List of Coming Tax Hikes for 2011

[Jimbob_Rebel]

I think you're exaggerating a little. The US does not spend 300% more than it takes in, plus all that other stuff.

Right now we are running our country on credit. I agree that it can't go on forever, but I don't see how extending tax cuts for the wealthy will help matters. I think that creating jobs is the biggest factor. The rich have enjoyed a decade of the the Bush tax cuts, yet the jobs keep moving overseas. It's time to stop dropping to our knees and giving China and others a big wet blowjob, and start getting Americans back to work again!

The only thing that is really going to help is to replace the bums in washington with statesmen like Ron Paul who will vote against any and every unconstitutional expenditure of public funds. Beyond that, a tariff on imports would do somewhat to encourage domestic production.

[Jimbob_Rebel]

Yay! Tradewar!

A tariff on imports would be matched by everyone else with a tariff on our exports (imports into their countries).

https://secure.wikimedia.org/wikiped...ley_Tariff_Act

Considering the trade deficit we'd be net winners.

[RobsanX]

Considering the trade deficit we'd be net winners.

LOL! So true!

I'm more worried about the amount of our debt that China holds. It's enough to sink us if we piss them off enough.

[texastorm]

I think you're exaggerating a little. The US does not spend 300% more than it takes in, plus all that other stuff.

Right now we are running our country on credit. I agree that it can't go on forever, but I don't see how extending tax cuts for the wealthy will help matters. I think that creating jobs is the biggest factor. The rich have enjoyed a decade of the the Bush tax cuts, yet the jobs keep moving overseas. It's time to stop dropping to our knees and giving China and others a big wet blowjob, and start getting Americans back to work again!

So raising and creating new taxes, and sunseting tax breaks is the way to create more free money in the economy and allow more small business startups, and therefore new American jobs? How naive! AND we ARE spending MORE than we are collecting (to the tune of 13 trillion dollars)... the percentage wasn't meant to be exact, just more than. Try to buy a house if you make 100k a year and spend 60k on credit card debt.



I will give you an example why we are losing jobs.

I work for a company that sells products made in Taiwan (not China thank goodness) because we can sell these products at a margin that allows us to stay in business. There is another company that makes identical products in the US. We compete at many of the same trade shows for customers. I get the occasional customer that gripes at me about the products origins, and I tell them they can purchase the American made version down the aisle from me. They leave and they come back and buy mine. Mine are slightly (20 to 30%) less expensive, and price wins about 90% of the time. Americans like bargains, and foreign made cheap labor merchandise feeds the engine.

Can you blame us? I was very pissed when gas was 4 bucks a gallon, and its easily that and more in many countries around the globe.

[sgreger1]

I think you're exaggerating a little. The US does not spend 300% more than it takes in, plus all that other stuff.

Right now we are running our country on credit. I agree that it can't go on forever, but I don't see how extending tax cuts for the wealthy will help matters. I think that creating jobs is the biggest factor. The rich have enjoyed a decade of the the Bush tax cuts, yet the jobs keep moving overseas. It's time to stop dropping to our knees and giving China and others a big wet blowjob, and start getting Americans back to work again!

Robansx, the thing is that the Bush tax cuts were not just tax cuts for the wealthy, though a vast majority of is was for the wealthy. He did this to inspire business owners (the wealthy) to expand, hire more people etc. This worked and the economy boomed under the tax cuts. What sank it was the fact that he wasted away all of our money on wars and other big government bullshit constantly like an idiot, with the plan that it would all come crashing down on the next guy (who was likely to be a democrat).


But the bottom line is that tax cuts at any rate for any income help the economy. For every dollar you save in taxes is another dollar that you will spend in your local economy. Every dollar taken by taxes equals another dollar that the feds may spend to send condoms to africa or billions to Hamas in Palestein.


I wish we had a system like Sweden or Switzerland where we payed higher taxes but in return got a lot of social programs. I think that is a great system and i'm down with it because it obviousely works well. But here they raise the taxes constantly and yet we see LESS social programs all the time.



Also, it's hard to not give tax cuts for anyone but the wealthy, 50% of American's do not pay any type of state or federal income tax. Only the reasonably wealthy even actually pay taxes. The rest of us are taxed through inflation or sales tax mainly. And your right, the US does not spend 300% more than it makes, however the deficit is approaching the full amount of our GDP (within the next year), so that means we will be completely underwater, owing more each year than we make. This money has intirest on it and eventually we will find ourselves only being able to make the minimum payments on our debts and never paying off any of the principle.

