Ursa Majoris Posted February 8, 2011 Share Posted February 8, 2011 (edited) ..............as a percentage of the overall economy. In the current budget year, federal tax receipts will be equal to 14.8 percent of the Gross Domestic Product, or GDP, the lowest level since Harry Truman was president. In Bush's last year in office, tax receipts were 17.5 percent of GDP, just below their 40-year average. Edited February 8, 2011 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
yo mama Posted February 8, 2011 Share Posted February 8, 2011 Yeah, but come on. A lot of that is because the economy sucks ass. But if memory serves, if you were making $X a year during the Bush administration your income tax liability is basically the same if you're still making $X a year in the Obama administration. And if you're making less than $50,000 a year you're probably paying little or no income taxes, anyways. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 8, 2011 Author Share Posted February 8, 2011 Yeah, but come on. A lot of that is because the economy sucks ass. But if memory serves, if you were making $X a year during the Bush administration your income tax liability is basically the same if you're still making $X a year in the Obama administration. And if you're making less than $50,000 a year you're probably paying little or no income taxes, anyways. The article says exactly that about people making less than $50k. Handy example included for comparison between GWB and BO. Here you go: At the request of The Associated Press, The Tax Institute at H&R Block compared 2008 and 2010 tax bills for families at various income levels, showing how their taxes have changed since Obama took office. Taxpayers are filing their 2010 tax returns this spring, while 2008 was the last full year that Bush was president. The scenarios assume that each family had the same income, filing status and number of dependent children in both years. Income tax rates remain unchanged. But many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor. Many of the changes were enacted as part of the big economic stimulus package passed in 2009. Makes you wonder why folks are shouting about Obama putting taxes up, doesn't it? Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 8, 2011 Share Posted February 8, 2011 The article says exactly that about people making less than $50k. Handy example included for comparison between GWB and BO. Here you go: Makes you wonder why folks are shouting about Obama putting taxes up, doesn't it? Doesn't make me wonder at all... everybody knows that people who make less than $50,000 per year don't matter at all--so who cares what happens to their taxes? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 8, 2011 Author Share Posted February 8, 2011 (edited) Doesn't make me wonder at all... everybody knows that people who make less than $50,000 per year don't matter at all--so who cares what happens to their taxes? Individuals making $50k do pay taxes of course but families might not due to credits, deductions and whatnot: A single person making $50,000 while paying interest on a student loan would have a 2010 tax bill of $5,325 — a $63 decrease from 2008. The difference is due to an inflation-based increase in the standard deduction and personal exemption. The result is that families making as much as $50,000 can avoid paying federal income taxes, if they have at least two dependent children. and that nasty old GWB taxed them more (strictly, he GAVE them more): • A married couple with two children, including one in college, and a combined income of $50,000 would pay no federal income taxes, instead getting a payment of $734 from the government this year. However, they did better in 2008 when they netted a $1,234 payment from the government. That's because Obama's Making Work Pay credit was worth less to them than the Bush-era economic stimulus payment they received in 2008. Edited February 8, 2011 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 8, 2011 Share Posted February 8, 2011 for the record, my comment was just mocking people who have the attitude I described Quote Link to comment Share on other sites More sharing options...
Brentastic Posted February 8, 2011 Share Posted February 8, 2011 ..............as a percentage of the overall economy. Once you understand the only reason we pay federal income tax in the first place is so we can pay the interest on the Federal Reserve Notes (which is debt) - then you wonder why we should pay this tax at all. Even if you don't understand that, then you should be very skeptical of the wording and complete lack of evidence in the headline: By one measure, federal taxes lowest since 1950. Anybody who has worked with stats knows that by 1 measure, you could almost 'prove' anything. Not to mention we're at a high level of UE which obviously diminishes tax receipts. But the real shame here is the absolute certainty that Americans are short-sighted and think only in the short term. Taxes are low now but will increase in the near future. Q: How else is our government going to pay for today's mistakes? A: By raising tomorrow's taxes. Like I keep saying - borrower (US govt) is servant to the lender (Federal Reserve). Bottom line: this article says nothing of substance. The only purpose of that article (much like the 'liberty' theme of Last night's Super Bowl) is to rejuvenate a false sense of security so people begin to forget about yesterday's mistakes. Give me no income tax and then maybe there will be article worth reading. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 8, 2011 Author Share Posted February 8, 2011 for the record, my comment was just mocking people who have the attitude I described I know. I just didn't want any of them to take you at your word. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 8, 2011 Author Share Posted February 8, 2011 Give me no income tax and then maybe there will be article worth reading. No income tax, no anything. You might want to spend your life in a hippie drum circle but I don't. Then again....... Quote Link to comment Share on other sites More sharing options...
