Obama Advisor: ‘Bush Tax Cuts Have To Be Repealed’

[red states rule]

People need to keep in mind that the evil, greedy rich people pay nearly all the taxes that provides subsidies for lower income people to even have the basic stuff.

Where do you think the money for social services, schools, etc comes for people who pay little in taxes?

The bottom 50% of earners pay 2.9% of taxes. One would guess they receive more than 70% of Government spending on social services. They are making out like 70:1 versus the rich if you consider how much they receive in benefits for dollar paid in taxes versus those in the top 50%.



Obama Advisor: ‘Bush Tax Cuts Have To Be Repealed’
by Last Reporter on January 25, 2009

Speculation that the Obama administration would keep Bush tax cuts intact was nixed today as a high-ranking Obama advisor said on Meet The Press that they would soon be eliminated.

“They have to be repealed,” said White House Director of the National Economic Council Lawrence Summers. “They have to expire, they are not part of the budget picture.”

Although Summers refused to give a date certain when the Bush tax cuts would be rolled back, he did say that they benefited only 1% the United State’s wealthest citizens and therefore were not needed

http://lastreporter.com/?p=20

[Joe Steel]

People need to keep in mind that the evil, greedy rich people pay nearly all the taxes that provides subsidies for lower income people to even have the basic stuff.

Where do you think the money for social services, schools, etc comes for people who pay little in taxes?

The bottom 50% of earners pay 2.9% of taxes. One would guess they receive more than 70% of Government spending on social services. They are making out like 70:1 versus the rich if you consider how much they receive in benefits for dollar paid in taxes versus those in the top 50%.

Obama Advisor: ‘Bush Tax Cuts Have To Be Repealed’
by Last Reporter on January 25, 2009



This is an excellent idea. The beneficiaries of Bush's tax cuts can afford to pay more.

[red states rule]

This is an excellent idea. The beneficiaries of Bush's tax cuts can afford to pay more.

How much more in your opinion Joe?

Most people are already paying more then half their income in taxes. Every dolar that is taken out of the private sector, should be left in to grow the economy

[Joe Steel]

How much more in your opinion Joe?

Most people are already paying more then half their income in taxes. Every dolar that is taken out of the private sector, should be left in to grow the economy

Most taxpayer pay nowhere near 50% of their income in taxes. Not even close. That would be OK, though, and more would be better. Government spending is more effective than private spending when goal is stimulus. That's what we need now.

[red states rule]

Most taxpayer pay nowhere near 50% of their income in taxes. Not even close. That would be OK, though, and more would be better. Government spending is more effective than private spending when goal is stimulus. That's what we need now.

As usual Joe you do not have a clue

Top rate is 35%

SS Tax is 12.4% (the employee does pay the employers share. The cost of doing business is passed along)

Medicare tax rate is about 2.9%

We are up to 50.3%

Then you add in state and local taxes - about 6% on average

So we are up to about 56%

[Joe Steel]

As usual Joe you do not have a clue

Top rate is 35%

SS Tax is 12.4% (the employee does pay the employers share. The cost of doing business is passed along)

Medicare tax rate is about 2.9%

We are up to 50.3%

Then you add in state and local taxes - about 6% on average

So we are up to about 56%

You don't understand marginal tax rates, do you.

The top rate, 35%, isn't paid on all income. It's paid only on the portion of income which falls into the top bracket. You have to look at average tax rates and they're far less than the top rate. The same goes for state taxes.

Employees don't pay the employer's share. If the tax were to end tomorrow, the employer would not just give it to the employees because it's the employer's obligation. The employees have no claim on it. The same goes for Medicare.

[red states rule]

You don't understand marginal tax rates, do you.

The top rate, 35%, isn't paid on all income. It's paid only on the portion of income which falls into the top bracket. You have to look at average tax rates and they're far less than the top rate. The same goes for state taxes.

Employees don't pay the employer's share. If the tax were to end tomorrow, the employer would not just give it to the employees because it's the employer's obligation. The employees have no claim on it. The same goes for Medicare.

Joe, the fact is a big portion of their income is taxed at 35%

All cost to the employer is passed along to someone else. If it is not, the business goes out of business

The fact is, the so called "rich" are indeed forking over half their income to the government. However, that fact does not stop Dems from demanding more of their income

[Joe Steel]

Joe, the fact is a big portion of their income is taxed at 35%

I don't think so.

I think very few top-bracket taxpayers have almost all their income taxed at the top rate.

