Did someone misdeliver the message? Biden proposed a highly progressive tax structure which would actually reduce the middle-class burden. And said that no special taxes would be needed - just people patriotically paying their own ordinary income taxes like good citizens should.
What I'd like to hear (at the moment) are the candidates' opinions on what should be done regarding the S&L crash currently in progress. I really don't think that the government taking ownership of these companies is the right answer (even if Freddie Mac and Fannie Mae were already partly or wholly owned by the US Treasury Service). Seriously, why are we getting into a situation where the FDIC will possibly need a bailout of its own?
I suspect that faster information exchange and closer communication among larger groups of entities is only one (albeit highly complex) part of the problem. Emotional exuberance (spend to feel happy, spend because you're feeling happy and free with everything - or in a manic state) and the debt-based lifestyle is also part of it; but living on debt because that's the only way to pay for food and housing speaks to some real economic issues. I suspect that the poverty line has been quietly rising in the background - but I don't have any real evidence of that, and I know for a fact that I can live a relatively comfortable life on $900/month (though my budget would just barely pay the various costs if I had a car and only drove a few miles a day). But of course, I'm currently making about half that.
From the mouth of Biden on patriotism and taxes (http://news.yahoo.com/s/ap/20080918/ap_on_el_pr/biden_taxes_3).
And it's reducing taxes only if you discount the effect on businesses. Obama/Biden have proposed raising taxes on businesses, who will then pass the cost down to people who buy from businesses. Like, say, everybody with any money in their pockets at all.
Um, yeah. That article echoes what I said. But I hadn't heard about the increase in business taxes. Is that proposed for corporations, or all businesses?
Alright, I had to search to find recent looks at things.
Pointing out downsides to Obama's plan (http://www.politico.com/news/stories/0708/11670.html).
Not much new here. (http://www.unionleader.com/article.aspx?headline=Obama%27s+tax+pledge%3A+Can+he+really+keep+it%3F&articleId=980e13b1-33f9-4adf-a766-ca2559596e6a)
What it boils down to, is not only will people who earn $250,000 or more in a year get tax increases, but businesses that do so will, as well. What's a lot for one person isn't that much to a business of thirty or even a hundred people.
I hadn't seen the 50 percent tax rate mentioned before. That's an eye-opener.
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timeasmymeasure
no subject
Date: 2008-09-21 07:45 pm (UTC)no subject
Date: 2008-09-21 07:57 pm (UTC)no subject
Date: 2008-09-22 02:02 am (UTC)What I'd like to hear (at the moment) are the candidates' opinions on what should be done regarding the S&L crash currently in progress. I really don't think that the government taking ownership of these companies is the right answer (even if Freddie Mac and Fannie Mae were already partly or wholly owned by the US Treasury Service). Seriously, why are we getting into a situation where the FDIC will possibly need a bailout of its own?
I suspect that faster information exchange and closer communication among larger groups of entities is only one (albeit highly complex) part of the problem. Emotional exuberance (spend to feel happy, spend because you're feeling happy and free with everything - or in a manic state) and the debt-based lifestyle is also part of it; but living on debt because that's the only way to pay for food and housing speaks to some real economic issues. I suspect that the poverty line has been quietly rising in the background - but I don't have any real evidence of that, and I know for a fact that I can live a relatively comfortable life on $900/month (though my budget would just barely pay the various costs if I had a car and only drove a few miles a day). But of course, I'm currently making about half that.
no subject
Date: 2008-09-22 03:20 pm (UTC)And it's reducing taxes only if you discount the effect on businesses. Obama/Biden have proposed raising taxes on businesses, who will then pass the cost down to people who buy from businesses. Like, say, everybody with any money in their pockets at all.
no subject
Date: 2008-09-22 04:46 pm (UTC)no subject
Date: 2008-09-22 06:44 pm (UTC)Pointing out downsides to Obama's plan (http://www.politico.com/news/stories/0708/11670.html).
Not much new here. (http://www.unionleader.com/article.aspx?headline=Obama%27s+tax+pledge%3A+Can+he+really+keep+it%3F&articleId=980e13b1-33f9-4adf-a766-ca2559596e6a)
What it boils down to, is not only will people who earn $250,000 or more in a year get tax increases, but businesses that do so will, as well. What's a lot for one person isn't that much to a business of thirty or even a hundred people.
I hadn't seen the 50 percent tax rate mentioned before. That's an eye-opener.