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Old 02-21-2009, 12:55 PM   #1
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Go Obama!

Wow, I'm digging it!

Stimulus tax savings analyzed by household - Feb. 21, 2009

A study of the recovery plan shows most households will qualify for a tax break. Boost for some could be worth several hundred to several thousand dollars.


TAX SAVINGS
How households may fare under the economic recovery plan.
Income Avg. tax savings Drop in tax bite
Under $19K $476 -95%
$19K-$38K $652 -22%
$38K-$66K $781 -9%
$66K-$112K $1,301 -7.5%
$112K-$161K $2,549 -8.3%
$161K-$227K $3,883 -8.3%
$227K-$603K $5,133 -5.7%
$2.8M plus $39,350 -1.4%

Yay!
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Old 02-21-2009, 02:12 PM   #2
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Tax cuts in addition to stimulus packages? Where does all this money come from?
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Old 02-21-2009, 05:39 PM   #3
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Tax cuts in addition to stimulus packages? Where does all this money come from?
"President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said."
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Old 02-21-2009, 05:39 PM   #4
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China loan.
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Old 02-21-2009, 07:34 PM   #5
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All this debt is a little present for the under 50's
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Old 02-21-2009, 08:14 PM   #6
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"Remember that a government big enough to give you everything you want is also big enough to take away everything you have.”


~Barry Goldwater
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Old 02-21-2009, 08:35 PM   #7
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All this debt is a little present for the under 50's
I'm close enough to 50 (and have no kids) that I think it's a great idea.
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Old 02-21-2009, 09:05 PM   #8
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All this debt is a little present for the under 50's
Taxes will increase soon enough that the same generation will have to start paying it back. There's no free lunch. That's for sure.
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Old 02-21-2009, 09:35 PM   #9
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Obama looks like continuing in Bush's vein, they are as bad as each other.
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Old 02-21-2009, 09:42 PM   #10
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Taxes will increase soon enough that the same generation will have to start paying it back. There's no free lunch. That's for sure.
Spoilsport.
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Old 02-22-2009, 02:15 AM   #11
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"Remember that a government big enough to give you everything you want is also big enough to take away everything you have.”


~Barry Goldwater
Christ on crutches. For better or for worse, the kind of state you would favour stopped being even remotely viable in the early 19th century. Mid 19th century at latest.

As for everyone else, what the fuck is supposed to be done? Financeguy's on here every second day telling us (correctly enough I think) that major doom is spreading around the globe. But a stimulus package... nooo, heaven forbid, that would be teh debt.

Although I favour saving money, the thing is: if everyone did as I do, the collapse would be swifter, deeper and sooner. As it is, I've no idea what will happen.

It certainly is not the fault of governments that a bunch of financial institutions have all the finesse of sweat-slicked high stakes gamblers at 4 in the morning. Or to clarify, it may be the fault of poor or ill-considered regulatory frameworks... but there you have it, folks. The bankers are little children, who cannot exercise any good judgement on their own behalf. Who have no responsibility for their own actions. But what the fuck, no stimulus packages, that would be teh debt.


....

or is it, that it's all ok if the debt is private? Is that it? Because that's really not so, and we're finding that out now.
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Old 02-23-2009, 09:37 AM   #12
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Christ on crutches.
Stop helping God across the street like a little old lady.



I like your line better, Kieran.

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...all the finesse of sweat-slicked high stakes gamblers at 4 in the morning.
I'm sure those working closest to the stimulus package in government, finance and business feel exactly like this. The pressure in a no-win situation must be excruciating.

Putting money back in the hands of spenders and savers and creating productive, value-add jobs are crucial but I'm concerned that there isn't enough clarity in the stimulus plan around homeowners keeping a roof over their heads. Not because of a Wall St/Main St class struggle or wealth distribution scheme, mainly because that will minimize violence and crime from escalating out of control as unemployment gets worse before it gets better.
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Old 02-23-2009, 10:15 AM   #13
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On a similar note, I saw an interesting video the other day that tried to artistically explain the clusterfuck that is the credit crisis:

The Crisis of Credit Visualized on Vimeo

I'd be interested on whether people think it is accurate.
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Old 02-23-2009, 10:31 AM   #14
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Tax cuts in addition to stimulus packages? Where does all this money come from?
Debt.
Then again, that's what many think a government is supposed to do with a recession like this. Spend, invest and make sure capital is available. If consumers and companies aren't doing it, then the government has to keep the economy going.
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Old 02-23-2009, 11:15 AM   #15
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I'd be interested on whether people think it is accurate.
It was an excellent description - visual always works for me.

Would be cool if similar videos are created for the cascading effect of the credit crunch on the real economy both domestic and global and also foreign debt. There is a monetary crisis that doesn't get talked about much but is very real.

Clear decisions can't be made based on sound judgement if people don't understand what is happening and why without resorting to blame, paranoia, denial and expecting the government to fix it and take care of them.
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