[pactactrefugee]

Robansx, the thing is that the Bush tax cuts were not just tax cuts for the wealthy, though a vast majority of is was for the wealthy. He did this to inspire business owners (the wealthy) to expand, hire more people etc. This worked and the economy boomed under the tax cuts. What sank it was the fact that he wasted away all of our money on wars and other big government bullshit constantly like an idiot, with the plan that it would all come crashing down on the next guy (who was likely to be a democrat).


But the bottom line is that tax cuts at any rate for any income help the economy. For every dollar you save in taxes is another dollar that you will spend in your local economy. Every dollar taken by taxes equals another dollar that the feds may spend to send condoms to africa or billions to Hamas in Palestein.


I wish we had a system like Sweden or Switzerland where we payed higher taxes but in return got a lot of social programs. I think that is a great system and i'm down with it because it obviousely works well. But here they raise the taxes constantly and yet we see LESS social programs all the time.



Also, it's hard to not give tax cuts for anyone but the wealthy, 50% of American's do not pay any type of state or federal income tax. Only the reasonably wealthy even actually pay taxes. The rest of us are taxed through inflation or sales tax mainly. And your right, the US does not spend 300% more than it makes, however the deficit is approaching the full amount of our GDP (within the next year), so that means we will be completely underwater, owing more each year than we make. This money has intirest on it and eventually we will find ourselves only being able to make the minimum payments on our debts and never paying off any of the principle.

Clinton was actually the one who got the ball rolling on this pile of crap state the economy is in now along with pressure from Acorn and the like. Forcing a false economy by allowing anyone who showed up to buy a house and giving them loans which were done so as not to be "racist" even though John Ho could not afford it. By forcing the banks to loan money there grew a huge refinancing boom with now out of business companies. Same with the billions the financial institutions made in profits an bonus'.
When Bush was elected the punch drunk politicians(whores) wrongly figured they could blow up the bubble to infinity. I did not care for Bush but at least he was trying to help the economy by cutting taxes to stimulate the economy to help all Americans get more money in there collective wallets. They forgot to stop spending like Dems and ran up an even larger deficit. Everyone knew Obama was inheriting a pile of Sh!t economy, but, you don't go and kill it again and again by thinking more govt. regulation ans social services. In my book if you want something get your ass out the door and work for it. The less the govt. is involved in my life the better. They need to end 90% of all the social welfare programs and let the weak fall where they lay! An end to this endless war would be nice but if they walk away without some sort of resolution then they only cause bigger problems down the road!
Obama is an outright Socialist and hates all that is the American way. He wants to erase all traces of the home of the free with a European Socialist system like those in Greece,Spain and elsewhere which are all failing because they have no economy and everyone is dependent on the govt nipple to survive. The November elections will dampen Obama's ability to make this country totally socialist but, until we actually get real govt. reform the problem will continue until the country goes down in flames. At this point 12-21-2012 is looking better all the time!

/end of rant!

[snusgetter]

This just in...

Renewal of Bush tax cuts may be temporary - Business - Personal finance - Tax Tactics

WASHINGTON — Many Americans could be hit with a big tax increase in the next two or three years despite President Barack Obama's repeated promises to shield the middle class from higher rates.

Democrats are hedging about making Obama's pledge stick for more than a year or two, setting up a major battle on a super-sensitive subject just before the November elections.

With the most sweeping tax cuts in a generation due to expire in January, the Democrats are divided over whether the government can afford to make any of them permanent — especially with voters increasingly upset over the fast-rising federal budget deficit.

Party lines are clear on part of the issue: Most Republicans want to permanently extend all the tax cuts enacted during George W. Bush's presidency, nearly $3 trillion worth over the next decade. Democratic leaders want to let the cuts for the wealthiest Americans expire.

The Democrats want to extend them for everyone else, but perhaps only temporarily, out of concern for the rising red ink. That's where Democratic lawmakers are struggling to find agreement.

Read more...
There's something for everyone.
updated 7/23/2010

(And yes, THE BEATS GO ON!!)

