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Who will pay for the tax cuts for the rich?
Posted: Dec 7, 2010
Talk Box: Tax Cut Extension Would Lead to More Borrowing From China
MSNBC's Chuck Todd reported that the framework deal President Obama seems to have reached with Republicans on extending the Bush tax cuts will result in a loss of revenue totaling nearly $450 billion in 2011, more than the cost of the 2009 stimulus while Countdown guest host Sam Seder investigated the huge amounts the U.S. will have to borrow from countries like China, Russia and the U.K. to pay for ten more years of the Bush tax cuts and how even Iran ranks amongst the top foreign
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Another consequence--Oil commodity price surges - I hope you don't need gas
[ In Reply To ..]Oil futures are at a 2-year high. When was gas $4.00? Two or three years ago? This is so sad. I read Exxon did not pay any taxes in 2009. Good business practice, I guess.
Why dod they keep saying "10 years"? - Backwards Typist
[ In Reply To ..]It's my understanding that it will only be 2 years for the tax extension and 13 months for unemployment.
Can we really afford NOT to have the cuts extended with the country in turmoil?
BTW, I couldn't watch the whole thing because ES popped up with his spiel. Sorry.
Wasn't this also just MSNBC talking?
It seems I better get another keyboard. Should be do, not dod. Mine is starting to stutter! (nm) - Backwards Typist
[ In Reply To ..].
Pretty good report on Countdown - there was sub for Olbermann so it is safe to watch
[ In Reply To ..]http://www.msnbc.msn.com/id/3036677/vp/40540298#40540298
Perhaps because they figure they won't be able to get rid of it in 2 years and Republicans wanted tax cuts to be permanent. I don't know.
I truly don't think they should be permanent - Backwards Typist
[ In Reply To ..]I think 2 years is fine for all, but as one article did state, it's tough to get rid of a tax cut once it's put in place. I can see the reasoning of that. No one wants their taxes to rise, but in 2 years, we should know where the economy stands and if it's better, then let the cuts revert (even though I don't want to see higher taxes) to their former levels.
One thing I am totally against is the death tax aka estate taxes reverting to former levels. I forget where I saw it but I think Obama wants to compromise on 45% over $3.5 million, but the pubs want 35% over $5 million, and the dems want them to revert to the 55% on everyone. There are a lot of people who are not rich that have estates worth $3.5 million between pension plans, IRAs, property, etc.
3.5 million? I guess "rich" is relative. - nm
[ In Reply To ..]
It really depends on what I stated about pensions, etc. - Backwards Typist
[ In Reply To ..]There are a lot of people out there that saved money in IRA's, etc., that have close to, or over, a couple million dollars just by saving religiously every pay day. Combine that with other investments they may have and their personal property: land, house, personal items like jewelry, car(s), etc., and you could easily hit the $3.5 million mark. Every thing you own at your death will be taxed. That adds up quick.
Depending on where you live and how much your land is worth, it could be devastating to heirs. If land is assessed at $25,000 an acre and a farmer owns 100 acres, he's already at a quarter million $$. Take in consideration his farm equipment and machinery, vehicles, personal property, etc., and he could easily be assessed at $3.5 million.
Do you ever watch Suze Orman? I've seen a lot of people on there; some only in their 40s-50s, who have over $1 million in IRAs and almost a million in other investments; own their own homes, etc., yet they have modest incomes. It just depends on when they started saving and how much.
Try adding up all your assets and see where you are at. You'll be surprised.
Choke - No disrespect
[ In Reply To ..]We have been saving "religiously" for over 25 years and living conservatively. My 401-K has been raided about 3 times, I am wondering if our pension funds are going to still be there, and I am hoping to get out of my house what I put in. Now they want to make off with the Social Security funds. Never inherited anything and probably won't have a dime left if I make it to 75. 3.5 million--I wish!
One of the reasons people are against farm subsidies - sm
[ In Reply To ..]On a percentage, most people live in cities/towns and the working class does not own "investment" property.
"Poor" is relative, as well and "middle class" is just - plain disappearing.nm
[ In Reply To ..]nm
Is retirement even possible? - sm
[ In Reply To ..]Middle class falls short on retirement funds
NEW YORK (Reuters) - The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.
Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo & Co.
"Middle class" is defined as those aged 30 to 69 with $40,000 to $100,000 in household income or $25,000 to $100,000 in investable assets and those aged 25 to 29 with income or investable assets of $25,000 to $100,000.
"Too many Americans have their heads in the sand in the face of obvious savings deficits," said Laurie Nordquist, director of Wells Fargo Institutional Retirement Trust. "Barring a miracle, a winning lottery ticket or a big inheritance, they're going to be forced to dramatically cut back their lifestyles after retirement."
Even those fast approaching retirement age are not well-funded. Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.
Consequently, more than a third of respondents believe they will have to work during retirement in order to afford the things they want or just to make ends meet.
Many are also still relying on Social Security to fill the gap, though confidence in this funding varies considerably by age.
Seventy-seven percent of respondents aged 50 to 59 believe that Social Security will contribute to their retirement income, while only 22 percent of 30-somethings thought there would be enough left in the pot to fund their retirement.
The vast majority of respondents admitted they need help figuring out how much money they need to live on in retirement and picking investments for their 401(k)s. But in a negative twist for financial advisers, more than two-thirds said they were not willing to pay for this advice.
This puts more responsibility on employers to offer advice and planning tools through their workplace 401(k) plans, said Nordquist.
"If people aren't willing to pay for advice they are going to get a more vanilla approach to planning," she said. "But a simple plan is better than no plan."
(Reporting by Helen Kearney, editing by Matthew Lewis)
Oddly enough...I don't want the tax cuts. - Conservative MT
[ In Reply To ..]I think we managed just fine before the tax cuts and I know it will be a strain and may initially hurt us...but things will work out. We cannot afford the money this will cost us. I'm also not for extending unemployment. We need to seriously cut back on spending. As for taxes....I'm all for a flat tax. The problem with our tax code is that it is too complicated and too many loopholes. There are major corporations and rich people...including politicians on both sides....who don't pay the taxes they should because of these loopholes. Close the loopholes!!!
All good points. - Zville MT
[ In Reply To ..]I am also a fan of a flat tax - much less complicated than our current system and also fair to everyone; rich, middle class, and poor.
I'm torn on the tax cuts issue, though. I believe that people should be able to keep more of thier own money rather than give it over to the government, who obviously can't be trusted with it. However, whether the tax cuts go through or not, the government still has to control its spending and I just don't see the desire to do that out of either party right now.
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