Bush v. Obama tax cuts

[RecycleMichael]

This is according to the Washington Post...

http://voices.washingtonpost.com/ezra-klein/2010/08/the_bush_tax_plan_vs_the_obama.html

[Gaspar]

This is according to the Washington Post...

http://voices.washingtonpost.com/ezra-klein/2010/08/the_bush_tax_plan_vs_the_obama.html

That's an excellent example.  As many pointed out last week, here's how it breaks down economically.


But, if a budget is not passed after the President returns from Martha's Vineyard, It makes no difference to anyone.  We all see an increase in taxation.

[RecycleMichael]

Tax cuts for the very rich used to work to create jobs. Now the very rich just sit on their money and complain about Obama.

[Gaspar]

Oh, and weather you like it or not this group constitutes 1/4th of ALL consumer spending.  So not only is employment hit hard, but the economy as a whole.

http://www.nytimes.com/2010/08/15/opinion/15zandi.html?_r=2

[Gaspar]

Tax cuts for the very rich used to work to create jobs. Now the very rich just sit on their money and complain about Obama.

You may be right.  At this point I'm not sure there is much he can do to give Business Owners confidence in his intentions.  He's waged a war against them for the last few years (in speech and action), so even if he were to make sound economic decisions at this point, I doubt there would be a whole lot of trust established.  They may just choose to wait this thing out.

Unfortunate.

[nathanm]

You may be right.  At this point I'm not sure there is much he can do to give Business Owners confidence in his intentions.  He's waged a war against them for the last few years (in speech and action), so even if he were to make sound economic decisions at this point, I doubt there would be a whole lot of trust established.  They may just choose to wait this thing out.

Unfortunate.

Except he hasn't done that at all, unless you're claiming they're all crooks and cheats.

I can't say for sure, but I suspect that similar things were being said about Clinton in his first two years in office, also. You know how that turned out for the economy.

[RecycleMichael]

At this point I'm not sure there is much he can do to give Business Owners confidence in his intentions.  He's waged a war against them for the last few years (in speech and action), so even if he were to make sound economic decisions at this point, I doubt there would be a whole lot of trust established.  They may just choose to wait this thing out.

You are so myopic. Not all business owners are republicans who are "waiting" to see what the President does. And when you talk so over the top (waged a war?) you come across as a partisan hack.

You really need to broaden your circle of friends and radio shows you listen to.

[Hoss]

You are so myopic. Not all business owners are republicans who are "waiting" to see what the President does. And when you talk so over the top (waged a war?) you come across as a partisan hack.

You really need to broaden your circle of friends and radio shows you listen to.

[Conan71]

You are so myopic. Not all business owners are republicans who are "waiting" to see what the President does. And when you talk so over the top (waged a war?) you come across as a partisan hack.

You really need to broaden your circle of friends and radio shows you listen to.

You are correct, but can we all agree that human behavior more directly affects a recession or recovery than economic theory and the presence or lack of a "stimulus"?  Theories don't cause or break recessions, people and their actions do.

A lot of business owners are not all that savvy in macroeconomic theory, all they know is what keeps them in business or what represents too much risk to bear when it comes to hiring or expansion in uncertain times. There's enough conflicting statements coming from all angles I can understand any business person's reluctance to stick their neck out right now.

When you consider the environment fostered and promoted as pro-business by the last four administrations, doing things which counter the actions of former administrations makes many people feel like there's a "war" on business or the wealthy.  So far, there are no signs that the environment created by this administration is inspiring a whole lot of confidence in those who purchase and those who hire.  I totally understand President Obama walked into one of the worst messes in U.S. history, but that's been over 18 months ago but yet instead of substantive solutions, all we have are progressive agenda items passed and more excusses of "We walked into a mess....".  Apparently it's even wearing thin in his base. 

Can you honestly say you are really happy with the Obama Administration at this point?

[Gaspar]

You are so myopic. Not all business owners are republicans who are "waiting" to see what the President does. And when you talk so over the top (waged a war?) you come across as a partisan hack.

You really need to broaden your circle of friends and radio shows you listen to.

You may be right.  I don't read enough Huff or Kos.  I guess most business people are just waiting for the President to make the economy his top priority.  It's been a back burner item since the "mission accomplished" stimulus dumpster bill.  It just hasn't made the list yet, and when it does we don't know how he intends to react.  He continues to tense his eyebrows and threaten tax increases to the business community while preserving the current tax structure for others, but no one even knows if this will come to pass. 