Brentastic Posted February 8, 2011 Share Posted February 8, 2011 No income tax, no anything. You might want to spend your life in a hippie drum circle but I don't. Then again....... Nope, I just don't like paying taxes to a criminal banking cartel that has enslaved the citizens of our nation. I know you're older but please don't stop caring about the future of our children and grandchildren so you can live in perceived comfort. As humans we are capable of so much more than working for money that pays for things and taxes. I'm embarrassed to be a human with such lofty aspirations Quote Link to comment Share on other sites More sharing options...
yo mama Posted February 8, 2011 Share Posted February 8, 2011 Nope, I just don't like paying taxes to a criminal banking cartel that has enslaved the citizens of our nation. I know you're older but please don't stop caring about the future of our children and grandchildren so you can live in perceived comfort. As humans we are capable of so much more than working for money that pays for things and taxes. I'm embarrassed to be a human with such lofty aspirations Well, you can always move to Somalia. Why don't you check out what the absence of government (and income taxes) looks like and report back with your findings. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted February 8, 2011 Share Posted February 8, 2011 Well, you can always move to Somalia. Why don't you check out what the absence of government (and income taxes) looks like and report back with your findings. What a crappy inference. You must have missed your logic classes in college. So because Somalia has no government and no income tax and presumably is an awful place to live you are implying all nations with no income tax and/or no government must also be an equally awful place to live?? Too many assumptions for me to take seriously. Let me know when you have a more logical argument to bring to the table Mr. smarty pants lawyer guy. Quote Link to comment Share on other sites More sharing options...
yo mama Posted February 8, 2011 Share Posted February 8, 2011 What a crappy inference. You must have missed your logic classes in college. So because Somalia has no government and no income tax and presumably is an awful place to live you are implying all nations with no income tax and/or no government must also be an equally awful place to live?? Too many assumptions for me to take seriously. Let me know when you have a more logical argument to bring to the table Mr. smarty pants lawyer guy. Somalia is just one undesirable illustration of what the absence of government looks like. What are your shining examples to the contrary? And don't say the American Indians. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted February 8, 2011 Share Posted February 8, 2011 Where is Ronald Reagan when we need him. He loved to raise taxes. I think he raised them 4 of his 8 years Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 8, 2011 Author Share Posted February 8, 2011 you should be very skeptical of the wording and complete lack of evidence in the headline: By one measure, federal taxes lowest since 1950. The many examples in the article constitute some pretty convincing evidence. Just reading the headline is fairly pointless. Quote Link to comment Share on other sites More sharing options...
TimC Posted February 8, 2011 Share Posted February 8, 2011 Low taxes and huge deficits make all the sense in the world. One day we'll live in reality. Quote Link to comment Share on other sites More sharing options...
borge007 Posted February 8, 2011 Share Posted February 8, 2011 Low taxes and huge deficits make all the sense in the world. One day we'll live in reality. Maybe we should elect all Tea Party Republicans! Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted February 8, 2011 Share Posted February 8, 2011 Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted February 8, 2011 Share Posted February 8, 2011 How does the deficit compare to the percentage of the overall economy? Quote Link to comment Share on other sites More sharing options...
Brentastic Posted February 8, 2011 Share Posted February 8, 2011 The many examples in the article constitute some pretty convincing evidence. Just reading the headline is fairly pointless. Well the many examples only compare now to 2008. The majority of the article only focuses on the comparison between now and when Bush was in office, hardly an historic comparison as the headline would indicate. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted February 8, 2011 Share Posted February 8, 2011 Somalia is just one undesirable illustration of what the absence of government looks like. What are your shining examples to the contrary? And don't say the American Indians. You're the one who brought no government into the discussion. I'm only talking about eliminating income tax which only goes to pay interest owed to the Federal Reserve for creating our dollars. They take government debt, turn it into currency and charge interest on it. All the while this new money they create is pure profit for them while it inflates all other dollar savers/holders. And you're ok with that??? Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted February 8, 2011 Share Posted February 8, 2011 We should really just raise everyone's taxes across the board and put this anemic economy out of its misery once and for all. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted February 8, 2011 Share Posted February 8, 2011 Get rid of the income tax, and replace it with a consumption tax. Sorry if that comes across as hateful/racist/homophobic. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted February 8, 2011 Share Posted February 8, 2011 Get rid of the income tax, and replace it with a consumption tax. Sorry if that comes across as hateful/racist/homophobic. If you only place the consumption tax on gas-soaked crosses, afro hair conditioner, and this year's shoes, then yes it does. You fiend. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 8, 2011 Share Posted February 8, 2011 Lowering taxes on lower income individuals really increases the number of jobs created. Most of these were one time giveaways. Obama and the liberals wanted to increase taxes on entrepreneurs, but were told no buy the people. Eventually we are going to have to pay for all of the out of control spending done over the last two years, and that will necessitate a tax increase, all but the completely dim witted realize this. So in affect Obama, Reid, and Pelosi have raised future taxes, they've just left it to others to do. Additionally you can argue that all the new regulations that have been passed, as well as those that did not go through congress but were enacted by government agencies such as the EPA are a tax on businesses and business owners. If you don't think Obama is going to cause taxes to be raised then I've got some ocean front property in Arizona I'd love for you to come take a look at. Quote Link to comment Share on other sites More sharing options...
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