Quarter of tax savings will go to richest one percent
The plan to extend Bush-era tax cuts that President Barack Obama struck with the Senate Republican leadership will result in lower taxes for wealthy
and middle-class Americans but will mean a tax hike for the very poorest earners.
According to an analysis in the New York Times, the Obama-GOP deal will mean that individuals earning less than $20,000 and families earning less than
$40,000 will see a small tax hike.
As part of the deal, Obama agreed to drop the Making Work Pay credit that was created as part of the stimulus package, and replace it with a lower
payroll tax. That lost credit -- of $400 or $800 -- is greater than the amount low-income earners will save from the lower payroll tax, meaning, in
total, they will pay more.
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So much for the "hope" or "change" that Obama promised the nation (along with almost every other promise). The striking similarities in policy
(both foreign and domestic) between the Bush and Obama admins are scary, to say the least. I guess the term, "George W. Obama" is perfectly
fitting.
What's even crazier, is that somehow, even these lower income earners, will completely ignore the fact that we were pretty much handed a third term
of GWB.
Now don't get me wrong, I don't support any income taxes what-so-ever, though I do find it a little absurd that Americans seem to have no problem
with politicians looking out for their own, while basically flipping off the peasant class.
I can't believe that some people still have hope that Obama is any different than any other politician. All of these "grand" ideas that Obama
promised the nation, turn out to do more harm than good. I think it's pretty safe to say that Obama's term in office has so far been a complete
failure, even if you did vote for him and support his his stated goals.
Obama's health care reform turned into a boon for the insurence and medical industries. He has completely failed to shut down GITMO. Transparency is
still foreign, corruption remains fluent and both wars are still raging, with no end in sight, in spite of the "renaming" of operations. Now,
apparently the tax issue is once again going in favor of the top percent of elites, while very bottom is not only forgotten, but screwed. This isn;t
even the half of it.
So again, what has actually gone right for Obama, or at least what has gone the way that he promised? Before people say, "Obama has to work with
Congress" or anything to that affect, he shouldn't have promised it. He's not an idiot, thus I highly doubt that he thought he could get in office
and do whatever he wanted. Furthermore, as a politician, it is his job to get these things done. It's actually in his job description.
Sadly, the compromises are only leaving much worse off. If he can't pass a particular policy or legislation, then he should have either left it alone
or not made the type of compromise that screws us even more. It just shows either a lack of spine or an ulterior motive. One of the two, maybe
both.
--airspoon