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Mitt Romney rejected President Barack Obama's renewed proposal to let tax cuts for the wealthiest households expire at the end of the year, calling it "another kick in the gut to the middle class."
The presumptive Republican presidential nominee dismissed the president's call for Congress to act to preserve existing tax rates for most households through legislation to extend all the expiring Bush-era tax cuts for households earning less than $250,000 per year.
"what the president is purposing is a massive tax increase on job creators and small business. Small businesses are overwhelmingly being taxed not at a corporate rate, but at the individual tax rate. So successful small business will see their taxes go up dramatically and that will kill jobs," Romney said on the John Fredericks Show.
"That will be another kick in the gut to the middle class in America. We just saw a terrible jobs report just last week, and now to add a higher tax on job creators and on small businesses is about the worst thing you can do to create jobs," Romney added, echoing his rhetoric in response to that lackluster jobs report last month.
Republicans, including Romney, have largely rejected Obama's proposal out of hand as an election year tactic, and one that threatens a tax hike at that.
Obama himself noted that this fall's presidential election between himself and Romney is more likely to dictate the future of these tax cuts.
"In many ways, the fate of the tax cut for the wealthiest Americans will be decided by the outcome of the next election," the president said in his White House statement. "My opponent will fight to keep them in place. I will fight to end them."
Leave a Comment:
extending tax cuts for the middle class......a kick in the gut?!?! WTF wiltard
Mitten's is sounding more and more like a broken record just going around and around with no plan....
Willard is a broken record.
Mitt Romney should know what a “kick in the gut” is as he did it directly to 10’s of thousands while he was heading Bain Capital – putting them out of work without their pensions, health care or even a severance package.
Shame on Mitt Romney
Yes, Willard did create 100,000 jobs. However, he created these jobs in China and India.
Obama : I will fight to end them."
Except in an election year when I need your vote, he added under his breath........
Willard needs a good hard kick in the nuts to knock some common sense into him!
I still don't understand this...
President Obama is proposing a tax cut - aren't those what fuels the GNOP?
*OH SNAP*
It's a tax cut for the middle-class, we can't have any of them now can we?
So, WhiteCollarCriminal... you voting for Romney? You seem fixated on President Obama, but I haven't heard you defend Romney at all...why is that?
I'll tell you why...because "conservatives" like you will never, EVER pull that lever for a Mormon, nor will you pull that lever for someone with Romney's record.
It's easy to criticize, isn't it...too bad you've had so little to choose from regarding to the failed crop of GOP candidates. But I can understand why you want to take the easy way out...simply because you don't have to think about anything.
You know I'm right. Just go ahead and man up and admit it...it's easy...and you like "easy".
The problem with most of you Libs is that you think the Middle Class is only people who make less than $100K a year. You all have bought so deep into the new Obama "Normal" that you think that is a high wage.
You all should try raising your expectations sometimes.
Besides, Obama can run on keeping the current tax rates, get elected in November and change his miond in December, right?
God knows he has pulled the "Bait and Switch" before.
WCA will vote for Romney.
We disagree on just about everything politically, but the man must be commended to his loyalty to the Republican Party.
See? Everything he just posted, we disagree on.
I don't believe in a 'Middle Class', but I do believe in a 'Working' and 'Managerial' and think the 'Working' class needs the most help.
Those are the guys making 30-80K.
Sorry to see you are a bigot there, Mickey Old Gal.
Obama - "My opponent will fight to keep them in place.
This is just one of the many reasons I will vote for Romney.
What the hell is with this "kick in the gut" meme? Is this the only goofy metaphor this dude knows? Didn't they teach ya' nuthin' at Cranbrook Willard?
Sorry Feisty:
He is not proposing a tax cut, he is proposing a tax cut extension for those who make 250k or less.
As I see it he is not cutting anything but he is adding taxes fro those that make more that 250k.
Why don't you see this?
This was the Bush Tax cut for everyone which you liberals claimed that it was for the Rich only. Now we know the truth.
[The problem with you Libs...]
Oh, boo 'effing hoo...it's always the "libs" that have the problem, right WCA? If you spent a quarter of the time "vetting" your own party as you do President Obama, you...
oh, wait...that's right...you already have, and that's why you pick on the "libs"...because it's "easy", right? Lord knows you like you some "easy"...but it's understandable as to why you choose to isolate yourself from your own party: Failed policies.
[WCA will vote for Romney.]
Not in this lifetime, or the next...WCA is a "conspiracy theorist" without a party right now...and Romney simply doesn't do it for him. He couldn't vote for Romney even if he was holding his nose.
[Sorry to see you are a bigot there, Mickey Old Gal.]
Huh. Seeing things that aren't there, WCA? Or is it just your guilty conscience...
And what's with the "Old Gal" crap...Ah, yes...I know...it makes it soooo much easier to denigrate a woman, right WCA? Cause, see...that makes it all the more easy...and you likes you some "easy"...
Sure you do...
You have to admit it's better then his; good for the goose is sauce for the gander bull@!$%#!
Meh... meh... meh... ;o)
Any firm that operate as S Corporations, sole proprietorships or partnerships, including limited liability companies that put LLC instead of Inc. at the end of their names can file taxes as small businesses.
The following all filed as small businesses in 2010/2011;
Those are...according to the IRS...small businesses. And they would be inversely affected by the tax increases. Thus, Romney is technically correct on one claim. It will damage some the profitability of some small businesses.
We need to re-write the IRS code to match the FAR, for DoD procurement contracting.
Any business with revenues BELOW 3 million for each year of the preceding 3 fiscal years is a small business.
Everything else is a large business.
Go git em' Mickey and Feisty!!
