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Fritz
Prospect
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Posted: Mon May 26th, 2008 08:05 pm |
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Dave,
$300,000 a year is not rich anymore! the rich people make more than 7 digits and they are the ones that have gotten the largest tax cuts. Bush proposed these tax cuts, his Republican led congress passed them. The tail does indeed wag the dog in this case.
Congress almost always passes the President's budget, the Republicans most assuredly did not pick apart any of Bush's budgets during the period they had absolute control of the government. The Republicans still have enouigh clout in the Senate to block much af what goes against Bush's wishes.
The President of the United States is not "just one man" Bush is indeed responsible for our current economic woes, he led us in the wrong direction.
Over the ten-year period, the richest Americans—the best-off one percent—are slated to receive tax cuts totaling almost half a trillion dollars. The $477 billion in tax breaks the Bush administration has targeted to this elite group will average $342,000 each over the decade.
By 2010, when (and if) the Bush tax reductions are fully in place, an astonishing 52 percent of the total tax cuts will go to the richest one percent—whose average 2010 income will be $1.5 million. Their tax-cut windfall in that year alone will average $85,000 each. Put another way, of the estimated $234 billion in tax cuts scheduled for the year 2010, $121 billion will go just 1.4 million taxpayers.
Although the rich have already received a hefty down payment on their Bush tax cuts—averaging just under $12,000 each this year—80 percent of their windfall is scheduled to come from tax changes that won’t take effect until after this year, mostly from items that phase in after 2005.
In contrast, the vast majority of taxpayers have already received most of their tax cuts from the 2001 legislation.
- For the four out of five families and individuals making less than $73,000 this year, three-quarters of the tax cuts—averaging about $350 this year—are already in place.
- Tax cuts for the 19 percent of taxpayers making between $73,000 and $356,000 this year will grow a little over the next four years as the cuts in the upper tax rates continue to kick in, but then will dwindle thereafter. By 2010, the tax cuts for this group will be no bigger as a share of income than they are now.
As a result, freezing the Bush tax cuts at their 2002 levels would have little or no effect on 99 percent of the taxpayers, whose tax cuts are already mostly or completely “frozen.” Only the best-off one percent of the taxpayers will receive significant additional tax cuts if the rest of the Bush tax program continues to be implemented.
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marc
Supporter
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Posted: Mon May 26th, 2008 01:11 am |
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| My MPG's were in the low 40's today...Mostly back roads and about 60 miles of Interstate...Idiot light came on at 175 miles...I believe reserve is 1 gallon...
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jeffy ole boy
Supporter
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Posted: Sun May 25th, 2008 11:01 pm |
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| Gas was about .10 to .20 cents a gal cheaper in Tenn than at home. Good thing was my FL got better mileage with each fill up. 1st tank or 2 was gettin around 39 mpg... Last tank Sunday afternoon- I got almost 43 mpg..
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marc
Supporter
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Posted: Sun May 25th, 2008 08:18 pm |
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| Thats for sure...Paid $4.09 for Sunoco Ultra this morning in NJ...We took a nice ride into NY State and gas up there was 15 to 20 cents more per gallon across the board...Happy Memorial Day...
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Dave
Supporter
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Posted: Sun May 25th, 2008 01:12 pm |
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marc wrote:
Sunoco $3.75 Regular & $4.76 for Diesel... I almost choked yesterday, I saw Diesel for $5.17 a gallon! Damn! Ain't hard to understand prices of groceries going nuts when ya see Diesel prices like that. Food has to get to the market somehow.
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marc
Supporter
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Posted: Sat May 24th, 2008 04:01 pm |
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| Sunoco $3.75 Regular & $4.76 for Diesel...
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Dave
Supporter
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Posted: Sat May 24th, 2008 01:01 pm |
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Fritz wrote:
Bush could have vetoed tax cuts for the rich instead of promoting them. 20 cents of your tax dollar goes to interest on the debt now. Spending other than war spending has gone up 40%, the President creates the budget. The Presidaent has the power to make or break this country, that's one man.
Simple economics, spend more than you take in you go broke. Bush has spent like a drunken sailor.
Wow, you give him a lot more credit than he deserves...
"Bush Tax Cuts"
Here's some real simple economics for ya, take a married couple with two kids under 17,
$50,000 income were paying about $2,678, now they're paying about $1,545, meaning they saved about $1133 and got a 42.3% tax cut
Same couple, same kids, now making $300,000 income including $10,000 of dividends, $50,000 of itemized deductions were paying $69,607, now they're paying $62,687, meaning they saved $6920 and got a 9.94% tax cut.
That dog don't hunt Fritz...
"Spending"
Who actually spends the money in Government? The President? Nope. Congress spends the money. The President can put a budget in front of them and they either approve it and we move on. Or they make changes to it and approve it, the President may or may not approve it. Rinse, repeat. Either way, it comes down to Congress spending the money.
Sounds more like the dog is not only not hunting, the poor thing died. You're gonna have to do better than what you've done so far...
