Democrat tax cut explained in layman terms...

[TheeBadOne]

If you don't understand the Democrats' version of tax cuts (and you are not alone), this will help explain it for you:

50,000 people go to a baseball game, but the game was rained out. A refund was then due.

The team was about to mail refunds when the Congressional Democrats stopped them and suggested that they send out refund amounts based on the Democrat National Committee's interpretation of fairness. After all, if the refunds were made based on the price each person paid for the tickets, most of the money would go to the ticket holders of the most expensive tickets.
That would be unconscionable.

The DNC plan says:
People in the $10 seats will get back $15, because they have less money to spend. Call it an "Earned" Income Ticket Credit". Persons "earn" it by demonstrating little ambition, few skills and poor work habits, thus keeping them at entry-level wages.

People in the $25 seats will get back $25, because that's only fair.

People in the $50 seats will get back $1, because they already make a lot of money and don't need a refund. If they can afford a $50 ticket, then they must not be paying enough taxes.

People in the $75 luxury seats will have to pay another $50, because they have way too much to spend.

The people driving by the stadium who couldn't afford to watch the game will get $10 each; even though they didn't pay anything, they need the most help.

Now do you understand? If not, contact Representative Richard Gephardt or Senator Tom Daschle for assistance.

 

[2nd Amendment]

*snork*

Someone will publish the "Republican Tax Cuts" here shortly, probably. It's not nearly as funny...or as accurate.

 

[TheeBadOne]

I haven't seen a Republican one, but as you said it probably wouldn't be near as funny

 

[Blackhawk]

 

[ACP]

Republican tax cut plan explained in simple terms: 75 percent of the cut goes to people making $175,000 or more per year; a third of that (25 percent) goes to folks making $1 million or more per year. Those earning $25,000 per year or less get nothing.

Clear enough?

 

[grampster]

That's because those making $25,000.00 per year and less are not paying any taxes now. (other than SS witholding that is)

 

[mjustice]

Once again grampster, we are on the same wavelength. Last time I checked, 25% of 0 was still 0.

MJ

 

[PATH]

TheeBadOne,

You sir have made an accurate assessment of the Democratic tax plan. The metaphor was brilliant!

 

[Soap]

All tax cuts explained- "Here is a tiny fraction of the money we stole from you back. We're so kind! Vote ______!"

 

[modifiedbrowning]

Bad math there grampster. I just received a two dollar an hour raise and I still make less than 25k. I pay Federal and state taxes as well as Medicare and SS witholdings. I also have my health insurance deducted from my check. At least a quarter if not more of my paycheck is taken for taxes. Unnecessarilyrudelanguage.

 

[bastiat]

Republican tax cut plan explained in simple terms: 75 percent of the cut goes to people making $175,000 or more per year; a third of that (25 percent) goes to folks making $1 million or more per year. Those earning $25,000 per year or less get nothing.

Yeah, and property tax cuts only benefit those who pay property taxes, so what?

Rich or poor, pretty much everyone except trial lawyers earn all the money they make. The government is not 'giving' them anything with a tax cut, they are merely letting them keep more of the money they make. Is that clear enough?

No poor person is having money taken away when a 'rich' person gets a tax cut.

And if you're wondering what 'rich' people do with tax cuts, here's the Tax Cut Quiz

 

[ACP]

I'm not commenting on the fairness of the GOP plan, and I don't know what the Democratic plan is. Just offering some more information.

I guess I could check the latest Census 2000 and see what the avg. household income is in the U.S. My guess is it is not $175,000 or more. My wife and I combined make well less than half of that.

Re; taxation, yes, we're still overtaxed, IMH -- overtaxed to provide welfare for able-bodied individuals, able-bodied coporations, and underserving foreign nations.

 

[El Tejon]

Oh, great, another "refund" that we eeevil self-employed will never seen. However, I am down with ending the double taxation of dividends. Hooray, Capitalism!

