U.S. Treasury to begin cutting Taxes

MA-Caver

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Obama tells Treasury to begin cutting taxes
By Ross Colvin Ross Colvin Sat Feb 21, 6:26 am ET
http://news.yahoo.com/s/nm/20090221/ts_nm/us_obamaWASHINGTON (Reuters) President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.
The tax cuts are part of a $787 billion economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.
"I'm pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st, a typical family will begin taking home at least $65 more every month," Obama said in his weekly radio address.
"Never before in our history has a tax cut taken effect faster or gone to so many hard-working Americans," he said.
With tens of thousands of Americans losing their jobs in the midst of a global economic meltdown, Obama has said fixing the U.S. economy is his top priority. He has acknowledged that his success or failure in that will define his presidency.

One of those wait and see what happens kind of deal. It is hoped that this will help us in the next several years which is the length of time (or longer) this recovery will take place.

I was watching a program on Discovery Channel just a little while ago. Peter Jennings made trips over to China and North Carolina, Missouri and other states and shown comparison of how since American Businesses, they used Briggs Stratton (small engines) and Walmart as examples are reaping huge profits by outsizing their plants and manufacturing to China because the labor is so cheap and production is more efficient, yet it costs Americans their jobs when plants close to move half way around the world.

Obama has promised to help create millions of new jobs. But question is how? China with it's billion plus population and growing are competing for jobs as well. Their money isn't in the red like the U.S. (see previous thread relating to how much each country has by the CIA), yet they're hurting.

Dunno how this is all going to turn out. Hopefully it'll end well for everyone.

Nah.
 

Cryozombie

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Wait... Im confused...

Hes cutting taxes for 95% of Americans, but giving out Billions in Bailout funds, which are coming from... where exactly, if not our taxes?
 

Cryozombie

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Maybe we could sell the US to Bill Gates. We could call it the United States of Microsoft.
 

Ramirez

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Maybe we could sell the US to Bill Gates. We could call it the United States of Microsoft.

It means he would have to assume the debt, so he would likely insist on getting paid to take it over.
 

Bill Mattocks

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The problem is, most American citizens are idiots. They seriously are a pack of booger-eatin' morons. They are going to read this and fall on their knees and worship the Great God Obama, the Savior of Us All.

THIS IS NOT A TAX CUT. Oh, my God. Anybody who thinks this is a tax cut is out of their freaking tree.

"Feb. 21 (Bloomberg) -- President Barack Obama said the Treasury Department will begin ordering employers today to cut taxes taken from workers’ paychecks as part of his effort to boost a worsening U.S. economy."
See, that is what is called 'withholding tax'. YOU can cut your own withholding tax, just change your bloody W-4 and WHAMMO, your withholding tax is lowered. IT DOES NOT CHANGE YOUR TAXES.

Oh, wait, maybe he means the tax withholding cut is designed to give you the money in the bill he just signed into law called the "Making Work Pay."

Whoops, no, I guess not, because that is only $400 for a single person and $800 for a family. And only for 2 years. And the "Bush Tax Cuts" are set to expire in 2011 and won't be renewed (because "Republican" tax cuts are BAD and "Democrat" tax cuts are GOOD), so really, your effective tax rate is about to go UP a WHOLE LOT.

Oh, and I forgot - many of us are rich now. How could I have not noticed? Remember, former Senator Obama said that 'Middle Class' was anything up to $250,000 per year, now he says "No, way, Jose. You are rich if you make more than 95K, so you get nothing." Nice of him to redefine what 'Middle Class' is without bothering to tell anyone.

But the credit is phased out for higher-income taxpayers, defined as individuals who have a modified adjusted gross income of between $75,000 and $95,000, and married couples filing jointly who make between $150,000 and $190,000. Thus, the administration says many of them will see little or no change in their paychecks.
Oh, and by the way, the federal and state governments are scrambling to come up with new fees and taxes to cover their budget shortfalls, so just because income taxes go down (a whole freaking $800), it will be more than made up in all the new taxes and fees on services that were never taxed before.

BECAUSE THAT IS THE WAY TO STIMULATE AN ECONOMY - TAX EVERYONE UNTIL THEY CAN'T AFFORD TO BUY FOOD OR PAY THEIR MORTGAGES and CALL IT A TAX CUT. YEAH THAT WORKS.
 

Bob Hubbard

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The money for the bailouts is being borrowed from the Chinese, and a few other nations. It's also just being printed as fast as they can by the FED. In the mean time, states are raising taxes, accessing more fees, and adding tolls wherever they can.