I still say you're giving G.W. too much credit...
Simple economics, spend more than you take in you go broke. Bush has spent like a drunken sailor.
You almost got it right with that one...
However it should read
Simple economics, spend more than you take in you go broke. Congress has spent like a drunken sailor.
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Fritz
Prospect
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Posted: Sat May 24th, 2008 12:37 pm |
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Bush could have vetoed tax cuts for the rich instead of promoting them. 20 cents of your tax dollar goes to interest on the debt now. Spending other than war spending has gone up 40%, the President creates the budget. The Presidaent has the power to make or break this country, that's one man.
Simple economics, spend more than you take in you go broke. Bush has spent like a drunken sailor.
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Dave
Supporter
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Posted: Sat May 24th, 2008 12:20 pm |
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Fritz wrote:
the preacher wrote: Hey Fritz:
Please explain to me how Pres. Bush has caused gas prices to go up so much?
and, the "he's an oil man and is working for his cronies in the business answer ain't gonna get it."
I keep hearing this, would like to know HOW he does it.
thanks,
RSDF
He ruined the value of the dollar, that counts for about half of it. The rest is done by the fiasco in Iraq and the steady transfer of wealth to China.
We'll be a third world nation in a generation.
How can one man, a single individual, "ruin" the value of the dollar?
Lets face it, George ain't all that bright. I think most people will agree with that statement. So, how did this one, single individual, ruin the value of the dollar? I mean seriously, the man graduated from college with a less than stellar grade point average.
C'mon, you can do better than that...
There is so much more to it than George W. Bush. Just because you detest him, doesn't mean he is solely responsible for it.
Back up your claim with some facts and figures...
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Fritz
Prospect
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Posted: Sat May 24th, 2008 11:47 am |
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the preacher wrote: Hey Fritz:
Please explain to me how Pres. Bush has caused gas prices to go up so much?
and, the "he's an oil man and is working for his cronies in the business answer ain't gonna get it."
I keep hearing this, would like to know HOW he does it.
thanks,
RSDF
He ruined the value of the dollar, that counts for about half of it. The rest is done by the fiasco in Iraq and the steady transfer of wealth to China.
We'll be a third world nation in a generation.
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Dave
Supporter
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Posted: Sat May 24th, 2008 11:45 am |
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There is so much more to this than simple politics, you'd have to be an idiot at this point to believe that was all there was to it.
But, We are only allowing the oil companies to drill a small portion of the actual oil fields within the United State and our coastal waters. Yet, China is drilling off the coast of Florida. With the new technology of drilling, they don't have to drill straight down anymore. They can drill at an angle. Meaning, while the Chinese may be in "International Waters", they could be drilling into oil that is under U.S. water.
"Big Oil" has to pay market prices for the oil they buy. Oil companies in many of the other countries (China and India) are subsidized by their Governments, others are "National" oil companies. Meaning, like Mexico for instance, PeMex is a state owned or "National" oil company.
And since we have to pay market price for that oil, did you realize that the "Fed" propping up the poor, misled home-buyers in the mortgage melt-down has played a big part in the low value of the dollar world-wide? (Oil is paid for in U.S. Dollars) So, when the "Fed" drops interest rates to make them and the mortgage companies lives easier, they hurt us all in the cost of other commodities.
With that being said, how many people here have a retirement account? (like a 401k) At the bank? At their job? Do you keep a close eye on it? I've been watching mine. I've seen the value of my dollars sink. What does that do to your investment? It kills it, or at least seriously injures it. Many, if not most, Mutual Funds have energy companies as part of their investment portfolios.
The Democrats took control of Congress in January 2007. Look at the chart below and explain how "Bush" or the Republican Party conspired to make the price of oil climb? Based on what I posted a few minutes ago (Congress's Dog and Pony Show Transcripts) What are the Democrats doing (other than posturing) to make anything any better?
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the preacher
Supporter
| Joined: | Wed Oct 17th, 2007 |
| Location: | |
| Posts: | 240 |
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Posted: Sat May 24th, 2008 11:08 am |
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Hey Fritz:
Please explain to me how Pres. Bush has caused gas prices to go up so much?
and, the "he's an oil man and is working for his cronies in the business answer ain't gonna get it."
I keep hearing this, would like to know HOW he does it.
thanks,
RSDF
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Dave
Supporter
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Posted: Sat May 24th, 2008 10:33 am |
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Fritz wrote:
When Bush took office gas was $1.49 a gallon. He ain't gone yet either! Congress held testimony on the high prices of crude oil, calling before the Judiciary Committee some heavy hitters in the energy industry. These men represented "big oil" which is supposedly gouging us all.
The industry lineup was formidable: Robert Malone, Chairman and President of BP America, Inc.; John Hofmeister, President, Shell Oil Company; Peter Robertson, Vice Chairman of the Board, Chevron Corporation; John Lowe, Executive Vice President, Conoco Philips Company; and Stephen Simon, Senior Vice President, Exxon Mobil Corporation. Not surprisingly, the petroleum executives stole the show, as they were far smarter, infinitely better informed, and much more public-spirited than the Senate Democrats.
