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8 Bumps

Another Tax Credit Ending ~ Did You know?

While everyone is moaning about the Bush tax cuts possibly ending at the end of the year most people have not given a second thought to the Obama Making Work Pay tax cuts ending at the same time. Aside from the Obama lovers who insist he has given 95% of Americans a tax cut most of us have not noticed this relief ......... and some are hoping we will not notice when it's gone.

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Asked by itsmesteph11 at 8:31 AM on Nov. 9, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
This question is closed.
Answers (61)
  • I am not bitter, but I am angry. Everywhere I turn there is a tax man with his hand out. Even without taking the Bush cuts into consideration I am getting hit with a lot of new taxes. Did you know my state has a surcharge of 3.4%? If you GROSS $250,000 a year you are subject to don't get to make a single deduction to limit the hit...this means I pay an additional 3.4% for EVERY expense my businesses have...this is just 1 tax. Workers comp which is collected by the state is doubling...I've never had a claim. Unemployment taxes are going up at least 2%...I've never had a claim for this either.

    I really don't expect you to understand if you don't own a business. I do find it incredibly tacky to bash me for something you really know nothing about.

    OP, I am for Obama's cut expiring...$13 a paycheck doesn't really help anyone. I think ALL credits should be done away with.

    Answer by yourspecialkid at 1:30 PM on Nov. 9, 2010

  • Shhhhh....the Dems have been keeping it a secret. So when it goes up in Jan 2011, the Dems will say " see what happens when Republicans take control?" It was created this way, so it could be brought back up again at the most opportune time and then maybe re upped for suggestion to help " struggling" americans by Democrats.
    And didn't help anything.

    Answer by jewjewbee at 8:38 AM on Nov. 9, 2010

  • Just curious, what is 'rich' these days? Are we using Obama's original figure of $250,000, his amended figure of $200,000 or Biden's figure of significantly less? I have no idea what people think is rich anymore. I will say, I am solidly in the middle class and we are saving because we don't know how changes are going to effect us. I am not so naive to think that our govt. won't find a way to squeeze more $ out of us. IMO, if the middle class is spending it, it's only because they have to, not because they choose to. The responsible one's, that is.


    Answer by QuinnMae at 9:19 AM on Nov. 9, 2010

  • The rich don't need to spend that money, they make plenty and have a perpetual habit of saving any additional income they accrue. It's a fact.

    This used to be considered 'RESPONSIBLE'.  When did that change?


    Answer by QuinnMae at 12:06 PM on Nov. 9, 2010

  • it isn't being circulated into the economy. There is only so much the super rich can spend, and need to spend. I means it's just sitting somewhere not being put back into the economy.

    Your issues with class envy and class warfare are obvious. If you need more money, stop asking for it from others and go get a job. It's none of your business what other people do with their money.

    Answer by jewjewbee at 9:37 AM on Nov. 9, 2010

  • interesting...I really don't know why the lower classes seem to think the wealthy need to pay more just because they worked their butts off to get where they are. And like you said, steph, most of the wealthy are business owners and they create jobs. They can also move and take their business elsewhere if we treat them like dirt..then where would we be? Trump has already mentioned this and I'm sure he's not the only one. Anyway, perfect "wolf in sheeps clothing" strategy for the dems.

    Answer by kittieashy at 9:57 AM on Nov. 9, 2010

  • There is only so much the super rich can spend, and need to spend. I means it's just sitting somewhere not being put back into the economy.

    And here is the conundrum.  Regardless of how the 'super rich' made their money (inheritance, trust fund, or risking their life savings), I do not feel entitled to someone else's rewards.  Nor do I feel obligated to share mine with those that had nothing to do with my risk.  It's that simple for me.


    Answer by QuinnMae at 10:33 AM on Nov. 9, 2010

  • Did you know that the average federal employee makes 120k a year plus benefits?

    That's 2 times what the average Joe makes!

    There are 4 million, adding more everyday!

    Get rid of 3 million of them because taxpayers are paying them! Stop taxing people to death and let them keep more of their money!

    That'll help the economy


    Answer by mustbeGRACE at 10:38 AM on Nov. 9, 2010

  • Actually, I believe they were referring to the entitled, not the working class. Those that feel entitled to their wealth are those that they take issue with. I don't disagree with them. If you do not have stakes in the risk, you do not have stakes in the reward.

    The fair tax is the only way to make sure that every working person is vested in our communities. JMO.


    Answer by QuinnMae at 3:30 PM on Nov. 9, 2010

  • "The argument to extend the credit is that the economy is weak and the people who get this credit are the people who tend to spend a large share of their income, so if you [don't extend] this, you will decrease their spending, which is a drag on the near-term economy," said Marr. "But on the flip side, it's expensive."

    HA!! Like I said earlier, the originiation of the Obama tax cut was created this way with a purpose.Just in time for campaigning.

    Answer by jewjewbee at 9:07 AM on Nov. 9, 2010