Middle Class Tax Cuts Extended - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind > Free Your Mind Archive
Click Here to Login
 
 
Thread Tools Search this Thread Display Modes
 
Old 09-23-2004, 11:08 AM   #1
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 06:48 PM
Middle Class Tax Cuts Extended

Continued relief for us workin' folk.

Good for families too:

Quote:
The tax package would keep the child tax credit at $1,000, instead of letting it drop to $700.
__________________

__________________
nbcrusader is offline  
Old 09-23-2004, 11:15 AM   #2
Blue Crack Addict
 
deep's Avatar
 
Join Date: Apr 2002
Location: A far distance down.
Posts: 28,501
Local Time: 06:48 PM
tax cuts to the wealthy

this got bi-partian support, i believe.


beware, after the election they will try and ram through tax cuts to the wealthy.

and working stiffs will be burdoned with paying the brunt of this huge Bush deficit.

btw, those tax cuts benefit myself and many of my friends.
__________________

__________________
deep is offline  
Old 09-23-2004, 02:29 PM   #3
you are what you is
 
Salome's Avatar
 
Join Date: Jul 2000
Location: Netherlands
Posts: 22,016
Local Time: 03:48 AM
deficits yes
huge deficits

perhaps I have no clue about economy and the consequences of increasing avarage age and all
but I couldn't justify tax cuts like these if I tried to
__________________
“Some scientists claim that hydrogen, because it is so plentiful, is the basic building block of the universe. I dispute that. I say there is more stupidity than hydrogen, and that is the basic building block of the universe.”
~Frank Zappa
Salome is offline  
Old 09-23-2004, 04:02 PM   #4
Blue Crack Addict
 
anitram's Avatar
 
Join Date: Mar 2001
Location: NY
Posts: 16,294
Local Time: 09:48 PM
Aren't ya'all in the deficit gutter down there or something? Why tax cuts at all? I'm very confused by it all.
__________________
anitram is online now  
Old 09-23-2004, 04:03 PM   #5
Jesus Online
 
Angela Harlem's Avatar
 
Join Date: Dec 1969
Location: a glass castle
Posts: 30,163
Local Time: 01:48 PM
Robbing Pete to pay Paul.
__________________
<a href=http://img.photobucket.com/albums/v196/angelaharlem/thPaul_Roos28.jpg target=_blank>http://img.photobucket.com/albums/v1...aul_Roos28.jpg</a>
Angela Harlem is offline  
Old 09-23-2004, 04:12 PM   #6
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 06:48 PM
An American tradition for over 60 years now!!
__________________
nbcrusader is offline  
Old 09-23-2004, 04:45 PM   #7
Rock n' Roll Doggie
VIP PASS
 
Jamila's Avatar
 
Join Date: Jan 2004
Location: Texas
Posts: 5,454
Local Time: 08:48 PM
Thank you, nbcrusader, for helping me to prove my point that the poor are getting poorer in the good ol' USA.

From the article you provided us comes this quote:

"Sen. Blanche Lincoln, D - Arkansas, also was unsuccessful on efforts to expand the part of the child tax credit that is refundable to LOW-INCOME wage-earners with children.

'This would provide additional tax relief for working families' she said, arguing that her provision would have benefitted more than 4 MILLION FAMILIES WHOSE EARNINGS ARE TOO LOW TO TAKE FULL ADVANTAGE OF THE REFUNDABLE TAX CREDIT."

THIS IS WHAT I HAVE BEEN SAYING - the poor in the USA are not able to benefit from Bush's tax cuts as much as higher income wage earners!


I KNOW THE TRUTH OF WHAT I SAY - my income tax refund has been cut to provide tax relief to those who make more money than me!

nbcrusader and all my other Bush supporters - WHERE IS THE JUSTICE IN THAT?

THERE ISN'T ANY and Bush knows it.

It's time for the American People to know it too.

