $15,000 in capital gains taxes today, you'll pay $20,000 under Obama's plan. That's a full one-third more, and it applies no matter how much you earn.

No question -- for about 50 percent of all Americans, this is Tax Lie #3.
Finally, Senator Obama has promised to raise taxes on businesses -- and to raise taxes a lot on oil companies. I still remember Econ-101 -- and I own a small business. From both theory and practice, I know what businesses do when taxes are raised. Corporations don't "pay" taxes -- they collect taxes from customers and pass them along to the government. When you buy a hot dog from a 7/11, you can see the clerk add the sales tax, but when a corporation's own taxes go up, you don't see it -- its automatic -- but they do the same thing. They build this tax into their product's price. Senator Obama knows this. He knows that even people who earn less than $250,000 will pay higher prices -- those pass-through taxes -- when corporate taxes go up.
No question: this is Tax Lie #4.
There's not a politician alive who hasn't be caught telling some minor truth-bender. However, when it comes to raising taxes, there are no small lies. When George H.W. Bush's "Read my lips -- no new taxes" proved false, he lost the support of his base -- and ultimately lost his re-election bid.
This year, however, we don't have to wait for the proof: Senator Obama has already promised to raise taxes, and we can believe him. However, while making that promise, he's also lied, in at least four significant ways, about who will pay those taxes. If Senator Obama becomes President Obama, when the tax man comes calling, we will all pay the price. And that's the truth.

[AMBlai01]

Correct me if I am wrong...but isn't it the goal of everyone to make more than $250K a year even if we aren't there now?

Even if I don't get to $250K in the next 4 years. Why would I want him to raise the taxes on anyone......once they are up they will never come back down.

[isetcap]

You are aware of how deep in defecit the US is? You do realise that someone has to put up taxes, right?

Just got a call from my best buddy, Spellchecker, whose house I stayed at for a week last summer...he says you've got a "deficit" problem. Somebody else called and said he was an English Major and that you misspelled "realise". I tried to tell him it was OK to go both ways but then he started calling me a gay so I hung up.

[tacomax]

Correct me if I am wrong...but isn't it the goal of everyone to make more than $250K a year even if we aren't there now?

Goals and reality are totally different and the gap between them is huge. Especially so on this forum, I would suggest.

[isetcap]

Correct me if I am wrong...but isn't it the goal of everyone to make more than $250K a year even if we aren't there now?

Even if I don't get to $250K in the next 4 years. Why would I want him to raise the taxes on anyone......once they are up they will never come back down.

It is important that you not aspire to making more than 250k a year or generate any capital gains unless you are striving for "patriotic redistribution". That's how we work now.

[tacomax]

Just got a call from my best buddy, Spellchecker, whose house I stayed at for a week last summer...he says you've got a "deficit" problem. Somebody else called and said he was an English Major and that you misspelled "realise". I tried to tell him it was OK to go both ways but then he started calling me a gay so I hung up.

Defecit as a noun actually means large deficit. The fact that I made that up and has not yet been uploaded to spellchecker is not my fault. Shakespeare made up a crap load of words, why can't I?

[Panic]

You are aware of how deep in defecit the US is? You do realise that someone has to put up taxes, right?

Taco, make sure and spell right...or durito will make fun of you and assume you are a republican.

[AMBlai01]

Goals and reality are totally different and the gap between them is huge. Especially so on this forum, I would suggest.

Well I am sorry that you feel that MY goals are not near MY reality.

I know that not everyone will be able to make $250 K a year....but personally I am going to do everything in my power to make it a reality.

[bigboydan]

Taco, make sure and spell right...or durito will make fun of you and assume you are a republican.

[Larry Sinclair]

Everything will be OK as long as you make less than 250K.

