How Low Can It Go? For the 2nd Time This Week

[Jill]

Something I don't think I've ever seen mentioned on LB is that the Busch tax cut will expire in 2 years unless it's signed back into law. Obama has said that he will let the expiration happen. So even if you believe that he won't raise taxes he has already told us (in a round-about way) that our taxes will go up in 2 years. That is assuming he doesn't raise them himself to help get us out of our economic problems before then.

I've mentioned it! Both during the election talk and prior. But, it's just something that's been on my mind for several years (as it should be, given my profession). People probably don't understand the impact the loss of these cuts will have on them, but it's real and people need to look into it. There's probably not much I can really say on a public forum, but the information is out there and easy to find.

Additionally, here is what Rudy Giuliani had to say on this subject recently:



When he [barack Obama] says that he's not going to continue the Bush Tax Cuts -- Let me translate that into plain English. He's going to raise taxes by more than any President has ever raised taxes in the past. That is precisely the mistake that was made in 1929 and 1930 that took a recession, a difficult one, and made it into The Great Depression.


I feel like Americans are just being "lazy" when it comes to really doing what it takes to understand what is at stake

 

[Jill]

what the difference 200,000 or 250,000. if you make that much you should get taxed more than someone making 50,000. i feel as if there is no middle class . your either rich or poor now adays.

Well, the most recent Democrat talk has downgraded that $250,000 threshold to $120,000 and Obama's not even in office (yet?). Realize that $120,000 is not a high income in some parts of the Nation which in my opinion includes my own. The number will get lower and lower until it includes many more of us here... And don't forget what it means for those who aspire to earn more. Seriously, some of us will sell our businesses (and our employees will then be unemployed), scale back our active income, and just live off of what we've accumulated to meet the remainder of our needs. That won't do anything to help the National economy.

 

[Sonya]

I still find it totally amazing that people think it's ok to take more $ from someone just because they have it...I just don't get it. Most who do have it work their but off and they ALREADY pay a higher percent of taxes anyhow....I just don't get it.

 

[Jill]

I'm with you, Sonya. No matter what people tell themselves, that feeling of it's okay to take from those who have "so much" is SOCIALISM. And people don't think far enough either to realize how much more they have than many others, nor take that next mental "leap" to realize that eventually, someone's going to come to them with their hand out. I'm starting to wonder if they stopped teaching Animal Farm in schools these days or what?

 

[Irish Hills Farm]

As Obama drops the dollar amount of who is middle class and who will get tax breaks, while yes all the numbers are under $250,000.00, people should still be concerned because now if you make $200,001.00 you won't get a tax break. Let's see Biden said $150,000.00, ok now if you make $150,001.00 no tax break for you.

I just don't get why people are okay with Obama breaking promises and continuing to change who will get a tax break and who won't. And lets not forget those who don't even pay enough in taxes to get a tax refund will get basically a welfare check. Where is that money going to come from?

Jill, if Animal Farm is not part of the Nationals Curriculum with NCLB, than it's not being taught.

I'm beginning to feel that political science needs to be taught in High School so people understand how the political process works or is suppose to work anyway.

 

[OhHorsePee]

UGH! I always see a lot of the "rah rah sock it to the businesses and oil companies" but was wondering if people can not comprehend what happens if that would occur??

 

[AppyLover2]

Fran I think people understand it. They just turn a blind eye to the possibilities. Let's face it...American's have had it too darned easy for too long. We're lazy and spoiled. People actually believe that nothing bad can happen. Heaven forbid someone burst their bubble.

As I've said before I think millions of people are voting for "change" merely for change sake. They don't care what the change is as long as it's different. I think that's a dangerous concept when we're talking about electing a president. Whatever changes are made....good or bad....we're all going to have to live with them for 4 years.

 

[OhHorsePee]

Fran I think people understand it. They just turn a blind eye to the possibilities. Let's face it...American's have had it too darned easy for too long. We're lazy and spoiled. People actually believe that nothing bad can happen. Heaven forbid someone burst their bubble.
As I've said before I think millions of people are voting for "change" merely for change sake. They don't care what the change is as long as it's different. I think that's a dangerous concept when we're talking about electing a president. Whatever changes are made....good or bad....we're all going to have to live with them for 4 years.

I guess so Donna. If Obama does win I will feel so sorry for people who believe he is going to change everything and so on. And if he does do all of his promised changes I feel sorry for us all. JMHO.

 

[capall beag]

I actually think my family would do better under a Republican president financially.

Certainly, we did fine under Bush. My husband is self employed and he works on the homes of wealthy people.

We are certainly NOT wealthy but we benefit when wealthy people are in the mood to spend

The only real hard hit is health insurance which is very pricey, more than my mortgage!

That said, I think the Country needs a change and I think Obama will win.

I do hope his promises are true and that we don't get hit with higher taxes.

IMO ALL politicians tell you what you want to hear!

We won't know the truth until he goes to work in the White House!

But I am a natural cynic.

I actually like McCain but after 8 yrs of Bush and the state of the economy I think the Democrates will get in.

 

[AppyLover2]

How low can it go???? Good question. I just saw a video of an interview when he was an Illinois Senator where he talks about an even lower figure than any we've heard so far. In that piece he said that lower class is people who make 50, 60, $70,000 a year. My guess is we won't really know unless he moves into the White House.