A 3% increase on households making over $250k while lowering taxes for the rest of us doesn't sound feasible. I can MAYBE see the 3% covering the tax cuts for everyone else but I doubt it would come anywhere close to covering the rest of his spending. Thoughts?How is Obama's 3% tax increase on households making $250k+ going to cover most of his spending plans?
Neither candidate will be able to put all their plans in order right away. Don't be naive and think even John McCain will magically be able to fund all his programs either.
Obama plans to look at the programs and those that don't work will go. McCain has said the same thing.
It's more so a 'wait and see' kind of thing. Neither can say at this point what will go and what won't go. They're not in the chair yet to actually see what is what yet.
As far as the 3%, those taking home $250,000 or more will be fine. If they TAKE HOME $250,000 they won't go broke going from 36% to 39%.
Now tax someone making just $25,000 they'll feel that crunch indeed. Trust me Bill Gates and Oprah won't go broke by paying the extra 3%...Neither will most people taking home $250,000. How is Obama's 3% tax increase on households making $250k+ going to cover most of his spending plans?
Are you all really that ignorant? Obama has many other things he has said he'll do. A few are: Make Iraq cover the expenses of this stupid war since they are rolling in the dough. He is going to go over the budget with a ';scapel'; and eliminate all the things that are wasteful.
Cut Pork Barrel Spending: Obama and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending decisions are open to the public.
Obama plans to instate PAYGO budgeting rules, which require every increase in spending to be offset by a spending reduction or an increase in revenue. He plans to boost federal revenues by repealing the Bush tax cuts for the rich, and by reducing “government waste”.
Besides those...there will be a real ';tickle up effect'; of helping out the middle class that has been bled dry under Bush's and McCains methods. If you give more to the middle class they will be able to support business the way business is supposed to be supported...by selling goods!
Besides...all this is really is a return to the economics of Clinton. And as I recall...things were pretty darn GREAT back then. I could afford to go out to eat once in awhile.
It won't.
ANd it isn't just a 3% increase, as the Democrats have already decided to let the Bush tax cuts expire (which, btw , mean ALL households will have an increase).
Here is how it will work. He raises taxes on the selected group, they raise their prices, thus, more taxes will be paid on everything.
There is no free lunch, so all the new taxes will flow right down to our checkbooks.
No company is going to eat the tax increase and not pass on the costs, none.
Tax the rich has never worked, ever. The ';rich'; will either raise their prices, or decide to downscale to keep from having to pay more taxes.
Plus, and here is something no one is talking about, our economy is in the tank and many small businesses are barely hanging on. No profit, no big salaries, no taxes.
We need to SHRINK our government, not grow them and give them more money %26amp; power.
Washington and many states are so wasteful that they are sucking our children's futures right down the Chinese made drain.
Actually, his numbers are pretty solid on this. He didn't choose the $250,000 mark arbitrarily. It happens that the past 28 years of Reaganomics have created an imbalance of wealth which rivals that of Mexico in the 1980s. He's a smart lawyer, and he's going after the ';deep pockets';. No more, and no less.
It wont. That is why economists are saying Obama will increase the budget deficit if he doesn't raise taxes on the middle class. His spending plans are too expensive. He is promising everything to everyone just to ';buy votes'; with taxpayers dollar. Smells like bribery.
The 3% increase generates the revenue to make the cuts for everybody else budget neutral.
Ending the Iraq war generates 500 billion a year or so in savings.
I see you don't seem worried about the red ink we've been hemorrhaging for more than 6 years already.
It won't cover everything. That is why the taxes on everything from Death tax to corporate taxes are going to go back up. All the new taxes will just be passed on to the people through a rise in the cost of everything we buy, sell or use.
he has stated that he also wants to cut down on wasteful spending. doing things like ending programs that aren't working and fixing tax loop holes.
and I think a big part of his plan is still trying to end the war in Iraq (which is costing a lot of money)
Where do you get 3%? Based on what his website and spokespeople have said, it is less than 3% up to 603,000. At 603,000 per year, it goes up to 8.2%. At 1 million, it goes up to 11.2%.
I'm confused. I thought this 3% increase was going to devastate small business--at least that's what the McCainiacs are arguing.
So which is it? A huge increase, or a drop in the bucket?
His healthcare reform will never happen.
He will propose it - Republicans will block it. End of story!
And then we can get back to reality and do something about the deficit.
When you lower middle class taxes, it provides more income for them to spend in businesses.
Here's an idea, END THE WAR and you have an extra $10 BILLION A MONTH to rebuild this country.
Didn't you know? Obama has a money tree in his back yard that spits out$100.00 bills
