Obama's Magic

Quote:And now, America, we introduce the Great Obama! The world's most gifted political magician! A thing of wonder. A thing of awe. Just watch him defy politics, economics, even gravity! (And hold your applause until the end, please.)

To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don't pay income taxes! How can our star enact such mathemagic? How can he "cut" zero? Abracadabra! It's called a "refundable tax credit." It involves the federal government taking money from those who do pay taxes, and writing checks to those who don't. Yes, yes, in the real world this is known as "welfare," but please try not to ruin the show.

Quote:For his next trick, the Great Obama will jumpstart the economy, and he'll do it by raising taxes on the very businesses that are today adrift in a financial tsunami! That will include all those among the top 1% of taxpayers who are in fact small-business owners, and the nation's biggest employers who currently pay some of the highest corporate tax rates in the developed world. Mr. Obama will, with a flick of his fingers, show them how to create more jobs with less money. It's simple, really. He has a wand.

Stop it you're scaring me!!! :scooby:

Technically, they do pay taxes, but they get the money back live

THE NC Herd Fan Wrote:

Quote:For his next trick, the Great Obama will jumpstart the economy, and he'll do it by raising taxes on the very businesses that are today adrift in a financial tsunami! That will include all those among the top 1% of taxpayers who are in fact small-business owners, and the nation's biggest employers who currently pay some of the highest corporate tax rates in the developed world. Mr. Obama will, with a flick of his fingers, show them how to create more jobs with less money. It's simple, really. He has a wand.

Stop it you're scaring me!!! :scooby:

Actually, very few small-business owners are in the top 1% of taxpayers. I posted a few links not too long ago that dispel this myth. Obama's tax increase on the top two tax brackets wouldn't affect most small-business owners because most small-business owners are middle class.

perunapower Wrote:Actually, very few small-business owners are in the top 1% of taxpayers. I posted a few links not too long ago that dispel this myth. Obama's tax increase on the top two tax brackets wouldn't affect most small-business owners because most small-business owners are middle class.

250K a year is middle class, Peruna. If I own a small business, and my gross income is about 500K, but I have 5 employees making 50K a piece, leaving me 250K, but I still have to pay for other things like inventory, and I pay myself is, say, 80K, how is this not going to affect me again? I'm going to have to jack up my prices or lay someone off. If I jack up my prices, it could put me out of the competitive market. If I lay someone off, it'll add to the unemployment rolls. Sorry, I don't see how this is a positive situation. Small businesses don't pay capital gains, regardless of what Obama says. The company can bring in a million dollars a year, but the owner might only pay himself 50K. That entire million is subject to an income tax.

http://www.taxpolicycenter.org/publicati...ID=1000651

http://www.cbpp.org/8-29-08tax.htm

http://en.wikipedia.org/wiki/Household_i..._in_the_US

Which cites the US Census Bureau, shows the average median income in the US to be $44,389. It shows that $100,000+ in household income is the top 15.73% of all households. It even shows that $250,000+ in household income is the top 1.5% of households. So, either you're wrong or you're defining 99% of households as "middle class".

perunapower Wrote:http://www.taxpolicycenter.org/publicati...ID=1000651

http://www.cbpp.org/8-29-08tax.htm

http://en.wikipedia.org/wiki/Household_i..._in_the_US

Which cites the US Census Bureau, shows the average median income in the US to be $44,389. It shows that $100,000+ in household income is the top 15.73% of all households. It even shows that $250,000+ in household income is the top 1.5% of households. So, either you're wrong or you're defining 99% of households as "middle class".

Yes, I'm defining someone making 250K as "Middle Class".