One theme that emerged from the hearing was the surprisingly small role played by American oil companies in the global petroleum market.
John Lowe pointed out:
Stephen Simon amplified:
Another theme of the day's testimony was that, if anyone is "gouging" consumers through the high price of gasoline, it is federal and state governments, not American oil companies. On the average, 15% percent of the cost of gasoline at the pump goes for taxes, while only 4% represents oil company profits. These figures were repeated several times, but, strangely, not a single Democratic Senator proposed relieving consumers' anxieties about gas prices by reducing taxes.
The last theme that was sounded repeatedly was Congress's responsibility for the fact that American companies have access to so little petroleum.
Shell's John Hofmeister explained:
Later in the hearing, Senator Orrin Hatch walked Hofmeister through the Congress' latest efforts to block energy independence:
HATCH: I want to get into that. In other words, we're talking about Utah, Colorado and Wyoming. It's fair to say that they're not considered part of America's $22 billion of proven reserves.
HOFMEISTER: Not at all.
HATCH: No, but experts agree that there's between 800 billion to almost 2 trillion barrels of oil that could be recoverable there, and that's good oil, isn't it?
HOFMEISTER: That's correct.
HATCH: It could be recovered at somewhere between $30 and $40 a barrel?
HOFMEISTER: I think those costs are probably a bit dated now, based upon what we've seen in the inflation...
HATCH: Well, somewhere in that area.
HOFMEISTER: I don't know what the exact cost would be, but, you know, if there is more supply, I think inflation in the oil industry would be cracked. And we are facing severe inflation because of the limited amount of supply against the demand.
HATCH: I guess what I'm saying, though, is that if we started to develop the oil shale in those three states we could do it within this framework of over $100 a barrel and make a profit.
HOFMEISTER: I believe we could.
HATCH: And we could help our country alleviate its oil pressures.
HOFMEISTER: Yes.
HATCH: But they're stopping us from doing that right here, as we sit here. We just had a hearing last week where Democrats had stopped the ability to do that, in at least Colorado.
HOFMEISTER: Well, as I said in my opening statement, I think the public policy constraints on the supply side in this country are a disservice to the American consumer.
Every once in a while, Congressional hearings turn out to be informative.
--from http://www.powerlineblog.com
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Fritz
Prospect
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Posted: Fri May 23rd, 2008 09:15 pm |
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| When Bush took office gas was $1.49 a gallon. He ain't gone yet either!
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marc
Supporter
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Posted: Fri May 23rd, 2008 08:19 pm |
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jeffy ole boy wrote: Safe to say it will cost more to drive per gal of gasoline this weekend than at any other time in history.... Yeah...LOL...Got a long ride on Sunday...Think we will pack a lunch and eat along side the river...Got to spend our lunch $$ on gas...
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jeffy ole boy
Supporter
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Posted: Fri May 23rd, 2008 04:32 pm |
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| Safe to say it will cost more to drive per gal of gasoline this weekend than at any other time in history....
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Redd
Supporter
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Posted: Thu May 22nd, 2008 12:59 pm |
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| Our prices are really up and down lately, but this morning it was $1.27 a litre. That works out to about $4.80 a US gallon, or $5.72 a CA gallon. Ouch!! Last edited on Fri May 23rd, 2008 11:46 pm by Redd |
weasle
Supporter
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Posted: Thu May 22nd, 2008 11:33 am |
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Redd wrote: 3.99 for a gallon of regular in MI today when I went over, tho I did see a couple posted at 4.09 i know you guys have your gas in lieters rather than gallons redd, just curious how the price compares if you figured it in gallons?
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empty
Supporter
| Joined: | Tue Jun 28th, 2005 |
| Location: | Plano, Texas USA |
| Posts: | 1634 |
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Posted: Thu May 22nd, 2008 10:53 am |
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Dave wrote: There are a lot of inactive oil wells in this area. Most got to the point where it cost more to pump the oil out of 'em than it was worth. But, with the price of a barrel of oil so high, a lot of cities are thinking about starting those pumps back up.
The tax base has taken a dump too with the state property tax laws. See, if the house was taxed based on a $500K appraisal and the house has lost value. The homeowner can have a new appraisal done the property taxes have to be reduced.
Another trick to "create" more money for the cities to spend is red-light cameras. Run a red-light and a camera snaps a picture and mails you a ticket.
Funny part is, none of the city leaders have suggested a spending cut. Governor (Arnold) did and everyone got their panties in a knot and are pissed off at him... They started puting in those red light cameras here. They have been up a year and now rear end accidents at red lights are up by 1000 percent.
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Redd
Supporter
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Posted: Thu May 22nd, 2008 03:30 am |
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| 3.99 for a gallon of regular in MI today when I went over, tho I did see a couple posted at 4.09
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