Rick Snyder, 1.8 Billion in corporate tax cuts, Taxes Elderly and poor

[gimpy117]

You heard right. Michigan's wacky governor is at it again, but this time hes decided to pay for 1.8 billion in tax cuts to businesses by raiding grandma and grandpas cookie jar, taxing their fixed pensions. Also, Snyder is planning eliminating many personal tax credits for middle and lower class families, Like the Earned Income Tax Credit (ETIC). This in effect Raises Taxes for low income ($22,000 a year for example) by $689.00 while a family with more than 5 times the income will have an increase of just $77.00. A tax hike is planned for families making over $250,000 a year but "Even then, their tax increase still is $6 less than the working single parent's tax hike and accounts for less than three-tenths of 1 percent of their income. That's compared with more than 3 percent the tax increase takes out of a working mom's pay."-Detroit news.
Even more distrubing is his decision to start taxing pensions and eliminating credits for seniors on fixed incomes.

But hey, Are there no prisons?, Are there no workhouses?

http://detnews.com/article/20110226/...-means-for-you

[Armistead]

If the Governor of Florida has his way he'll lower corporate taxes to 3% and cut many programs. Course he was the head of a health insurance company that got sued for mass fraud, not to mention he took a 300 million stock option with him, so he wants to see that do well.

[Platapus]

It could be worse. You could be in Virginia.

Our new "fiscally conservative" Republican Governor's master plan for transportation?

Take money out of the already underfunded education fund and then buy $4,500,000,000 worth of bonds. That's 4.5 BILLION dollars he wants to borrow. Deficit financing. That's some kind of fiscal conservativism there McDonnell.

What does he care, by the time the bonds are due, he will be long out of office. And best of all, next election when we elect a Democratic Governor the GOP can point fingers at the huge debt that Virginia has.

[nikimcbee]

I like bacon

[mookiemookie]

If they could at least point to a time in history where lowering taxes on business ever paid for itself, or even bolstered economic growth, I could see the thinking behind this. But to keep doing it when it's never worked is lunacy.

[gimpy117]

Originally Posted by mookiemookie

If they could at least point to a time in history where lowering taxes on business ever paid for itself, or even bolstered economic growth, I could see the thinking behind this. But to keep doing it when it's never worked is lunacy.

it's not lunacy when you give a bonus to the buddies that pay your bills or give you free money, trips, and perks.

[Armistead]

Originally Posted by mookiemookie

If they could at least point to a time in history where lowering taxes on business ever paid for itself, or even bolstered economic growth, I could see the thinking behind this. But to keep doing it when it's never worked is lunacy.

The GOP is doing all it can to insure corporate america has the power.
They're doing it under the guise of capitalism. Making corporate rich has proven only one thing, a few percent are gaining all the wealth.

Just wait for the trickle down effect. If you hold your tongue out and wait for a few days you may feel a drip.

[Platapus]

That is the problem with Trickle Down Economics. Soon the middle class get's tired of being trickled on.

[Growler]

Originally Posted by Platapus

That is the problem with Trickle Down Economics. Soon the middle class get's tired of being trickled on.

And it ain't economics trickling.

[Sea Demon]

Originally Posted by Armistead

Just wait for the trickle down effect. If you hold your tongue out and wait for a few days you may feel a drip.

Or we can just go the Democrat way like out here in California where taxes are high, and businesses are leaving in droves. Productive people are leaving in droves. And deficits are skyrocketing. No thanks guys. Your answers here are completely fallacious through real world application. Higher taxes, and more government spending doesn't lead you to heaven. That's real world here.....not Democrat party talking points.

[Platapus]

Originally Posted by Sea Demon

Or we can just go the Democrat way like out here in California where taxes are high, and businesses are leaving in droves. Productive people are leaving in droves. And deficits are skyrocketing. No thanks guys. Your answers here are completely fallacious through real world application. Higher taxes, and more government spending doesn't lead you to heaven. That's real world here.....not Democrat party talking points.

Is the only alternative you can consider is the opposite extreme?

I don't think anyone is advocating that we use Schwarzenegger as a model of how to run a state.

We need to stop thinking in terms of extremes and start thinking in terms of moderation, balance, compromise.

[gimpy117]

or just think in terms of sanity. Where is it a good idea to tax somebody working for 22,000 a year $600.00 more a year, and raid the elderly, but give corporations break? Aren't we all supposed to pitch in?

[Sea Demon]

Originally Posted by Platapus

Is the only alternative you can consider is the opposite extreme?

I don't think anyone is advocating that we use Schwarzenegger as a model of how to run a state.

We need to stop thinking in terms of extremes and start thinking in terms of moderation, balance, compromise.

Nobody is speaking of extremes here. I'm only talking about running a state using good economic sense. You know, spurring incentives to conduct business investment and activity, and not punishing business through excessive taxation. That usually drives businesses to leave as in California. My own company's main operations moved to a low tax state, and cited that as the primary reason. Also, fostering a climate of consumer confidence, with fair and reasonable taxation for consumers, which of course requires government living within it's means, and not overreaching into places that it shouldn't.

If that's extreme to you....I'm not sure what to say. The whole notion that nirvana is created through reckless government spending, excessive taxation, and entitlements to forever is ludicrous. California is going bust because the Democrats here believe just that. And it just plain doesn't work.

[Sea Demon]

Originally Posted by gimpy117

or just think in terms of sanity. Where is it a good idea to tax somebody working for 22,000 a year $600.00 more a year, and raid the elderly, but give corporations break? Aren't we all supposed to pitch in?

BS. At our state level and the fed, anybody making 22,000 has zero income tax liability at all. That is ZERO. They get it all back. I believe that income also qualifies you for the EITC.

Now of course in the Democrat state of California, this same person has to pay 8.75% sales tax on every purchase made. That is 8.75% sales tax and the state is still in massive deficits. That hurts every consumer..even poor ones. I guess the Democrats here don't care about the little guy after all.

[gimpy117]

well tip of the ol' hat to your state. but not here.

http://www.milhs.org/wp-content/uplo...-EITC-2-11.pdf