Typical delusional GOP/TP slant. Kinda like they all think they will be part of the 1%. Wake up and smell the coffee - most of us are middle class or below, and earn under $100,000 per year.
Household income distribution
Bottom 10%Bottom 20%Bottom 25%Middle 33%Middle 20%Top 25%Top 20%Top 5%Top 1.5%Top 1%
$0 to $10,500
$0 to $18,500
$0 to $22,500
$30,000 to $62,500
$35,000 to $55,000
$77,500 and up
$92,000 and up
$167,000 and up
$250,000 and up
$350,000 and up
Source: US Census Bureau, 2006; income statistics for the year 2005
http://en.wikipedia.org/wiki/American_middle_class
We have the lowest rates for the rich in 55 years and we see what has happened; they sit on trillions. By raising the rate on the rich, it encourages them to seek tax deductions through investment to lower their rates which in turn grows the economy. There is a reason the economy has been historically stronger with higher rates, it encourages investment in economic activity.
I see Mitt has found a line he can remember - today. This guy is such a ridiculous excuse for a human being. Is his 15 minutes over yet? Please!
Obama/Biden 2012
Wow, tek!
Small Business.....LLC. I wonder what the TeaPeople who post have to say about your insightful post?
Is Romney trying to be funny again? This from the guy whose tax plan will give even more to the wealthy and increase taxes on everyone making less than $100K. "A kick in the gut" to the middle class--what the heck? Hey, Mitt, how many jobs did all those tax cuts for the wealthy create under George W. Bush? After the GOP took the American people hostage in 2010, because according to them the wealthy would create jobs if their tax cuts were just extended another two years. Yet, Romney, Boehner, McConnell whine that the policies of President Obama are a failure--never mind the 4.4 million jobs created aleady after the worst economic collapse since the 1930's. Case closed, Willard, you can't have it both ways.
Willards Campaign slogan: "Believe In America", but he doesn't believe in keeping his Money in America!. What he loves about this Country, make your fortune here and believe in Swiss Accounts, Cayman Islands!!.
Obama/Biden and the middle Class 2012
So Dev, if I'm reading this right only 1.5% of the population make over $250,000? And this is the portion Obama would raise taxes on?
tek and Red, great posts and thanks for the information. Back in the day, my ex owned a small business and ran it as an S corp as the individual tax was a lot easier to pay than the corporation taxes. It would have kicked us over the $250 K limit but still, as a business owner, you try to find the least expensive route to go to pay the taxes that are due.
You can add my gas station /repair station owner to that list. He had a big Obama sign over his business in 2008- he's got a Romney sign there now.
Funny thing about Obama- he's not only unpopular- he's considered downright dangerous
http://thehill.com/polls/236627-hill-poll-majority-feel-obama-has-changed-country-for-worse
Looks like Romney is the change the overwhelming majority believe in now.
On learning that President Obama brushed his teeth this morning, Mitt Romney said, "This is a kick in the gut to the middle class. Oh, and the sun came up in the east this morning, proving that the President just doesn't get it."
We have the lowest rates for the rich in 55 years and we see what has happened; they sit on trillions. By raising the rate on the rich, it encourages them to seek tax deductions through investment to lower their rates which in turn grows the economy. There is a reason the economy has been historically stronger with higher rates, it encourages investment in economic activity.
Chucky Stuart,
First common sensical thing I've heard all day!!!
Obama/Biden 2012
The interesting thing about this article is hidden in the numbers. Barack Obama has raved on for several years about tax cuts for the millionaires and the billionaires. The truth, however, is that he wants to raise taxes on families making over $250k, and, in prior years, on individuals making over $200k per year !
So his RHETORIC talks about millionaires and billionaires, but he really wants to RAISE TAXES ON A MUCH LOWER threshhold of income ! There is a huge $750k to $800k GAP between his rhetoric and his actual plans.
Now, I am not sure how the cost of living in a place like D.C., New York or L.A. compares to other areas of the country, but if a couple had 4 children with 2 in college at some pricey "Eastern" schools, then I am not sure just how "rich" that $250k would be after state, federal and perhaps city taxes (New York).
Even Nancy Peeeeeelousy wants a higher threshhold !
No talk at all, however, about reducing expenses and having a budget. Class warfare is the goal !
Wake up and smell the coffee, Jim. If you elect to send two kids to "pricey Eastern schools" you don't get to whine about not having money. Most folks can't send their kids to "pricey Eastern schools."
What hurts Mitt so much is really that Obama's new plan (to end Bush tax cut for the rich - above $250,000) is a - kick in the NUT of vultures like Mitt, IF Mitt the Missy has a nut.
gutless, nutless, nutty vultures!
What Obama won't tell you is that Obamacare calls for a 6% increase in Medicare taxes and a tax on investment income increase of 3.8% for those making over 200,000/250,000 effective 1/1/13. If the Obama tax cuts are not extended for this group their investment income will have a tax increase from 15% to 43.8% according to the Wall Street Journal. That will sure provide incentive for investment(not). Take a risk and make money and Obama wants 43%. Take a risk and lose money, sorry for you unless your Solyndra.
I always thought this was good reading.....it's even has colorized chart so our conservative friends could understand it. (Well, may be not all conservatives).
www.offthechartsblog.org/what%E2%80%99s-driving-projected-debt/
This is why we must end the bush tax cuts.... or vote for wiltard so he can end medicare and other safety net programs for working families. Then you can work til your dead to support the top 1%.
If the Obama tax cuts are not extended for this group their investment income will have a tax increase from 15% to 43.8% according to the Wall Street Journal.
---------------------------------------------------------
Wow, I did not know the Wall Street Journal had taxing authority. Go figure.
