Will Obama Raise Taxes on Working Class Americans? - Proof Please.

Everyone knows the middle class will get a double hit. He is removing tax breaks and hitting business owners. The only ones to benefit under obama's will be the lifetime welfare person.

 

After tax income is the money you get to spend after all taxes have been taken from your paycheck.

 

I agree that 'after tax' means income after taxes have been deducted.

But on the topic, couldn't it also be possible that if you give tax breaks to the middle class, they will have more money to buy products and services, with will in turn increase profits for companies? I'm not sure I follow how giving the average consumer (the 95%) more money to spend would decrease a companies profits?

Sure the taxes on the company may be raised (i'm not sure of the figures myself, but Obama has said something to the effect of 98% of business make less than 250,000 but once again I have no idea). But it seems to me that if the majority of americans have more money to spend, they'll spend more money and businesses in general will make more?

Then again, I hardly ever went to my economics class so I may be wrong.

 

What is left out of that picture is the fact that the bottom three groups pay no federal taxes. How can you give a tax cut to people who don't pay federal taxes?

 

"My Friends! I won't spread the wealth around,
I'll keep all of it for my wife and her closest friends.

 

Exactly, except if you GIVE them tax breaks their greed works the other way and they will find ways to keep it. Whether that be via hiring a shrewd accountant to take full advantage or investing the cash in new technologies and luxuries for the consumer. IE the latest dental technology or just new furniture for the waiting room.

Now I'm sure someone will gleefully point out that them spending money is good for the economy..... Where that idea falls flat is that if you give the tax cut to the middle class and poor instead of the small percentage at the top you have the added benefit of helping a LOT more people while floodign cash into the economy at the same time.

 

Well to avoid the risk of being annoying to you I'll keep it simple and get to the point.

The reason I don't believe continuing the current tax situation for 8 more years will work is because they don't work. And I have 8 years of economic downturn to prove it. Plain and simple.

In fact, McCain wants to make them permanent.

 

or he is willing to do it to be the POTUS. This is one of the things that he has been mavericking all over the place

 

I've been trying to figure that one out myself actually. Are they going to pay less than zero or....?

I noticed McCain toned down the rhetoric and stopped calling it welfare. Instead he calls it government giveaways this week.

 

OK, but I thought you were asking if Obama would raise taxes on the working class. Let me try to handle one issue at a time.

For some reason you didn't like my use of the term "trickle down". Makes perfect sense to me.

 

Well they still pay taxes, but after all the deduction that are given to them, they are given more money back then they pay into the federal government.

 

Ok so they do pay taxes.

So "people who don't even pay taxes" would be... inaccurate?

A tax cut for the wealthy is great. But a tax cut for the middle class and poor people is welfare, a hand out, socialism, you pick.

 

If they withhold money from your check and give it all back later, have you paid taxes? No, I don't think so.

 

Here is the short list of so called experts that state that Obama's plan will not work and defies logic. Now Obama has flipped again and stated he may not increase taxes on those making above 250,000. After all he was only proposing to garner votes. What do these professors and economist know about the economy. Do these colleges know anything about economics? Harvard, Princeton,Yale, Brown, USC, Stanford, Rutgers

 

Take your pick, I guess, of economists' views (The Economist's 4th Presidential campaign poll on the economy - warning, PDF). Would a 2 to 1 margin favoring Obama's plan suffice?:

 

kind of like corporations that don't pay any taxes.

 

Listening to the Harvard professor on talk radio tonight and his amazement at some economist
giving praise to Obama plan in a bewilderment confusion was very funny. They were actually go over the charts from prominent newspapers and talking about how the data was skewed to give Obama the upper hand for the media. I think he used the term "predetermined outcome." Those are some big names on the list below and some very highly ranked universities.

 

I pay a higher % in taxes than some CEO's that make > $10M a year!

I don't see how it could possibly increase!

 

fact: We've had a progressive tax system in this country for the longest. It shifts from being better for the middle to lower class to being better for the upper class depending on who is in the Whitehouse at the time.

My position and nearly all of my arguments for it being better to have it for the lower class is based on one extremely simple observation over the past 16 years (that I've been paying attention). Clinton years good, Bush years bad.

I am fully aware that this could be seen as oversimplifying it but that's how I see it. :shrugs:

 

I love how some people making <$45K a year rally for people who make >$300K.

I've never understood that.