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| 5/25 |
| 2003/8/1 [Reference/Tax] UID:29204 Activity:insanely high |
8/1 Do people actually believe Bush's tax cut has turned around the
economy? It appears that the economy has turned up on its own
before the tax refunds triggle down to people pocket.
(no, this is not an attack on Bush. Most of the economic
stimulus packages in history kicked in after the economy has
turned around on its own). Can we somehow partition to cancel
the tax cut?
\_ Yes. No, it hasn't turned around, it merely stopped getting worse.
Not true. No, you can't "petition" to stop the "trickle down".
Go away, troll.
\_ More partisan bullshit- 1) tax cuts started two years ago
2) economy is still weak. 3) the 'official recession'
happened during a fiscal year put forth by Clinton.
\_ don't bring facts into this.
\_ the tax cut was never about turning aruond the economy. it was
about tax cuts for the wealthy. Just like the iraq war was
never really about WMD's.
\_ You wanted tax cuts for the poor then? THEY DON'T PAY
TAXES!!! Duh. That's always been the lamest line
against tax cuts. Yeah I think it's unfair that someone
paying $500k a year in taxes will be paying $450k a year
in the future thus getting $50k a year on it while the
drunken bum I step over every morning to get into the
office will be getting $5 a year in cuts. That bum should
get the same $50k/year in cuts, right? Let's give the bum
a cash credit of $49,995 a year to make it 'fair'.
\_ I hate to bring facts into this, but the poor pay
a larger percentage of their income as taxes:
http://www.cbp.org/2002/qh020415.htm
\_ but they fail to mention they get it all back
in the refund at tax time
\_ I didn't know payroll taxes were refunded to the
poor ...
\_ They're not. The poor are getting money back in
the form of various free services such as free
medical care, housing, etc. What do you think
pays for all that stuff? Mana from heaven?
\_ My mom runs a small business. She got an appreciable tax
break. That's a good thing. -John
\_ Therefore she must be a leech sucking off the hard work
of the little people. Anyone making $50k or more is
wealthy to the socialists in the Gore/Dean side of the
Democratic party.
\_ Note the "small". She does not make $50k/year. Have
you ever wondered why in every poll taken, more
\_ They're deluded. Small estates rarely
feel the real pain of inheritance taxes.
not-too-well-off entrepreneurs oppose things like
inheritance taxes than billionaires, by percentage?
Land of opportunity and all that..kind of makes you
wonder. -John
\_ They're deluded. Small estates rarely feel the
real pain of inheritance taxes.
\_ Question of principle. Maybe naive, but
there's the dream of making it... -John
\_ Bullshit. As the going-to-be-someday-
hopefully-in-the-far-distant-future inheritor
of a small estate I can assure you when all
is said and done the government will have got
a *lot* more of it than me since it got taxed
already, and will get taxed again before any
comes my way. It won't be a small estate
when it's done. It'll be a nice car and a
_part_ of my mortgage, maybe.
\_ Economy will appear to do ok until middle of next year,
then drop back into recession late next year when the
stimuli run out of gas.
\_ The idea is to give the economy a kick so it'll get going on
it's own. The government shouldn't have to continuously
stimulate the economy. That just causes inflation. C'mon
people, take Econ1 or something. This is all *really* basic.
Read the business section once a week. Do *something* to
educate yourselves.
\_ Nothing wrong with the idea, but it doesn't always
work. Also, tax cuts for the very rich doesn't give
economy much of a kick, at least according to Warren
Buffet. Similarly, big spendings on defense is not
the best way to stimulate the economy, not that
big defense spending is necessarily wrong. You are
being sophomoric.
\_ I don't take economic advice from people who aren't in any
way hurt by any economic policy in this country short of
total seizure. Buffet can afford to pay off his guilty
feeling for being rich. The money matters to the rest of
us so-called "very rich". My wife and I both work 60+
hours a week each and *earn* every penny we get. You can
bet your ass we're going to be voting for anyone who will
cut the ridiculously high taxes we pay that goes to people
who do *nothing* to improve this country.
\_ Hi Troll! |
| 5/25 |
|
| www.cbp.org/2002/qh020415.htm The total tax burden on California's families is a function of the state's highly progressive personal income tax and regressive sales and excise taxes. Households also bear a share of the burden of taxes imposed on business through higher prices and reduced corporate earnings. Higher income households pay a relatively greater share of the corporate income tax, while lower income households pay a greater share of businesses' sales and excise tax burden. A family of four with two children will have no 2001 state income tax liability unless their income exceeds $41,770. California's high income tax threshold is attributable to the increases in the dependent credit enacted in 1997 and 1998. The state's high tax threshold also means that low- to moderate-income families receive minimal or no benefits from the state's various credits, deductions, and other tax benefits since they have little or no tax liability to offset. California's 2000 median household income, the income where half of all households earned more and half earned less, was $46,808. The most costly corporate tax credit is the Research and Development (R&D) credit. Conventional wisdom holds that California is a high tax state. When total state and local taxes are combined, California ranks 21st among the 50 states. Over the past two decades, the burden of funding state services has shifted from corporate to personal income taxpayers. New, increased, and expanded corporate tax breaks are responsible for the decline in the share of state revenues provided by the corporate income tax. California has enacted a series of major tax cuts in recent years. In 1999, the most recent year for which data is available, 338,960 taxpayers reported incomes in excess of $200,000, 550 of these households paid no California personal income tax. California 19 Franchise Tax Board, 1999 Annual Report, p. The California Budget Project (CBP) was founded in 1994 to provide Californians with a source of timely, objective, and accessible expertise on state fiscal and economic policy issues. The CBP engages in independent fiscal and policy analysis and public education with the goal of improving public policies affecting the economic and social well-being of low- and middle-income Californians. Support for California Budget Project comes from foundation grants and individual 21 donations and subscriptions. |