 

[foghornl]

And you get at least double-taxed on regular savings, too....

earn money, what you get in your check minus taxes....Put some in savings "passbook", CD, "Money Mart' accounts, etc., and you get taxed next year on the interest you earned. Some state & local tax refunds get taxed again by the feds, too. If you get a 1099-G form, you're gonna get taxed on that "tax refund"


Sheeeeeeeeeeesshhhh:banghead: :banghead: :banghead: :banghead:

 

[Leatherneck]

What do you think the average employed person would say if they had to pony up a monthly check for taxes instead of having it stole...err "withheld" from their paychecks? I suspect the clamor for less gummint spending would be deafening.
TC
TFL Survivor

 

[2nd Amendment]

Over at Phlog this discussion comes up with the Euro uber-Leftists periodically. They keep telling me that it is offensive to them, and unfair in the global marketplace, how little we Americans pay in taxes. Their two primary goals, it seems, are to see that we ban firearms and have our taxation rates just about doubled.

It amazes me because these people live daily in what we are trying to avoid and they like it! Downright bizarre.

 

[Greg L]

And that Leatherneck is why we will never see it.

Greg

 

[Hutch]

Being self employed, I DO have to send in tax money, every quarter. Every quarter, I send Uncle Sam a check, that would pay my mortgage pmts for a year, or buy any car in my driveway, or keep my kids in college for the year, or feed my family for a year. Every quarter. Think I don't gnash my teeth?

 

[Kaylee]

Yeah.. I'm curious to see what the details on these plans actually are. All I keep hearing on the news about the "Evil Rich Getting PayBack For Helping The Bush Campaign" dividend stuff. So much for media objectivity.

Frankly... encouraging dividends again is one of the best things they could do in the market I think. Far better to expect stock income from a more stable source than speculation... the latter is setting oneself up for a MAJOR fall. The way I see it, anything they can do to forestall the upcoming 401(k) fiasco is likely a good thing... so far, I think this will help. Removing mandatory distributions from the plan at retirement age would prolly help at least as much. But that requires foresight on the part of our Fearless Leaders.


As to the unemployment benefits thing... what the heck is the deal with the "federal" unemployment insurance -- I thought it was all state run? How does what they're talking about affect state programs, and where does the money come from? Unemployment insurance tax fund like the state programs, or the general fund?

Seems to me if the former, all they're gonna do is make it LESS likely for businesses to take on new employees, since they know their unemployment insurance tax rate will rise, creating an added cash hemmorage.

And apparently the Dem's tax plan (source foxnews.com) says they want to give a $300 tax credit to folks who don't make enough to pay anything in the first place.

Guh. Times like this I'd like to see CongressCritter heads on pikes all around the IRS building.

-K

 

[DonP]

Tax cuts for the Supreme Court only!

Let me see if I understand this,according to Nancy Pelosi, the Republican version of the tax cuts are to reward the "rich" (defined by Democrats as any family making a total household income over $65,000) for getting Bush elected.

But according to the same people, Bush wasn't really elected, he was "selected" by th Supreme Court. So if he's going to reward the people who put him in office he has to pass a tax cut that only rewards Supreme Court justices, right?

-----------------------

The "Tax Cuts for ther Rich" song and dance from the left is getting old and doesn't seem to work the way it used to. Maybe folks finally caught on to the fact that by "rich" they really mean people like my daughter, an English teacher and her husband a fireman.

Yes, Nancy Pelosi want's to give tax refunds to people that haven't actually paid taxes, "because it's the fair thing to do".

Simple rules for simple minds like mine. If you actually pay income taxes, through withholding or as a self employed or retired person, your rates are going down and over the year you'll have more disposable income.

If some, or any, of your income comes from dividends (including deferred income, like the reinvestment in your IRA or Keogh account!) you won't be double taxed on the same revenue.

I don't care if someone that makes more than me and pays more in taxes than I do gets more of their own money back. Then they wioll have money to pay me more for that extra Mosin-Nagant 91-30 I have. That's a good thing.

The end result is with the Republican version you'll have a bit more money to buy that 1911 you have had youe eye on at the local gun store and enough money at the end of the year for extra ammo.

I love to see both parties get in a fight over who can give us the most of our own money back.

(Hand waving wildly in the air) Yes! I can be bought with some of my own money.

Don P.