Let me put it this way.  If they pass a budget in the few days they have after recess, it will not garner any votes for them.  If they try and fail to pass a budget, it gives them a huge advantage by allowing them to blame the resulting tax increases on "Obstructionist Republicans." 

Unfortunately, I think they will do what is politically advantageous rather than what is in the interest of the American people.  Screw us, they want to keep their power.

Perhaps this is why the economy has never been a "top priority."

FREE TRADE AGREEMENTS: "...that's something that's going to be a top priority." (4/27/10)

ENERGY SECURITY: "And that's why my energy security plan has been one of the top priorities of my Administration since the day I took office." (4/28/10)

EDUCATION REFORM: "To train our workers for the jobs of tomorrow, we've made education reform a top priority in this Administration." (2/24/10)

STUDENT LOAN REFORM: "This is something that I've made a top priority." (2/1/10)

EXPORTS BY SMALL BUSINESSES: "This is going to be a top priority." (12/3/09)

HEALTH ASSISTANCE TO 9/11 FIRST RESPONDERS: "I'm not just talking the talk, we've been budgeting this as a top priority for this Administration." (2/3/10)

END HOMELESSNESS AMONG VETERANS: "I've also directed (Veterans Affairs) Secretary Shinseki to focus on a top priority: reducing homeless among veterans." (8/17/09)

HURRICANE PREPAREDNESS: "Our top priority is ensuring the public safety. That means appropriate sheltering in place or if necessary, getting as many people as possible out of harm's way prior to landfall." (5/29/09)

H1N1 FLU VACCINATIONS: "And throughout this process, my top priority has been the health and the safety of the American people." (5/1/09)

SUPPORT FOR MILITARY FAMILIES: "These military families are heroes too. And they are a top priority of Michelle and me. And they will always have our support." (5/30/09)

STRENTHENING TIES WITH CANADA AND MEXICO: "We're going to make this a top priority..." (10/16/09)

CONSUMER PROTECTION: "During these challenging times, the needs of American consumers are a top priority of my Administration." (2/11/09)

ENVIRONMENTAL PROTECTION: "So this is going to be a top priority generally improving our environmental quality." (11/5/09)

[Conan71]

And he's not going to rest until any of those priorities are accomplished, riiiiiight?

[we vs us]

That's an excellent example.  As many pointed out last week, here's how it breaks down economically.


But, if a budget is not passed after the President returns from Martha's Vineyard, It makes no difference to anyone.  We all see an increase in taxation.

The Tax Policy Center disagrees (warning, pdf):

First, few small business owners face the highest marginal income tax rates. Less than 9 percent of returns with small business income are in tax brackets of 28 percent and above, less than 3 percent face rates of 33 percent and above, and only 1.3 percent are in the top bracket. Roughly 97 percent of small businesses would not be affected at all by increases in the top two tax rates. More than two-thirds of all returns with small business income are in the 15 percent or lower tax bracket, and 88 percent face rates of 25 percent or below.

Second, business income is not the dominant form of income in any positive tax bracket. It totals one-third of income in the top bracket, less than one-quarter in the second bracket, and smaller shares at every other positive tax rate. (The high share in the zero bracket occurs because business losses are substantial, but their absolute value is used to determine the ratio of business income to AGI.)

Third, although many returns in the top two brackets have at least some business income, few returns have most of their income from small businesses. For only about one-third of households in the top bracket and one-fifth in the second bracket is more than half of their income from business income.

[we vs us]

And he's not going to rest until any of those priorities are accomplished, riiiiiight?

You might warm up your Google finger and check up on each of these.  You might be surprised.  

EDIT:  Lemme help you out with a first hit.  Here's Rep Anthony Weiner losing it (awesomely!) on the floor of the House after Republicans again obstructed a vote on healthcare for 9/11 first responders using procedural tactics. 

[jne]

I don't know any small business owners that make that kind of money!

http://money.gather.com/viewArticle.action?articleId=281474977453286

[swake]

I don't know any small business owners that make that kind of money!

http://money.gather.com/viewArticle.action?articleId=281474977453286

And a really easy way for a small business owner making that kind of jack to avoid taxes is to put the money back into his small business.....