Thursday, February 12, 2009

Here's your tax break

Don't spend it all in one place.
    Q: What are some of the tax breaks in the bill?

    A: It includes Obama's signature "Making Work Pay" tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500 — or $800 for married couples, cut from Obama's original proposal of $1,000. It would begin showing up in most workers' paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January.

    There is also a $70 billion, one-year fix for the alternative minimum tax. The fix would save some 20 million mainly upper-middle-income taxpayers about $2,000 in taxes for 2009. Yahoo News
I think the decrease in the cost of gasoline in the fall added about $2,000 to the average worker's wallet, didn't it? So what will $13 a week, dropping to $8 a week do? What is that, a half pack of cigarettes a day? And their taxes on that pack are the ones paying for the new SCHIP for the middle class. A cup of coffee a day at Panera's? And now we know it's good for us. Where are all those whiners who disparaged the Bush stimulus--like Michelle Obama? Meanwhile, Geithner the tax evader is promising to throw trillions at . . . what? Does anyone know what he's talking about?
    Treasury Secretary Timothy Geithner vowed on Tuesday to jumpstart the nation’s financial system, announcing sweeping new plans to aid struggling banks, spur lending and help beleaguered homeowners.

    The program will commit as much as $2 trillion in public and private funds to spur consumer and business lending.

    Geithner christened the administration’s revamped bailout program the “Financial Stability Plan,” a not-so-subtle attempt to distance the new Obama administration from the much-maligned management of the “Troubled Asset Relief Program” established in the waning days of the Bush administration. Politico
I'm not too good at math but I saw this at Soda Head: At a million dollars a day, it would take 1,000,000 days or about 2,740 years to spend one trillion. If you want to spend it in your (obviously not mine) life time you would have to spend at least 20 billion per day. Even then it would take you 50 years.

FiSP instead of TARP.

Read The Audacity of Dopes by William K. Black.


Anonymous said...

I get nil. As it phases out as one's income increases I get nothing. I have no idea who the 95% of the people making under $75K a year are, but not many people I know that are working and not retired.

Apparently people who don't work will get a tax credit. This makes absolutely no sense to me. Obama named it making work pay but they pay the unemployed. How can you get a tax credit if you pay no tax.

Credits for car buyers, home buyers I get none of these. I am not going to buy a car nor get a car loan, nor am I a first time home buyer.

I am not in the top five percent of working americans, I know lots of people who make more than I do, yet according to Obama and company who lowered their income level for that 95% ever other day during the campaign.

I have managed to avoid the AMT thus far so no savings for me there.

Looks like I am one of the 5% who get screwed by Obama, not that I expected otherwise.

Unfortunately I am going to stop all charitable contributions (~4600 last year on my itemized deductions) so the humane society and MS society, and Leukemia & Lymphoma lose out as well as the half dozen people I sponsored for some ride or walk of some sort. I will give my time to the humane society, but the others are just out of luck I don't have that much free time.
I am going to stop volunteering for the red cross because I used my own car to go to fires and sinkholes and 'disasters' like that to help the families.
Not that I am doing this to punish anyone or be mean, but I want to keep as much of my money as I can since the government seems hell bent to take as much of it as possible.

So much for saving one's money, working for a living, and buying a home you can afford. I should have spent all my money on wine,women and song and then attached myself to the public teat.

Norma said...

Your last paragraph sums up the feeling of many.

Deborah M. said...

They - the Left, the Democrats - are trying to increase the number of people not paying taxes to a percentage that will insure their - the left, the demoncrats - re-election year after year. All they have to say is that the Republications, or whatever other party we are left with, will make you pay taxes. Do you think any of these freeloaders will vote for anyone who just might expect them to share the load?

I used to think these people wre clueless but now I think they're crazy like a fox. I think this is their agenda, to destroy this country.

I have never been so depressed but I refuse to roll over and play dead.

Norma said...

Since no one has read the bill in its entirety, how do they know this is even in there?

Anonymous said...

That the spirit!!! If I don't get anything then it isn't ,of course,any good..whine on.I'm not getting anything either and I am way less well off than all who read this blog site.But whining is not our style now is it. I suggest you all make the best of this,just as you did the last eight years and continue to give of yoursleves to charities,after all, that is what we poor do,if we can't give $ we give of ourselves.It makes you feel even better.

Norma said...

Hmm. This sounds vaguely familiar. I'll bet if I go back through my comments from the last tax rebate (Bush), I'll find you denigrating it--too small and insignificant to matter, right? And that one you actually got. How do you know your household income is less than people who read (or write) this blog? And what makes you think the people who read or write this blog are not already donating time and money? Conservatives have a much better record for that than liberals.

Anonymous said...

Sounds like someone is beginning to notice Obama's clay feet and getting defensive. At least when the Democrats voted for the war, they could read the document. No such luck for selling us down the river.

Norma said...

She's just out of sorts because Harry Reid got a magnetic-levitation rail line between Disneyland, in California, and Las Vegas, his district. What pork?

Norma said...

Oh look. I found one of his campaign promises. Wonder if it made its way into this bill. "Provide Tax Relief: Obama and Biden will also eliminate taxes for seniors making under $50,000 per year."

Anonymous said...

I do give of myself thank you to the anonymous Khalil Gibran. If fact on the 19th I am leaving on a medical mission trip to Haiti, my 4th (or 3rd I go to a lot of different countries so I forget).

I am paying for the planefare too.

Norma said...

My husband gets back from Haiti tonight. What city will you be in?