Announcement

Collapse
No announcement yet.

Your thoughts

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Your thoughts

    Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

    February 26, 2009 12:00 PM
    President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
    1) On people making more than $250,000.
    $338 billion - Bush tax cuts expire
    $179 billlion - eliminate itemized deduction
    $118 billion - capital gains tax hike
    Total: $636 billion/10 years
    2) Businesses:
    $17 billion - Reinstate Superfund taxes
    $24 billion - tax carried-interest as income
    $5 billion - codify "economic substance doctrine"
    $61 billion - repeal LIFO
    $210 billion - international enforcement, reform deferral, other tax reform
    $4 billion - information reporting for rental payments
    $5.3 billion - excise tax on Gulf of Mexico oil and gas
    $3.4 billion - repeal expensing of tangible drilling costs
    $62 million - repeal deduction for tertiary injectants
    $49 million - repeal passive loss exception for working interests in oil and natural gas properties
    $13 billion - repeal manufacturing tax deduction for oil and natural gas companies
    $1 billion - increase to 7 years geological and geophysical amortization period for independent producers
    $882 million - eliminate advanced earned income tax credit
    Total: $353 billion/10 years




    Knowing how big Ridgid is, I can't see how this wouldn't affect them as a multi-million dollar a year business.

    Even if every set of eyes that lands on this thread doesn't make more than $250,000.00 a year, I promise; this will affect you personally even if you don't make over a 1/4 million a year.

    The ones above that number will strategize and pass this down to us.


    How could it not...


    Just answer the poll...keep the thread from being political. This is money/finance, nothing can change that it's happening.
    22
    I believe the rich should pay more taxes
    27.27%
    6
    I believe the poor should benefit from the rich
    0.00%
    0
    I think I should invite everyone to dinner, always feed them
    9.09%
    2
    I believe the trickle down theory will apply, where I'll pay for this move
    31.82%
    7
    I'm oblivious to taxes because I live in a van down by the river
    0.00%
    0
    Ain't got no job, ain't got no money. Doesn't matter to me
    0.00%
    0
    Knock it off Home sliced!
    4.55%
    1
    The wealthy are responsible for more income
    0.00%
    0
    Capitalism just took another road
    9.09%
    2
    As long as I have cheetos, I'll get through this
    18.18%
    4
    Last edited by DUNBAR PLUMBING; 02-26-2009, 03:22 PM.
    Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

  • #2
    Re: Your thoughts

    Originally posted by DUNBAR View Post
    1) On people making more than $250,000.
    $179 billlion - eliminate itemized deduction
    I don't make that much money, but some day I would like to. I also bought a house and live in a very high tax state, thus I itemize many thousands of dollars between the NYS Income Tax, Town/School Property Tax, and Mortgage Interest. If they don't have some kind of index here, this will turn into another AMT that hits people in high tax states (fortunately, until now Mortgage Interest was AMT-proof).

    Comment


    • #3
      Re: Your thoughts

      Originally posted by DUNBAR View Post
      .................
      Just answer the poll...keep the thread from being political.
      There's as much chance of that happening as there is of this poll meaning two hoot in Hades. But, those are just my thoughts.
      The Leading Cause Of Injury In Older Men Is Them Thinking They Are Still Young Men.

      Comment


      • #4
        Re: Your thoughts

        I don't know how they came up with that $250,000.00 figure but in my opinion whoever is paying taxes will pay for those who are either legally avoiding them or who are here illegally and not paying them either. It would be great to pay for everyone to have health insurance and for everyone to go to college but to assume our crumbling economy can support such programs is absurd! The job to get done is creating real jobs that we the tax payers are not paying for, get those folks who could not afford the homes they bought out of them so we don't have to pay their mortgages! Sorry to go political but I did not like what the Bush administartion was doing and so far I don't like what the Obama administration is doing. There's either no pleasing me, or neither party has the best interest of the taxpayers in mind. Secure our borders!!! Make everyone pay taxes!!! Stop giving our money away to crooks and bums!!!

        Comment


        • #5
          Re: Your thoughts

          Frankie.......deep breath.........now go to the pie, Frankie....all will be better.....money doesn't matter......in the Land of Pie..........
          I'm on "The List" and I love it!!

          Comment


          • #6
            Re: Your thoughts

            Originally posted by tinmack View Post
            Frankie.......deep breath.........now go to the pie, Frankie....all will be better.....money doesn't matter......in the Land of Pie..........
            Mac, when the pie wears off those problems will still be there. We just can't catch a break.

            Comment


            • #7
              Re: Your thoughts

              Originally posted by Frankiarmz View Post
              Mac, when the pie wears off those problems will still be there. We just can't catch a break.
              How 'bout a cake break??
              I'm on "The List" and I love it!!

              Comment


              • #8
                Re: Your thoughts

                I think I will be able to say " See, I told you so" a whole lot sooner than I had originally anticipated.

                I'm seeing some very scary stuff come out of the new administration to the point where I almost hate to listen to the news anymore.
                sigpic

                Comment


                • #9
                  Re: Your thoughts

                  Originally posted by NHMaster3015 View Post
                  I think I will be able to say " See, I told you so" a whole lot sooner than I had originally anticipated.

