Something Will You Probably Not See From Democrats This Session

[Dos Equis]

Unfortunately. 

Posted at 3:54 a.m., Thursday, January 18, 2007

Lingle to reveal tax relief package

Advertiser Staff

Gov. Linda Lingle will hold a 2:30 p.m. news conference today to announce her legislative tax relief package.
The meeting will be held at the State Capitol in the executive chambers.

http://the.honoluluadvertiser.com/article/2007/Jan/18/br/br0273864195.html

[240 is Back]

they're too busy now, trying to unfuck the Iraq mess. 

[Dos Equis]

Says the man who believes the only way to fix the economy is to raise taxes.  What else can you say?   

[rockyfortune]

Says the man who believes the only way to fix the economy is to raise taxes.  What else can you say?   

GW Bush is the only US president to CUT taxes in times of war...read your history Beach..and you'd see that if you cut taxes during war, your children's children will be paying for it down the road..that and half the world thinks the US proved their idea of American's being a bunch of imperialistic a-holes by invading Iraq. 

[Stark]

they're too busy now, trying to unfuck the Iraq mess. 

balance the stupid budget

[rockyfortune]

balance the stupid budget

you can't balance a budget while financing a war on credit...

[Dos Equis]

GW Bush is the only US president to CUT taxes in times of war...read your history Beach..and you'd see that if you cut taxes during war, your children's children will be paying for it down the road..that and half the world thinks the US proved their idea of American's being a bunch of imperialistic a-holes by invading Iraq. 

Rocky I've never read an analysis of the relationship between tax cuts and war, but I'm always open to new information and ideas. 

But I am an anti-tax militant.  I'm just glad Governor Lingle is in office.  Nearly 50 years of one-party Democrat rule nearly killed our state.  But the tide has turned. 

[rockyfortune]

Rocky I've never read an analysis of the relationship between tax cuts and war, but I'm always open to new information and ideas. 

But I am an anti-tax militant.  I'm just glad Governor Lingle is in office.  Nearly 50 years of one-party Democrat rule nearly killed our state.  But the tide has turned. 

read this book..and you'll see how wars are financed...The Great Tax Wars: Lincoln to Wilson--The Fierce Battles over Money and Power That Transformed the Nation

[rockyfortune]

Rocky I've never read an analysis of the relationship between tax cuts and war, but I'm always open to new information and ideas. 

But I am an anti-tax militant.  I'm just glad Governor Lingle is in office.  Nearly 50 years of one-party Democrat rule nearly killed our state.  But the tide has turned. 

or you can read this...


War and Tax Cuts 
by Holly Sklar and Chuck Collins
 
More Americans have died in Iraq than in all U.S. military operations since Vietnam combined. Some states have reported their first National Guard combat deaths since World War II. The Bush administration expects tens of thousands of troops to be in Iraq well past next year.

Reserve and Guard members on extended duty in Iraq and Afghanistan have lost savings, homes and businesses. Now the Army is recalling thousands of honorably discharged soldiers who served less than eight years on active duty.

Meanwhile, millionaires are getting tax breaks.

Tax cuts for the richest 1 percent of Americans are costing about as much this year as the combined budgets for Veterans Affairs, Energy, Environmental Protection and Homeland Security. The Bush administration's "Planning Guidance for the FY 2006 Budget" projects cutbacks in all those areas plus education, housing, health care and nearly every domestic responsibility.

Presidents Lincoln and Roosevelt would be appalled at President Bush's unprecedented wartime tax policies -- lining the pockets of millionaires while soldiers are in the line of fire. They understood the importance of shared sacrifice. President Bush does not.

In July 1862, President Lincoln established the first graduated income tax and taxes on inheritances and corporate dividends to finance the union in the Civil War. President Bush used the USS Abraham Lincoln, draped with a "Mission Accomplished" banner, to prematurely declare major combat operations ended in Iraq.

President Bush has been much more accomplished in his mission of major tax cuts for millionaires.

President Roosevelt raised taxes during World War II, including taxes on war profiteering. "I don't want to see a single war millionaire created in the United States as a result of this world disaster," he said.

While war profiteering has fueled anger in Iraq and America, the Bush tax cuts have helped mint more millionaires at home. The number of people in the United States with at least $1 million in financial or liquid assets (not counting home equity) jumped 14 percent last year, according to the “2004 World Wealth Report” by Merrill Lynch and the Capgemini Group.

“The Bush tax cuts, which included a reduction in the top tax rate, as well as reductions in taxes on estates, capital gains and dividends,” the Wall Street Journal reported, “helped bolster the fortunes of the fortunate.”

In 2004, households with incomes above $1 million will receive tax cuts averaging $123,600. That will cause their after-tax income to jump by more than 6 percent, says the Center on Budget and Policy Priorities.

