Comments on: Winners and Losers Under Obama’s New Tax Plan

By: Lån penge

Lån penge — Mon, 26 Jul 2010 12:22:13 +0000

Thanks for a very informative debate and talk.
I guess no matter what you do, it have sme up and down sided.. But i think this it difinetly a step in the right direction for America.

By: RabbitFunds.com

RabbitFunds.com — Wed, 17 Feb 2010 16:45:01 +0000

Money Hacks Carnival #104: Have you ever?…

Welcome to the 104th edition of the Money Hacks Carnival! I couldn’t make up my mind on the theme so I went directly to the source of all light and knowledge – my wife…….

By: Adam@RabbitFunds

Adam@RabbitFunds — Wed, 17 Feb 2010 06:58:24 +0000

Great outline of the impact of Obama’s plan. Almost makes me glad that I’m not in the high income tax bracket (almost).

By: Kosmo @ The Casual Observer

Kosmo @ The Casual Observer — Sat, 06 Feb 2010 16:28:38 +0000

“Businesses that increase wages or hours for their current workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay. I question how helpful the second part is. Would this just make companies rethink a new hire since they could employ overtime for less money now?”

Maybe if they just needed a few extra hours … but it wouldn’t seem to make sense to pay 40 hours of OT per week (split across a couple of workers, I assume) because the cost of those 40 hours would be at time and a half (150%). I’m assuming the companies would just be reimbursed for their share of the payroll takes (7.65%), which is substantially less than the increase in wages.

Even when throwing in the cost of benefits, you probably come out ahead with the new employee, esp with the $5000 credit for hiring them.

By: Important Reads For Your Weekend – Feb 6-7, 2010 | 20s Money

Important Reads For Your Weekend – Feb 6-7, 2010 | 20s Money — Sat, 06 Feb 2010 09:39:54 +0000

[...] Winners and losers under Obama’s new tax plan (Darwin) [...]

By: Perma Friday Round-Up

Perma Friday Round-Up — Fri, 05 Feb 2010 06:55:13 +0000

[...] Darwin’s Finance presents Winners and Losers Under Obama’s Tax Plan [...]

By: finance

finance — Thu, 04 Feb 2010 04:24:42 +0000

I should say you’ve made a good summary, there are really people that will benefit from Obama’s Tax plan. But more are suffering from it. I don’t know which is better since In your list i’m in the winner side of Obama’s new Tax plan. These is a really good post

By: Ernieccy

Ernieccy — Wed, 03 Feb 2010 22:33:54 +0000

Obama annually must submit a Budget to Congress for approval. This Fiscal Year Tax Revenues are about $2.2-Trillion and Spending is about $3.8-Trillion a short fall of $1.6-Trillion. For those of us who have forgotten, a Trillion Dollars is One Million – Millions.

So, now how does he close that Revenue v. Spending gap and still stay popular with the voters?

He must eliminate as must spending as he can, and he must eliminate as many tax deductions as possible.

Or, take the high risk road of suggesting raising taxes in the worst recession of the last 80-years; not a popular or prudent move to make.

The Structural Deficit (2 wars, Part D Medicare, Medicare, Medicaid) accounts for $1.5-Trillion of annual overspending.

So now he has the tough part of the Presidency, who to cut back upon (the elderly, the sick, the infirmed) and whom to target for tax increases.

By: Darwin

Darwin — Wed, 03 Feb 2010 03:17:39 +0000

Hi Reputo,
I actually don’t see a conflict between the two articles. The “good deed” article’s point was that the rich give because they want to, not because they have to. I highlighted how people misunderstand the tax code and the motives of the these rich donors. But people do respond to incentives – think of it as a continuum. There will be rich who give the same no matter what the tax situation is and there will be others that are on the fringe and say, “I’m not going to donate [as much]” because of the reduced tax benefit. These fringe donors hurt when it adds up to Billions per year.

When you tax something, you get less of it. When you provide an incentive, you get more of it. This is human nature.

With respect to data, obviously, there are no clinically controlled double-blind studies of “rich person behavior” when tax increases are enacted since a) we don’t change the tax code often and b) there are usually many forces at work, including the economy, whether a massive disaster struck recently, etc (Katrina, 9/11, etc elicited large donor dollars compared to quiet years). However, for an authoritative stance on the issue of what Obama’s tax proposals will do, check out what the Indiana University Center on Philanthropy has to say on it. They predict Billions per year in impact:

http://philanthropy.com/article/Obamas-Tax-Plan-Could-Cause/63028

By: Financial Samurai

Financial Samurai — Tue, 02 Feb 2010 21:37:21 +0000

I feel bad for charities, and also everybody under this plan. Who do you think hire the middle class? The $250,000+ small business owner and the rich.

I don’t understand why Obama is so anti-charity/anti-giving/anti the poor. He should want to help the poor.