Re: Surprise move on tax cuts by Obama
 

[quote=saden1;769217]It's [URL="http://www.chron.com/disp/story.mpl/ap/top/all/7340450.html"]passed in the Senate[/URL].


"The bill's cost, $858 billion, would be added to the deficit."

lol @ deficit hawks...won't anyone think of the children?[/quote]

How does the bill cost 858 billion when nothing is changing?

Re: Surprise move on tax cuts by Obama
 

Middle class families need a boost in this economy, and that is exactly what this plan gives them," said Senate Majority Leader Harry Reid, D-Nev. "It is not perfect, but it will create 2 million jobs, cut taxes for middle class families and small businesses, and ensure that Americans who are still looking for work will continue to have the safety net they rely on to make ends meet."

I'd love for Reid to explain how passing this bill will creat 2 million jobs. Is he really saying that by extending the tax cuts it will creat jobs. I thought liberals thought that was a bunch of BS.

Re: Surprise move on tax cuts by Obama
 

just another example of the Dem's caving in. this is all about the rich. doesn't change anything for me. pretty soon both parties will meet somewhere in the middle, and then we are screwed( more then we are now)

Re: Surprise move on tax cuts by Obama
 

[quote=dmek25;769269]just another example of the Dem's caving in. this is all about the rich. doesn't change anything for me. pretty soon both parties will meet somewhere in the middle, and then we are screwed( more then we are now)[/quote]

So let me get this straight -- the government says you get to keep more of the money you earn, and so do the rich, but that makes you unhappy?

I could certainly understand the outrage if the gov't said "we're taking more out of the paychecks of the poor and middle class, but people in the upper incomes -- their paychecks will be higher". That would be upsetting, no doubt. But [B]everybody[/B] gets to keep more of what they earn.

Am I correct to think that the only way you'd be happy is that your paycheck stays the same but anybody with a bigger paycheck takes a hit?

Your happiness depends on someone else's [I]un[/I]happiness?

Re: Surprise move on tax cuts by Obama
 

i try to look at the big picture. sooner or later the shit will hit the fan with the record deficit we are incurring. lets stop all the crazy spending, and start to create jobs. what ever is good for the whole is what im about

Re: Surprise move on tax cuts by Obama
 

[quote=dmek25;769383]i try to look at the big picture. sooner or later the shit will hit the fan with the record deficit we are incurring. lets stop all the crazy spending, and start to create jobs. what ever is good for the whole is what im about[/quote]

We don't have a tax problem we have a spending problem. I read today this new bill is filled with 8 billion in pork projects to get the dems approval.

Re: Surprise move on tax cuts by Obama
 

[quote=Beemnseven;769380]So let me get this straight -- the government says you get to keep more of the money you earn, and so do the rich, but that makes you unhappy?

I could certainly understand the outrage if the gov't said "we're taking more out of the paychecks of the poor and middle class, but people in the upper incomes -- their paychecks will be higher". That would be upsetting, no doubt. But [B]everybody[/B] gets to keep more of what they earn.

Am I correct to think that the only way you'd be happy is that your paycheck stays the same but anybody with a bigger paycheck takes a hit?

Your happiness depends on someone else's [I]un[/I]happiness?[/quote]
Exactly. This notion that "rich" people owe more money than others is beyond me. I hate the idea of a progressive tax in the first place and I hate the rampant anti-rich sentiment that flows throughout this country. It is the most unAmerican notion that exists in my opinion. Everyone who is able should pay their fair share. More importantly and more germane to this discussion we shouldn't be axing taxes without a requisite cut in spending. It is as irresponsible as raising taxes. In fact I'd prefer we ran the same rates for a few years, cut spending intelligently and started running a surplus to pay down some debt.

Re: Surprise move on tax cuts by Obama
 

[quote=firstdown;769388]We don't have a tax problem we have a spending problem. I read today this new bill is filled with 8 billion in pork projects to get the dems approval.[/quote]
if you keep spending at this rate, and dont do anything( or cut) taxes, what happens?

Re: Surprise move on tax cuts by Obama
 

[quote=dmek25;769405]if you keep spending at this rate, and dont do anything( or cut) taxes, what happens?[/quote]


You don't have to cut anything since you can borrow more money! There's nothing wrong with doing what GW did. People keeping their money is always good thing.

Re: Surprise move on tax cuts by Obama
 

[quote=FRPLG;769389]Exactly. This notion that "rich" people owe more money than others is beyond me. I hate the idea of a progressive tax in the first place and I hate the rampant anti-rich sentiment that flows throughout this country. It is the most unAmerican notion that exists in my opinion. Everyone who is able should pay their fair share. [B]More importantly and more germane to this discussion we shouldn't be axing taxes without a requisite cut in spending. It is as irresponsible as raising taxes.[/B] In fact I'd prefer we ran the same rates for a few years, cut spending intelligently and started running a surplus to pay down some debt.[/quote]

No doubt. Milton Friedman once said that a tax cut without a corrseponding cut in spending isn't really a tax cut. The government just prints the difference, leading to inflation, which hits us in the wallet just the same.

Re: Surprise move on tax cuts by Obama
 

Isn't funny how the left doesn't give a rats ass about the deficit when they pass the "stimulus" bill or health care, but suddenly when it comes to taxes, they get all huffy about it.

