Can someone please explain to me how Obama's tax raise is supposed to work?
So Obama's tax plan is supposed to tax the super wealthy.....the Bill Gates and Donald Trumps of the world.
Now putting yourself in Bill Gate's shoes...
YOur president is about to tax the hell out of you and your companies because the economy is in rough shape.
Now...You've been a business man for several years...and its not exactly a secret that the tax spike is coming. You've spent years cutting corners and pinching pennies to make your company as profitable as you possibly can.
Your competition has all ready outsourced to Canada because the healthcare there is cheaper....what do you do?
Who REALLY ends up suffering?
And of course the real question....how the heck is this tax hike supposed to help anyone?
I mean taking money from the rich and giving it to the poor is a nice thought on paper..but we all know it won't just be handed over.
Yes I am aware outsourcing is happening all ready...my job was outsourced to Canada because of benefits cost..which is why I supported Hillary's healthcare system. (Which Obama refuses)
I was seriously looking for a real answer on this and got.
and "Rich people aren't greedy"
- 1 decade agoFavorite Answer
The money won't come out of their pockets it will ours everytime you purchase something they sell and products that pay them, lets say nike pays Donald for something, Donald is going to raise his price and nike will raise theirs. Nike was just the first thing I thought of but you see what I mean. Also with all the money he is giving away to other counties and programs we will have to start taxing us too. Middle class and the poor suffer the most.
- Scott KLv 71 decade ago
The truth of the matter is that because of spendthrift Republicans (Reagan, GH Bush, and GW Bush) this country is in severe debt. The debt requires interest to be paid. That interest is good money that could have been spent on the infrastructure of the country instead of a dark hole with no tomorrow. Unfortunately, it's time to pay the piper regardless of who gets elected. Did you know that 98% of the tax savings enacted by Bush benefited only 2% of the public? Did you ever stop to realize that the infrastructure that's gone wanting for 8 years is exactly what's needed to energize the country and to provide a healthy tomorrow. And did you know that those interest payments on the debt go to the same people who benefited from the tax cuts?
- 1 decade ago
Corporate taxes are based on Net not Gross income. If the company has not net income, then it will have no tax. If it has net income, then there will be a tax, which will lower money available for distribution to share holders -- but the company is not taxed out of existence.
The tax hike is meant to reduce the amount of borrowing the country is doing to pay for such items as the space race, military intervention, agri-business subsedies, and the like. This is currently being paid for by borrowing from our allies like Red China.
Are you still with me.
I don't know about health care being cheaper in Canada for companies, but that might be due to their governments' subsidizing it. That might work here to. Around the world, many governments subsidize employee health care. This spreads the cost across all citizens of that country. Our companies compete with these companies, which have lower health care costs. In the US, mush of the healthcare cost is "subsidized" by payers of health insurance premiums -- companies pay a lot in health care premiums. Spreading this across all citizens would probably reduce the costs to individual companies.
We don't want this to be race to the bottom that we win just to maintain the gap between the super rich and the average Joe and Joan. Personally, I don't idolize the super-rich like so many do.
- yutsnarkLv 71 decade ago
Sounds like you've given up hope. If you're right, the rich people are in control of our fate. Might as well hand over what little we have left.
Me, I'd like to give America one more try. Sort of like the "surge," you know? If it doesn't work, maybe move to Europe.
I agree with you that Hillary's health plan is better. Realistically, if we do get universal health care in the next few years (and I pray that we do), it will be some sort of hodgepodge hammered out by presidential staff and congressional committees. Lord knows what it will look like in the end. My guess is, it will be better than what we have now, but less than what we need.
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- EdwardLv 41 decade ago
For Obama's tax plan to work, first Congress must approve a bill and then Obama has to keep his word (can you trust him?) and sign the bill...the expiration of the Bush tax cuts is a more likely scenario since Congress doesn't have to do anything for that to happen.
Neither Obama nor McCain are the biggest tax cutters from all the candidates you will likely see on your ballot...if you're concerned about taxes vote 3rd party. They may not win but your vote is not going to be a tiebreaker vote that decides the outcome of the election anyway. Unlike millions of Americans voting for McBama, I am not that dumb to vote against my interests and against my bank account.
- 1 decade ago
What Obama is proposing is simply to get rid of the Bush tax cuts, so we would be back the way we were before.
Here's a quote:
"I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us at the expense of middle-class Americans who need tax relief." That was McCain who said that back in 2001, before he changed his mind! (fip-flop). McCain was right then, he's wrong now.
- Think 1stLv 71 decade ago
AARP contrats the tax plans(1.)
By the way, Bill Gate's approves of the rich paying more taxes, and is in favor of the estate tax.
So is Warren Buffet.
You should find a more greedy rich guy next time.Source(s): (1.) http://bulletin.aarp.org/yourworld/politics/articl...
- Anonymous1 decade ago
You are making the mistake of using common sense. Business people who send more money to Uncle Sam and Obama will have less money to use in their business. People won't get hired or might be let go. Problem is, most of those in Congress have never run a business. They are lawyers and think like lawyers. Having been to law school and business school, the thought processes are different.
- BobbyLv 71 decade ago
Wow! Rak k is spreading even more lies about Obama. I thought I had seen them all by now. Try snopes.com to see how true some of these things are, before your believe them or pass them on.
- dlkLv 71 decade ago
Obama plans on increasing taxes on every single American no matter their income. If you think otherwise you will be shocked when we all are scrambling just to survive. It will be the way our Government takes even further control over your lives.