Tax cuts for the wealthy are stimulating budget cutbacks, deficits and an increasingly flat tax burden. In 2004, the richest 1 percent -- with an average income of nearly $1 million -- will pay 32.8 percent of their income in all federal, state and local taxes combined. The other 99 percent -- with an average income of $47,500 -- will pay just a little less, at 29.4 percent, Citizens for Tax Justice reports.

Already enacted tax cuts for the wealthiest 1 percent will cost more than $1 trillion in 2001-2010. That translates into more than $300 million in lost revenues every day for ten years. Some shared sacrifice.

The administration’s revised “Patterns of Global Terrorism” shows the number of significant terrorist attacks reached a 20-year high in 2003. U.S. troops are overtaxed abroad. Police and fire stations, schools and emergency rooms are understaffed at home. The nation is sinking deeper into a quagmire of debt.

Yet, the administration and its congressional allies are pushing even more tax cuts for high-income Americans. More tax cuts at a time when higher education has become more out of reach financially for low-income Americans -- unless they join the military.

The Bush tax cuts are widening the gap between the children of millionaires and the children of soldiers, few of them from wealthy families. The soldiers' children will have even less opportunity for higher education and career ladders outside the military than their parents did.

More and more Americans realize the Iraq war is based on false premises. Unless Bush's similarly misguided tax policies are reversed, we will pay for his mistakes for generations to come.

 

[240 is Back]

cutting taxes right now  ... LMAO

As much as I would love to get a bigger refund, I know it'd screw us in the long run.

[Dos Equis]

or you can read this...


War and Tax Cuts 
by Holly Sklar and Chuck Collins
 
More Americans have died in Iraq than in all U.S. military operations since Vietnam combined. Some states have reported their first National Guard combat deaths since World War II. The Bush administration expects tens of thousands of troops to be in Iraq well past next year.

Reserve and Guard members on extended duty in Iraq and Afghanistan have lost savings, homes and businesses. Now the Army is recalling thousands of honorably discharged soldiers who served less than eight years on active duty.

Meanwhile, millionaires are getting tax breaks.

Tax cuts for the richest 1 percent of Americans are costing about as much this year as the combined budgets for Veterans Affairs, Energy, Environmental Protection and Homeland Security. The Bush administration's "Planning Guidance for the FY 2006 Budget" projects cutbacks in all those areas plus education, housing, health care and nearly every domestic responsibility.

Presidents Lincoln and Roosevelt would be appalled at President Bush's unprecedented wartime tax policies -- lining the pockets of millionaires while soldiers are in the line of fire. They understood the importance of shared sacrifice. President Bush does not.

In July 1862, President Lincoln established the first graduated income tax and taxes on inheritances and corporate dividends to finance the union in the Civil War. President Bush used the USS Abraham Lincoln, draped with a "Mission Accomplished" banner, to prematurely declare major combat operations ended in Iraq.

President Bush has been much more accomplished in his mission of major tax cuts for millionaires.

President Roosevelt raised taxes during World War II, including taxes on war profiteering. "I don't want to see a single war millionaire created in the United States as a result of this world disaster," he said.

While war profiteering has fueled anger in Iraq and America, the Bush tax cuts have helped mint more millionaires at home. The number of people in the United States with at least $1 million in financial or liquid assets (not counting home equity) jumped 14 percent last year, according to the “2004 World Wealth Report” by Merrill Lynch and the Capgemini Group.

“The Bush tax cuts, which included a reduction in the top tax rate, as well as reductions in taxes on estates, capital gains and dividends,” the Wall Street Journal reported, “helped bolster the fortunes of the fortunate.”

In 2004, households with incomes above $1 million will receive tax cuts averaging $123,600. That will cause their after-tax income to jump by more than 6 percent, says the Center on Budget and Policy Priorities.

Tax cuts for the wealthy are stimulating budget cutbacks, deficits and an increasingly flat tax burden. In 2004, the richest 1 percent -- with an average income of nearly $1 million -- will pay 32.8 percent of their income in all federal, state and local taxes combined. The other 99 percent -- with an average income of $47,500 -- will pay just a little less, at 29.4 percent, Citizens for Tax Justice reports.

Already enacted tax cuts for the wealthiest 1 percent will cost more than $1 trillion in 2001-2010. That translates into more than $300 million in lost revenues every day for ten years. Some shared sacrifice.

The administration’s revised “Patterns of Global Terrorism” shows the number of significant terrorist attacks reached a 20-year high in 2003. U.S. troops are overtaxed abroad. Police and fire stations, schools and emergency rooms are understaffed at home. The nation is sinking deeper into a quagmire of debt.

Yet, the administration and its congressional allies are pushing even more tax cuts for high-income Americans. More tax cuts at a time when higher education has become more out of reach financially for low-income Americans -- unless they join the military.

The Bush tax cuts are widening the gap between the children of millionaires and the children of soldiers, few of them from wealthy families. The soldiers' children will have even less opportunity for higher education and career ladders outside the military than their parents did.

