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Obama Debt Ceiling Letter FINAL Free download now!!!! Free download

Obama Debt Ceiling Letter FINAL Free download now!!!! Free download

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Published by niththiya
Download here for free http://uploading.com/files/ac3f9376/Obama-Debt-Ceiling-Letter-FINAL.pdf/
Download here for free http://uploading.com/files/ac3f9376/Obama-Debt-Ceiling-Letter-FINAL.pdf/

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Published by: niththiya on Jan 15, 2012
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 ==== ====Obama Debt Ceiling Letter FINAL Free download now!!!! Free downloadhttp://uploading.com/files/ac3f9376/Obama-Debt-Ceiling-Letter-FINAL.pdf/  ==== ====I've always said that you can't separate taxes and spending, they're like salt and pepper. Acandidate's tax policy should influence their spending, and vice-versa. Well, I'm going to break that rule today. I'm going to overview Barack Obama's tax proposals, justtaxes, without the spending. I'll go over spending later. Please forgive me, I have broken my ownrule. Now that we're all over my bending of my own rules, let's get down to business. Taxes. One of the most hated words the government uses, no one likes to pay taxes and nearly40% of the country gets the luxury of not paying any income taxes. Yet those citizens are the onesthat will benefit most from Obama's tax plan. Think about that for a second, people who don't paytaxes will benefit most from Obama's tax plan. The Obama campaign continually touts their tax cuts for 95% of Americans. The Tax Policy Centerhas already proven that number to be incorrect, around 80% of all tax units will receive noincrease, not 95%. On top of that the Obama camp has redefined the word "cut." Cut usually means to reduce or to shorten the amount. Most people interrupt a tax cut to be aslashing of the rate they pay. However, Obama's definition is slightly different. Obama doesn'tactually cut any rate (with the exception of income tax for senior citizens) he simply hands outgovernment checks known as tax "credits." Think of tax credits as mail-in-rebates, you still pay thesame rate, you just get a check a few months down the road. Obama's tax "cuts" consist of seven tax credits, they are... -$500 tax credit ($1,000 a couple) to "make work pay" that phases out at income of $75,000 forindividuals and $150,000 per couple. -$4,000 tax credit for college tuition. -10% mortgage interest tax credit (on top of the existing mortgage interest deduction and otherhousing subsidies). -"Savings" tax credit of 50% up to $1,000 -An expansion of the earned-income tax credit that would allow single workers to receive as muchas $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying childsupport.
 
 -A child care credit of 50% up to $6,000 of expenses a year. -A "clean car" tax credit of up to $7,000 on the purchase of certain vehicles. All but the "clean car" credit are refundable, meaning those who don't pay income taxes areeligible for the tax credit. Think of it like this, you and six of your friends are sitting around your room when you ask, "anyonewant a pizza, we can all chip in and get one." All your friends say "yeah sure, let's do it."Unfortunately your bum friend Adam is there and he doesn't have any money, but being the greatfriends that you are everyone assures Adam that he can have a few pieces despite his lack of acontribution. When the pizza arrives Adam answers the door, hands the delivery guy the moneyand then eats 75% of the pizza. Everyone is furious at Adam because, despite not contributinganything to the cost of the pizza, he ate almost all of it. Obama's plan follows the same logic. By the way, the cost for all of those credits would rise over the next ten years by $647 billion to astaggering $1.054 trillion. Obama pays for his "Robin Hood" plan by taxing the rich to death. $250,000 is the magic numberfor Obama, that's where he separates middle class from the wealthy. Under Obama's plan thosemaking $250,000+ a year will see the following increases... -Income tax rate from 35% to 39% -Payroll tax increase - not a rate increase but the cap will be eliminated, meaning if you makemore than $250,000 all of your income will be taxed (before it was all income up to $102,000) -Capital gains tax increase - From 15% to 20% -Estate tax - 45% for estates above $3.5 million -Corporate tax - Close loopholes and keep at 35% (closing the loopholes is effectively a rateincrease) To put this in simple terms Obama will take from the rich ($250,000+/year) and give to thepoor/middle class (normally those who make $85,000 or less a year). So how does the rate increase on personal income effect small business? Great question, and I'vegot a great answer...it's going to suck to be a small business. Obama and Joe Biden have made it a point to pull the statistic out that 95% of small businessesmake less than $250,000 a year. While that's true it's not all too important. The important statisticto look at is 60% of all small business income falls into the $250,000 bracket. Those larger smallbusiness are the ones employing the majority of workers. S Corporations (small businesses) that make more than $250,000 a year will see a rate increasefrom 35% to 39.6%. However if you're a sole proprietor it's even worse. A sole proprietor is
 
someone who is self employed and their business has no separate existence from their owner,under Obama's plan their tax rate would range from 50.3% to 54.9% (it depends on the payrolltax). The reason their tax rate is so high is because they have to pay income tax and selfemployment tax (social security and medicare), combine the two and you've got a tax rate of up to54.9%. Under McCain's plan their rate would stay at 37.9%. The other important point is that Obama-Biden say that small businesses will thrive under them.That might be correct until they reach an income of $250,000 or greater. What's the point ofpromoting and supporting small businesses when you're going to tax them at near historic heightswhen they reach a milestone of income? It's taxing success. Obama creates a disincentive for innovation and growth. What small business owner wouldpurchase another small business or expand their own when 40% of their income would be taxed?Especially when they are giving it a government that has a 9% approval rating. Also under the header of business is corporations. Obama would have a field day taxingcorporations. He concedes that our corporate tax rate is the second highest in the world yet hesays no corporation actually pays that amount because of loopholes in the code. Obama will fixthose loopholes yet keep the rate at 35%. So is good or bad that the rate is so high? Closing theloopholes and not lowering the rate accordingly is effectively a rate increase. Obama would also increase taxes on corporation's overseas profits. Currently if a business has aforeign subsidiary and they bring those profits back to the states, it's taxed at the corporate rate of35%. They can choose to defer those profits and not bring them back, thus avoiding the taxation.Obama would repeal this, taxing businesses for profits made overseas whether they're broughtback or not. Japan has a similar taxation in place, yet they are considering repealing it. There was a bill passed a few years ago that experimented with another solution to foreign profits.It was called the 2004 American Jobs Creation Act, it taxed foreign profits brought back to thestates at 5.25%, instead of the corporate rate of 35%. The results were astounding. An estimated$362 billion flooded back into the United States through businesses. This allowed companies toinvest that money here instead of abroad. It resulted in government revenues of $18 billion. Thelower tax rate worked because corporations finally brought the money back. Before they wouldreinvest it in the foreign country to avoid the high tax. And finally energy taxes. Despite the falling price of oil, higher government taxation still has theability to increase prices at the pump, and Obama's plan does just that. For starters Obama wants a windfall profits tax that would cost the oil companies $15 billion. I canguarantee you that cost will be trickled down to consumers. The energy industry is an everchanging field that is extraordinarily expensive, oil companies save as much money as possible sothey won't go bankrupt in the future. We tried a windfall profits tax before, and it failed. Domesticoil production went down, imports went up; the exact opposite of what Obama has promised. Whatmakes Obama think that will change? The two other tax increases effect more than just the energy industry. He'll raise the dividend ratefrom 15% to 20% and the corporate tax will stay at 35% with closed loopholes. 

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