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"Gang of Six" Plan Favors Upper Class

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posted on Jul, 20 2011 @ 06:10 PM
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There's been much news about the so-called "Gang of Six" plan to raise the debt ceiling. Well, based on details released today, in exchange for tax cuts across the board (including 6%-12% for the upper class), tax breaks used by the middle and lower classes are being eliminated.

Here's the article:


A new bipartisan plan to reduce government borrowing would target some of the most cherished tax breaks enjoyed by millions of families — those promoting health insurance, home ownership, charitable giving and retirement savings — in exchange for lowering overall tax rates for everyone.

Many taxpayers would face higher taxes — a total of at least $1.2 trillion over the next decade, and perhaps more.

The plan would simplify the tax code by reducing the number of tax brackets from six to three, lowering the top rate from 35 percent to somewhere between 23 percent and 29 percent. That could provide a windfall for wealthy taxpayers because the 35 percent tax bracket currently applies to taxable income above $379,150.

To help pay for lower rates, the plan would reduce popular tax breaks for mortgage interest, health insurance, charitable giving and retirement savings. Other tax breaks would be spared, including the $1,000-per-child tax credit and the earned income tax credit, which helps the working poor stay out of poverty.

About 35 million households claimed the mortgage interest deduction in 2009, and about 36 million households claimed deductions for charitable contributions, according to the Joint Committee on Taxation, the congressional scorekeeper on taxes.

Article

Edit: 1,000th post! WOO!!!
edit on 20-7-2011 by mossme89 because: (no reason given)



posted on Jul, 20 2011 @ 06:26 PM
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The poor and lower middle class don't pay income taxes even though they use most of the gov resources. The rich who pay the most in taxes barely use gov resources........think about it.



posted on Jul, 20 2011 @ 06:30 PM
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Originally posted by Fitch303
The poor and lower middle class don't pay income taxes even though they use most of the gov resources. The rich who pay the most in taxes barely use gov resources........think about it.

Actually, you kind of have a point.



posted on Jul, 20 2011 @ 06:32 PM
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Of course it does.

The entire ridiculous "debt ceiling" game is nothing but a distraction so we don't notice being screwed by the "upper class".

---


Originally posted by Fitch303
The poor and lower middle class don't pay income taxes even though they use most of the gov resources. The rich who pay the most in taxes barely use gov resources........think about it.


"The rich" benefit the most from government; by far.
edit on 20-7-2011 by Jezus because: (no reason given)



posted on Jul, 20 2011 @ 06:36 PM
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people sure have a funny definition of working poor.

when over half this countrty households pay no tax whatsoever and over 100 million are on the government dime

and a small percentage pays for everyone else in this country the solution isnt to tax them more

its to get people off the government dime and to make those who arent paying taxes start paying them.

the only reason classwarfare even exists is because that so called upper class doesnt need the government

but the government and other people need them in a bad way.

most will never see that their own greed and jealousy is its someone elses fault they arent rich or even well off

they couldnt be rich so no one else should be.

a fair tax across the boards everyone pays taxes and no one gets out of it poor middle and rich doesnt matter

everyone pays and get those millions off of government subsidies and cut the rest of them.



posted on Jul, 20 2011 @ 06:39 PM
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reply to post by neo96
 


...and with that, i think i'm going to get off my butt (ok not really) and invest in the stock market.



posted on Jul, 20 2011 @ 06:40 PM
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Originally posted by neo96
when over half this countrty households pay no tax whatsoever


A symptom of the problem.


Originally posted by neo96
so called upper class doesnt need the government


The upper class depend on the government more than anyone.

The upper class benefit from the government more than anyone.



posted on Jul, 20 2011 @ 06:45 PM
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reply to post by mossme89
 


sorry even tho it was a joke your comment it takes more than just investing to change income levels

it requires alot of that just throwing a bunch of money and expecting a return when the government dictates what those returns will be.

its a lifestyle choice of living within their means and not buying things they dont need but what they want.



posted on Jul, 20 2011 @ 06:46 PM
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reply to post by Jezus
 


and i do disgree bigtime time that the upperclass depends on government more than anyone else in this country

with a tune of over 3.5 triillion in government subisides counting social security medicaid and medicare it isnt the upper class that needs any of those programs etc.



posted on Jul, 20 2011 @ 07:00 PM
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reply to post by neo96
 


I was actually only half-joking. I've been doing a bit of investing, but mainly in big caps like Apple and Intel. Commission is pretty low ($1 on Lightspeed) so it's not a killer. Been investing a bit on commodities like gold and silver (SLV and IAU)
edit on 20-7-2011 by mossme89 because: (no reason given)



posted on Jul, 20 2011 @ 07:01 PM
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The working poor do not -

* buy houses
* give large sums to charity

-so how does it impact them? Why would anyone pretend it would? The bottom 40% or so of wage earners would still pay zero income taxes and for some odd reason it is them who do all the yelling about it. Pay nothing but do the most complaining. That pretty much sums up the Partisan situation.

It's obvious that the call went out to all Obamites that the plan is class warfare this time around. Nobody buys the race baiting tactic anymore and people are figuring out that the status quot will hurt the elderly far more than doing something about it. That leaves only class warfare in Obama's arsenal of which tactic to use.

