obama has gone, in my beleif a little to far, in his raising tax idea. If an american makes a salary of over 100,000 thousand dollars, he's bumps their federal tax up to 12%. thats crazy. that's 12,000 dollars and remember that's only federal taxes. not to mention any state and local taxes. he's also bumping up business taxes, do you think he;s going to far.
i mean, one of his big campaign slogans is bring the jobs back to the people and punish the coporations that have begun or already begun to move their warehouses and factories outside of the U.S. that's doesn't make any sense to me.
if you are a business owner and are bieng owner and are being charged outrageous taxes and high rates of pay, why wouldn't you go to China where you could make everything cheaper and pay less taxes and wages. i mean which would you choose, based on a profit point of view and not ethical?
i know what the business men are choosing, not to stay in the U.S. Obama says he is going to bring coporations back into the U.S. but it seems all he'll be doing is scaring them away. it doesn't make sense.
well i see why he wants to do what he's saying he will. Raise the taxes on the weathy, why not, their loaded. Lower the taxes for the poor, because their poor, and not loaded. If u think about it &100 grand is a huge amount of money! and if you're making that much, $12 grand is like chump change. I've never herd Obama say anything about raising local or state taxes. And the outsourcing fines, are to try and bring jobs back into the country. Why should an american made company be hainv g chinese made products when we need jobs in our own country. By doing that we are in turn boosting other countries economies, instead of our own, which needs boosting.
First of all, $100,000 sounds like a lot of money, yes, but it sounds like a lot of money to us. But in actuality, all told, it's not, and $12,000 is far from chump change, especially given, as the original poster said, the issue of state and local taxes that also take money away from the individual. Especially with the economic problems everyone agrees that we're facing (the debate is over a recession or not), the thought of taxes being increased on those making any amount of money, in my judgment, should not be increased, especially those making $100,000 to $200,000. The economic impact of an increase in taxes would be substantial, quite harmful to the economy. Even those making around $200,000 are struggling - I know this from personal family experiences.
Considering the high cost of healthcare, home and heating costs, the sub-prime mortgage crisis, water bills in places like here in Colorado, etc, a raise in taxes would damage the creation of jobs and, in actuality, cause more jobs to be lost; furthermore, it would squeeze those who aren't making that much money even more than they are already squeezed.
Second of all, the President of the United States has absolutely no power when it comes to state or local taxes, so of course Obama wouldn't be talking about that. He's not running for Governor - he's running for President of the United States. The point razzle was making was that, on top of federal taxes, these individuals are paying state and local taxes as well, squeezing them further thanks to what I would consider to be an overzealous government.
Third of all, with regards to China and outsourcing, I am entirely in agreement with razzle here. What his point was, with which I stand in firm affirmation, is that it is government policies that are encouraging businesses to outsource. Sure, taxes and fines on businesses that outsource may be designed to keep jobs in America, but there's a difference between what's designed and what's actually happening.
The added costs that government policies place upon businesses disincentivize them from staying in the country. We have the second-largest corporate tax in the world next to Japan, at 35%, plus the minimum wage and other restrictions on businesses which cause them to look elsewhere - namely, where doing business would be cheaper.
Think about it. If you're a business owner looking to set up a factory somewhere, will you set it up where it would be more expensive to do business or less expensive to do business? You're most certainly going to set your factory up in the latter, hence why jobs are going overseas. Heck, jobs are leaving Mexico because it's cheaper to do business in China and India than it is there - and those in Mexico get next to nothing compared to us.
Finally, razzle is right that what Obama's policy proposals regarding businesses that outsource entail show both his naivety and his lack of understanding of fundamental economics, which is dangerous for a President. He wants to raise taxes on businesses and business executives, yet all that will do is further encourage them to leave the country and set up elsewhere. He is, truly, proposing to scare them away even further. The policies he's proposed wouldn't help keep jobs in America; they would cause us to lose even more jobs.
What we need is to lower the corporate tax from 35% to 25% and to take other measures to encourage businesses to keep jobs in America, not to export them overseas.
"Government is not the solution to our problems; government is the problem. - Ronald Reagan
why should we punish the "rich" for what they worked hard to earn? I don't understand. AND Id like to point out that originally Obama said he would raise taxes on ppl making 250000 a year, then he lowered that to 200000! now its 100,000. so who knows how low it might go. He also never opposed an oppurtunity to raise taxes. he even voted to raise them if you made 42,000 or more. And obamas all about "fairness" so why do the rich have to work HALF OF A YEAR for the government! wise wise words of Abraham Lincoln!
You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away men's initiative and
independence.
You cannot help men permanently by doing for them what they could and should
do for themselves.
- Abraham Lincoln
According to Suzy Platt of the Library of Congress Research Service, the ten points you posted above are erroneously attributed to Abraham Lincoln. It is attributed to Lincoln all over the internet, but I trust the Library of Congress a bit more than, say, the slate.com forums.
"Never go with a hippy to a second location."
~Jack Donaghy
http://www.progressiveu.org/blog/ediblewoman
if you make 100,000 a year heres what you pay in taxes already
Federal income tax, 32%- 32,000
State income tax, 7%- 7,000
Property Tax (where i live), 12%- 12,000
Total: 51,000
so basically for have the year, you are paying the government. 12% sounds like a little more all of a sudden.
To love is to risk not being loved in return. To hope is to risk pain. To try is to risk failure, but risk must be taken because the greatest hazard in life is to risk nothing.
I'd like to see your source... 32% seems way too high, and I don't think property taxes are based on how much you make, but rather on the value of your property (and for property like cars, you definitely don't get that taken out of your paycheck; you pay it when you register your vehicle).
My mom makes around 80K a year and hardly pays anything in taxes. The past couple years, she's gotten more back than she's paid in. It's all about what sort of deductions you have, and the wealthy tend to have more deductions than the poor (or they just have a better adviser).
~C
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my dad makes 200k a year, we live in ohio were property taxes are sky rocketing and yes the government taxes him 32%