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Old 12-08-2010, 08:54 PM   #1
PEB
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President Obama's tax break raises taxes on people making less then 20,000 dollars

Working poor Obama has a surprise to serve you a tax increase LOL! So much for the middle class tax cut. trickle down economics more like sh*t on economics for the poor. More and more people joining the workforce are getting less then 20,000 a year. Welcome to the rich new America!

"WASHINGTON — The tax deal struck this week between the White House and congressional leaders has a little bit for most taxpayers in the country. But some of the nation's poorest workers will actually end up worse off.

The president's proposal, struck in a deal with congressional Republicans, would lower the Social Security taxes on all workers in the nation by 2 percentage points.

At the same time, the proposal eliminates the "Making Work Pay" tax credit that was originally part of President Barack Obama's 2009 stimulus package and reduced Americans' taxes by up to $400 for an individual or $800 for a couple.

When comparing the Social Security reduction versus the current tax credit, middle- and upper-income Americans will fare far better under the new proposal. But some lower-income workers won't.

The break-even point is $20,000 for an individual and $40,000 for a couple. All other things being equal, make less than those figures in a year, and your taxes will go up come Jan. 1, 2011. Make more and they'll go down.

"It's disappointing," said Michael Linden, the associate director for tax and budget policy at the liberal Center for American Progress. "These are people working really hard ... We're asking minimum wage workers to pay slightly more in taxes."

Added Roberton Williams, senior fellow at the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution. "It's not a huge increase. But if you're only making $10,000 a year, and your taxes go up a few hundred dollars, that's noticeable."

For the high-income workers, the newest tax deal could bring in more than $2,000 for an individual or $4,000 for a couple, since they will see a 2 percentage point drop in their Social Security tax rates from 6.2 percent to 4.2 percent. All income up to $106,800 is subject to Social Security taxes.

Although low-income singles who don't qualify for certain tax credits will pay more, the White House said Wednesday it isn't fair simply to look at the impact of the Making Work Pay credit versus the Social Security reduction. Other provisions of the tax deal — such as the child tax credit — affect low-income families; when combined with the Social Security tax reductions, families will be better off under the negotiated deal.

Experts who were disappointed in the impact on lower-income workers were still generally supportive of the overall plan, however. That's because — whatever the impact on individual Americans — the impact on the broader economy will be greater with the Social Security tax reduction.

The proposed reduction in Society Security taxes will pump an estimated $120 billion into the economy — twice as much as would have the Making Work Pay credit.

"There clearly are progressives upset about this deal, and would like to see it improved," Linden said. "But I think it should pass."

Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities, a liberal policy research group, likewise ultimately supported the overall package. "I think it will provide a much-needed boost to the economy."

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Read more: http://www.mcclatchydc.com/2010/12/08/104986/under-obamas-deal-taxes-will-rise.html#ixzz17ZjEqbSZ"


Obama's deal will raise taxes for some low-income workers | McClatchy

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Old 12-08-2010, 09:35 PM   #2
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I dunno this seems like another way for people to just try and badmouth on Obama even though it ultimately seems like a good move...I thought people wanted to see him being more conservative, cutting taxes, welfare type programs etc.....yes it sucks that it will slightly raise taxes on the poor (by an order of around 60 dollars, significant if you're that poor yes but still) but the move is such a much bigger boost to the economy that even as someone who's fairly progressive in terms of welfare type programs I don't have a problem with it...I suppose they could institute some kind of rule where people below the threshold receive the other tax break or make a minimum tax break of 400 dollars and I think that move would probably make sense but honestly I don't have a problem with the change.

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Old 12-08-2010, 09:36 PM   #3
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Fuck the poor. The vast majority deserve everything they get. They are either genetically weak (stupid from birth) or made a shit load of bad decisions that deserve nothing less than a lifetime of destitution.

The guideline for not being poor:

1) Don't go to jail.
2) Get a high school diploma.
3) Don't have kids until you have a high enough income to support them.
4) Don't do drugs.

That probably covers a solid 85% of "the poor". Fuck em.

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Old 12-08-2010, 09:38 PM   #4
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It'll work out in the long run better than everyone losing their tax cuts next year due to the GOP being uptight.

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Old 12-08-2010, 10:46 PM   #5
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Way to go Obama! Giving in to the Republican Stimulus plan that's going to add 500 billion dollars to the deficit over the next 2 years.

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Old 12-09-2010, 12:28 AM   #6
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Quote:
Originally Posted by Mr Payne View Post
Fuck the poor. The vast majority deserve everything they get. They are either genetically weak (stupid from birth) or made a shit load of bad decisions that deserve nothing less than a lifetime of destitution.

The guideline for not being poor:

1) Don't go to jail.
2) Get a high school diploma.
3) Don't have kids until you have a high enough income to support them.
4) Don't do drugs.

That probably covers a solid 85% of "the poor". Fuck em.
Actually, dumbass, none of those 4 things has much of an impact on how poor someone is. The social economic situation in which your born into has a much greater effect.

A rich kid that does drugs, goes to jail and drops out of school is not very likely to end up "poor."

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Old 12-09-2010, 02:11 AM   #7
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Originally Posted by djacobox372 View Post
Actually, dumbass, none of those 4 things has much of an impact on how poor someone is. The social economic situation in which your born into has a much greater effect.
How does being born poor make someone poor at 18? You can join the military immediately upon turning 18 (or close to it, whatever).

You then have a job, lodging, & food. Apparently this is some sort of goddamn physics problem to figure out.

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Old 12-09-2010, 02:14 AM   #8
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Now he's threating the Dems in opposition that denying the tax break extension will put us back in a Recession. He's a joke.

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Old 12-09-2010, 02:58 AM   #9
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Quote:
Originally Posted by Mr Payne View Post
How does being born poor make someone poor at 18? You can join the military immediately upon turning 18 (or close to it, whatever).

You then have a job, lodging, & food. Apparently this is some sort of goddamn physics problem to figure out.
You are such a dickhead. Yeah, let's go sign up to the military, where i can get shot up with tons of vaccines and shipped off to die in some shithole middle eastern country for no reason other than to line the pockets of the corporate thugs that are bankrupting the middle class! Great option!

FUCK you, FUCK the military industrial complex, and FUCK president Obama! More of the same from the man who was supposed to bring 'Change.' What happened to not rasiing taxes on anyone who made under 100k? Lies, lies, and more lies.

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Old 12-09-2010, 03:06 AM   #10
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Originally Posted by djacobox372 View Post
Actually, dumbass, none of those 4 things has much of an impact on how poor someone is. The social economic situation in which your born into has a much greater effect.

A rich kid that does drugs, goes to jail and drops out of school is not very likely to end up "poor."
You = moron. Must be nice to live life with no sense of responsibility for ones actions.

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