Tax Math

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Sandi
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Tax Math

Postby Sandi » Mon Dec 10, 2012 3:09 pm

New York Times

Even if Republicans were to agree to Mr. Obama’s core demand — that the top marginal income rates return to the Clinton-era levels of 36 percent and 39.6 percent after Dec. 31, rather than stay at the Bush-era rates of 33 percent and 35 percent — the additional revenue would be only about a quarter of the $1.6 trillion that Mr. Obama wants to collect over 10 years.


Any ideas where Obama intents to raise the other 75% of his $1.6 trillion? Obviously we don't have enough rich people, and those we do have don't have enough money even if you take it all.

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Re: Tax Math

Postby fisticuffs » Mon Dec 10, 2012 3:22 pm

Any ideas where Obama intents to raise the other 75% of his $1.6 trillion?


Reduced deductions for incomes over $200,000 and increased taxes on dividend income.

Sandi
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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 3:47 pm

Reduced deductions for incomes over $200,000 and increased taxes on dividend income.


So the 75% of the new taxes will come from Romney's plan that Obama was against.

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Re: Tax Math

Postby Stebben84 » Mon Dec 10, 2012 3:50 pm

Sandi wrote:So the 75% of the new taxes will come from Romney's plan that Obama was against.


Didn't know he actually had a plan and I can't remember hearing him say he would increase the dividend tax.

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Re: Tax Math

Postby rabble » Mon Dec 10, 2012 4:01 pm

Yeah I'd like to know a little bit more about that Romney plan. Sandi, could you expand on that a bit?

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Re: Tax Math

Postby fisticuffs » Mon Dec 10, 2012 4:01 pm

So the 75% of the new taxes will come from Romney's plan that Obama was against.


Romney didn't have a plan. He called for a huge REDUCTION in rates and was to be offset by unspecified closing of loopholes (which anyone not on his payroll decried as impossible). Obama's plan has ALWAYS called for closing loopholes, he's even named them, and letting the top rate go back to what it was pre-Dubya. The Senate has passed extending the tax cuts to 100% of the country for the first 250,00 in income. The Republican house won't vote on it. Sandi, do you think they should go ahead and pass those tax cuts? or not and why?

Sandi
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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 4:05 pm

Romney didn't have a plan. He called for a huge REDUCTION in rates and was to be offset by unspecified closing of loopholes (which anyone not on his payroll decried as impossible).


Ah, like Obama's "unspecified" spending cuts 10-20 years into the future!

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Re: Tax Math

Postby fisticuffs » Mon Dec 10, 2012 4:06 pm

Ah, like Obama's "unspecified" spending cuts 10-20 years into the future!


No, not at all.

but anyways. Do you think the Republicans in the House should vote on extending the Bush tax cuts on the lower brackets?

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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 4:07 pm

fisticuffs wrote:
Any ideas where Obama intents to raise the other 75% of his $1.6 trillion?


Reduced deductions for incomes over $200,000 and increased taxes on dividend income.


And what part of the 75 percent would that produce do you think? My guess is less than another 25%.

Sandi
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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 4:08 pm

rabble wrote:Yeah I'd like to know a little bit more about that Romney plan. Sandi, could you expand on that a bit?


Lets keep it on topic. Yes I mentioned Romney (my appologies) but he has no say in this.

Sandi
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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 4:09 pm

:|
fisticuffs wrote:
Ah, like Obama's "unspecified" spending cuts 10-20 years into the future!


No, not at all.

but anyways. Do you think the Republicans in the House should vote on extending the Bush tax cuts on the lower brackets?


Yes, Absolutely. Nor do I have any problem with going to the Clinton era taxes on the high end.

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Re: Tax Math

Postby fisticuffs » Mon Dec 10, 2012 4:11 pm

Yes, Absolutely. Nor do I have any problem with going to the Clinton era taxes on the high end.


The House Republicans do and they're willing to trash the economy to prevent that from happening.

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Re: Tax Math

Postby rabble » Mon Dec 10, 2012 4:19 pm

Sandi wrote:
rabble wrote:Yeah I'd like to know a little bit more about that Romney plan. Sandi, could you expand on that a bit?


Lets keep it on topic. Yes I mentioned Romney (my appologies) but he has no say in this.

But he did have a plan, right? And Obama was against it?

Just one link. That's all I want. Then I'll go away or sit at the back or something.

Actually, why is this off topic? It's about taxes.

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Re: Tax Math

Postby jman111 » Mon Dec 10, 2012 4:27 pm

Sandi wrote:Lets keep it on topic.

translated as
I'll ask the questions here!

Sandi
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Re: Tax Math

Postby Sandi » Mon Dec 10, 2012 4:35 pm

jman111 wrote:
Sandi wrote:Lets keep it on topic.

translated as
I'll ask the questions here!


Smart thinking. ;)


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