Income Tax Cut

No To Tax Cuts

Executive Summary About No To Tax Cuts By Darewin Ocampo

US President Barack Obama has recently signed the gargantuan economic $ 787 billion stimulus bill. And the different programs the Democrats put in it are quite promising, except one, the $ 275 billion tax cut measure.

First of all, through careful analysis, it is quite evident the tax cut program offers an unfavorable cost-benefit relationship. It would be very immaterial and lacks substance to be able to ease the household budget; the scheme will definitely contribute very little to the stimulus bill’s target of stimulating the economy through improved consumer spending.

Secondly, it’s really alarming that the bill is acclaimed to cut taxes for 95% of working families when only around 60% of these actually pay taxes. The tax cut scheme lacks particulars which may lead to the paying of working families who are not even paying their taxes.

The seeming mailing of checks will be more like a welfare program and not anything like a tax relief that would encourage savings, work, and investments. Singles and retirees have a very low chance of getting tax related benefits.

Third is people are already spending lots of money to date. The cutting of taxes will inevitably cause the need for future tax hikes. As people will be adjusting to new income levels, they will end up drowning in the pool of increased taxes, and those spending will start to take their toll on households. The tax cut will just be giving birth to another crisis of even bigger proportions.
Tax cuts are bad both in the economic stimulus and future practicality perspectives.
Tax cuts will just dig new graves for all of us.

Obama’s Plan to Cut Taxes

Executive Summary about Obama’s Plan to Cut Taxes By Jackie B

Obama wants to re-establish the equality in tax-payment between the upper and lower-classes that was lost during the Bush administration. During the Bush administration, taxes were drastically cut for the upper-class, even though there was really no need to.

The middle and lower-class, in turn, were forced to pay even more taxes. Obama plans to bring taxes for the upper class to the level that they were during the Clinton administration.

Taking a closer look at Obama’s tax plan, it becomes apparent that his main priority is to create equality among tax-payers. In turn, anyone making between 600k and 201k will hardly be affected by a tax brake or tax increase.

The middle class, which makes up over 70% of American tax-payers, falls into the category of any gross income under 200k per year. Anyone making about 20k per year pays an average of $1500 in taxes, and with the Obama plan, you will be saving an additional $500.

In addition, Obama plans to eliminate taxes on social security for retirees making under $50,000 per year. He plans to include extra tax cuts for homeowners, the uninsured, families with children, and families who are putting their children through college.

There will be a refundable tax credit for beginning college students that will cover 100% of the first $4000 of qualified tuition expenses.

The majority of our population is composed of low-income, hard-working American, so any sort of tax-brake could really make a difference in their lives.

The American Economy-find Out Why Stimulus Packages and Tax Cuts Will not Help the Economy

Executive Summary Abou The American Economy-Find Out Why Stimulus Packages And Tax Cuts Will Not Help The Economy By Ron Randall

Our industrial landscape or infrastructure has been declining for years. We have become a nation of consumers not builders. Not much is made in this country anymore, we are buying everyone else’s products.

We have settled for cheaper products. We went form the building industry, to a service industry and now we are just a nation of consumers. I would not mind spending a little more for a product knowing jobs are being created and the money staying here in the America.

It has helped a lot of other countries except the US. Other countries are now becoming captains of industry while we fall behind. Where companies went running over seas for cheap labor and putting American people out of work and industry.

This is when the economical and industrial landscape starting declining. Well we already are, borrowing money from other countries just to stay afloat.

You guessed it our incompetent Government. Doing favors for those contributing to their party fundraisers. Money first people second if at all.

I personally blame Congress. We need new people in Washington to work for America not themselves.

It does not matter who is President if we do not build this country from the bottom up nothing is going to work. This is why a stimulus package and tax cuts will not work. The top down plan does not work. If we do not bring industry back to the US the economy will totally and completely collapse.

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