Yes Amy - sorry for the cut-paste job. Charts don't come over very well.
Empowering the middle class makes good sense -
the stronger the middle class, the more consumers and the higher demand in the market place, considering that consumer spending accounts for 70% of the GDP
Bush tax cut makes the rich even richer, worsening the wealth gap, destabilizing the system (Great Recession and Occupy Movement).
The rich get richer, but their spending level is more or less the same even after getting a huge handout from the Bush administration. Trickle-down economics is a fantasy - instead, the rich have moved their new wealth to tax havens (e.g. Cayman Island) to evade tax, not to invest in America to increase employment and boost economy.
You can't simply count on rich people's 'better' instincts. Human nature is such that people will always try to get away with whatever they can get. Remember Bernie Madoff who made off with his clients' money.
Obama's proposal is to move the country in the right direction, something Romney doesn't want to see.
Oh really - where did you find this little gem? I'm sure you have plenty of citations to back up this claim.
Looks like Mitt is on his "Kick in the Gut" tour.
As for this line;
That's because the middle class pretty much IS people who make less than $100K/yr. Above that you're out of the middle three quintiles, which is the most common definition for middle class.
I'm sure if Republicans want to negotiate, however, we can limit the tax break to income of less than $500,000. Now we're firmly into the wealthiest individuals and we can quit this charade that a guy who makes $200,000 lives just like the night manageer at 7Eleven.
Or, Mitt is on his 'Gut-Wrenching Tour'
Quite a few recent Obama victories have gutted Mitt's campaign, kicking his nut a few times.
which translated means: my bff's will have to pay their fair share and may only be able to afford one yacht this year, boo hoo!
Nothing increases middle class taxes like ACA. Thank you Mr. President.
What a great day - Obama calling for the Bush tax rates.
Obama saying those rates will effect 98% of the people.
Obama saying those rates are needed to help the economy.
While that sure is different from what he said last time around, it sure is good news.
Plus we all know those rates will be kept for everyone.
I'm just tickled to see Obama now thinks $250k is middle class.
About time.
@#1.41 retiredceo
U R wrong
120 days until Obama gets FIRED!!!!!!
Yippeeeeeeee!
So gang, what shall we make of the Terry murder indictments?
THey can back from the Grand Jury in November 2011, yet get released today, just days after Holder gets impeached.
So, what gives? Why did Holder hold it up for all this time/ how pissed is the Terry family going to be with needless delays?
Fun, and I can't wait for the First Read article.
Did Pat Caddell switch teams or are some democrats finally coming to their senses that Obama is just a lying failure?
Here's what Ppat had to say today.....ouch!
So today, the sacred narrative that led to Obama's improbable but inspiring election--our first African American president, the finest triumph yet of the civil rights movement--has been desacralized. Â A majority of the electorate gave Obama their hopes four years ago, and now he has taught them a bitter lesson: The mandate was always a tax, and so the trust should always have been mistrust. Â Thus President Transformational has become President Just Another Say-Anything Politician. Â
There are some who say that Obamacare can be redeemed. Â And yes, there are provisions that almost every American support. Â And yes, American healthcare could be improved by opening it up to more competition and innovation, even while we close it off to trial-lawyer piracy. Â But the stink of these 2700 pages of rottenness makes Obamacare irredeemable. Â It can't be rehabilitated. Â Â Â
In the wilds of the outdoors, if we see a pool of stagnant, dirty water, we know that the pond cannot be cleaned by removing only some of the tainted water. Â Nature doesn't work that way. Â And neither does political science. Â A fundamental wrong was done, and the water has been polluted--and it can't be purified by merely siphoning some of it away and leaving the rest. Â Instead, the whole mess has to be filtered and cleaned up, and a new effort started afresh. Â
Reject the lie. Â Repeal the ObamaTax.
Nothing destroys our country like rampant ignorance.
Reject the lie. The Affordable Care Act can't be repealed.
Lone Pine Rd (17 Mile Rd) between Telegraph and Woodward. Definite snobatoreum. Nothing but rich, white kids who think their sh!t doesn't stink. Perfect fit for Willard.
If you read between the lines it looks like Caddell is calling Obama pond scum
I could be wrong but.....
[Fun, and I can't wait for the First Read article.]
Why, so you can make some stupid comment and get your ass handed to you by Domenico again? That. Was. CLASSIC! But you, being the "journalist" you are, felt the need to stick your nose where it doesn't belong.
And what was even MORE entertaining is that you're too stupid to know you were wearing your ass as a hat after he got done with you.
[THey can back from the Grand Jury in November 2011...]
So, is unsealing an indictment eight months after the fact so uncommon? No, it's not...but as a "lawyer" you knew that. But it MUST be some conspiracy, right Spanky? Somehow Holder "held it up"...
MSNBC is carrying the story, so there is no need for it to be here on FR...but you're smart enough to know that too, right "counselor"?
Sure you are...
Besides being off-topic (again), you still parrot the same old talking points. Well, hell...you ARE just one big talking point, now aren't you? Of course you are...
Funny how you, among others, never defend Romney, yet hammer President Obama at every turn...why is that, "counselor"?
Care to elaborate? No, you don't, so I'll do it for you:
It's because you know Romney to be nothing but a POS, and you know that...and that is the reason why you, as well as WCA and NoJo, can't bring yourselves to defend the slob. You should havve seen WCA hightail it out of here earlier like his hair was on fire...seems he was out of his element and didn't have your skirt to hide behind...but, yea, that's what cowards do, right Spanky?
And it's too bad you won't read this little love note cause, see...you have me on ignore, right "counselor"?