I guess if I were running having done nothing other than make the country worse than it was, I'd resort to such nonsense myself. Except I'm not big on dishonesty and the manipulation of information to trick people.

I guess it does not matter anyway as the other side is just as bad. They will pretend they want to fix this mess and then not actually do it. Smoke and mirrors and Partisans ruining our country. Sadly though if the Progressives win and something is not done about SS, there will be no SS as opposed to reduced SS. I don't get why none is better than some. There really is no other choice.

I find most maddening of late Obama's dumb idea that pointing out that the SS Trust has been stolen to justify Congress letting him further bankrupt our country. He can't be too bright, can he? He rubbed it in our faces that the fully funded SS program money was stolen and spent. Since it is self supporting for a decade or so down the road, did he not think people would catch on he was admitting they spent money not legislated to them to spend?

On an intellegence scale of 1 to 10, 10 being highest - I rate the Dem Partisans at a 1 and the Republican Partisans at a 2, while rating the genuine Independents at an 8 to a 10.

Perhaps Obama was right and HIS SUPPORTERS are too illiterate to make decisions. After all how many seem to know that SS is self funding and not income tax related? How many have realized the gaff Obama made with that argument? His advisers can't be too bright it seems?

I think the obvious answer is the correct one. Knowing full well if they don't stop spending they will destroy our economy further how do they convince us to keep giving them a blank check? By assuming they can fool enough uninformed voters? How? By using the old scare the old people trick. He could not stop the SS checks from going out anyway, nor would he. The Race Card does not work anymore, so we are right back to scaring people to make them make stupid decisions.

The Republicans do the same, but at least they recognize that the voters are not as illiterate as Obama flat out stated they are. I can't believe the Democrats did not run another candidate against this jerk. So yes, perhaps his voting base is as illiterate as he says. In that I may owe him an apology.



posted on Jul, 20 2011 @ 07:01 PM
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Originally posted by neo96
reply to post by Jezus
 


with a tune of over 3.5 triillion in government subisides counting social security medicaid and medicare it isnt the upper class that needs any of those programs etc.


The "upper class" benefit from those programs and "the government" tremendously more than anyone else.

Without "the government" the "upper class" would not be powerful.

They could not control the Earth's resources.

They could not control the masses.



posted on Jul, 20 2011 @ 07:05 PM
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It's completely outrageous that they are favoring a further tax cut on the top 2%, especially during a deficit where there has been much talk about cutting Medicare and SS benefits. It's totally immoral. It's already costing the US trillions of dollars with the current tax rate. I'm not sure how this plan can help to eliminate the deficit with such a further big tax cut.

Gotta love these morons.



posted on Jul, 20 2011 @ 07:07 PM
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reply to post by mossme89
 


my yahoo stock portfolio is worth over 1 billion dollars at least you do real investing.

my biggest winners are big oil banking and sin stocks and started following gold at 325 an ounce.

i am not fond of apple or intel tho.



posted on Jul, 20 2011 @ 07:09 PM
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reply to post by mossme89
 


Obama directly stated he likes this plan..lol



posted on Jul, 20 2011 @ 07:10 PM
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reply to post by Jezus
 


we will never agree here.

and the biggest reason the us government controls just about everything in this country.



posted on Jul, 20 2011 @ 07:13 PM
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Originally posted by mugger
reply to post by mossme89
 


Obama directly stated he likes this plan..lol


[atsimg]http://files.abovetopsecret.com/images/member/4153916ce467.jpeg[/atsimg]
Well that's what you get for voting THIS joker into office, America.



posted on Jul, 20 2011 @ 07:16 PM
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Originally posted by neo96
reply to post by mossme89
 


my yahoo stock portfolio is worth over 1 billion dollars at least you do real investing.

my biggest winners are big oil banking and sin stocks and started following gold at 325 an ounce.

i am not fond of apple or intel tho.


Look into Lightspeed trading. Their web platform sucks so don't expect anything special, but with $1 commission, it's pretty darn good!

I like Intel, but only for the short term. It's been basically flat the last 10 years. I buy when it's oversold and ready for a bounce and sell after that bounce. I like Apple because i'm a big Apple fan (typing this from a MacBook Pro) and their stock, currently around $390, could jump to $480+ in the next year or so. Actually, barring a total economic collapse, it's almost certain it'll reach those levels.
edit on 20-7-2011 by mossme89 because: (no reason given)



posted on Jul, 20 2011 @ 07:33 PM
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Originally posted by neo96


the only reason classwarfare even exists is because that so called upper class doesnt need the government

.


The Rich are the Government.

The Rich is the Military, Pharmaceutical, Prison industrial complex paid
for by the middle class and poor.
Imperialist wars and drug wars
butter their bread.
edit on 20-7-2011 by RRokkyy because: (no reason given)



posted on Jul, 20 2011 @ 07:37 PM
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reply to post by RRokkyy
 


no the government is not rich it does not create wealth it takes from everyone and everything else in this country.

as to the rest of that post its not worth responding to







 
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