Definitely time for regime change....
__________________
Jamila is offline  
Old 09-23-2004, 05:05 PM   #8
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 06:48 PM
Quote:
Originally posted by Jamila
'This would provide additional tax relief for working families' she said, arguing that her provision would have benefitted more than 4 MILLION FAMILIES WHOSE EARNINGS ARE TOO LOW TO TAKE FULL ADVANTAGE OF THE REFUNDABLE TAX CREDIT."
Uh, those would be people who owe NO TAXES.

So, again, I am confused by what you are saying.
__________________
nbcrusader is offline  
Old 09-23-2004, 05:35 PM   #9
BAW
The Flower
 
BAW's Avatar
 
Join Date: Dec 2001
Location: The OC....!!!!
Posts: 11,094
Local Time: 06:48 PM
Quote:
Originally posted by nbcrusader


Uh, those would be people who owe NO TAXES.

So, again, I am confused by what you are saying.
I'm confused too.

I prepare taxes for several very low income people every year and they generally pay no taxes, state or federal.

After taking the child tax credit, renters credit, earned income credit and child care credits, the average refund for them the past few years has been around $3000.

Once my own income went into the 28% tax bracket, I stopped getting a refund at at all and actually owe most years. I might be considered one of those "wealthier" Americans but I haven't benefited from those tax cuts at all.
__________________
BAW is offline  
Old 09-23-2004, 05:45 PM   #10
Jesus Online
 
Angela Harlem's Avatar
 
Join Date: Dec 1969
Location: a glass castle
Posts: 30,163
Local Time: 01:48 PM
I would love to pay 28% tax.


But then I like my Medicare etc.
__________________
<a href=http://img.photobucket.com/albums/v196/angelaharlem/thPaul_Roos28.jpg target=_blank>http://img.photobucket.com/albums/v1...aul_Roos28.jpg</a>
Angela Harlem is offline  
Old 09-23-2004, 06:44 PM   #11
Blue Crack Addict
 
deep's Avatar
 
Join Date: Apr 2002
Location: A far distance down.
Posts: 28,501
Local Time: 06:48 PM
Quote:
82 Major Firms Paid No Federal Taxes

A study says 'loopholes' let the companies avoid payments at least once in the last three years.

By Emma Schwartz
Times Staff Writer

September 23, 2004

WASHINGTON — Eighty-two major U.S. corporations paid no federal income taxes at least once in the last three years, even while they reported more than $100 billion in U.S. profits during the years they paid no taxes, a study released Wednesday found.

Authors of the study, the liberal policy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy, said the finding reflected a broader trend of increased tax breaks that had allowed corporations to pay a smaller share of the nation's total tax burden.

Among the companies cited: AT&T Corp., Boeing Co., Prudential Financial Inc., Time Warner Inc., Caterpillar Inc., Pfizer Inc. and Walt Disney Co.

"When people in corporations aren't paying their fair share, someone has to pick up the bill," said Rep. Lloyd Doggett (D-Texas) at a Capitol Hill briefing unveiling the study. Instead, the increased burden falls on small businesses and the general public, Doggett and others said.

Robert S. McIntyre, coauthor of the report, said the number of "tax-avoiding companies reflects the results of aggressive corporate lobbying and a White House and a Congress eager to do the lobbyists' bidding."

The share of U.S. taxes paid by corporations has been declining for decades. Some policy experts say a lower corporate tax burden is the only way for the U.S. to remain competitive as other countries, particularly in Europe, decrease theirs.

"Raising corporate taxes is not going to happen. It would be the U.S. shooting itself in the foot," said Chris Edward, director of tax policy for the Cato Institute. But he added it was unfair that some corporations paid a different tax rate from others.

The study examined public filings from 275 of the Fortune 500 companies, which reported $1.1 trillion in pretax profits for the years 2001-03. Had they been taxed at 35%, the ostensible corporate income tax rate, the companies would have paid $375 billion in income taxes over the three years. But a series of what the study called "loopholes and other tax subsidies" cut their combined bill by $175 billion.