Sure you do...but you simply don't have the balls, now do you. You have become irrelevant. You have nothing but your vote, and you can't bring yourself to pull that lever for Romney.
Mickey the Moocher, what'd ya say?
Still defending the indefensible, aye?
No worries Mooch Romney is going to fix all of Obama's screw ups right quick! Reagan will no longer be our standard bearer.
Romney will be the greatest President ever.
Pigotry
don't bother because this is obviously another clone. these new accounts are popping up like mushrooms after the rain.
Rob in fake MASS
couldn't do it in real Mass haha - what did he have for approval rating? Wasn't he as popular as Boy George Bush when he left the office?
Rocco-2976776 -- One needs to separate the richest 2% from the actual "job creators." So talking about corporate rates is more the point, not income taxes. Unless business owners are filing as individuals, and if so then it's their fault. Even then, corporate tax rates don't impact hiring -- demand does.
But corporate tax rates do have some affect on investment. I'm all for keeping corporate tax rates competitive at a global level, but only if capital gains is taxed the same as earned income.
In regard to FICA withholding for Social Security and Medicare, this has been capped at $106,000 in income. The richest 5% do not contribute to these programs above that amount, in other words on all of their income. So what's your beef with those earning $200,000 or more (the richest 2%) finally paying more into Medicare?
And at the same time paying at least the tax rate (39.6%) during Clinton versus 35% now? I paid that rate during Clinton, and would pay it again if we could enjoy the same peace and prosperity we enjoyed then.
Rob in MASS
I care about some has-been Caddell as much as I care about Falin' Palin so what's your point?
I'm assuming Faux was the only company that would hire him - they like idiots.
Right on, brutha! Pass that joint on over here. Must be some good sh!t you're smokin'
And a one termer if I'm not mistaken. Well, credit where credit's due. At least he finished his term unlike Palin.
And what's with the "Old Gal" meme? Can't trolls come up with their own ad hominem attacks?
Willtard doesn't have any nuts, that's the problem -- only digits to hold a pen. He is a weak, capitulating puppet of the oligarchy.
Hey look! It's Raab in mASS...
Hey, I've been meaning to ask you...are you on your 2nd or 3rd registration here at FR...?
Say, take any late night trips to the imaginary drugstore with your imaginary girlfriend lately? You know the trips...where you "see" people with ebt cards buying booze and cigarettes?
Sure you have, right little buddy?
Oh, one more thing...how come I don't see you defending Romney...I mean, afterall, ACA was HIS idea, now wasn't it?
Nahh, all kidding aside, I bet you're glad Roberts sided with the Obama Administration on ACA...now you can't be denied coverage for that pre-existing mental illness called "Conservatism" you have AND ...get this... you get to stay on mommy and daddy's insurance until you're 26!
You get a two-fer, little man!
Now hurry along, little dip@!$%#...drugstore closes in 15 mins. ;)
Romney left office in MA with unemployment at 4.7%. That's damn close to full employment.
Obama would give his left nut right now for 7.5%. That's sad.
As for Romney's approval rating, it's Massachusetts. It's as blue as blue gets. Romney didnt cater to freeloaders.
Mickey, NY
I know Mass, I am friends with Mass, and let me tell you, Rob is not from Mass!
Rob in MASS
and 46 other states did better than Romney's. Are you one of those parents who are proud of their kid's D- because he PASSED????
Say, take any late night trips to the imaginary drugstore with your imaginary girlfriend lately? You know the trips...where you "see" people with ebt cards buying booze and cigarettes?
Your comment is timely on the EBT cards Mooch. Seems our Governor Deval Patrick veto'd a bill passed by an overwhelming democrat legislature prohibiting EBT cards in the purchase of booze, tattoos, manicures, jewelry.
The governor doesn't feel people need to "beg for their benefits" or be "humiliated".
Sorry mooch but your free handouts are coming to an end. No more living off my dime. Romney is going the slash spending in a severe way!
Rob in MASS
1. Romney got elected in this blue state, didn't he?
2. He did worse than other Republican governors: Weld, and Cellucci
so again, what is our point ?
Thought for the Day
"Apparently, I'm supposed to be more outraged by what Mitt Romney does
with his money, than by what Barack Obama does with mine."
Author unknown
[Romney is going the slash spending in a severe way!]
Yea, cause...see... Mitt's not merely conservative...but "severely" conservative, right?
Try not to be too distraught on November 7th, Raab...prepare yourself by hiding all the sharp objects now.
[No more living off my dime.]
Speaking of living off of other's dime...how are you going to pay for your healthcare plan...cause, see...I wanna know if you're going to have the personal responsibility you rant and rave about and buy your own...I would hate to support a loser like you.
Hey Mickey, nice to see you have nothing to do all day but hang around here to jump on anyone with a dissenting opinion.
How about trying to add something of value once in a while instead of your Junior high comments.
I suppose you don't have the cognitive abilty to add anything other than childish comments though.
How about you Mickey? Do you make enough money to have these tax cuts effect you if they hit folks making over 250K?
Hell, do you even know anyone who makes more than $250K?
Heck Mick This is fun stuff. Obama talking tax cuts and suddenly you folks on the left are all fo them!
Welcome to the right side of the solution!
Classic , I tell ya, just Classic.
Mickey, NY - the Poster Child for what is wrong with the Democrats..
Man, Mickey 'the old gal' has lost it.
So Shrill, and it being only July.
Guess the Mickster got a load of that poll that has Obama responsible for making the country worse. A clear majority there.
Yep, it's crap like that that gets Mickey all name call-y.
But the best of all is Obama is full on Bush tax cuts.
