What does the expiration of the Bush Tax Cuts mean to you?

Discussion in 'Blazers OT Forum' started by maxiep, Jul 29, 2010.

Moderators: 6

Moderators

  1. BrianFromWA
  2. Chris Craig
  3. Darkwebs
  4. Ed O
  5. PtldPlatypus
  6. SlyPokerDog
Page 3 of 3
  1. agoo

    agoo Member

    Joined:
    Jul 23, 2007
    Messages:
    2,868
    Likes Received:
    12
    Trophy Points:
    38
    I'm either missing something or this site is horribly slanted and hopes that people don't actually read it thoroughly.

    Here's what it says my income tax is on the left side after I calculate:
    Income Tax if All Bush Tax Cuts Expire: $3,675
    Income Tax if Bush Tax Cuts are Extended: $3,249
    Income Tax under Obama's Tax Proposals: $2,849

    And here's what it says on the right:
    If Congress fails to act to extend the
    Bush tax cuts, your income tax burden
    will be $426 higher in 2011.

    It appears that I'm actually paying less under Obama's tax plan, yet the site says I'm paying more. Am I missing something or is this a bad site?
     
    agoo, Jul 30, 2010
    #41
  2. OSUBlazerfan

    OSUBlazerfan Writing Team

    Joined:
    Jul 13, 2009
    Messages:
    6,917
    Likes Received:
    1,671
    Trophy Points:
    113
    3675 - 3249 = 426

    the site is right, but i dont know much about obamas plan, so i cant comment why it would be lower
     
    OSUBlazerfan, Jul 30, 2010
    #42
  3. OSUBlazerfan

    OSUBlazerfan Writing Team

    Joined:
    Jul 13, 2009
    Messages:
    6,917
    Likes Received:
    1,671
    Trophy Points:
    113
    blurb about the proposed obama plan

     
    OSUBlazerfan, Jul 30, 2010
    #43
  4. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

    Joined:
    Sep 15, 2008
    Messages:
    34,349
    Likes Received:
    25,382
    Trophy Points:
    113
    Location:
    Blazer OT board
    barfo, Jul 30, 2010
    #44
  5. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

    Joined:
    Sep 15, 2008
    Messages:
    34,349
    Likes Received:
    25,382
    Trophy Points:
    113
    Location:
    Blazer OT board
    You are missing something. The line about if congress fails to act means if congress does nothing at all - so it is comparing the expire case with the extend case, and not considering the Obama case.

    barfo
     
    Last edited: Sep 7, 2010
    barfo, Jul 30, 2010
    #45
  6. agoo

    agoo Member

    Joined:
    Jul 23, 2007
    Messages:
    2,868
    Likes Received:
    12
    Trophy Points:
    38
    The site is only right if its ignoring the fact that its telling me that Obama's plan is better for me. Obama is putting $400 in my pocket according to these calculations.
     
    agoo, Jul 30, 2010
    #46
  7. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

    Joined:
    Sep 15, 2008
    Messages:
    34,349
    Likes Received:
    25,382
    Trophy Points:
    113
    Location:
    Blazer OT board
    What? No, I'm making no such assumption. What do "groups of people" have to do with this at all?

    barfo
     
    barfo, Jul 30, 2010
    #47
  8. blazerboy30

    blazerboy30 Well-Known Member

    Joined:
    Sep 16, 2008
    Messages:
    5,465
    Likes Received:
    423
    Trophy Points:
    83
    You were trying to compare two different "stimulus" packages. They went to two different groups of people. It is silly to say that because one didn't work, the other doesn't work.
     
    blazerboy30, Jul 30, 2010
    #48
  9. The_Lillard_King

    The_Lillard_King Westside

    Joined:
    Sep 15, 2008
    Messages:
    12,405
    Likes Received:
    310
    Trophy Points:
    83
    I don't care to decipher all the what if and what nots . . . I am convinced Obama will being dipping into my pockets much more than Bush ever did. For the month, I have taken on the attitude of the "gravytrain is over." Taxes were good with Bush in office, but all good things must come to an end, now back to normal.

