Sunday, September 21, 2008

Warning, political talk.....

I'm watching 60 minutes. "Obama's plan cut taxes for the middle class. Raises taxes on those earning over $250,000. McCain's plan cuts taxes for everyone."

Cut taxes for everyone? Is it Christmas everyday? So, um, where does the $700B for this latest bailout come from???? How do we pay for Iraq? People earning $250K are probably not worrying about how to pay their heating bills this winter. $250K is decent money. It's not wealth, not any longer. But it's a fair chunk of change. And people earning $400K+ surely can make a small sacrifice while we're in such trouble.

My husband had a great idea - in addition to the financial/mortgage bailout, which the world economy needs, how about if Washington says to credit card companies, "OK, you now have a ceiling interest rate of 12% - you can no longer charge Americans 26%, 29.9% even with a late payment."

This would allow average Americans who carry debt (like the investment and morgage companies we're bailing out) to pay OFF their debt faster, or at all, and put that savings back into the economy. How is that bad? So credit card companies wouldf earn less money. Here's a thought, stop paying that nice man in India to call me every night. How's that?

A few years ago, I was late on a credit card payment over the holidays. Late as in about 2 days. Late as in, "Oh shit! I didn't send that bill in and it's 12/23!" My rate went from 9.9% to 29.99% and remained there for six months. I'd been a loyal, paying customer for over a decade. That's USURY - and we shouldn't allow it.

Oh, and I'm trying to research further the info I've read that McCain's healthcare plan makes your company paid healthcare benefits part of your taxable income. Part of your taxable income. That means if your company pays $10,000 a year toward your health premium, you pay taxes on an additional $10K. Much like salespeople pay tax on some of their benefits, like a company car. Younger people will opt out further of healthcare to save taxes, leaving older sicker people in the plans - and rates go up again.

Here in CT, well-to-do CT, you mention winter and people's eyes grow WIDE with fear. I can't fathom what our gas bills are going to be like, even though we've downsized from our downsizing. My husband makes a salary that I used to think was a fortune - after rent, $1000 that we pay in health insurance premiums, car insurance, misc. payments and that luxury I like to call "breakfast, lunch and dinner" we struggle. We don't save as much as we should. I worry for how we will pay for our older years - and the girls' too.

If you're wealthy, stop worrying about some "poor person not pulling his weight." Sure, there are shysters at ALL levels of society. But please, just suck it up and pay a bit more in taxes. You'll survive. And with any luck, so will America.


The Anti-Wife said...

Well said!

RJeff said...

If I had a nickel for every politician that said they would cut taxes, I'd be very wealthy, and wouldn't be one of the little people who paid taxes! (Thanks, Leona)

The abject stupidity of cutting taxes for everyone comes as sleight of hand as a "percentage" cut across the board. This may sound great to some, until you do the math. A family of 4 subsisting on $60,000/year may owe about $5,000 in federal taxes. A 10% cut in those taxes is a whopping $500 or perhaps about 10 fill-ups of the family minivan. The mid-level executive who makes about $300,000 for the same family of 4 ponies up about $60,000 in federal taxes - 10% of this is $6,000, or enough for a nice vacation to Puerto Rico.

Under McCain's plan, one could argue that the more honest slogan would be "the rich get richer".

Jenn said...

Amen, Kim! And I so totally agree with you on the credit card b.s. Tell Hubs I think his plan is genius!

Stephen Parrish said...

You know why the credit card companies can do what they do? Because Americans bend over and take it.

Switch to a debit card (or whatever they're calling it nowadays in the States; a card that pays only if you have money in your account). Put the loan sharks out of business by refusing their services.

Demon Hunter said...

I hate credit cards. I've only had one in my life and it was just there because I felt like getting one and of course I used it, but not more than a few thousand. I hate those things.

Tell you hubby he's right. Credit card companies can afford to take a loss with those ridiculous interest rates.

K Fuller said...

I think we should have a flat tax, Although I have no idea at what percentage it should be set.
It is a shame that those barely making it from payday to payday are paying a higher percentage of their income than those who are wealthy

Kim Stagliano said...

Oh, but the wealthy creat jobs! Yes, for $9 and hour here, no benefits and in India and China. Trickle down economics... Tired of getting pissed on? Mark saw that in action - he worked for a company I'll call Rolpde Inc, privately owned. He was interviewed. Owner knew his last salary was $X. Said salary wouldn't be an issue. Offer came in at X - $35,000. And $X wasn't anywhere as high as you'd think. 35K was a HUGE pay cut. With a move to metro NY. Then... as part of Mark's deal the owner was to pay our moving costs. They totalled $3500. Not a ton of money. He wrote Mark a check for $3000, claiming that's what he agreed to. He stiffed his head of sales $500 for what????? 6 months later Mark quit. Meanwhile old owner had a shiny Mercedes (I think) his wife a white BMW, and vacations more than once per year while the company offices were disgusting, the salaries painfully low for anywhere in the country, let along NY and owner was the only one to pocket the money.

Trickle down my ass. (Ew, I hate it when that happens and tomorrow I'll have an ass post. No kidding.)