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01-05-2010, 10:23 PM
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Senior Member
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Join Date: May 2009
Posts: 462
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Quote:
Originally Posted by Boreas
Obama wants to go after the top 2%. He gave a tax cut to the "Little" rich guys who make $250,000 adjusted gross or less.
John
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John, you seem to be a guy in the know. Maybe you could explain what this tax cut for the "Little" rich guys means to me as I fall into this category. In % or dollar terms please. Is this tax cut you are referring to the one where my federal income tax was reduced by @ $25 monthly or whatever it was?
If thats not it, will this "Little" rich guy tax cut offset additional taxes like the VAT plus whatever else that we know is coming?
RC
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01-05-2010, 10:27 PM
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Senior Member
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Join Date: May 2009
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Quote:
Originally Posted by doucanoe
John, you seem to be a guy in the know. Maybe you could explain what this tax cut for the "Little" rich guys means to me as I fall into this category. In % or dollar terms please. Is this tax cut you are referring to the one where my federal income tax was reduced by @ $25 monthly or whatever it was?
If thats not it, will this "Little" rich guy tax cut offset additional taxes like the VAT plus whatever else that we know is coming?
RC
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You might want to watch out, this may be a withholding cut rather than a tax cut. It wouldn't be the 1st time the politicians played this game.
Chas
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01-05-2010, 10:35 PM
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Senior Member
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Join Date: Nov 2009
Location: Sonoma County, CA
Posts: 20,496
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Quote:
Originally Posted by doucanoe
John, you seem to be a guy in the know. Maybe you could explain what this tax cut for the "Little" rich guys means to me as I fall into this category. In % or dollar terms please. Is this tax cut you are referring to the one where my federal income tax was reduced by @ $25 monthly or whatever it was?
If thats not it, will this "Little" rich guy tax cut offset additional taxes like the VAT plus whatever else that we know is coming?
RC
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I think there's only been one revision to the income tax code since Obama took office so if you're talking about 2009 then I guess so but I don't know where your figures come from.
As for a VAT, my guess is that's just anti-tax crowd propaganda.
John
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01-05-2010, 11:17 PM
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Senior Member
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Join Date: May 2009
Posts: 462
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VAT is propaganda??
Here is Nancy on the subject...
http://online.wsj.com/article/SB1000...007010416.html
"Candor about taxes is rare in Washington, so when House Speaker Nancy Pelosi admits that Democrats may have to impose a huge new tax on the middle class to fund their spending ambitions, believe her.
Speaking with PBS's Charlie Rose on Monday, Mrs. Pelosi mused publicly about the rising possibility of enacting a value-added tax, or VAT, as part of broader tax reform. "Somewhere along the way, a value-added tax plays into this," she said. "Of course, we want to take down the health-care cost, that's one part of it. But in the scheme of things, I think it's fair to look at a value-added tax as well." "
No, VAT is not propaganda. It's the only way the European system "works". To the tune of 20-40% on top of everything else mind you. They will probably start low (around 5% I have heard bantered about) and build from there.
Love the European system you gotta love the VAT. No way of getting around it.
RC
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01-05-2010, 11:31 PM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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5% on a VAT is actually pretty steep. Remember, the tax is tacked on every time value is added to a product. The ore comes out of the ground-tax, it's smelted into steel--tax, rolled into sheetmetal-tax, stamped into a part-tax, painted-tax, attached to a final product-tax, and so on.
And, as I recall, the Clintons proposed a VAT to pay for their health proposal.
So, is it really a stretch for us to assume that it will resurface?
Dave
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Last edited by BlueStreak; 01-05-2010 at 11:37 PM.
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01-05-2010, 11:54 PM
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Senior Member
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Join Date: Nov 2009
Location: Sonoma County, CA
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Quote:
Originally Posted by doucanoe
VAT is propaganda??
Here is Nancy on the subject...
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Hmmmmm, live and learn. I didn't know that.
John
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Smoke me a kipper. I'll be back for breakfast.
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01-06-2010, 12:04 AM
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Senior Member
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Join Date: May 2009
Posts: 462
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Quote:
Originally Posted by BlueStreak
5% on a VAT is actually pretty steep. Remember, the tax is tacked on every time value is added to a product. The ore comes out of the ground-tax, it's smelted into steel--tax, rolled into sheetmetal-tax, stamped into a part-tax, painted-tax, attached to a final product-tax, and so on.
And, as I recall, the Clintons proposed a VAT to pay for their health proposal.
So, is it really a stretch for us to assume that it will resurface?
Dave
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Thanks for the lesson
Scroll down a bit for a listing of all of them (European VAT rates)
http://www.scopulus.co.uk/taxsheets/..._vat_rates.htm
RC
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01-06-2010, 12:09 AM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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Yeah, some of them are pretty high. About what I expected.
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"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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01-06-2010, 12:14 AM
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Senior Member
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Join Date: May 2009
Posts: 462
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Quote:
Originally Posted by Boreas
Hmmmmm, live and learn. I didn't know that.
John
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Hopfully we can all learn a little something here. Myself included.
RC
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01-06-2010, 12:16 AM
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Senior Member
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Join Date: Nov 2009
Location: Sonoma County, CA
Posts: 20,496
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Quote:
Originally Posted by doucanoe
Hopfully we can all learn a little something here. Myself included.
RC
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Absolutely.
John
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