Even Uglier
McClatchy reports Obama’s deal will raise taxes for some low-income workers
… the proposal eliminates the “Making Work Pay” tax credit that was originally part of President Barack Obama’s 2009 stimulus package and reduced Americans’ taxes by up to $400 for an individual or $800 for a couple.
When comparing the Social Security reduction versus the current tax credit, middle- and upper-income Americans will fare far better under the new proposal. But some lower-income workers won’t.
The break-even point is $20,000 for an individual and $40,000 for a couple. All other things being equal, make less than those figures in a year, and your taxes will go up come Jan. 1, 2011. Make more and they’ll go down.
I assume that Obama’s next move will be to reduce the representation of a working class person in the Census to three-fifths of that of a wealthy person, and he will pass it by restricting to the vote to property owners to get the Tea Party to agree. 😈
Aside: Larry Summers is warning that a failure to pass this turkey could lead to a double-dip recession. Sorry, Larry, but your brain-dead under-sizing of the stimulus package, and including too many tax cuts, instead of real stimulus, guaranteed a double-dip recession when the original program ran out.
6 comments
Great minds and all that… I was independently posting on that very same story at about the same time. I just added McClatchy to my list of feeds, and this was one of the first stories to come up.
I noted that this is Obama’s campaign slogan in action: “the oh-dash-it-all of hope.”
Obama likes to talk about “average” family, and I already know that politicians who use “average” instead of “median” are usually lying to me.
The “average” is heavily skewed by the billionaires, while the “median” is the true center point. The current median is around $50K.
Agree with you on that Bryan! You notice ‘average’ is generally used by unscrupulous people for stat’s because the, ummm…. *average* person doesn’t understand that in Statistics, average and median (or mean) are very different measures. 😉 😛 I think it’s done-a-purpose! Your education system is skewed to keep people ignorant of such things. 😉
OT: I was reading this last night…. HMMMMMMM!!
By David DeGraw
The Public Record
Dec 10th, 2010
The Wall Street Pentagon Papers: Biggest Scam In World History Exposed: Are The Federal Reserve’s Crimes Too Big To Comprehend?
So.. the banks get about $12.3 TRILLION (on top of the *official* bailout money) AND the exec’s now also get more tax cut’s? 😮 And American’s are stupid enough to allow this? *shaking head*
And people wonder why the USA is in debt up to the eyeballs! A—mazing!
Most of the money is in the form of guarantees to cover losses designed to give “markets confidence in the banking system”, which means the banksters feel freer than ever to make risky bets, because the Fed will cover them.
There still as been no action to force the major banks to clean up their assets and accurately state their real world, to de-leverage their accounts. What is going on means there will certainly be another crisis in the near future.
It is insanity.
Oops! I made a mistake above. So solly. 😉
It’s not $24.6 TRILLION, it’s $12.3. I was in a hurry and added all the numbers, which were already added! 😆 Oops. 😉
Of course, $12.3 is still a hell of a lot! Even for the USA!
I corrected the comment, and am wondering why there isn’t a 99% tax bracket for bankers and hedge fund managers to recover some of what they stole or lost that was made up by tax payers.