Even a super, duper smart person like the Mickster gets what's going on, and it ain't progressive ideas.
You go Mickster.
Rant and roll. It's who you are.
spanky,
While you were at Secrets, the hearthcare law was not struck down.
Sorry you missed all the good fun last week.
So are you going to look at the exchanges next year to purchase heathcare for your employees?
I personally did not like Secrets. Nice modern AI but they could be in any country. Too ultra modern and lousy chairs in the common space. But like the French cafe.
Willard,
I know that it is hard for you and your backers to understand. Read real slow, The President wants to raise taxes on the folks making over $250,000 A YEAR, and not families making under $250,000.
So repeat 10 times slowly, THE PRESIDENT DOES NOT WANT TO RAISE TAXES ON THE MIDDLE CLASS!
Hi Job1...
I think that Mr. Romney's point concerns the impact that it will have on small businesses as opposed to individual families...
From First Read:
In all honesty, I think that is the most worrisome part about that tax increase. I am not a small business owner, so I can't say I know how it works. But I have heard that many small businesses are taxed according to individual income tax rates, as opposed to the corporate income tax rates. Not sure how increasing their taxes would help the economy. Would small businesses somehow be exempt?
Never met a small business who wasn't an LLC.
Oh silly Mitt - not every small business earns over $250k. In fact, the average is around $100k, meaning most small business will not have taxes raised. The only pain in the gut is the kick slick-Willy self inflicts. What an out of touch idiot.
Aren't the Koch brothers considered "small" business owners????....and maybe Donald Trump as well????..just askin....
Grimey,
As was I as a small business owner but the individual tax is only on the profit not the gross income and what the President wants is an increase of 3.5% only on income above $250K, not on the first $250K.
Hi Frank,
I remember the last time the President wanted to raise taxes on the folks earning over $250,000 the plan was to exclude business income and just tax the salaried. However, I would like to hear more on this from the President.
In dealing with what Willard said, I know he likes to spark fake outrage among the right and one has to take any commit he makes with a grain of salt.
Hey Dennis...
So, using your numbers, Mom and Pop's Dry Cleaners makes $1.0 million this year in revenue, pays out $700k in expenses for a profit of $300k. They would get a tax increase on the $50k that is excess of $250k correct? (300k-250k)
Hi Job1...
Thanks for the comment. That is certainly something that would be very important to hear about and understand. Like I said above, I'm not a small business owner, nor have I ever been, so I really don't know the tax accounting for such a business.
I think Facebook is considered small business. Boy, are they going to be pissed at the uptick in taxes on their $10b each. Probably going to need to put off those plans to buy an island by one full week; and the Bentley by a full day. What a blow to the economy. Why, I predict unemployment to skyrocket to 80% because of all these delayed purchases.
Grimey,
Yes, the additional tax would be .035 time $50,000 which = $1,750.00
Pull out the pink-slips. Someone needs to be laid of over this 'biggest tax increase in the history of the world'. http://www.businessweek.com/articles/2012-07-03/why-obamacares-tax-increase-isnt-the-biggest-ever
Thanks for making it easy for him Job1. Man, ....sometimes you gotta' sing it for em'.
Wow.
Koch files as a small business and, unless the IPO changed sumthing, Facebook is an LLC.
Paul S in New York is right :)
Now, Grimey, stop kidding yourself. Mitt Romney isn't concerned about the small percentage of genuine small businesses who declare their profits as personal income. He's concerned about himself and his rich friends and he's concerned about those "small businesses" such as those teknishan listed up in post #1.16.
NoLimit - exactly what I was trying to say above yet but you expressed everything a lot better than I did!
Layton-3733410
except he's serious and very right and that is why I laugh at anyone who says we have the highest taxes in the world.
No, let me tell you about kicks in the gut to the middle class;
1) More tax decreases for billionaires
2) A Presidential candidate who made his fortune sending American jobs to China.
3) A Presidential candidate who sent his fortune to the Cayman Islands and Swiss Bank accounts and who is ashamed to disclose his income taxes.
I am no fan of Obama nor of Democrats, they are not friends of the middle class either. But I WILL NOT vote for Willard.
The chemist mixed up a perfect 3 for 3 in bold faced lies.....you would make a great spokesman for Obama... Wasserman Schultz got nuttin on you...
Makes it kind of obvious what kind of 'chemicals' he deals with.
Chemist - you got all 3 points spot on!!
@ Mass..
wow.. that giant sucking sound you hear are not the jobs going to mexico . its them going to China.. Who should we thank for passing the WTO and NAFTA. William Jefferson Clinton.( D-Arkansas ) and ole perot was right .. off the jobs went.. Thanks DEMOCRATS !
as far as the location of a bank account. i am confused.. my bank account is technically in Oregon because that is where i lived when they were opened.. does that make me evil..
Me thinks your a tad bit jealous since you dont have any offshore accounts but how devoid of ideas does a ideology have to be (liberals - the party of Kennedy and FDR) when there best line of attack on the opposition party is the location of their bank accounts. like that matters to anything about anything..
That's just about the stupidest argument imaginable, and only creates envy - green with envy - to those who think it is serious.. its as stupid as the people who think W bush blew up the towers or the idiots who think Obama was born on mars.
You are now in that class of people.. congrats!
pathetic ,
joshua w morris
NAFTA
Yes Clinton signed it but it was started by Reagan and negotiated by GHW Bush.
History reflects: “U.S. President George H. W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed it on December 17, 1992.” And “Before the negotiations were finalized, Bill Clinton came into office in the U.S. and Kim Campbell in Canada, and before the agreement became law, Jean Chrétien had taken office in Canada.
http://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement
Conservatives love to point out what a terrible thing it is that so many jobs have been shipped to China. Their geography skills must be lacking, however, because normally they blame NAFTA for this horrible reality. Weird, because China isn't covered in the NORTH AMERICAN Free Trade Agreement.
