Anonymous
Anonymous asked in Politics & GovernmentElections · 1 decade ago

Obama and his promised programs and tax cuts.?

Obama has promised many new programs, national health care, more regulations, bigger government and lower taxes to the poor and middle class.

On top of this if he gets elected, he will have to deal with 700 billion dollar bail out and even he is starting to recognize that we will be in Iraq and the Middle East for many years beyond his 4 year term.

He has already said the the rich and even lottery winners should pay over 60%. (these figures are what he disclosed in his many interviews)

And he still has to deal the the $50 Billion pledge to the UN poor bank (what ever they call it).

Where do you think he is going to get that type of money. The rich don't have it so that means he will have to go to the middle class to get it.

Remember Bill Clinton ran on the lower tax platform and within 30 days after taking office, he announced the largest tax increase on the middle class in U.S. history.

Now for the question

Do you really believe Obama can follow through with all his programs, handle the current budget, maintain the Middle East Forces and still cut taxes?

Update:

Some extra non partisan reading for you

The Long History of the 2008 Financial Mess

http://www.livescience.com/history/080919-history-...

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Update 2:

To the following your next dose of Kool-Aid is waiting

To Biggie – I not sure you need and more Kool-Aid with you blind faith

Yayagirl – Obama could not balance a checkbook

Timothy S – Congress can not change anything if there is no money

Ms Innocent – You need to recheck you tax facts. Bill Clinton was in during the DOT COM Boom that clasped in 2000 just before the elections.

Bao Xin Lu – See the answer for Biggie

Tom – See Miss Innocent

To 32,000 BTU Grill – You will no longer be able to afford that propane under Obama. You have been demoted to a Bunsen Burner

Mommanuke – The country is going a different way with McCain. Dispite the rhetoric, McCain is not Bush

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Update 3:

To Peg B

Jill M did cover that. In order to take part in the program that institution will need to meet these parameters. The executives will be force to either give up the golden parachutes or their company will not survive because the other competing companies will have access to the only market that will be working in the next 2 years.

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  • Jill M
    Lv 6
    1 decade ago
    Favorite Answer

    Your link was very interesting.

    No, anyone elected is going to have a rough row to hoe. HOWEVER, keep in mind - IF we did something about the illegal aliens - WHO are costing us per day as MUCH as the IRAQ WAR - that would help a lot.

    Some answered "can we really afford tax cuts with this mess going on now" or something similar BUT

    keep economic history to the front of your mind:

    Tax Cuts = robust economy

    From the Dynasty periods of CHINA, to the UK in the 1800s, to the JFK tax cuts (60s), Reagan tax cuts, etc etc it is a proven fact that tax cuts generate more income for any government than tax hikes can.

    Ireland cut their capital gains tax from 38% to 12% and became the fastest growing economy in the WORLD in record time.

    Here is the answer but it is TOO simple for Congress to comprehend:

    The Common Sense Fix

    Years of bad decisions and stupid mistakes have created an economic nightmare in this country,

    but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support

    any congressperson who votes to implement such a policy. Instead, I submit the following threestep

    Common Sense Plan.

    I. INSURANCE

    a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance.

    Government-insured and backed loans would have an instant market all over the

    world, creating immediate and needed liquidity.

    b. In order for a company to accept the government-backed insurance, they must do two

    things:

    1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.

    a. Roll all back payments with no late fees or legal costs into the

    balance. This brings homeowners current and allows them a

    chance to keep their homes.

    b. Cancel all prepayment penalties to encourage refinancing or

    the sale of the property to pay off the bad loan. In the event of

    foreclosure or short sale, the borrower will not be held liable

    for any deficit balance. FHA does this now, and that

    encourages mortgage companies to go the extra mile while

    working with the borrower—again limiting foreclosures and

    ruined lives.

    2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and

    executive team members as long as the company holds these

    government-insured bonds/mortgages. This keeps underperforming

    executives from being paid when they don’t do their jobs.

    This backstop will cost less than $50 billion—a small fraction of the current proposal.

    II. MARK TO MARKET

    a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

    b. This move creates patience in the market and has an immediate stabilizing effect on

    failing and ailing banks—and it costs the taxpayer nothing.

    III. CAPITAL GAINS TAX

    a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

    b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down.

    This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.

  • Peg B
    Lv 4
    1 decade ago

    JillM has put a lot of thought into this question and has given an excellent reply.

