Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (15939)	4/1/2010 6:46:10 PM
From: TimF	1 Recommendation Respond to of 42652

not a dime of tax was raised on anyone. False. No..true. Your entitled to your own opinions, but not your own facts. The cigarette tax increase has already been passed, so have the Obamacare tax increases. As for the additional proposals, sure they include some cuts, but the increases are larger than the cuts, and even if they where not, if they go in to law there will be people who would pay quite a bit more than an extra dime in taxes. President Obama proposes to make these changes permanent. So its extending an existing cut, not cutting current taxes. Also to the extent that the EITC brings the federal income tax paid by some to below zero, any increase in that amount below zero is not a tax cut, but rather a handout. Most of the other points are also keeping the current tax rates or deductions or credits, not cutting taxes from what we have today. The tax credit is non-refundable (meaning once the person's tax liability is reduced to zero, any additional credits won't increase a person's refunds). Obama proposes to replace the $1,000 non-refundable credit with a refundable credit equal to 50% of retirement savings up to a maximum of $500. Reducing it to $500 is a tax increase. Making it refundable is a handout for those who use it to cause their net income tax liability to fall below zero, not a tax cut. The Obama administration proposes that employers automatically enroll employees in an IRA and deduct 3% of an employee's pay to be deposited directly into the IRA Not a tax cut. of which $1,000 could be refundable The part that gets refunded isn't a tax cut. The rest is only temporary.