Barack Obama cut taxes for a majority of Americans

[tailfins]

http://www.dailyfinance.com/2012/02/18/the-hidden-1-000-bonus-obama-put-in-your-paycheck/?ncid=txtlnkusaolp00000040

Don't believe those who tell you the GOP is the party of tax cuts. Re-elect Barack Obama and help him continue cutting taxes for the majority of Americans.

This message was brought to you by Come-mierdas* for Barack Obama.

*In case you don't know what a come-mierda is, it's Spanish for poop eater, a term coined by Cuban-Americans to describe those who eat whatever poop the Communist Party serves.

[Anton Chigurh]

Where It Went

The NFCC survey also revealed how those who were aware of the hidden bonus in their paychecks put the surplus funds to use in 2011:

53% paid down their debt
24% paid off past-due bills
12% increased contributions to retirement accounts
9% saved most of the money
3% treated themselves "to something special"

What a load of crap. "Where it went" was into the gasoline tank due to Obama's policies. Who do they think they're kidding with this blatant election year propaganda?

The law they reference was a two-year extension of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts."

Newsflash: Extending a existing tax cut isn't cutting taxes. Obama didn't cut taxes for anyone, ever, at all.

[fj1200]

The payroll tax cut is not an extension of the Bush cuts but is economically pointless, in encouraging growth that is, and is only temporary. And last I checked tax cuts originate out of the House of Representatives so BO only would have signed the "cuts."

[Shadow]

The only "tax cu"t I recall was the one we had to pay back during the next tax season because he didn't adjust the tax code.

[Anton Chigurh]

The payroll tax cut is not an extension of the Bush cuts but is economically pointless, in encouraging growth that is, and is only temporary. And last I checked tax cuts originate out of the House of Representatives so BO only would have signed the "cuts."The law they reference in the linked article was a two-year extension of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts."

Look it up.

[fj1200]

Look it up.

You might want to read the article for the actual information presented not what supports your bias. The opening paragraph:

You remember what you did with the big bucks you saved last year thanks to the payroll tax cut, right? You don't? Well, you're not alone.
Further:

The payroll tax cut that President Obama enacted through The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

I must have missed the Bush reference though. :rolleyes:

[Anton Chigurh]

You might want to read the article for the actual information presented not what supports your bias. The opening paragraph:

Further:


I must have missed the Bush reference though. :rolleyes:The law they are referencing was a extension of already existing cuts, not any new cuts. It was a a two-year extension of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts."

When you look those up you will see, the payroll tax cut is there.

Obama cut NO taxes at all. Because extending a existing cut is NOT cutting!

[fj1200]

The law they are referencing was a extension of already existing cuts, not any new cuts. It was a a two-year extension of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts."

Quote of said in the article?


When you look those up you will see, the payroll tax cut is there.

Link?


Obama cut NO taxes at all. Because extending a existing cut is NOT cutting!

Right, because the House does.

[Anton Chigurh]

Quote of said in the article?



Link?



Right, because the House does.The payroll tax cut already existed as part of what was collectively called "The Bush Tax Cuts" therefore, the payroll tax cut the linked article is trying to give Obama credit for, already existed therefore was NOT a cut. It was a extension of what already existed - and in fact, Obama himself as a Senator voted against and also railed publicly, against as "Boooosh tax cuts for the RIIIIIICH!".

And no, the House cannot cut taxes all by itself. Such a bill would then have to get Senate approval as well, then be signed by the President.

Again, Obama cut NO taxes because there wasn't a tax cut.

[fj1200]

The payroll tax cut already existed as part of what was collectively called "The Bush Tax Cuts" ...

Link?

[fj1200]

Here it is...