    One thing may not hold up legally and that is:

    2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and

    executive team members as long as the company holds these

    government-insured bonds/mortgages. This keeps underperforming

    executives from being paid when they don’t do their jobs.

    This backstop will cost less than $50 billion—a small fraction of the current proposal

    I wish it could be done but I don't think the government can do anything about existing contracts.

  • 1 decade ago

    It would be an absolute shame to go back to that horrible times in the late nineties what with the economic surplus and incredibly low unemployment rate! Things really sucked when the middle class paid slightly more money in taxes than now, and the top 5% where taxed more heavily. Absolutely miserable.

    Seriously, if your argument is that we don't want four years of Bill Clinton economics, then you are just ignoring the facts. The man led us in some of the best economic growth the country every experienced. The problem with Obama isn't in his tax plan, but in his social programs.

  • 1 decade ago

    Do you really believe McCain can follow through with his promises? Can he give big tax cuts and continue to maintain the military in a war-like situation in two countries indefinitely? The only way to do that is to act like North Korea - give all the money to the military and let the people starve. Can he lessen our dependence on foreign oil by continuing to give large government subsidies to the oil companies?

    The country is going to be very different in the next few months. Who do you think is most adaptable - McCain or Obama?

    EDIT: The country is going a different way whoever is President! What we need is someone with a broader view of the options available to us. I said nothing about Bush, so why do you mention that? We're definitely not going to have the same thing we have, no matter how you interpret it.

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  • 1 decade ago

    Based on his detailed policy plan, it's hard to see how he can cut taxes like he says he will. What he said during the debate (re: cutting taxes) and what his policy outlines are totally in contradiction with each other. He should be made to account for this. Unfortunately for McCain, the public would rather blame the party in power (in the executive office) than the congress. And they want to equate McCain with Bush on everything. Very convenient for Obama.

  • Anonymous
    1 decade ago

    He has said that he will have to delay certain things, like the foreign aid and so on. He will cut the $10 billion a month Iraq war. He will end programs that waste money and do not get results. He will end corporate tax loopholes and tax haven abuse. He'll implement cap-and-trade. He may curtail some amount of social security payments to the wealthy. He will cut pork barrel spending. He will save the government money by implementing new technologies, streamlining the tax code, opening contracts for competition, stronger accountability, and end subsidies that have shown to be wasting the government's money for no reason.

    Now despite all that, Bush has left a massive amount of debt. But any investment in our country is going to have dividends in the future, and the cost of doing nothing is higher than it looks on paper. Putting people to work rescued our economy in the 30s and it can do so again. Rebuilding the crap infrastructure we have now will pay for itself. Making health care available to all will reduce the cost of healthcare to the government, like it has in every single other country, and the lessened financial burden on the people will mean they have more money to spend on other things. Investing in alternative energy will, in time, inoculate us from oil prices which are only going to increase exponentially for the foreseeable future. Investing in education means we will have a workforce that can actually get jobs in the 21st century economy.

  • N
    Lv 5
    1 decade ago

    I think that if he follows through and decreases the forces in Iraq (thus saving on defense spending) and maintains the forces in Afghanistan, he will continue to tax the middle class however they will be lesser than what it is now, but if he taxes large businesses especially the ones that are sending their factories over seas rather than providing them with generous tax cuts like the Bush administration is doing and the McCain administration plans on continuing I think that he can slowly rebuild the economy from the bottom up as he plans.

  • 1 decade ago

    Obama has voted 94 times to raise taxes

    Obama has voted 0 times to cut taxes

    Obama has voted to raise taxes on people making $42,000 per year FOUR TIMES THIS YEAR!

    Illinois has the highest taxes in America.

    Chicago has the highest taxes in illinois!

    ECONOMISTS SAY THAT IT IS 100% IMPOSSIBLE FOR OBAMA TO DO WHAT HE SAYS HE GOING TO DO!

    Bill Clinton won on promising a middle class tax cut in 1992. Instead he RAISED them!

    Kool-Aid drinkers need to stop listening to rhetoric, and START looking at track records and history!

  • Obama is like all politicians: promise everything and give us nothing. He is to young and inexperienced to even consider being president. And I personally feel he would destroy this great land we live in.

    Source(s): newspapers and news casts and a gut feeling!
  • 1 decade ago

    The difference is Obama will have a Democratic majority and will be able to pass anything. McCain would be another lame duck. Obama has already said he is going to restructure the entire budget.

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