Senator Obama doesn't "count" allowing the Bush tax cuts to lapse as a tax increase. Unless the cuts are re-enacted, rates will automatically return to the 2000 level. Senator Obama claims that letting a tax cut lapse -- allowing the rates to return to a higher levels -- is not actually a "tax increase." It's just the lapsing of a tax cut.
See the difference?
Neither do I.
When those cuts lapse, my taxes are going up -- a lot -- but by parsing words, Senator Obama justifies his claim that he won't actively raise taxes on 95 percent of working Americans, even while he's passively allowing tax rates to go up for 100% of Americans who actually pay Federal income taxes.
Making this personal, my Federal Income Tax will increase by $3,824 when those tax cuts lapse. That not-insignificant sum would cover a couple of house payments or help my two boys through another month or two of college.
No matter what Senator Obama calls it, requiring us to pay more taxes amounts to a tax increase. This got me wondering what other Americans will have to pay when the tax cuts lapse.
For a married family, filing jointly and earning $75,000 a year, this increase will be $3,074. For those making just $50,000, this increase will be $1,512. Despite Senator Obama's claim, even struggling American families making just $25,000 a year will see a tax increase -- they'll pay $715 more in 2010 than they did in 2007. Across the board, when the tax cuts lapse, working Americans will see significant increases in their taxes, even if their household income is as low as $25,000. See the tables at the end of this article.
Check this for yourself. Go to http://www.irs.gov/formspubs/ and pull up the 1040 instructions for 2000 and 2007 and go to the tax tables. Based on your 2007 income, check your taxes rates for 2000 and 2007, and apply them to your taxable income for 2007. In 2000 -- Senator Obama's benchmark year -- you would have paid significantly more taxes for the income you earned in 2007. The Bush Tax Cuts, which Senator Obama has said he will allow to lapse, saved you money, and without those cuts, your taxes will go back up to the 2000 level. Senator Obama doesn't call it a "tax increase," but your taxes under "President" Obama will increase -- significantly.
Senator Obama is willfully deceiving you and me when he says that no one making under $250,000 will see an increase in their taxes. If I were keeping score, I'd call that Tax Lie #1.
The next loophole involves the payroll tax that you pay to support the Social Security system. Currently, there is an inflation-adjusted cap, and according to the non-profit Tax Foundation, in 2006 -- the most recent year for which tax data is available -- only the first $94,700 of an unmarried individual's earnings were subject to the 12.4 percent payroll tax. However, Senator Obama has proposed lifting that cap, adding an additional 12.4 percent tax on every dollar earned above that cap -- and in spite of his promise, impacting all those who earn between $94,700 and $249,999.
By doing this, he plans to raise an additional $1 trillion dollars (another $662.50 out of my pocket -- and how much out of yours?) to help fund Social Security. Half of this tax would be paid by employees and half by employers -- but employers will either cut the payroll or pass along this tax to their customers through higher prices. Either way, some individual will pay the price for the employer's share of the tax increase.
However, when challenged to explain how he could eliminate the cap AND not raise taxes on Americans earning under $250,000, Senator Obama suggested on his website that he "might" create a "donut" -- an exemption from this payroll tax for wages between $94,700 and $250,000. But that donut would mean he couldn't raise anywhere near that $1 trillion dollars for Social Security. When this was pointed out, Senator Obama's "donut plan" was quietly removed from his website.
This "explanation" sounds like another one of those loopholes. If I were keeping score, I'd call this Tax Lie #2.
(updated) Senator Obama has also said that he will raise capital gains taxes from 15 percent to 20 percent. He says he's aiming at "fat cats" who make above $250,000. However, while only 1 percent of Americans make a quarter-million dollars, roughly 50 percent of all Americans own stock – and while investments that are through IRAs, 401Ks and in pension plans are not subject to capital gains, those stocks in personal portfolios are subject to capital gains, no matter what the owner’s income is. However, according to the US Congress’s Joint Economic Committee Study, “Recent data released by the Federal Reserve shows that nearly half of all U.S. households are stockholders. In the last decade alone, the number of stockholders has jumped by over fifty percent.” This is clear – a significant number of all Americans who earn well under $250,000 a year will feel this rise in their capital gains taxes.
Under "President" Obama, if you sell off stock and earn a $100,000 gain -- perhaps to help put your children through college -- instead of paying $15,000 in capital gains taxes today, you'll pay $20,000 under Obama's plan. That's a full one-third more, and it applies no matter how much you earn.