Half of that — $87.1 billion — went to 25 corporations, including $9.5 billion in tax breaks to General Electric Co. alone, the study said. On average, the companies' tax rate fell to 17.2% in 2003 from 21.4% in 2001.

Of the 82 companies that paid no taxes at least once during the study period, 30 paid no taxes in two or all three years, the study said. Some companies generated so many "excess tax breaks" that they received rebate checks from the government, the study said.

The low tax rates were concentrated in a few key industries: aerospace and defense, transportation, petroleum, utilities and electronics.


A spokesman for GE disputed the study's figures. "We've protected and created high-paying, high-value jobs in the United States," David Frail said.

Increased offshore tax shelters as well as Bush administration tax cuts fueled the plunge in tax payments, the study found.

The study illustrated the uneven levels of corporate tax payments, which have fueled debate among legislators and policy officials, the authors said. It followed an April report by the Government Accountability Office, which found that 61% of U.S. corporations paid no federal income taxes during the economic upturn from 1996 to 2000.
__________________
deep is offline  
Old 09-23-2004, 07:46 PM   #12
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 06:48 PM
With such a complicated tax structure, corporations are better off by hiring large tax departments that can guide them to the most adventageous provisions. This has gone on for decades.
__________________
nbcrusader is offline  
Old 09-23-2004, 07:56 PM   #13
New Yorker
 
sharky's Avatar
 
Join Date: Sep 2000
Location: Los Angeles
Posts: 2,637
Local Time: 09:48 PM
Quote:
Originally posted by nbcrusader


Uh, those would be people who owe NO TAXES.

So, again, I am confused by what you are saying.
Actually no. I think you're getting low income families confused with no income families. For example, families on welfare do not pay taxes. Families that do not get welfare but are still poor have to pay taxes.

And believe me, this is not a break. With the deficit at record levels, a little money in your pocket now is going to be alot of money out of your pocket later when you have to pay more taxes to get the deficit under control.

This is scary. I thought the Republicans were fiscally conservative. These tax cuts did not work to stimulate the economy the way they were supposed to. The same thing happened in the '80s when Reagan implimented tax cuts. The difference is that Reagan realized it wasn't working and instituted the highest tax INCREASE in the country's history at that time.

This is not good for the country especially not when we have to pay $200 billion in Iraq with no hope of ever seeing that money again.

NB, if you think this tax cut is so great can you please explain to us how Bush plans to PAY for this break?
__________________
sharky is offline  
Old 09-24-2004, 01:30 AM   #14
you are what you is
 
Salome's Avatar
 
Join Date: Jul 2000
Location: Netherlands
Posts: 22,016
Local Time: 03:48 AM
Quote:
Originally posted by nbcrusader


Uh, those would be people who owe NO TAXES.

So, again, I am confused by what you are saying.
that's my biggest issue with it though

when you're on a low income or have no income at all you will hardly gain anything by tax cuts
as a result you are dependant on social securities, healthcare etc if something terrible should happen to you
or nothing terrible happens to you but you just are too old to work anymore

a government with huge deficits doesn't have the money to take care of people who really need it
that's not a communist approach on economics but a human approach on life
__________________
“Some scientists claim that hydrogen, because it is so plentiful, is the basic building block of the universe. I dispute that. I say there is more stupidity than hydrogen, and that is the basic building block of the universe.”
~Frank Zappa
Salome is offline  
Old 09-24-2004, 03:30 AM   #15
Jesus Online
 
Angela Harlem's Avatar
 
Join Date: Dec 1969
Location: a glass castle
Posts: 30,163
Local Time: 01:48 PM
Quote:
Originally posted by Salome
a government with huge deficits doesn't have the money to take care of people who really need it
that's not a communist approach on economics but a human approach on life
__________________

__________________
<a href=http://img.photobucket.com/albums/v196/angelaharlem/thPaul_Roos28.jpg target=_blank>http://img.photobucket.com/albums/v1...aul_Roos28.jpg</a>
Angela Harlem is offline  
 

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 09:48 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com