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MadelynIris 02-21-2009 11:55 AM

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!

DrTeeth 02-21-2009 01:12 PM

Tax cuts in addition to stimulus packages? Where does all this money come from? :ohmy:

Chizip 02-21-2009 04:39 PM

Quote:

Originally Posted by DrTeeth (Post 5907469)
Tax cuts in addition to stimulus packages? Where does all this money come from? :ohmy:

"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."

BonosSaint 02-21-2009 04:39 PM

China loan.

A_Wanderer 02-21-2009 06:34 PM

All this debt is a little present for the under 50's :wink:

the iron horse 02-21-2009 07:14 PM

"Remember that a government big enough to give you everything you want is also big enough to take away everything you have.”


~Barry Goldwater

indra 02-21-2009 07:35 PM

Quote:

Originally Posted by A_Wanderer (Post 5908885)
All this debt is a little present for the under 50's :wink:

I'm close enough to 50 (and have no kids) that I think it's a great idea. :D :D :D

purpleoscar 02-21-2009 08:05 PM

Quote:

Originally Posted by A_Wanderer (Post 5908885)
All this debt is a little present for the under 50's :wink:

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.

financeguy 02-21-2009 08:35 PM

Obama looks like continuing in Bush's vein, they are as bad as each other.

indra 02-21-2009 08:42 PM

Quote:

Originally Posted by purpleoscar (Post 5909209)
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. :madspit: :angry:

Kieran McConville 02-22-2009 01:15 AM

Quote:

Originally Posted by the iron horse (Post 5909011)
"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.

AliEnvy 02-23-2009 08:37 AM

Quote:

Originally Posted by Kieran McConville (Post 5910386)
Christ on crutches.

Stop helping God across the street like a little old lady.

:lol:

I like your line better, Kieran.

Quote:

Originally Posted by Kieran McConville (Post 5910386)
...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.

melon 02-23-2009 09:15 AM

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.

Popmartijn 02-23-2009 09:31 AM

Quote:

Originally Posted by DrTeeth (Post 5907469)
Tax cuts in addition to stimulus packages? Where does all this money come from? :ohmy:

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.

AliEnvy 02-23-2009 10:15 AM

Quote:

Originally Posted by melon (Post 5915554)
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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