China was, however, given Most Favored Nation trade status by President Reagan.
That's right, Republicans have been sending our jobs to China for over a generation.
Small businesses are overwhelmingly being taxed not at a corporate rate, but at the individual tax rate. So successful small business will see their taxes go up dramatically and that will kill jobs," Romney said on the John Fredericks Show.
Wink wink Course no problem for me cuz my income is a rich guy fabrication called carried interest taxed at flat 15%. And I use the money I save to create jobs, like bankers in Bermuda.
Well, we tred tax cuts for the wealthy and big business with the promise that it would create jobs. It' didn't and as a result, the middle class is suffering. So it makes sense to give tax breaks to those who need it most but not to the liars who claimed job creation (yeah for Chinese or Indian or Philippine workers) and didn't. They had their chance, now we need to get some revenue going with ordinary people able to spend again. Jobs not unlike the New Deal some 70ish years ago. These jobs can be turned over to private enterprise once the economy is back on its feet. Unfortunately it is the government's responsibility to do what people can't or won't do for themselves. So if the corporations (peopel too, my friend) won't create jobs than the government must do it. Unbridled greed and lack of discipline got us into this mess in the first place. We all need to work together to get out and stay out of similar situations in the future.
Adler-273784
You hit the nail on the head. And, Romney's argument doesn't hold water, when you consider the economy began to improve after both Reagan and Clinton raised taxes.
Amy B. Portland, ME
Adler-273784
Do you guys have another line than the nail on the head. Here is the other one you use-- "At the end of the Day"
Noticed than in today's speech Obama mentioned Clinton but not Reagan. Yet you do. Those were leaders. Minus the cigar bit---- Lol.
Romney for 2012 and I don't care if a dirty sock is pick for VP at this point.
Let's get rid of the BAD CHANGE.
Read this a bit ago on politicus.com (I stink at linking articles but I am quoting from their site)
Made my day! The President today basically hit every single Republican comeback on the head BEFORE they came up. I would suggest you visit the site and/or listen to his entire speech today.
Better analogy...it's Charlie Brown and the football. Lucy keeps promising Charlie Brown that next time he tries to kick the football she won't pull it away. Sure enough, though, each time she does.
Give the
über-richjob creators their "tax cuts" and they promise...for real this time...they'll give us jobs!(This is the part where we fall flat on our arses because they pull the football out of the way...AGAIN!!! I believe the words I'm looking for are, "OH, GOOD GRIEF!!!")
All the small business owners should hide their money in non-taxable foreign bank accounts, like Gov. Romney does. There, tax problem solved. Next question?
Obummer = Panderer in Chief. Who's next? Lets see, Illegals - Check. Woman - Check. Poor - Check. Gays - Check. Indians - . I have some Govt. property we can give to the Seminoles down in Florida so they can build a Casino.
as the ad once said......"JUST SAY NO"...and that's waht the GNOP does.....say NO to anything that may help the UNITED STATES OF AMERICA....some
treasonous patriotic a'holes they are.Mr President, enough with the tax increases,...how about a sane plan to begin to trim the size of the massive expansion of government?
What am I thinking? You wont hear any such plan from the President of the Party of Government...nada, zero...not interested in trillion dollar deficits and Greek style bankruptcy which is coming...
Obam is only interested in class warfare..
The president must stand firm and totally oppose any hint at a "compromise" that leaves any portion of the Bush tax cuts for the rich intact. Regular working Americans know who is considered "rich," and it is not someone making a quarter-million bucks a year, plus investments, etc. These abominable tax giveaways to millionaires have been in place for over a decade, and that decade has seen the weakest economic growth in modern American history as well as the single worst recession and job loss since the Great Depression. The argument that tax cuts help the economy simply does not hold up to even cursory investigation. We needs jobs,m roads, teachers. what rich folks do not need is another few thousands in government handouts to stash in their Cayman bank accounts.
The argument that increasing taxes helps the economy belongs in Loony Left Land....where the Activist resides, envying the successful and wanting to steal their hardearned money ...
And if Obama's plan is instituted, you do realize that it would be enough to run the government for a whole eight and a half days.........oh. Never mind.
increasing taxes helps the economy belongs in Loony Left Land....
Vag-Bob,
Increasing taxes on the rich and corporations forces them to invest the money back into the economy or have it taken from them in taxes. Cutting their taxes gives them no incentive to spend.....
GT-2021701
Obama to wealthy Americans: "You want a tax deduction? Hire more workers. Open a factory in the US. You know, create a job."
Romney to wealthy Americans: "You want a tax cut? Here you go! AND I can tell you some nifty places you can stash your money in the Cayman Islands!"
Exactly right GT. One does not even have to compare Clinton to Bush II, just look at Reagan. He cut taxes and it had no beneficial effect on the economy. Only after he started his series of tax increases did the rich start to pull their money out and invest in order to seek deductions to lower their effective rates. Tax increases always equal more economic investment.
This "job creator" line is pure, partisan nonsense, and Mitt Romney knows that it is nonsense. He knows that hiring is based on demand, and that supply side stimulus does comparatively little to stimulate demand or to stimulate hiring as a result. Therefore, one must conclude that he is lying to America in order to protect and advance his own personal interests, which seem to be exclusively the acquisition of more wealth and power for himself and others like him who are already extremely wealthy and powerful.
So you don't believe, then, that cost structure has anything to do with a hiring matrix? Taxes are expenses my friend. Liberal studies major?