I still say, limit the most any government employee, elected official or public servant can make to $50,000 (including all bennies), and cut a couple billion out at the federal level alone.
 

Bill Mattocks

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The money for the bailouts is being borrowed from the Chinese, and a few other nations. It's also just being printed as fast as they can by the FED. In the mean time, states are raising taxes, accessing more fees, and adding tolls wherever they can.

I still say, limit the most any government employee, elected official or public servant can make to $50,000 (including all bennies), and cut a couple billion out at the federal level alone.

SecState Clinton today kissed major Chinese booty:

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5780481.ece

She thanked China for continuing to invest in US government debt.

Then China officially made the US their newest beyotch:

Yang responded that China would allocate its $20 trillion of foreign currency reserves as it saw fit.

I, for one, welcome our new overlords.
 

Deaf Smith

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My understanding is we will get something like $13 to $18 dollars a month as a tax cut. I'll rush out and get a Subway or two this month.

Add to that he wants to cut the deficit by 2/3s. How?
a) Raise the taxes on the 'rich' (remember his definition started out as $250,000, then $150,000, and now the 'rich' is $100,000 per year.)

b) Cut the military budget. So say bye bye to Afghanistian as it will literaly become another Vietnam, but in this case instead of communist it will be Taliban and Al Qaeda.

So here is what will happen:

1) The 'stimulus' will force a trillion dollar debt and initiate inflation.

2) The tax on the rich will force them to cut back on investment and income (read layoff more people and more writeoffs on taxes.)

3) The lack of revenue from the rich (or ex-rich) will impact on tax revenue forcing more government debt and ... more inflation!

It will be a downward spiral. The less revenue the more taxes. The more taxes the less revenue.

And of course, cutting the miliary budget will just get us into another bush war (no pun on 'W'.) And that will cost $$$ and thus more taxes! And don't forget Mexico is going crackers right now. That will increase the need for the military he just cut the budget to!

Pleasant dreams gang!

Deaf
 

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FDR's plans and his predecessors bungling only delayed recovery from the GD by 7 or so years. So, we should start seeing light in oh, 5-10 years.
 

Deaf Smith

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FDR's plans and his predecessors bungling only delayed recovery from the GD by 7 or so years. So, we should start seeing light in oh, 5-10 years.

ONLY if we have a world war Bob. But considering Obama wants to cut the military (and that is what FDR did) then maybe we will have one.

Consider it history being repeated.

As we cut the military and put pressure on China to give us loans, I bet China uses that to attack and take Taiwan. After all, FDR let Japan attack and invade China. Japan's excuse was they wanted a co-propserity sphere and they would 'help' China.

China will do a reverse. Especilly as the economy gets worse China, despirate for land (like Japan was) will see to expand their borders.

Add to that, in Europe, again as times get hard, Russia or one of it's ex-satalites, will invade a neighboring country. EU, and the U.S. will do a Czechoslovakia and let them take it over. Hillary will make a good Neville Chamberlain (or maybe Bill will help.)

Yes Obama just might get us out quick from this! Just give him time to loose Afghanistian first.

Only this time we have 'instant sunrise'. That's the hydrogen bomb.

Deaf
 

Bill Mattocks

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China will do a reverse. Especilly as the economy gets worse China, despirate for land (like Japan was) will see to expand their borders.

China is not in the same situation as Japan was. China has lots of land and lots of natural resources. Japan had neither. Their 'co-prosperity sphere' was an attempt to claim a place at the imperialist table. They were rebuffed with a naval blockade on critical resources they were forced to import.

China built the Three Gorges Dam for a reason, and they also have been buying up entire mountains that contain coal, copper, and raw materials for concrete, as they are the largest consumer of these things in the world.

China will not go to war with us, we are the source of their prosperity. You do not attack your slaves.

Add to that, in Europe, again as times get hard, Russia or one of it's ex-satalites, will invade a neighboring country. EU, and the U.S. will do a Czechoslovakia and let them take it over. Hillary will make a good Neville Chamberlain (or maybe Bill will help.)

Russia objects to being excluded from NATO and surrounded by former eastern-bloc nations that are becoming NATO. Rightfully so. However, if it's us or them, I vote us. They will fight, as you say. We had better whip their asses and quick.

Yes Obama just might get us out quick from this! Just give him time to loose Afghanistian first.

We'll just crawl meekly off.

Only this time we have 'instant sunrise'. That's the hydrogen bomb.

Yeah. Fun, huh?
 

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