More and more Americans realize the Iraq war is based on false premises. Unless Bush's similarly misguided tax policies are reversed, we will pay for his mistakes for generations to come.

O.K.  I read it.  Much of this article is an (obviously biased) opinion piece.  I also question the use of figures here, focusing on the "top 1 percent."  Those are not the only people who received tax cuts.  And even if you focus on them, so what?  They pay more taxes than anyone else.  I don't think you ever reach an income threshold where you suddenly have to shoulder a higher proportional share of taxes.  I am absolutely opposed to punishing success. 

Also, the article doesn't really talk about the relationship between war and taxes, except for a quote from Roosevelt. 

[Dos Equis]

Unfortunately. 

Posted at 3:54 a.m., Thursday, January 18, 2007

Lingle to reveal tax relief package

Advertiser Staff

Gov. Linda Lingle will hold a 2:30 p.m. news conference today to announce her legislative tax relief package.
The meeting will be held at the State Capitol in the executive chambers.

http://the.honoluluadvertiser.com/article/2007/Jan/18/br/br0273864195.html

And here it is.  Governor Lingle saying "let the people keep more of their money."  Democrat Speaker of the House Calvin Say saying "nooooooo."    

Lingle unveils tax plan
House Speaker Calvin Say says the proposal for $346 million in tax reductions is too much
By Richard Borreca
rborreca@starbulletin.com
Gov. Linda Lingle is proposing tax cuts worth $346 million to Hawaii residents over two years, but Democrats in the state House say it is too much.

During a news conference yesterday at the state Capitol, Lingle said she will propose that the Legislature lower or cut portions of state excise taxes, income taxes and gasoline taxes.

"Our residents are struggling with the high cost of living, and they will continue to fall further behind unless we provide immediate and long-term tax relief," she said.

TOP ITEMS OF A $346 MILLION TAX PLAN
» Annual tax adjustment for inflation. State would adjust the standard deduction, personal exemption and tax brackets yearly in response to inflation. Worth $10 million per year.
» Raise standard deduction to 75 percent of the federal standard. Worth $30 million to state taxpayers.

» Cut tax on basic foods. The general excise tax on milk, dairy products, eggs, canned fish, cereal, juices, peanut butter, beans, carrots, infant formula and infant cereal would be eliminated. Estimated to be worth $55 million during two years.
 
But House Democrats, led by House Speaker Calvin Say, said there are requests for $317 million more than the $4.9 billion Lingle wants to spend for all state general fund appropriations.

And, Say added, the public-employee unions could get pay raises of 7 percent and 9 percent, which would cost an additional $500 million.

"Right now, we are spending more than we are taking in," said Say (D, St. Louis Heights-Wilhelmina). "Let's go slow."

The Lingle administration estimates the state's budget surplus at $736 million.

Lingle is not saying how much the state is budgeting for union pay raises, but she insists the state can afford tax cuts.

Lingle pointed to her plan to eliminate the general excise tax on 11 basic foods, described as her latest attempt to lower the tax on food.

"No one should have to pay a tax for the privilege of eating," Lingle said.

Lingle hopes that the public will pressure lawmakers into cutting taxes.

"I think it will be difficult to vote for taxing infant formula," Lingle said.

Lingle has consistently urged that the state change its standard deduction, which has been criticized as being a burden on low-income families and the working poor.

Last year, the Legislature raised the standard deduction to 40 percent of the federal level. Lingle said it should be at least 75 percent of the federal level.

"Adjusting the standard deduction has long been recommended by tax experts, including every tax review commission since 1985," Lingle said.

Also included in her tax package is a one-time refund of $100 per person for families with household incomes up to $100,000. Those with incomes of more than $100,000 would get refunds of $25 per person.

Some sort of refund is required by the state Constitution. Whenever the state's general fund balance is more than 5 percent of general fund revenues after two years, the state must return an unspecified refund.

Refunds have ranged from $1 to $100 in past years.

Lingle estimated that the refund would put $90.8 million back in the hands of taxpayers and dependents.

Say said the tax rebate is probably the one portion of Lingle's tax plan likely to survive.

"We have been looking at some sort of a giveback," Say said.

But he warned that the state has "unmet needs" and millions of dollars in requests from public schools and universities that could diminish any tax cuts.

Last year, Lingle asked the Legislature for more than $280 million in tax cuts and was able to get only about $50 million in cuts.

http://starbulletin.com/2007/01/19/news/story01.html

[240 is Back]

BB,

Can you summarize the effects of that policy upon our retirement in one sentence?

[Dos Equis]

BB,

Can you summarize the effects of that policy upon our retirement in one sentence?

lol.  You don't live in Hawaii, so there is no "our retirement."     What I can tell you is that if Governor Lingle had not been elected our state would still have a budget deficit, rather than a budget surplus.  Nearly a half century of liberal control nearly killed us.  But the tide has turned.