CitizenBain
You want a tax cut? Here's a deduction for hiring more workers, my friend.
Sure Amy, I am going to hire an employee I can't afford just to get a tax cut that doesn't offset the expense of hiring the employee. That is a great business model if your goal is to go bankrupt. Sounds like something Obama would come up with. Oh wait, he has.
Bain
If adding labor increases production (and revenue) greater than the additional cost, pull the trigger and hire the worker. If not, don't hire. I don't follow where income tax rates enter into the decision making process.
Even if the marginal tax rate is 90%, you still keep 10% of your profit. There is no 100% rate.
Engineering, actually. Not liberal or conservative, just focused on facts, evidence, and logical problem-solving.
Every hiring decision has at its core one motivation, to make more profit. If a company adds workers, it is because it believes that doing so will allow it to increase revenue more than enough to offset the additional payroll cost. Taxes that increase as a direct result of hiring, namely "payroll taxes" factor into that calculation. Taxes that increase only if the company increases its profits? Not really.
They may impact an investment risk vs. reward analysis, so it is possible that improved profit margins from lowered taxes or from onshoring foreign profits could lead to an increase in things like R&D spending, but most of that extra profit would likely be paid out to investors, owners, and top executives.
The most effective way to stimulate the economy through tax breaks is to target those breaks not at investors, but at consumers. You want people to spend the money they are getting, since that means the cuts are directly resulting in economic activity. The best targets for cuts, then, are for the middle class and for payroll tax cuts for individuals and employers. Romney calls those tax cuts "Obama's counterproductive meddling", even though he knows better. He'd much rather see his own tax burden reduced even further.
Nathan....
you are ignoring that all of the obama (bush) tax cuts are no longer performing as a stimulas during the 2007/2008 recession. They have all become "normalized" into everyones spending habits. Same will be true for the payroll tax cuts as time rolls on. Take away the recessionary effect then that extra cash will be used in promoting speculation and growth.
The tax reform act of 1986 had a lot to do with setting up the cash flows for the 90's tech boom. Easing consumer credit also set up the housing bubble.
BTW - your conclusions in your last paragraphn are skewed by your political ideology not by any engineering or even economic analysis
I hope the President digs in on this one. He gave his word that he would not give another tax cut extension to the fat cats. If he does, he's going to have to get something else major in return; like,.......having Mitch McConnell dress up in a French Maid's uniform and hop around outside the Capitol building.
The President can't ask for another extension of unemployment benefits cause the repubs have already cut those.
"We just saw a terrible jobs report just last week"
But, Mr Romney... yet again, the Obama spokeman told us not to put too much weight on one month's results...we will wait for next month's, I am sure the Obama stimulus will kick in, then...right, libbies?
Hey Prober - what Obama stimulus?
Actually, the jobs report showed a gain. When will the Congress make do what they said they would do and focus on jobs?
The one from two summers of recovery ago. You know, all those green shoot that were sprouting.
Job1, you do mean the Senate? The house passed a bipartisan Jobs Bill back in May by a 390 - 23 Vote. Why hasn't Harry Reid brought it up for a vote???
Oh you mean this JOBS bill - Jumpstart Our Business Startups, that has almost zilch to do with creating jobs? http://www.washingtonpost.com/politics/house-passes-jobs-bill-with-wide-bipartisan-margins/2012/03/08/gIQAEi6lzR_story.html
If the "job creators" don't want their taxes to go up, then I suggest that they get off their asses and create some jobs!
Okay, dumbass, lets get this straight...
We've seen this movie before! We already know how this ends!
The G-NO-P screamed bloody murder last time the Bush Tax Shift was set to expire. They told us, "No, you can't let the 'tax cuts' end for the
über-richjob creators expire! If you do, they won't create jobs! If theüber-richjob creators don't get 'tax cuts', nobody gets 'tax cuts'!"Well, gee, what the hell do you think happened?
The Bush Tax Shift was extended for everyone...BUT WHERE ARE THE BLOODY JOBS???
Aw, who am I kidding?
I'm "lower income" so my opinion doesn't count, right?
DaNoid, that's a given....not your opinion, but that your "lower income" and probably will always be.
Nice JFK ... when you fail to make a point via facts and sources, or even a true thought of your own, jump right into name calling ... you do know Mitt Romney's bus has been labeled the "Third Grade Express" (because of their tendency to drive around in circles and honk at Democratic functions, I think they have a seat waiting for you!
So, what...I should just "know my role" and let this plutocracy happen to me? I think not!
At least unlike Mr. Romney who runs around outsourcing jobs and investing in foreign tax shelters I make money the old-fashioned way...I EARN IT!!!
You know what will take Romney down in the end??? His offshore and Swiss accounts and his past, complete income tax returns, or his failure to produce them. Whether He is hiding something or not won't really matter if he doesn't clear up this issue. Just the implication that he is hiding something should create reasonable doubt about his integrity.
There are countries in the world - Iran, Nazi Germany - in which citizens have demonized a minority group within their population and their government has imposed penalties on them, and then blamed them for all their ills. I thought the United States was beyond that now. Apparently I was wrong. We blame the "rich" as being parasites and worse. We impose taxes on them that are higher than for other citizens and then characterize any reduction in those rates as "giving" them money. As in those other countries, our administration finds the minority "rich" to be a convenient scapegoat for the results of their own mismanagement and mistakes. Many citizens buy into that blame-game and help fan the flames of hatred.
The "rich" are generally just business owners/employers who have worked hard and smart to be more productive than their competition. Aside from that, though, some of them have moved a portion of their production overseas and have created jobs in foreign countries. I thought that they did that just because those foreign countries could produce goods at a lower cost. I wonder now if many of them are doing that so that, if the discrimination against them in this country gets too bad, they will have a place to flee?