                  I'm seeing some very scary stuff come out of the new administration to the point where I almost hate to listen to the news anymore.
                  The democrats had eight years of I told you so, unfortunately regardless of who is in office we are the losers! Had McCain won do you really think our country would be doing better? Granted some of the ridiculous programs would not be funded but there would still be a whole host of unresolved and probably unfixable problems to deal with. We cannot afford to support big business and their irresponsible behavior anymore than we can support the folks who are in over their heads with mortgage and or credit problems. We were in a bad place with the republicans and now we are in a bad place with the democrats. I just wonder which is the lesser of the two evils, and I am not sure there is a clear winner.

                  Comment


                  • #10
                    Re: Your thoughts

                    nearly ever tax busness pays is passed on to the consumer as an expense in production, the only time it is not done is when the conditions are such that the end price can not bear the burden of a higher price. and then the company is faced with a possibility of bankruptcy.


                    so who will pay in the end we will, the people who need the products, and the poor will pay with a higher portion of there income than those who are better off.
                    Push sticks/blocks Save Fingers
                    ~~~~~~~~~~~~~~~~~~~
                    "The true measure of a man is how he treats someone who can do him absolutely no good."
                    attributed to Samuel Johnson
                    ~~~~~~~~~~~~~~~~~~~
                    PUBLIC NOTICE: Due to recent budget cuts, the rising cost of electricity, gas, and oil...plus the current state of the economy............the light at the end of the tunnel, has been turned off.

                    Comment


                    • #11
                      Re: Your thoughts

                      QUOTE: We cannot afford to support big business and their irresponsible behavior anymore than we can support the folks who are in over their heads with mortgage and or credit problems. We were in a bad place with the republicans and now we are in a bad place with the democrats. I just wonder which is the lesser of the two evils, and I am not sure there is a clear winner.

                      If you don't want to support big business just stop buying their products or services. We weren't in bad shape with the Republicans until the mortgage fall out. The same crisis that George W Bush tried over a dozen times to get congress to do something about and they refused to acknowledge the problem. All brought about BTW during Clintons administration when congress mandated that banks and mortgage providers carry at least 50% of their portfoilo's for low income borrowers. Anytime you think this is a Republican problem think back to the first 7 years of the Bush presidency. Better yet check the GNP, inflation rate, unemployment rate and rate of growth in the stock market for those 7 years. In a mere 3 weeks Mr. Obama has managed to instill so much confidence in the investment market that stocks drop an average of 100 points a day. Mark my words here. Within 6 months you and everybody else will want to run this administration out on a rail.
                      sigpic

                      Comment


                      • #12
                        Re: Your thoughts

                        Exactally, this was a problem long before Bush took office, It just imploded on his watch and most typical t.v. zombies correlate that to being his fault like the general media wants them to think.
                        sigpic
                        www.uandiplumbing.com

                        Comment


                        • #13
                          Re: Your thoughts

                          Originally posted by NHMaster3015 View Post
                          QUOTE: Mark my words here. Within 6 months you and everybody else will want to run this administration out on a rail.
                          I'm already there! I'm no zombie following blindly and supporting wasteful spending. I don't agree that the mortgage crisis caused us to be where we are at the present time. Spending a trillion on iraq, a trillion dollar trade deficit, losing tens of thousands of jobs to the third world, refusing to deal with twenty million illegals, massive consumer debt and the list goes on and on and on. In my opinion this economy is the result of thirty years of bad government decisons, refusal to secure our borders and a nation of consumers who bought every piece of electronic garbage that was made. We have used and abused credit cards and loans, living far beyond our means. We enjoyed a good standard of living but it was not enough, we had to have PC's and laptops and ipods and cell phones and plasma TV's...Obama scolded wallstreet but he said nothing about our behavior, and nothing about the years of dysfunctional government by both parties.

                          Comment


                          • #14
                            Re: Your thoughts

                            pump money into the bottom of our economy, the working class. Our infastructure is deteriorating rapidly spend the money there! 6 million dollars on an infastructure project will go much farther than 6 million to banks! think about it. a 6 million dollar road job, 3 million would go to materials, almost all american made, precast, asphalt, pipe and aggregate, 1 million to new equipment most made in the usa, 1 million to the working class labor, majority of which would be american, more money that stays here, and another million to the company that gets the job say, so 1 million that may or may not stay in this country.

                            Now lets give that money to the banks or a big car company, if it goes to executives that say dump it into their houses, you know the penny pincing kind that hire the contractors that hire predominately illegal aliens, or that new sony flatscreen or other electonics or maybe that new BMW they have been thinking about.

                            Or maybe een some large manufacturing company that is outsourcing jobs to save labor costs. But i dont know I am just a lowely plumber turned engineer, this cant possibly make sense!

                            Comment


                            • #15
                              Re: Your thoughts

                              That does make some sense to me Wrench. The infrastructure was built pretty well for it's time. It's been "out of sight, out of mind" for too long a time. People will never call with a few roots as long as the water goes away if you know what I mean.

                              It could be another great time in American history. The Great Rebuild. With times, pics, & stories like our great grandfathers made. I know it won't be easy. Might get a B/W pic of me standing in a 12' pipe.

                              I can read all of the information & analyze things to come up with the problems that government is causing. But that's concentrating on what I can't control. What I can't do.

                              I work on what I can do.

                              J.C.
                              Last edited by BobsPlumbing; 02-26-2009, 08:36 PM.

                              Comment

                              Working...
                              X