High Quality

I pretty much hate all politicians. They are scum, and politics only attracts power thursty sons of bitches. With that said, Bush at least is here to help us small business owners:

1. End the double taxation of dividends

Roughly 35 million American households receive dividend income that is taxable and will directly benefit under the President's plan. More than half of these dividends go to America's seniors, many of whom relyon these checks for a steady source of income in their retirement.
Yet seniors and other investors are not getting the full benefit of their investments because those investments are taxed twice. The IRS taxes a company on its profits, then it taxes the investors who receive the profits as dividends. The result is that for every dollar of profit a company could pay out in dividends, as little as 40 cents can actually reach shareholders.
In practice, double taxation of dividends means that even an investor of modest means is paying a higher tax rate on dividends than wealthy taxpayers pay on their income.
It is fair to tax a company's profits, and under the President's plan, company profits will still be taxed -- but only once. It is not fair to tax this income twice by taxing the shareholder on those same profits. Double taxation is wrong - and it falls hardest on seniors.
Almost half of all savings from the dividend exclusion under the President's plan would go to taxpayers 65 and older. The average tax savings for the 9.8 million seniors receiving dividends would be $936.
The President's plan would eliminate the double taxation of dividends for millions of stockholders - allowing taxpayers to exclude dividend payments from their taxable income - and returning about $20 billion this year to the economy.

2. The President's plan would:

Make all the tax rate reductions from the 2001 tax law effective this year - and retroactive to January 1, 2003.
Upon passage, the President will order the Treasury Department to immediately adjust the amount of money withheld for income taxes, so that Americans will keep more of their paychecks right away.
For income earned after January 1, 2003, the following tax rates would be in effect:
10%
15%
25%
28%
33%
35%

3. Increase incentives for small businesses to grow

Small businesses create the majority of new jobs and account for half the output of the economy.
Current tax laws permit them to write off as expenses up to $25,000 worth of equipment purchases. The President's plan would increase that limit to $75,000 and index it to inflation - encouraging them to buy technology, machinery, and other equipment they need to expand.

Full story here:
http://www.whitehouse.gov/news/relea.../20030107.html

mpegposter

Check your sources. Sounds like you're rolling in what the prez. is spewing.

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High Quality

this is his plan. From the horses mouth. not all of it will likely pass, but imagine the elimination of double taxation!

mpegposter

The rich will be laughing all the way to the bank.

Let me know when the president releases a tax cut that benefits the other 98% of the population, and I'll clap.

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FlyingIguana

i don't think this is the right time to be pushing a huge dividend tax cut. tons of states are running huge deficits and can't afford to pay more on their bonds. no one knows for sure what affect it will have, but it could cost some states a few billion a year on their debt plus losing tax revenue. double whammy that they can't take on right now.

incentives for companies to buy more goods could be a very good move. business spending is still low, especially technolgy spending.

Mr.Fiction

Swamp land.

High Quality

If you like to pay taxes, I invite you to pay mine.

Thanks.

FlyingIguana

if your government brings in less money, they're gonna have to either raise taxes or cut spending.

Scootermuze

What he SHOULD do is admit to the fact that the 16th amendment was never even ratified and that there is no law providing for taxes on individuals..

mpegposter

With ideas like that, YOU should run for office.

Or move here:

http://www.freestateproject.org/

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GeorgeTH

I love the the comment by one of the Democrats:
"George Bush's economic reform package wasn't a shot in the arm but a shot in the foot" or something along these lines...

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Interlude

Though I'm neither a republican nor a democrat, I'm sort of amused by the spin the democrats are putting on this... somewhere around half of stock dividend taxes fall on senior citizens, who often depend on their investments and the stock they acquired by working for a company for years and years. Somehow, however, this is tax relief for the rich... hey democrats, thought you were supposed to support the elderly?

High Quality

Won't ever happen. You're right but its a pipe dream. I think this is a step in the right direction however.

Pornwolf

You'd have to be crazy to think this isn't a rich mans tax break!

Don't get me wrong, my mouth is watering over this one, but the majority of Americans aren't helped by this break... at least not directly. Maybe he's banking on the money being recycled into the economy enough to do some good for everyone else.

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jammyjenkins

so who do you think pays for the roads -- greenpeace?



dumbass

LiveDose

It is such a shame that neither party ever focuses on the disgusting amount of waste (& fraud) that goes on at the the federal, state and city levels. (i.e. navy brass using government debit cards at strip clubs. Fucking ridiculous).

Anyone who has ever done any research on this knows that Americans are way way over taxed. The amount of money that goes into the govenment is in excess as opposed to if government was run honestly and efficiently. Things will never change however...

Politicians are ALL whores and they love spending our money... Plus they are the laziest motherfuckers on earth.

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directfiesta

George W has the clap ????

OneHungLo

Mine is too

Who cares about the majority as long as im getting it

ColKurtz

The people that aren't helped by it dont pay taxes in the first place. I saw a stat, something like the bottom 50% earners only pay like 5% of the nations taxes.

TDF

exactly...Reagan had this same policy,only then it was called the 'Trickle Down Effect'

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High Quality

Not even. Saw that stat too. 3.9% for bottom 50%. Top 10% pay 70%.

So basically I subsidize the mexicans who live down the street pissing on the street signs.

candyflip

Amen to that one.

Interlude

The top 50% of income earners in the US (those families making 50k a year or more) pay 96.4% of all taxes. Exactly, how much more can you cut taxes for those other 50%? They already pay nothing. But keep up the class-warfare, it's amusing.

Virtually everyone who posts here will end up paying less taxes under this plan. If you want to complain, complain about government spending.

kevinl

Amen. They 25 cents of every dollar is wasted. It is ridiculous.

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kevinl

Pleasurepays

i think you need to study macro economics a little.

it may have escaped your attention that the "rich" have the money. the "rich" create business and jobs. its interesting that you mention a typically backwards and ignorant remark like "laughing all the way to the bank"... what about banks? did it occur to you that money in banks is where investment comes from? its where your house loan came from... your car loan... and your massive credit card debt that allows you to live beyond your means. its those banks that form the very foundation of a free market economy and economic system.

i understand that you may be real dissapointed that Chairman Mao and Lenin did not really achieve their backwards objectives of stealing everyones property and redistributing it successfully to make the world a fair place, without pain, tears, sadness, hunger and pain... it was an admirable dream... and still is, no matter how much misery its proponents create for the very people the claim to be fighting for.

but the fact is that the wealthiest people and companies drive the economy... not the poorest.