Ah shucks - Poor Little Richie Rich - unwittingly born into wealth, flames of hatred unfairly tossed his way, scapegoat of the envious 99% (that loser crowd whose lives are full of mismanagement and mistakes), forced to open factories overseas to avoid paying those ridiculously high union salaries, forced to purchase palaces overseas to avoid riotous mobs. All that misery and woe and now the final indignant move - the government wants to let expire, the Bush tax cuts for the wealthy. How, on God's loving earth, will Richie Rich survive if he must return to those terrible days prior to 2001, when his tax rates were so crushingly high, he almost lost his hugely-massively-massive billionaire title to massively-massive billionaire.
Well, at least Richie-Rich has a Kannin in his life - telling us the story of how the poor billionaire has been victimized time and time again. Of course, I guess poor little Richie Rich could always write a 100 million dollar check to Mitt to ease his pain.
Red - Sarcasm and ridicule are a very poor substitute for logic and facts.
Oh, you posted logic and facts? It read like an episode of Richie Rich.
Yes
All I see is the standard Conservative retort that asking the very wealthy to pay their fair share is unAmerican. The Nazi spin is entertaining, but to use a different historical metaphor I see no signs that the masses are lighting torches, building a guillotine, and preparing to storm the Bastille.
We just think asking the rich to pay the same effective tax rate as the middle class isn't unreasonable.
True. Unfortunately most liberals feel that "fair" means that people that make more than they do should pay much higher tax rates.
For example wantnot, below, says "Tax em now and tax em quick, Id tax em 100%"
But the President and Congressional Democrats aren't asking for 100%. They're asking for the Buffett Rule.
John - If they actually felt that way, they would support replacing the income tax with some sort of a Consumption tax. That's the only way to force the rich to pay their fair share. No more loopholes! You want a jet? Fine, buy it, and pay $1 million tax on it. You want a bottle of cheap booze? Fine, buy it, and pay $1 tax on it.
Plus, you get rid of the IRS - a bureaucracy that costs us $12 billion a year. You save billions of hours of unproductive time that taxpayers and businesses spend on IRS paperwork each year. Additionally, a person won't be able to be paid “under the table” and not pay taxes. Even drug dealers will have to pay their fair share.
And yet, Obama and our so-called "representatives" refuse to even discuss such a change.
Why?
Isn't it obvious?
Because the loopholes in the current tax code are a big part of the "payback" that politicians provide to their biggest supporters.
No, consumption taxes are by their very nature regressive. People of low income are forced by circumstances to spend nearly all of their income buying the things they need to get by. Wealthy people save far more and spend a much lower proportion of their income.
Democrats refuse to discuss a consumption tax because it's yet another Conservative ploy to further undertax the rich. http://www.washingtonpost.com/wp-srv/politics/special/tax/tax.htm
Former-Governor Romney has an interesting idea of who is "middle-class".
Is there anybody left in America besides Mitt Romney and Fox News that are still falling for the false narrative of the wealthy as "job creators?" Corporate profits have been climbing to obscenely high levels for quite some time, yet our the unemployment numbers are stagnant because the wealthy "job creators" refuse to hire and public employees are being let go. So here is my question to all those "job creators": where are all the jobs you're allegedly creating?!?
You have obviously fallen for the class warfare gimmick....
Finally got one right - class warfare is a gimmick, and was cooked up with the right wing freaks. Of course, the last time they tried this tactic, they got their asses handed to them in the form of a landslide victory by FDR. Apparently, they want a repeat of history.
http://www.bloomberg.com/news/2011-12-08/class-warfare-by-fdr-holds-lesson-for-obama-commentary-by-michael-kazin.html
Obummmer can tax the top earners at 100% and get about 600 Billion in a year.....Problem is he is adding over 1.3 Trillion a year to the deficit.....Dont add up libbies.......
And here comes the right wing talking points savant - posting talking point lie, after talking point lie, after talking point lie.
I just can't get over the fact that the wealthy are the job creators. the wealthy are investors, nothing more. No matter what you do to the wealthy they will invest. they may invest over seas and have been investing in making it safer to do so all the time thanks to your tax dollar and American armed forces. so I say lets play the hand, lets see if these wealthy are willing to go away. Tax em now and tax em quick, Id tax em 100% and give em tax incentives to get some back, like for one invest in the states.
the real job creators are the consumers, no demand no product, no job.
And that's the real crux of the issue right now. No demand, no jobs.
There's nothing in the Conservative Gospel of Trickle Down that presents an answer for that problem.
Liberals do not understand that what is killing the middle class in taxes is the free handouts that democrats keep increasing...they actually think that if Obama and the democrats take the rich people's money it will make a difference...
well it will....it will increase unemployment
75% of the Trillion dollar Obamacare/tax. will be paid for by the middle class. Obama's increase on taxes of the top earners will just be handed down to the middle class in the end.....
Obama..is killing the middle class.
bunk, bunk and more bunk.
OBAMACARE/TAX = the largest tax increase in American history.
More BS debunked by every news media outlet with the exception of Faux News - the only news source of this ranter in chief.
Neo-conservatives/Romney just don't understand the economy. Raising taxes on businesses, regardless of size, will NOT lead to job losses. Jobs are tied to DEMAND. When consumers want products/services, jobs will remain constant or increase. When demand falls, jobs will follow. Taxes have nothing to do with jobs!
Why liberals should all be voted out of office.
wise play making a continued tax cut sound like a tax increase. dems must havor this will play.e a great response