On December 6, 2010, President Barack Obama (http://en.wikipedia.org/wiki/Barack_Obama) announced a compromise tax package proposal had been reached, centered around a temporary, two-year extension of the Bush tax cuts.[37] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-36) In particular, the framework included key points such as:

Extending the 2001/2003 income tax rates for two years. Also, reforming the AMT to ensure an additional 21 million households will not face a tax increase. These measures are intended to provide relief to more than 100 million middle-class families and prevent an annual tax increase of over $2,000 for the typical family.[38] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-wh-tcb-37)
Additional provisions designed to promote economic growth. $56 billion in unemployment insurance, an approximate $120 billion payroll tax cut for working families, about $40 billion in tax cuts for the hardest hit families and students, and 100 percent expensing for businesses during 2011.[38] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-wh-tcb-37)[39] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-dupree1-38)
Estate tax adjustment. Rates would be 35 percent after a $5 million exemption.[39] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-dupree1-38)[40] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-39)


http://en.wikipedia.org/wiki/Bush_tax_cuts

The 2010 law extended the "Bush cuts" but it additionally included a new payroll tax cut, among other things.

[DragonStryk72]

On December 6, 2010, President Barack Obama (http://en.wikipedia.org/wiki/Barack_Obama) announced a compromise tax package proposal had been reached, centered around a temporary, two-year extension of the Bush tax cuts.[37] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-36) In particular, the framework includedkey points such as:


Extending the 2001/2003 income tax rates for two years. Also, reforming the AMT to ensure an additional 21 million households will not face a tax increase. These measures are intended to provide relief to more than 100 million middle-class families and prevent an annual tax increase of over $2,000 for the typical family.[38] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-wh-tcb-37)
Additional provisions designed to promote economic growth. $56 billion in unemployment insurance, an approximate $120 billion payroll tax cut for working families, about $40 billion in tax cuts for the hardest hit families and students, and 100 percent expensing for businesses during 2011.[38] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-wh-tcb-37)[39] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-dupree1-38)
Estate tax adjustment. Rates would be 35 percent after a $5 million exemption.[39] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-dupree1-38)[40] (http://en.wikipedia.org/wiki/Bush_tax_cuts#cite_note-39)



Sorry dude, but that $120 is the included part, which was the payroll tax cut from Bush. It was never a separate tax cut

[fj1200]

Sorry dude, but that $120 is the included part, which was the payroll tax cut from Bush. It was never a separate tax cut

Maybe you can provide the payroll tax cut link that predated BO then or is it your contention that we have had 4.2%/10.4% rate on payroll for going on 10 years. Also, why it's referred to as...

A temporary, one-year reduction in the FICA payroll tax (http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax). The normal employee rate of 6.2 percent is reduced to 4.2 percent. The rate for self-employed individuals is reduced from 12.4 percent to 10.4 percent.[9] (http://en.wikipedia.org/wiki/Tax_Relief,_Unemployment_Insurance_Reauthorization ,_and_Job_Creation_Act_of_2010#cite_note-dupree1-8) The negative revenue impact of this measure was estimated at $111 billion.[7] (http://en.wikipedia.org/wiki/Tax_Relief,_Unemployment_Insurance_Reauthorization ,_and_Job_Creation_Act_of_2010#cite_note-at-sum-6)

Under current law employees pay a 6.2 percent Social Security tax
http://blogs.ajc.com/jamie-dupree-washington-insider/2010/12/09/summary-of-tax-deal/
and why...

Employers had to modify payroll systems to adapt to the new lower amounts for the FICA payroll tax; the Internal Revenue Service (http://en.wikipedia.org/wiki/Internal_Revenue_Service) (IRS) said that employers had until January 31, 2011, to do so.[35] (http://en.wikipedia.org/wiki/Tax_Relief,_Unemployment_Insurance_Reauthorization ,_and_Job_Creation_Act_of_2010#cite_note-wsj-fica-34)
if it was merely an extension?

http://en.wikipedia.org/wiki/Tax_Relief,_Unemployment_Insurance_Reauthorization ,_and_Job_Creation_Act_of_2010

The Bush cuts had some pointless aspects, such as the economically pointless tax rebates, to his tax bills but the payroll cut wasn't one of them.