Please expalin how will Obama give a tax cut to the unemployed ?
I mean really i like to hear from those republicans on ya who have real jobs to explain how dose one get a tax cut it they don't have a jobs ?
PLEASE SAVE THE RHETORIC
- ericktravelLv 61 decade agoFavorite Answer
To date since Reagan, our taxes have been redistributed to the rich and oil and banking industries in the form tax breaks, corporate welfare and tax credits. You, unfortunately, have chosen to ignore that redistribution. Under the Obama plan middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase. Obama has proposed a tax plan which includes tax credits to lower the amount of taxes paid. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will make tax payments that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan ,as a matter of fact families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. For the wealthiest 2% of families, Obama will reverse a portion of the tax cuts they have received over the past eight years. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut. Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut – his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit also, Obama favored the increase in the federal minimum wage from $5.15 an hour to $7.25, and he voted to end the filibuster against a bill to accomplish that. He favors raising it to $9.50 an hour by 2011, and then indexing it for inflation afterwards.Source(s): the wall street journal cnn forbes magazine time the tax policiy center
- The manLv 71 decade ago
Obama, Wright proceeded to report, “would raise taxes on the wealthy, people who make more than $250,000 a year, but cut them for most households.” The text on screen, however, stated an impossibility: “Cut taxes on most households (95%).” That 95 percent is impossible since one-third of those who file with the IRS are “non-payers,” people who end up paying no tax or get money back which exceeds their payments. Obama plans to expand the Earned Income Tax Credit (EITC) and create other credits. For those for whom the credits surpass their tax obligation, those are not tax cuts, but spending hikes or federal giveaways akin to welfare.
- KIZIAHLv 71 decade ago
The only thing I've heard Obama say is that he would extend unemployment benefits for those receiving unemployment payments. That will probably prove to be a very good thing for many people.
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- 1 decade ago
I've been out of a job for a week, but I've made abouuuut 40k-ish this year. I don't have a job, yet I pay taxes....are you telling me I shouldn't get a tax cut?
- ÂŅŦĬ ĂĈǾŖŇLv 61 decade ago
There are working people now whose entire fed. tax is refunded, so $1000 would in fact be welfare for them.
Notice to All Employees
As of November 5, 2008, when President Obama is officially elected into office, our company will instill a few new policies which are in keeping with his new, inspiring issues of change and fairness:
1. All salespeople will be pooling their sales and bonuses into a common pool that will be divided equally between all of you. This will serve to give those of you who are underachieving a “fair shake.”
2. All low level workers will be pooling their wages, including overtime, into a common pool, dividing it equally amongst yourselves. This will help those who are “too busy for overtime” to reap the rewards from those who have more spare time and can work extra hours.
3. All top management will now be referred to as “the government.” We will not participate in this “pooling” experience because the law doesn't apply to us.
4. The “government” will give eloquent speeches to all employees every week, encouraging it's workers to continue to work hard “for the good of all.”
5. The employees will be thrilled with these new policies because it's “good to spread the wealth.” Those of you who have underachieved will finally get an opportunity; those of you who have worked hard and had success will feel more “patriotic.”
6. The last few people who were hired should clean out their desks. Don't feel bad, though, because President Obama will give you free healthcare, free handouts, free oil for heating your home, free food stamps, and he'll let you stay in your home for as long as you want even if you can't pay your mortgage. If you appeal directly to our democratic congress, you might even get a free flatscreen TV and a coupon for free haircuts (shouldn't all Americans be entitled to nice looking hair?) !!!
If for any reason you are not happy with the new policies, you may want to rethink your vote on November 4th.
- 1 decade ago
ok first off its not exactly a tax cut what it is is a check a lump sum check like our income tax refund except for the fact ours will be smaller to give some to those who don't have as much but didn't have to pay taxes to begin with
- 1 decade ago
Many believe he is going to be increasing welfare to them. I wouldn't be surprised, he is planning on expanding it.
Dont be fooled though, anyone with a decent paycheck will be taxed more than they are currently. Obama is nothing more than a liar.
- PatriciaLv 61 decade ago
he can't. it's as simple as that. what he will do is 'gift' them with more handouts (courtesy of our paychecks)
and how do you give tax cuts to those who already don't pay taxes? the best figure he can realistically claim is 50% or so - since 40% DON'T pay taxes (and already get EIC in many cases) and the other 10% will be punished with higher taxes.
- Anonymous1 decade ago
That is what we are trying to figure out. Maybe you should ask Obama and while your at it, ask him how he plans on paying for all his programs if he is giving all the taxes to the lower class.