[snupy]

Forcing a false economy by allowing anyone who showed up to buy a house and giving them loans which were done so as not to be "racist" even though John Ho could not afford it. By forcing the banks to loan money

You do not have an unbiased source to back this up, because it is patently false.

Hint #1: Since you claim our law 'forced' banks to write mortgages to those who could not afford them, please explain why BB&T wasn't 'forced' to write such mortgages and thus never ended up in the mortgage crisis at all and never needed any taxpayer bailout funds. How was BB&T able to stick to traditional banking in the mortgage sector if the government were 'forcing' them to write mortgages to those who could not afford them?

Hint #2: Explain how Countrywide, a MAJOR player in the subprime market, ended up being under investigation for ripping off consumers, and was indeed sued by the attorneys general of four separate states for predatory lending, with some claiming the company specifically targeted minorities with their predatory practices. Did the government or our law also 'force' such a company to resort to the fraudulent practices they chose? Or did 'business' practices such as automated underwriting instead play into so many of these sub-prime mortgages eventually tanking?

[Owens187]

Change you can believe in.



/Obummer

[Jimbob_Rebel]

It doesn't really work that way. Tariffs hurt everyone.

Take for instance, a profitable US company like Apple.

If we enacted a tariff on electronics and electronic components, what do you think would happen to Apple?

iPods/iPads are made under contract with a Taiwan company. Who, in turn, contract with a Chinese company that actually makes them.

Now, once the tariff is in force, immediately, the price will go up for these products, demand for these is elastic, so less will be sold at this higher price. This hurts the consumer (higher price), as well as the US company (lower income), as well as the Chinese company (lower income), as well as the Taiwanese company (lower income), as well as investors (lower income), etc, etc, etc.

Even if this was a long-term tariff, if manufacturing moved back to the US, costs would still be higher, because China has an absolute advantage over the US when it comes to manufacturing. Also, in any reasonable time scale, we would probably have to import the components from China anyway.

This is why democrats lie to you every four years. They spew populist BS about ending NAFTA during the campaign, but then when you hire them, they completely fail to actually end it, because it makes so much money for us and enriches our lives.

I never said that tariffs would be great for everyone in every industry without exception, but in the agregate there is the 500-600 billion in our trade deficit with China alone to be gained.I think what this boils down to is what kind of country we wish to live in. Free trade with China places american labor in direct competition with peasants and convicts who work for very little;

In america; "the 90th percentile of wages earned by American workers in the computer field is about $109,170" whereas in China 50 cents per hour is the norm.

""In fact, according to Bleum’s Mr. Rongley, getting the best in China won’t be as economical as people expect it to be. ‘Most companies hire the cheapest resource. I hire the best resource. If you want a company of superstars, you can’t pay them $3 (per hour) for a project manager or 50 cents for an engineer. Yes, sometimes they manage to get code developed for crazy low prices. They have interns working on their projects.’
[SPECIAL REPORT: Outsourcing to China, by Jacqueline Zhang, Sourcingmag.com, August 2, 2005]"

http://vdare.com/sanchez/100722_china.htm

Considering the added costs to production imposed by our government in the form of taxes and environmental regulations, assuming hypothetically all else being equal, american workers would actually have to underbid chinese workers to compete sucessfully.

Is this really what we want? A nation of serfs and lords? No middle class? I get the distinct impression that this is exactly what america's ruling class wants but speaking as a solid member of the middle class, this kulak doesn't want to see it happen or bequeathe such a pest hole of a nation to my children.

"Free trade" is bringing about the de-industrialization of america. In the past, a nation had to lose a war to enjoy such a fate. The "Morgenthau Plan" for post-war germany would have IMPOSED de-industrialization and turned germany into an agrarian anomaly in the heart of europe. The idea was to make germany powerless and incapable of threatening her neighbors or of deciding her own fate. The de-industrialization of america would likewise remove such capabilities and from what I've seen done to Iraq and A-stan I don't believe I want to entrust my nation to the benevolence of foreigners.

"Over the last decade, our total trade deficit with China in manufactured goods was $1.75 trillion, which explains why China, its cash reserves approaching $3 trillion, holds the mortgage on America."

http://buchanan.org/blog/dismantling-america-3714

Is there not more at stake here than shelling out a few extra bucks for the latest electronic gee-gaw?