Got any numbers saying otherwise?


All cost to the employer is passed along to someone else. If it is not, the business goes out of business

Even if that were true, it doesn't mean the employee pays the employers' portion of FICA.

[red states rule]

I don't think so.

I think very few top-bracket taxpayers have almost all their income taxed at the top rate.

Got any numbers saying otherwise?



Even if that were true, it doesn't mean the employee pays the employers' portion of FICA.

Here are the rates Joe. Yes, for the top EARNERS, they are already taxed at insane levels

Single Filing Status
(Tax Rate Schedule X)

10% on income between $0 and $8,025

15% on the income between $8,025 and $32,550; plus $802.50

25% on the income between $32,550 and $78,850; plus $4,481.25

28% on the income between $78,850 and $164,550; plus $16,056.25

33% on the income between $164,550 and $357,700; plus $40,052.25

35% on the income over $357,700; plus $103,791.75

Married Filing Jointly or Qualifying Widow(er) Filing Status
(Tax Rate Schedule Y-1)

10% on the income between $0 and $16,050

15% on the income between $16,050 and $65,100; plus $1,605.00

25% on the income between $65,100 and $131,450; plus $8,962.50

28% on the income between $131,450 and $200,300; plus $25,550.00

33% on the income between $200,300 and $357,700; plus $44,828.00

35% on the income over $357,700; plus $96,770

[5stringJeff]

Most taxpayer pay nowhere near 50% of their income in taxes. Not even close. That would be OK, though, and more would be better. Government spending is more effective than private spending when goal is stimulus. That's what we need now.

Government spending is only better than private spending when the goal is to pass out dollars to political donors. Otherwise, private citizens spending their own money is always more efficient. I was reading online yesterday that a scholar calculated that the Soviet Union spent its money about half as efficiently as the Russian private sector would have. And that was after decades of the Soviet government learning how to forecast!

[April15]

Best thing that could happen for this nation is to reverse the trickle down tax policy set by Bush. I am sure most people are very wet and warm with yellow liquid. Peon by any other name.

[Sitarro]

Best thing that could happen for this nation is to reverse the trickle down tax policy set by Bush. I am sure most people are very wet and warm with yellow liquid. Peon by any other name.

Can't wait to see how many jobs will be created by the poor people that don't pay a dime towards the running of this country. I bet the illegals will be hiring a bunch of people also, right April?

[red states rule]

Can't wait to see how many jobs will be created by the poor people that don't pay a dime towards the running of this country. I bet the illegals will be hiring a bunch of people also, right April?

Or it could be that April thinks he will get someone elses money via the Obama "tax cuts" for people who do not pay taxes

It is sick to see the nuber of people who actually believe they are entitled to other peoples money

[April15]

Can't wait to see how many jobs will be created by the poor people that don't pay a dime towards the running of this country. I bet the illegals will be hiring a bunch of people also, right April?I hate to burst your bubble but those who have most of the money do very little to create jobs. They may invest in Caterpillar or Ford but that is only so they can get dividends not to help employ people.

[April15]

Or it could be that April thinks he will get someone elses money via the Obama "tax cuts" for people who do not pay taxes

It is sick to see the nuber of people who actually believe they are entitled to other peoples moneyI don't need or care about getting someone else's money. I work for a living. I would like to shove some of the load onto the people who have more disposable income than I do.

[Silver]

April....will you be graduating from high school in 2009 or 2010 ???

[April15]

April....will you be graduating from high school in 2009 or 2010 ???No! I did that in 67. College in 72.

[Hobbit]

I hate to burst your bubble but those who have most of the money do very little to create jobs. They may invest in Caterpillar or Ford but that is only so they can get dividends not to help employ people.

Where do you think jobs come from? The money to start new operations, you know, to CREATE JOBS, comes from. *BUZZZZZ* Wrong! It comes from INVESTORS!

[manu1959]

Where do you think jobs come from? The money to start new operations, you know, to CREATE JOBS, comes from. *BUZZZZZ* Wrong! It comes from INVESTORS!

no it comes from the government....ask hoover and fdr..........

[red states rule]

no it comes from the government....ask hoover and fdr..........

and Obama, Reid, and Pelosi


Seems the left believes the private secot creates nothing but misery and oppression - while government creates wealth and prosperity

[Silver]

No! I did that in 67. College in 72.

And you've learned so little in 58 years of life....? Its hard to believe
You must have worked for State or Federal Government all you life to believe as you do..