Obama mocks Joe the Plumber

[LeBuick]

The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.[/URL]

So we currently do this? So why are we crucifying Obama if this is something we currently do?

 

[canadyjd]

Even the low end workers don't get 100% of their taxes refunded though I will agree what they pay is a small percent..

Once again, you are speaking of something you do not know. Low income workers end up paying NO income taxes. I know because I am one of them. I haven't paid income taxes in years, primarily because of my children as deductions.

The idea is to stimulate the economy by putting money in the hands of the consumer. I see that objective as being achieved with Obama plan.

That is not Obama's objective. His objective is equality of outcomes. That is, he wants everyone (except the elite class) to end up with about the same income once he takes from the "wealthy" and spreads the wealth around to those "less fortunate".

We could keep giving the breaks to the rich with hopes the stimulus will trickle down to the rest of the American's but that theory hasn't been working.

Again, when the "theory" includes controlling government spending, it works every time it's tried.

peace to youraying:

 

[canadyjd]

So why are we crucifying Obama if this is something we currently do?

"crucifying" Obama? Are you saying Obama is the Messiah?:smilewinkgrin:

peace to youraying:

 

[LeBuick]

That is not Obama's objective. His objective is equality of outcomes. That is, he wants everyone (except the elite class) to end up with about the same income once he takes from the "wealthy" and spreads the wealth around to those "less fortunate".:

Spreading the wealth around has always been the foundation of the tax system. Obama may have goofed by saying it, but McCain calling it socialism and making like this is new insults our intelligence. He has managed to turn a basic fact into a scare tactic.

Here are some facts to think about...

How is it only 5% of American's make more than $250K?
How is it 40% of American's are at or below poverty?
Why is it the salaries of the 95% below $250K have remained the same or slightly less while the salaries of CEO's have skyrocketed to record levels. This does not include their bonuses.

So I ask, why can't they pay another 3%? I don't think they will spend any less if we ask them to pay another 3% in taxes.

How about Richard Fuld who made $484 million as CEO for bankrupt Lehman Brothers, you saying he can't afford another 3% in taxes? You saying he will consume less goods if we raise his taxes 3%? How will anyone loose their job if we raise his taxes 3%? How would someone get a job if we lower his taxes?

 

[LeBuick]

"crucifying" Obama? Are you saying Obama is the Messiah?:smilewinkgrin:

peace to youraying:

Good one... :thumbs:

 

[canadyjd]

Spreading the wealth around has always been the foundation of the tax system.

That's not correct. The foundation of the tax system is to give advantages to politically connected friends and/or institutions (from both parties), which is why the tax system is so corrupt.

The only "fair" tax system is a flat tax. Everyone gets the same deduction (say....30K), and then pays 10% income tax on everything above 30K. The only money that is taxed is that money that goes to individuals as income/salaries or for private use. Every business fills out a detailed audit to account for every penny to the IRS. Only the money that goes to income/salaries is taxed.

Obama may have goofed by saying it, but McCain calling it socialism and making like this is new insults our intelligence. He has managed to turn a basic fact into a scare tactic.

I know you won't believe this, but there are some basic facts here. Obama has a lot of exposure to socialist ideology from the people he has associated with and has embraced much of it.

His earlier comment about people "clinging to their guns and religion" is a quote from a book promoting socialism. His statement about "spreading the wealth around" is a rephasing of the marxist statement "from each...to each according to his need."

How is it only 5% of American's make more than $250K?

To much big government regulation is stifling American ingenuity and productivity.

How is it 40% of American's are at or below poverty?

Because liberals have defined proverty in such a way to always have a campaign issue to run on. In general, those living below the "poverty line" in America have automobles, cell-phones, every major appliance, cable T.V or satellite T.V, tend to be obese rather than malnurished and earn an income that makes them middle-class or upper middle-class almost every other place else in the world.

Why is it the salaries of the 95% below $250K have remained the same or slightly less while the salaries of CEO's have skyrocketed to record levels. This does not include their bonuses.

Because big government regulations, by both Republicans and Democrats, have rewarded their campaign donors with special tax breaks in the tax code (see comment on flat tax above)

So I ask, why can't they pay another 3%? I don't think they will spend any less if we ask them to pay another 3% in taxes.

Because raising taxes on these people will not solve the problem. It won't generate the revenue that is claimed. It won't balance the budget. It won't be good for the economy. It is an example of Obama engaging in class warfare to pander for votes.

The only way to solve the problem is to take the power to use the tax system to pander for votes away from Washington politicians. The only way to do that is with the flat tax.

If we refused to allow the politicians to use the tax system to devide us, or to reward their friends and campaign donors, we would go a long way in solving the problem for good.

How about Richard Fuld who made $484 million as CEO for bankrupt Lehman Brothers, you saying he can't afford another 3% in taxes? You saying he will consume less goods if we raise his taxes 3%? How will anyone loose their job if we raise his taxes 3%? How would someone get a job if we lower his taxes?

Please see my above comment about not letting politicians devide us with class warfare.

peace to youraying: