Obama's New Stimulus Plan

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dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
Obama's New Stimulus Plan

I have been reading about Obama's new stimulus plan.  It looks like all the others.  Money for this and money for that and pay for it by taxing the so called rich (singles who make 200,000 and married who make 250,00).  I hate to break it to you but people who make 200 to 250 thousand a year are not rich.  The top 10% pay 70% of the taxes now.  So we want to make the top 10% pay an even higher percentage of the nations taxes while the 47% who pay nothing sit around complaining they are not being given enough money ?  That is totally broken.  A very small percentage of the population is not supposed to pay the vast majority of the taxes in America.  This is America - it is supposed to be fair.  Pretty much everyone is supposed to have at least some skin in the game otherwise you end up with a class of dependency greater than 50% and the politics of the situation become impossible.

There is no such thing as a jobless recovery.  Jobs will be created when there is demand and it is recognized that the demand is not temporary by business.  I do not see how the proposed stimulus bill will create permanent demand in the economy such that business will be inclined to hire permanent people.  Maybe I am missing something here...

dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
More Data On The New Stimulus Plan

Here is one person's analysis of the costs...

http://www.zerohedge.com/news/cost-obamas-stimulus-plan-312500-job-vote-...

 

kaman's picture
kaman
Status: Bronze Member (Offline)
Joined: Apr 24 2009
Posts: 51
Recent articles reflecting

Recent articles reflecting the views of business owners and CEO's echo sound judgmental reasoning that additional (hiring) investments in such  volatile economic times without steady and increasing demand for goods & services is simply not going to happen. Hiring workers before you have demand is putting the cart before the horse.

Furthermore, the same people added that investing in the expansion of a business in an environment swarming with suffocating restrictions and regulations (USA) is also a bad idea.  Nothing new here either.

I agree with both lines of thought and see the newest 'jobs program' as insanity - for expecting different results from the last jobs program. I do applaud the president however, in taking himself out of the 2012 election with this latest verbalization of incompetence.

NY28's picture
NY28
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Joined: Mar 7 2010
Posts: 4
dshields wrote:   The top
dshields wrote:

  The top 10% pay 70% of the taxes now.

 

That is because the top 10% have 70% of the money (it is actually probably higher than that).  You can't tax what is not there.  Also, every American pays the same tax rates on the first $250k they make.  It is only on that money over $250k that is taxed at a higher rate.  Also, the tax is only on earned income, not capital gains or other forms of income.  Business owners have nothing to worry about unlike pro athletes and movie stars that take a pay check. They are the ones that are going to feel this tax.

dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
NY28 wrote:dshields
NY28 wrote:
dshields wrote:

  The top 10% pay 70% of the taxes now.

 

That is because the top 10% have 70% of the money (it is actually probably higher than that).  You can't tax what is not there.  Also, every American pays the same tax rates on the first $250k they make.  It is only on that money over $250k that is taxed at a higher rate.  Also, the tax is only on earned income, not capital gains or other forms of income.  Business owners have nothing to worry about unlike pro athletes and movie stars that take a pay check. They are the ones that are going to feel this tax.

You left out the 47% that pay no taxes - many of which actually get checks in the mail.  If you do not pay any taxes you should not get a return.  However, millions actually get paid by the Fed Gov.  And, I agree the concentration of wealth is screwed up but we did it to ourselves.  We elected and then continued to reelect politicians that allowed millions of high paying jobs to be exported to third world countries.  A massive mistake.  Probably the biggest mistake ever made in America.  We deliberately destroyed the middle class and all the tax revenue they generated out of laziness and stupidity.  Now, we are going to pay the price.  There is not even close to enough rich people to tax to even pay the current deficit much less the debt.  Nope - the current politicians are unable to control spending and we are toast. 

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