Minnesota Democrats on board with Obama tax plan

President Barack Obama speaking about the need for Congress to extend tax cuts for middle class families on Monday.

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Comments (6)

  1. Submitted by Ross Williams on 07/09/2012 - 06:57 pm.

    Obama Gives Tax Breaks to All

    “Obama announced Monday he wants to extend the George W. Bush-era tax rates for those making less than $250,000 for one year”

    This is a lie. Under Obama’s plan a person earning $500,000 per year would get an $8000 tax break, more than 10 times the $600 tax break someone at $50,000 around the median income would receive. The reason for that is that people making over $250,000 get all the tax breaks given to those who make up to that amount.

    What is at issue is whether there should be an additional tax break for those who make over $250,000. For someone making $500,000 that would more than double their total tax break to $17,000, almost 30 times the tax break of someone making $50,000.

    The result of any tax break is higher taxes on someone else. In this case, the bill will be paid by all of us at a later date. With middle income taxpayers likely picking up the bill for that hefty tax break given to the rich.

  2. Submitted by Tom Anderson on 07/09/2012 - 09:14 pm.

    Kick can down road

    Didn’t we just go through this last year? The debt ceiling is next. That can will also get kicked down the road. Maybe we could elect people to do the job this year.

  3. Submitted by Gary Doan on 07/10/2012 - 09:39 am.

    A record number of US citizens are giving back their passports

    The biggest names lately are supporters of the Democrat party, like Denise Rich (who’s husband was pardoned by Clinton) and one of the founders of Facebook. Both will save 10’s of millions a year on taxes. There are no walls yet, so money and companies are still free to leave.

  4. Submitted by Ray Marshall on 07/10/2012 - 05:12 pm.

    Insurance premiums

    Tax, mandate, it’s all dollars.

    How many families making less than 40,000 a year who don’t have medical insurance now have a few hundred dollars in their wallets at the end of each month?

    Will veterans who get their medial care from the VA be required to get medical insurance? I’ve never once seen a mention of medical care for vets.

  5. Submitted by Dennis Tester on 07/10/2012 - 06:28 pm.

    Targeted tax cuts

    aren’t fiscal policy, they’re a political ploy to buy votes from the chosen ones.

    It turns out that the tax revenue from “taxing the rich”, i.e. allowing only some of us to keep the same tax rate that we paid under George Bush, would amount to about $85 billion a year.

    Even if the democrats didn’t turn around and spend it on something new, which is highly unlikely if you listen to people like Rep. Ellison, that’s enough money to fund the federal government for about 8.5 days.

    ($3.795 trillion/365 = $10 billion per day * 8.5 days = $85 billion)

    Cut taxes for everyone or cut taxes for no one.

  6. Submitted by Diane Clare on 07/11/2012 - 11:17 am.

    tax hikes

    Some say that, unless all provisions of 2001 and 2003 Tax bills are extended or finally made permanent, all tax payers will in effect pay more of income to Federal taxes. We must also wonder if President Obama is successful in just raising taxes on income over the $250,000 threashold and really keeping the rest at the same percent paid under current tax law, what happens with inflation, higher taxes on business sector always rolls downhill to the consumers.

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