Forum Post: how the 1% think
Posted 13 years ago on Nov. 15, 2011, 9:05 p.m. EST by gestopomillyy
(1695)
This content is user submitted and not an official statement
The Washington-based group notes that Michigan, New Jersey and Wisconsin all have scaled back tax credits for low-income workers in recent years while cutting business taxes. In Michigan's case, low-income families will see their tax increase starting next year by about $260 million annually while businesses will get a $1.1 billion tax break starting in January and a $1.7 billion tax break the year after.(reduce tax on the 1% by increasing tax on the people living on tax(welfare). Smart.
Five years ago, Michigan was one of just five states that taxed a working family of four making below $14,000, one of the harshest levels of taxation on the poor in the country.
Michigan Gov. Rick Snyder originally wanted to eliminate the state Earned Income Tax Credit, but agreed to reduce it from 20 percent of the federal credit to 6 percent for tax year 2012. He said earlier this year that the state needed to make changes to balance the budget and noted no cuts were being made in Medicaid programs providing health care to low-income working families. He also has said the business tax cuts will create jobs.( like that has ever worked)
http://news.yahoo.com/study-michigan-among-states-raising-poors-taxes-000348787.html
Michigan also stunted the movie industry that was bringing jobs in there too because they didn't wnat to subsidize it for long term relationships. They shot part of Transformers 3 there. How do you stop the movie industry after shooting Transformers 3? Idiot governor. You should read his Economic Report that year. He literally calls people stupid in there.
Well keep in mind the michigan economy, the Big 3 have yet to fully recover, except for FORD of course but they werent doing to bad to begin with. Our economy here is greatly dependent on those 3 companies, so lowering corporate tax could make the state more welcoming for new businesses to establish here. Which is always a good thing. (michigan resident)
havent they had many and plenty of tax cuts through out the last 30 yrs? and what happened.. they closed.. eliminated jobs why? they already had tax breaks. this is just history repeating itself and will get the same result. not to mention.. 14k is poverty.. they live on welfare hud and food stamps.. paid by tax.. then to tax them on that is just taxing the taxes used to pay. insane.
That ended 5 years ago. You omitted that from your post as well.
you cant tax tax .. thats the problem
Why don't you accurately quote the article? Are you trying to be misleading?
"In Michigan's case, low-income families will see their tax breaks shrink starting next year by about $260 million annually while businesses will get a $1.1 billion tax break starting in January and a $1.7 billion tax break the year after."
You wrote-"low-income families will see their tax increase starting next year by about $260 million annually"
Losing a "tax break" is NOT the same thing as seeing a "tax increase".
it is when a business loses a tax break. or a bank.
These families "losing a tax break" is NOT the same thing as these families seeing "their tax increase". The article states the first, and YOU re-wrote it to say the second.
you dont do your own taxes do you?
Every damn year.
A tax CREDIT is money the government GIVES to you that was not yours. A tax increase is money the government TAKES from the income that is yours.
|tax| =is money the government takes from you. that concept seems lost on you. the amount is either |more| or |less| despite what name you name it.
Let me put it this way.
I owe the government $25 in actual taxes on my income. They give me $3 in "credit". Now I pay them $22 in actual taxes on my income.
If they take back their $3 credit, I will owe them $25 in actual taxes on my income-just like I did BEFORE when there was no tax credit.
If after they took their $3 credit back, I suddenly owed them $28 in actual taxes on my income-I would have experienced a TAX INCREASE.
The government TAKING BACK the money that it had been "crediting" to me, is not the same thing as the government INCREASING my taxes.
THAT is the concept that seems lost on YOU.
they took 25.. .. they took 22. then they turned around and took 25 either way they took. they took more.. they took less... they took more... i cant imagine that logic can be lost on any one.
Your bias and desire to paint this according to YOUR intended message isn't lost on anyone either. Except maybe you.
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Notice how all the states you listed are liberal bastions.
EIC shouldn't exist at all, so what's the problem?
Why not just confiscate the entire salaries of low wage workers?
After all, the rich 1% are paying more than 50% of the taxes, the low income worker must pay his fair share.
That would be the only way to get it to approach the amount the top earners pay in taxes.
Since the poor benefit the most from FICA taxes, they should be the last ones getting those taxes refunded.
Millionaires always seem to apply for and use their SS benefits, though.
And their FICA taxes cease on the portion of their incomes that exceed 106K.
And they don't pay FICA taxes on capital gains and other unearned income.
But the vast majority still apply for and receive their benefits when they retire.
Be that thought it may be, the poor still get the vast majority of the benefits AND those benefits make up most, if not all, of their income. They benefit the most from FICA programs, and therefore they need to pay into it.
Thank you for being a fellow American that "gets it". We are in debt up to our eyes. Austerity isn't an option - unfortunately it's a must.