CameronPoe wrote:
FEOS wrote:
He's going to send these people a check...just like Bush did in the incentive package. Except that, since they pay no taxes, it doesn't matter for their next year's return. Basically welfare without the hassle of the accountability associated with it.
And the upper limit varies, depending on which clip you're watching. Everything from $100k/yr to $250k/yr. Biden said $100k, Obama said $200k in his infomercial...which is $50k/yr less than he said during the debates. Clinton did the same thing...promising to only raise taxes on those making over $100k/yr. Then he raised taxes on everyone making $30k/yr or more. Economic is going to bite Obama in the ass--there isn't enough money to tax (even at his exorbitant rates) in the upper 5% to pay for his new spending as well as existing obligations. So the lower limit keeps dropping...just like it did with Clinton.
You've heard part of his proposal. The part that has many people up in arms and crying "socialism" is the part you obviously haven't heard of...the part we're talking about now. Taking money from people who earn "too much" and giving it to those who earn "too little". Of course, that is as determined by his Greatness the Obama.
It is government-mandated wealth redistribution. No two ways about it.
Doesn't say much about cheques and handouts here - seems mostly to be plain old tax cuts for 95% of America:
http://www.barackobama.com/taxes/In Europe a 'tax credit' is an amount of income upon which you are not charged tax. The entire Irish taxation system revolves around various tax credits and bands. Not the same in USA? Are you sure you haven't misread or misinterpreted things? I'm no expert on his plans I'll admit.
Cam, currently our the laws regarding our tax code fill more than 57,000+ pages, and grows with every year. We have laywers and accountants who specialize not in tax law, but in
certain specialized parts of tax law. It is virtually impossible for anyone to know everything about our screwed up tax code. So, yes; I may be wrong. I do not think I am, however.
For a common sense check (always prone to error, I admit): College students. How many college students REALLY work enough to need to file taxes (I am talking students 18 - 22; the vast majority of students)? How many of those students file independently instead of being claimed as dependants by their parents (which their parents can do until after college, if they are helping to pay the tuition)? Now, if a student IS working while going to school, how likely is it that that student is making enough to not get a refund at tax time anyway? How much good will a tax credit do to a group who will already get all of their taxes back
if they work,
if they file themselves? either a) he is trying to give them money, and not just credit their taxes, or b) his offer is only so much smoke-and mirrors in order to get more votes. I can't think of a c) that has any substantial probability.