Before we all get too excited about tax protests on tax day — we should contemplate the FACT that the federal income tax rate is LOWER under Obama than Bush for most Americans due to the Making Work Pay tax cuts that were part of the stimulus bill. This link as a PDF download link that examining tax rates this year with 2007. Not to say people shouldn't be upset about taxes in general, nor that we will see other types of fed. taxes go up - bush tax cuts expire on the wealthy, taxes on insurance companies, wealth individuals, etc. to pay for health care.
But this should all be measured with the total pic. I do recall seeing my check go up after the stimulus bill was passed, and I remember my tax preparer showing my the credit on the return. It's real, folks.
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5 comments:
PASS THE FAIR TAX!!!!!
Its really Smoke and Mirrors!
The tax rates may be lower but the National Debt isn't!
The sad thing is your just deffering it to future generations in hopes that after we wade through the Baby Boomers retirment? Things will reverse!
Immigration will resolve that and it won't get any better for the Kids and Grandkids!
If you follow Greece! I think that is an interesting situation and has implecations for all of the European Union countries and maybe even the future of the Euro Dollar!
They are implementing austerity programs and surprisingly the public is supportive! But they haven't got to the point it really hurts! (Wait till they get to the policies that effect Unions.)
But, in one article they are just now discovering how wide spread the tax evasion is in Greece!
(Really they didn't already know?)
AND
Their interest on borrowing money is at an all time high! The IMF and European Monetary fund have proposed a bailout plan if they can't get things under control on their own!)
BTW: I bet Geithner probably knows where the Feds. could dig up some money in the U.S.!
Without even appointing someone to public office!
What do you want to bet!
The tax structure at the present time is too massive - I agree it needs to be made simplified and maybe the "Fair Tax" is the way to go!
But, then what would you do with all those Federal Govt. employees?
Maybe they could find jobs with the Liberal News Media?
47% of america and probably 80% of Ark City pay no income tax.
There were some good points brought up about a "Fair Tax".
Or a National Sales tax!
Even the drug dealers, pimps and other untaxed people would pay taxes!
That is of course, unless that money is leaving the Country!
The VAT Tax is another Socialist Country answer and is already used in Europe and Canada!
But, it will probably only hasten the transfer of business and manufacturing to less expensive markets!
Why on Earth when we can see with our own eyes what these very type of programs have done in other countries do we think we want them in the U.S.?
@ April 17, 2010 9:34 AM
Amen!
There are many advatages to the Fair Tax, and many disadvantages to the VAT. Obama will be trying to push the VAT because it is the tax of choice among socialists.
My hope is that Americans don't buy into his BS this time. Of course, we didn't last time either, but that didn't stop them from doing their backroom deals and their bribery and arm twisting to get their way.
Get out and vote in November so we can de-fang this socialist snake in the grass.
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