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3% Tax Deduction: Difference Between Bush's Unemployment and Obama's
President Obama, offer everybody that works a one time tax deduction for their 2009 tax year. That deduction should amount to a percentage. The percentage should be the difference between what the unemployment rate was in January 2009 (7.2% unemployment figure - It was 6.7% in November 2008) and what it is at the end of this year (currently 10.2%).
That's a difference of 3%. Allow all workers to take away an additional 3% of their total income before calculating their taxes for 2009.
Putting money back into the hands of taxpayers....isn't that what most people want? Wouldn't this also get a few people off the back of Democrats -- for awhile anyway?
Ok you mathematicians, how much would that end up costing our budget? I'm just curious....I have no idea. But it sounds like a good idea.
That's a difference of 3%. Allow all workers to take away an additional 3% of their total income before calculating their taxes for 2009.
Putting money back into the hands of taxpayers....isn't that what most people want? Wouldn't this also get a few people off the back of Democrats -- for awhile anyway?
Ok you mathematicians, how much would that end up costing our budget? I'm just curious....I have no idea. But it sounds like a good idea.
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I'm happy enough just to be working again - I don't need another credit. I think we're spending lots of money to try to get the people who AREN'T working back to work. We don't need to also give an additional handout to the people who ARE working. Let's focus on the unemployment rate.
Don't you remember what a miserable idea it was for Bush in 2008 to give out those one-time credits? That was a huge waste of taxpayer money. When credits are one-time people tend to just save them.
Any credit - like a suspension in the payroll tax - needs to be viewed as more permanent so people change their habits and don't just use the money to pay off their debt.
November 6, 2009 11:08 PM | Reply | Permalink
There was a cut in the payroll tax at the beginning of this administrations term (this year), remember. In fact it was rated the highest tax cut in history, even tho it appeared as small amounts on our paystubs.
I'm SHOCKED to hear you call giving a tax deduction -- spending money? I thought you right wingers felt the solution to all evils was to give the taxpayers BACK THEIR MONEY? Isn't that what you guys always claim is how you FIX a bad economy?
My main two thoughts about this 3% tax deduction was to sort of say, "we're sorry the unemployment has gone so high - here's some money to make up the difference from when we took office to now (without our stimulus package, it could have gone much higher) -- here's a bit of relief for all of you.
I also thought it might take some of the bickering away of those people like you that keep saying, "Give us our money back".
November 7, 2009 11:01 AM | Reply | Permalink
The key issue is whether people view it as "one-time" like you suggest or if it's permanent.
Peoples' habits won't change if it's one-time. But they will change if they think it's a permanent shift. That's why one-shot "tax rebate checks" never work. People say thanks and use it, but it doesn't change their long term habits.
Your idea won't help those who are unemployed get jobs. And their unemployment benefits are already getting extended.
November 7, 2009 6:53 PM | Reply | Permalink