Of course, the Republicans are just as bad -- they only cry about the deficit if they're aren't the ones spending. When they have control, massive deficit spending is just fine.

Re: Surprise move on tax cuts by Obama
 

[quote=dmek25;769269]just another example of the Dem's caving in. this is all about the rich. doesn't change anything for me. pretty soon both parties will meet somewhere in the middle, and then we are screwed( more then we are now)[/quote]

Well actually if they let the tax cuts expire it would have affect everyone. Even the people who don't pay taxes.

Re: Surprise move on tax cuts by Obama
 

I can't find the clip but Harry Reid said it was his duty to include pork into a bill. This was the budget bill not the tax bill that had all the pork projects. Like 8 billion worth.

Re: Surprise move on tax cuts by Obama
 

[quote=Beemnseven;769505]Isn't funny how the left doesn't give a rats ass about the deficit when they pass the "stimulus" bill or health care, but suddenly when it comes to taxes, they get all huffy about it.

Of course, the Republicans are just as bad -- they only cry about the deficit if they're aren't the ones spending. When they have control, massive deficit spending is just fine.[/quote]

Stimulus solved a specific problem (one time funds to give tax breaks and create jobs), this is a punt and we will be back to the same situation two years from now. I guess you can call this stimulus 2.0 except this one is far more costly in the long run.

Re: Surprise move on tax cuts by Obama
 

[quote=firstdown;769683]I can't find the clip but Harry Reid said it was his duty to include pork into a bill. This was the budget bill not the tax bill that had all the pork projects. Like 8 billion worth.[/quote]

[url=http://www.washingtontimes.com/news/2010/dec/16/reid-earmarks-are-what-were-supposed-do/]Reid: Earmarks are 'what we're supposed to do' - Washington Times[/url]

Re: Surprise move on tax cuts by Obama
 

[quote=Beemnseven;769505]Isn't funny how the left doesn't give a rats ass about the deficit when they pass the "stimulus" bill or health care, but suddenly when it comes to taxes, they get all huffy about it.

Of course, the Republicans are just as bad -- they only cry about the deficit if they're aren't the ones spending. When they have control, massive deficit spending is just fine.[/quote]
Well said , both of your posts are spot on ( IMO ) .

Re: Surprise move on tax cuts by Obama
 

[quote=firstdown;769388]We don't have a tax problem we have a spending problem. I read today this new bill is filled with 8 billion in pork projects to get the dems approval.[/quote]
I wish I had 8 billion to spend , I might send some " pork " your way ... so you could pull your brand new boat , with your brand new truck :)

Re: Surprise move on tax cuts by Obama
 

[quote=budw38;770321]I wish I had 8 billion to spend , I might send some " pork " your way ... so you could pull your brand new boat , with your brand new truck :)[/quote]

Neither the boat nor the truck were new when I purchased them. If gas keeps going up I need some of that pork but I'll make my own. I don't spend money I don't have and then brag about it like Reid does.

Re: Surprise move on tax cuts by Obama
 

mmm megyn kelly

Re: Surprise move on tax cuts by Obama
 

Good summary of the Tax Act:

[url=http://www.journalofaccountancy.com/Web/20103682.htm]Congress Resolves Many Tax Issues During Lame Duck Session[/url]

Re: Surprise move on tax cuts by Obama
 

[quote=mlmpetert;771917]Good summary of the Tax Act:

[url=http://www.journalofaccountancy.com/Web/20103682.htm]Congress Resolves Many Tax Issues During Lame Duck Session[/url][/quote]

It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.

Re: Surprise move on tax cuts by Obama
 

[quote=CRedskinsRule;771928]It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.[/quote]


Absolutely. Most people cant do their own taxes. Imagine if all credits, deductions, and write offs went away. If there were only like 3 or 4 tiers like 0, 5, 10, and 20% and that was the tax you paid. Life would be so much simplier.

Re: Surprise move on tax cuts by Obama
 

[quote=CRedskinsRule;771928]It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.[/quote]

Well they left that new 1099 law in tact and its going to be a nightmare for some businesses.

Quote
[B][FONT=Arial]Expanded 1099 Requirements[/FONT][/B]
[COLOR=black][FONT=Arial]One major tax issue Congress did not resolve was the expanded Form 1099 reporting requirement. Currently, payments to corporations are excepted from the Form 1099 information-reporting requirements. But starting for payments after Dec. 31, 2011, businesses will be required to file an information return for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). This change was made by the Patient Protection and Affordable Care Act (PL 111-148), enacted in March 2010. In addition, in a change made by the Small Business Jobs Act (PL 111-240), taxpayers who receive rental income from property will be required to issue Forms 1099 to service providers for payments of $600 or more during the year, effective for payments made after Dec. 31, 2010.[/FONT][/COLOR]
[COLOR=black][FONT=Arial][/FONT][/COLOR]
[COLOR=black][FONT=Arial]This law does not hit my business that hard because most of my business is done with the same companies month after month except for a few. My brother in law who has sold his business said if he still had the business he could see them having 2,000 or more 1099's in a given year. Its crazy the burden the government is putting on business. [/FONT][/COLOR]