No question -- for about 50 percent of all Americans, this is Tax Lie #3.
Finally, Senator Obama has promised to raise taxes on businesses -- and to raise taxes a lot on oil companies. I still remember Econ-101 -- and I own a small business. From both theory and practice, I know what businesses do when taxes are raised. Corporations don't "pay" taxes -- they collect taxes from customers and pass them along to the government. When you buy a hot dog from a 7/11, you can see the clerk add the sales tax, but when a corporation's own taxes go up, you don't see it -- its automatic -- but they do the same thing. They build this tax into their product's price. Senator Obama knows this. He knows that even people who earn less than $250,000 will pay higher prices -- those pass-through taxes -- when corporate taxes go up.
No question: this is Tax Lie #4.
There's not a politician alive who hasn't be caught telling some minor truth-bender. However, when it comes to raising taxes, there are no small lies. When George H.W. Bush's "Read my lips -- no new taxes" proved false, he lost the support of his base -- and ultimately lost his re-election bid.
This year, however, we don't have to wait for the proof: Senator Obama has already promised to raise taxes, and we can believe him. However, while making that promise, he's also lied, in at least four significant ways, about who will pay those taxes. If Senator Obama becomes President Obama, when the tax man comes calling, we will all pay the price. And that's the truth.

It does not bother to point out the truth to Obama supporters. They are ignorant, stupid, hypnotized sheep.

Yes, Bush did give cuts to everybody, not just the rich. You can put the numbers right in front of these Obama idiots faces and they still believe their messiah. Bigger idiots are hard to find

Obama will take away those Bush tax cuts for the middle class and the middle class will be paying significantly more.

[Sinister Cat]

Correct me if I am wrong...but isn't it the goal of everyone to make more than $250K a year even if we aren't there now?

Even if I don't get to $250K in the next 4 years. Why would I want him to raise the taxes on anyone......once they are up they will never come back down.

This is a popular thing for people to say, but untrue. The highest marginal income tax rates have been well above 50% at various times in US history. Taxes with Bush were lower than the Clinton years. They move up and down all the time.

http://www.truthandpolitics.org/top-rates.php

[RogueScholar]

When Obama raises the taxes I'll still be chuckling at all the people who haven't taken advantage of the medical marijuana revolution and converted to an all-cash lifestyle. What's stopping you guys?

[isetcap]

Defecit as a noun actually means large deficit. The fact that I made that up and has not yet been uploaded to spellchecker is not my fault. Shakespeare made up a crap load of words, why can't I?

From the root word, feces, or perhaps someone of your ilk prefers faeces? If that is the case, then I'll tell Spellchecker the new word is "defaecit"

[tacomax]

Well I am sorry that you feel that MY goals are not near MY reality.

I know that not everyone will be able to make $250 K a year....but personally I am going to do everything in my power to make it a reality.

I never said you personally, I meant the forum in general. Since Halle Berry isn't currently fellating me as I sniff a line of coke off Beyonce's arse, my goals are not near my reality either.

As an aside, if you are unlikely to ever earn $250K a year (your current age, education and income are good indicators for that) then as a utility maximising person (which you should be) you should be all in favour of this tax scheme (as long as you don't think that the tax burden of the sub-$250K earners will increase in the long term due to the high earners fleeing the country in large amounts).

[durito]

Those tax rates under Bill Clinton were just punitive. Look how bad the economy did then.

The $19,000 a year BBD makes was almost enough to live on.

[durito]

Personally I prefer a tax increase if it would stave off the impending bankruptcy of the US gov't.

One day you guys will get your wish though. Better stock up on guns.

[Panic]

I'll be there soon, durito.

[durito]

I wonder what the FARC's going rate for Republicans is.

[Panic]

Who cares? I'm coming.

[durito]

It's a conservative paradise for rich people here.

Bring your army to protect you, the gov't sure isn't gonna do it.

[Panic]

Wont need to...the bleeding heart liberals will take care of me.

[durito]

There are no liberals here. The gov't/paramilitaries killed them.

[Panic]

There are no liberals here. The gov't/paramilitaries killed them.

Beautiful, more freedom for me. Why do you say I need to bring protection?

[MonkeyF0cker]

Haven't those Bush tax cuts done so much to improve our lifestyles and fend off a looming recession though, durito? I mean, these guys are right. Thank God for the Bush tax cuts and policies. Without them, we wouldn't owe $85,000 per household to the federal deficit and be facing a deep recession. Amen for President Bush. May McCain follow in his footsteps.

[durito]

Because as you would like the US to be, there is no effective gov't here (since they collect no taxes). So the poor people tend to rob the rich people since there are no jobs and the police don't do shit.

[Panic]

Because as you would like the US to be, there is no effective gov't here (since they collect no taxes). So the poor people tend to rob the rich people since there are no jobs and the police don't do shit.

Obama anyone? Is that not what he is selling in a more structured way?

[MonkeyF0cker]

Beautiful, more freedom for me. Why do you say I need to bring protection?

Yes. Fascism = Freedom.