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Ok, it's confusing to say the least. I doesn't seem like anyone really knows what it really is. Obama may not even know. He has his talking points, but there's no meat there - it's fluff.
So business that earn $250k get less taxes. Ok, so is that net or gross? It must be net, but that's not clear.
What is clear is that Obama's tax plan is Socialism. He's going to redistribute the wealth - like Robin Hood, a crook.
Here's how Obama's interaction with a blue collar plumber wanting to buy more of his business in Toledo went:
Obama to Plumber: My Plan Will 'Spread the Wealth Around'
"Your new tax plan is going to tax me more, isn't it?" the plumber asked, complaining that he was being taxed "more and more for fulfilling the American dream."
"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success too," Obama responded. "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody ... I think when you spread the wealth around, it's good for everybody."
...
Obama says he will not raise taxes on anyone making less than $250,000 a year.
So $250k is the limit on success then. Nice. There's no incentive to go over that amount. Ok, this doesn't pertain to me at the moment but what about the people making $260k a year? They'll do better making less and that's what they'll do. The people that have worked and know how to make good money are told to make less and stop making more. And what happens if they later decide that it should be $150k instead?
Tax the rich and give it to the poor so that it's "fair". What's fair about that? What's fair is when the people that earned their money are able to wisely spend it and make more. Those people know good spending habits, so let them keep their money.
And if business taxes go up, capital gains taxes go up and the Bush tax cuts expire, then how am I not paying more in taxes? I buy things from businesses. People that run businesses and have money (you need money (capital) to expand business - that's basic... I know, I have a business) are being taxed for the money they have with capital gains - even though it's a fact that lowering capital gains brings in more Government tax revenue because more money is out there being spent.
So Obama just doesn't seem to understand how economics work. I know more than he does and I don't know much at all. Businesses get taxed and just don't absorb that, they pass it on. That's simple to understand, right? Obama has all kinds of new programs and new spending, so how is he going to get that money? It has to come from somewhere. There's no such thing as a magic wand to make money - unless you do actually make money and raise inflation, devaluing the dollar.
And he wants to give us business owners a $3,000 tax incentive to hire someone? No, that doesn't make too much sense. Has Obama ever owned a business? No. So I'm supposed to spend $65,000 with benefits to hire someone for a $3,000 rebate / incentive? What if I can't afford that? Democrats will say that we're fickle and are mean by not hiring. Bring business taxes down and FICA down and THAT will let us hire people. It's all about cash flow. Make it easy to run a business (but not as easy as it was to get a house, please). He doesn't get this at all. His talking point sounds good but doesn't play out in the real world. At least not the business world I live in.
I don't know. This who tax plan smells funny. The Socialism thing scares me a lot.
Maybe Obama will just fraudulently charge people's credit cards to make up the difference? That seems to maybe be their SOP:
Check your card statements, people!
Some more reading:
-T
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