    It helps me accept what I anticpate will be some tough tax years coming up.
     
    The_Lillard_King, Jul 30, 2010
    #49
  10. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

    Joined:
    Sep 15, 2008
    Messages:
    34,349
    Likes Received:
    25,382
    Trophy Points:
    113
    Location:
    Blazer OT board
    Sorry, but I have no idea what you are talking about. What two different stimulus packages was I comparing? What I said was this:

    Which part of that are you saying is a comparison of two different stimulus packages?

    barfo
     
    barfo, Jul 30, 2010
    #50
  11. maxiep

    maxiep RIP Dr. Jack

    Joined:
    Sep 12, 2008
    Messages:
    28,303
    Likes Received:
    5,884
    Trophy Points:
    113
    Occupation:
    Merchant Banker
    Location:
    Denver, CO & Lake Oswego, OR
    No worries. I was highly confused (more that usual) as to what the issue was. Credit yourself for making me question what I was talking about. :cheers:
     
    maxiep, Jul 30, 2010
    #51
  12. blazerboy30

    blazerboy30 Well-Known Member

    Joined:
    Sep 16, 2008
    Messages:
    5,465
    Likes Received:
    423
    Trophy Points:
    83
    Maybe I misunderstood. I was assuming you were considering Bush's Tax Cuts a "stimulus". And when you said "the stimulus had no effect", I thought you referring to the recent Obama Stimulus package that people (including myself) have been claiming didn't work. Were those not the two stimulus packages you were referring to?
     
    blazerboy30, Jul 30, 2010
    #52
  13. maxiep

    maxiep RIP Dr. Jack

    Joined:
    Sep 12, 2008
    Messages:
    28,303
    Likes Received:
    5,884
    Trophy Points:
    113
    Occupation:
    Merchant Banker
    Location:
    Denver, CO & Lake Oswego, OR
    Regarding any "stimulus", I prefer that taxpayers are able to keep more of their money than it being sent to the Government and dispersed as it sees fit.
     
    maxiep, Jul 30, 2010
    #53
  14. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

    Joined:
    Sep 15, 2008
    Messages:
    34,349
    Likes Received:
    25,382
    Trophy Points:
    113
    Location:
    Blazer OT board
    Actually, no, I don't think I referred to two stimulus packages, only the one (the 2009 stimulus package, aka ARRA). I did not call Bush's tax cuts a stimulus.
    The first line was just a tease for those who thought ARRA was ineffectual, since now the end of ARRA is said to reduce the GDP. Those two positions aren't (if taken literally) compatible.
    The rest of my post was more or less unrelated, and was pointing out that there were in fact 3 different factors in the 2.5% projected hit, and so it is wrong to assign the whole thing to the tax cuts. Part is tax cuts, part is ARRA, and part is AMT.

    barfo
     
    barfo, Jul 30, 2010
    #54
  15. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

    Joined:
    May 24, 2007
    Messages:
    72,978
    Likes Received:
    10,673
    Trophy Points:
    113
    Occupation:
    Never lost a case
    Location:
    Boston Legal
    The "emergency" $800B stimulus package was 6% of GDP and in no way shape or form did it even break even in terms of adding to GDP.

    ~10% unemployment in 2012 is not good news for Obama's reelection chances.
     
    Denny Crane, Jul 30, 2010
    #55
  16. jlprk

    jlprk The ESPN mod is insane.

    Joined:
    Sep 25, 2009
    Messages:
    30,672
    Likes Received:
    8,852
    Trophy Points:
    113
    Occupation:
    retired, while you work!
    A simple experiment of typing numbers into the wages box finds the breakeven point at $226,500.
     
    jlprk, Jul 31, 2010
    #56
Page 3 of 3

Share This Page