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Saturday, May 09, 2009
So he's been president for awhile now...
...and I'm still wondering: When has Barack Obama ever helped any black people not named Obama? (I'm trying to establish a contrast to that "racist" Clinton.)
I've done a lot of reading and research and I cannot find one single instance of him doing anything to benefit anyone besides himself and his financial benefactors.
It may not seem like much, but every working person in the country (including African-Americans) are already receiving a new $400 a person/$800 a couple annual tax decrease (the IRS has changed the withholding schedules downward for employers to take less out for FIT each payroll period, starting some months ago).
No, this doesn't only apply to African-American families, but it does apply to them as well.
I wondered if someone would try and bring up the "tax cut".
First, it's It's a tax credit, not a cut.
Second, many won't qualify but will think they do - they will get a little more back in each paycheck, but they will have to pay it back at tax time.
Third, less is taken out of your check, but more is not put in, so people who do zero withholding? Seems they get nothing.
Fourth, on top of this, the withholding tables were changed, so if you qualify, but you're not careful about looking at your withholding, you may end up having to pay back some, even all, of the credit at tax time, when you will probably have spent the money already.
This means that many, including
married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income. (in other words, almost everyone who qualifies, and many who don't)
will have to go into debt or pay penalties and interest come tax time if they're not careful.
[Note: Even though they knew about this, the IRS has hardly warned taxpayers at all. A relative of mine on a fixed income didn't know it herself until yesterday, and she has her taxes done professionally.]
Fifth, unless Obama cuts spending to compensate (he'll have to cut what? $100 billion off the budget every year from now on, plus add $100 billion for this year, plus figure in the Bush bailout which he supported, plus his bailouts (plus health care?)...and all this without raising taxes on the wealthy until at least 2011 - since he's letting Bush's tax cuts for the wealthy expire instead of killing them right away - and with keeping a large force in Iraq (when including mercenaries) until 2012 and increasing our presence in Afghanistan) everyone ends up having to pay it back with interest (and in case anyone thinks it's going to stimulate the economy, it won't work anymore than Bush's direct Treasury checks did).
Sergei, first, the tax credit is fully refundable. Those paying 'no' (federal income) tax still receive the credit as a refund against the FICA taxes paid, if not incrementally during the year, then at the end of the year upon filing.
From a discussion of this issue:
danielm99 wrote: I'm not an Obama supporter, but this is quite simple if people will do the research. If you file married at work then your employer adjusted your taxes as a married person. Meaning you'll get approximately $800 a year. If your spouse works and does the same thing, then their employee did the same thing and your spouse will get approximately $800 back also. Your family is only entitled to $800 total. So you'll owe some back. It basically depends on how you file at work. If you are single then you'll be ok. If you are married and both work then you will probalby owe some back unless your employer has you as single.
------------
This seems an accurate analysis. Yes, if you end up with an over-payment on the credit for a technical reason, you will owe back the difference.
As I see it, everybody gets this tax credit, while some will get an interest free loan of additional monies that will have to be repaid (still a benefit-- I know of nobody who wouldn't think an interest free loan isn't valuable even if it must be repaid).
I live on the South Side of Chicago and a few blocks from where Obama was supposed to have done all thee good things for his constituents.
I said it then and I will say it until I have no breath left in me...
This man did NOTHING for his constituents be they black, hispanic or white while he was here in Chicago. I cannot find anyone that remembers his so-called "Organizing" days either.
We know all there is to know about Obama here in Chicago....He's Richard.M.Daley's Tool. Always was and always will be!
9 comments:
It's a zen question--like "What is the sound of one hand clapping?"
I've done a lot of reading and research and I cannot find one single instance of him doing anything to benefit anyone besides himself and his financial benefactors.
According to Glen Ford, he does absolutely nothing but rehash the old Reagan trickle down opportunities. See the Black Agenda Report:
http://www.blackagendareport.com/?q=content/obama-preserves-entrenched-power-sidesteps-racial-disparities
Has he even helped all the ones named Obama?
This post has attracted quite a few responses from Obots who refuse to heed the Rules, clearly posted to the right. Screw you guys.
It may not seem like much, but every working person in the country (including African-Americans) are already receiving a new $400 a person/$800 a couple annual tax decrease (the IRS has changed the withholding schedules downward for employers to take less out for FIT each payroll period, starting some months ago).
No, this doesn't only apply to African-American families, but it does apply to them as well.
So lori (above), you aren't looking very hard.
XI
I wondered if someone would try and bring up the "tax cut".
First, it's It's a tax credit, not a cut.
Second, many won't qualify but will think they do - they will get a little more back in each paycheck, but they will have to pay it back at tax time.
Third, less is taken out of your check, but more is not put in, so people who do zero withholding? Seems they get nothing.
Fourth, on top of this, the withholding tables were changed, so if you qualify, but you're not careful about looking at your withholding, you may end up having to pay back some, even all, of the credit at tax time, when you will probably have spent the money already.
This means that many, including
married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income. (in other words, almost everyone who qualifies, and many who don't)
will have to go into debt or pay penalties and interest come tax time if they're not careful.
[Note: Even though they knew about this, the IRS has hardly warned taxpayers at all. A relative of mine on a fixed income didn't know it herself until yesterday, and she has her taxes done professionally.]
Fifth, unless Obama cuts spending to compensate (he'll have to cut what? $100 billion off the budget every year from now on, plus add $100 billion for this year, plus figure in the Bush bailout which he supported, plus his bailouts (plus health care?)...and all this without raising taxes on the wealthy until at least 2011 - since he's letting Bush's tax cuts for the wealthy expire instead of killing them right away - and with keeping a large force in Iraq (when including mercenaries) until 2012 and increasing our presence in Afghanistan) everyone ends up having to pay it back with interest (and in case anyone thinks it's going to stimulate the economy, it won't work anymore than Bush's direct Treasury checks did).
http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1
So the net effect? At best zero, most likely fairly negative.
Sergei Rostov
Sergei, first, the tax credit is fully refundable. Those paying 'no' (federal income) tax still receive the credit as a refund against the FICA taxes paid, if not incrementally during the year, then at the end of the year upon filing.
From a discussion of this issue:
danielm99 wrote:
I'm not an Obama supporter, but this is quite simple if people will do the research. If you file married at work then your employer adjusted your taxes as a married person. Meaning you'll get approximately $800 a year. If your spouse works and does the same thing, then their employee did the same thing and your spouse will get approximately $800 back also. Your family is only entitled to $800 total. So you'll owe some back. It basically depends on how you file at work. If you are single then you'll be ok. If you are married and both work then you will probalby owe some back unless your employer has you as single.
------------
This seems an accurate analysis. Yes, if you end up with an over-payment on the credit for a technical reason, you will owe back the difference.
As I see it, everybody gets this tax credit, while some will get an interest free loan of additional monies that will have to be repaid (still a benefit-- I know of nobody who wouldn't think an interest free loan isn't valuable even if it must be repaid).
XI
Joe:
I live on the South Side of Chicago and a few blocks from where Obama was supposed to have done all thee good things for his constituents.
I said it then and I will say it until I have no breath left in me...
This man did NOTHING for his constituents be they black, hispanic or white while he was here in Chicago. I cannot find anyone that remembers his so-called "Organizing" days either.
We know all there is to know about Obama here in Chicago....He's Richard.M.Daley's Tool. Always was and always will be!
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