Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?

Because the middle class needs a hand, and corporations are avoiding paying their taxes in record numbers now.


I've heard much worse from the guy. This is good.

Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
The opposite of this was Reaganomics which in theory should've created a "trickle down" effect on the economy by creating more better paying jobs and therefore increase consumer spending which would help entice shareholders to invest. This, in theory was a great idea but nobody took into account the one thing that would cause it to fail: corporate greed.





Currently, the gap between executive earnings vs. average employee earnings is bigger than ever and THAT is the downfall of Reaganomics and ultimately the economy. Even CEOs who have steered huge corporations into the ground are getting giant bonuses to leave their fallen companies. Where is the media coverage on all this?





The heartbeat of the US economy is the middle class. When unemployment is high, average earnings are low and the cost of living is higher than ever this creates a recipe for disaster. A perfect example of how corporate greed has hurt the economy is in how big US oil companies are making record profits while consumers are paying record prices. THIS is why America seems to be ready to elect a relatively inexperienced US Senator as President based on his simple message of CHANGE.





Damn are we ready...
Reply:Because he wants to promote a robust and healthy middle class. Corporations have unbelievably prodigious benefits when it comes to paying (or not paying ) taxes in this country. Obama wants to reign that in a little. While some fear that these cuts will cause even more corporations to outsource and also raise prices, Obama obviously does not share their view.
Reply:You really should read about the tax cuts.


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A new breed of fabulously rich American is leaving the rest of the country far behind, in part because of President Bush’s tax cuts.


The “hyper-rich”, 145,000 taxpayers earning an average $3 million a year, have seen their earnings soar while their tax burden has decreased significantly in recent years. Their share of the national income has doubled in the past 20 years while 90 per cent of taxpayers have seen their share fall.





The number of households with assets worth more than $10 million has more than quintupled in the past 20 years. The trend is raising fears that the concentration of wealth in so few hands will create a new monied aristocracy.





Some of the wealthiest Americans, such as the financiers George Soros and Warren Buffett, have warned that the trend could hamper America’s social mobility. But proponents of Mr Bush’s tax cuts argue that the figures are a sign of a vibrant economy.





The research, by The New York Times, underscores the findings of several recent non-partisan studies.





The trend began when Ronald Reagan entered the Oval Office in 1980 with an aggressive tax-cutting agenda. Mr Bush’s equally vigorous tax-cutting has widened the divide.





In his first three years in office, Mr Bush revised basic income tax rates, capital gains tax, death duties, tax on dividend income and more. As a result, the country’s top 400 earners, with an income of at least $87 million a year each, are paying the same share of their income in taxes — about 22 per cent — as those earning between $50,000 and $70,000.





Those earning more than $10 million a year now pay a smaller share of their income in taxes than those making between $100,000 and $200,000.





The only taxpayers whose share of taxes fell in 2001 and 2002 were those in the top 0.1 per cent, according to the Internal Revenue Service. Mr Bush has said that his tax cuts are concentrated on low to middle-income earners. Statistics lend him some support. Those earning between $26,000 and $44,000 a year will see their share of federal taxes fall between now and 2015.





But that is only part of the story. The only other income group to see their share of taxes fall are those earning more than $383,000 a year. That includes the top 0.1 per cent, who earn more than $3 million.





More than half of Mr Bush’s tax cuts will go to those whose income puts them in the top 10 per cent. More than 15 per cent will go to the 145,000 in the top 0.1 per cent.





But the process was well under way before Mr Bush came to power. Between 1950 and 1970, for every $1 earned by the bottom 90 per cent of taxpayers those in the top 0.01 per cent earned $162. From 1990 to 2002 the same group at the top made $18,000 for every $1 earned by the vast majority of taxpayers.





The trend is exacerbated by the “alternative minimum tax”, which barely hits the hyper-rich, because it does not affect earnings from dividends and investments.
Reply:He also said he was gonna use public financing, you guys just suck up everything he says, and the elimination of tax cuts equal an increase, and who pays for that, we do through increased prices, fools, the rich dont' care they have the money its the working poor and middle class, they will need more than a $1000. to cover his tax increases.
Reply:It's a strategy called buying votes. Instead of eliminating taxes on the corporations, which would actually help the economy, he thinks he can dupe people into voting for him in exchange for a $1000 check and a promise to gouge those evil corporations, who would then have to lay people off and raise prices to compensate for the added taxes.





Bottom line, Obama wants to do this because he thinks the American public is stupid enough to fall for it. I am wondering if he is right.
Reply:Under Bush and big companies have gotten all the breaks. The people that suffer the most are the middle class because they pay the highest percentage of taxes It doesn't make much sense to give money to companies that spend there money to send jobs overseas. Degrading our economy, Bush said in one of his speeches that a weak dollar is good. Its time to strengthen our dollar again.
Reply:WHAT A POLITICIAN SAYS AND WHAT A POLITICIAN DOES IS NEVER THE SAME. THEY'LL TELL YOU WHAT YOU WANT TO HEAR AND YOU'LL HEAR WHAT YOU WANT THEM TO SAY. THE SYSTEM IS LARGER AND MORE INHERENTLY, POWERFUL THAN ANY ONE PERSON OR PARTY OR CLICHE. THE SYSTEM IS SELF PERPETUATING IN ALL ITS CORRUPTNESS AND AVARICE. OBAMA IS MERELY A STEP IN THE RIGHT DIRECTION BUT ONLY A BABY STEP IF HE WINS.
Reply:One of you guys say he wants to tax the middle class out of existance, and the next says he wants to give the middle class tax dredits.


Which lie do I believe?


You guys need to get your disinformation straight.


Somebody didn't get the memo.
Reply:Because the midlde class can use the money in more positive ways. The coporations spend the money on people who are overly wealthy %26amp; have kids who spend their days like Paris Hilton that is a waste.
Reply:Is this a serious question?





Why NOT give a tax credit to the middle class and eliminate tax cuts for corporations?
Reply:No tax cuts for corporations
Reply:I would like to see a link that substantiates your claim.





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Reply:DUHHHHHHHHHHHHHHHHHHHH
Reply:It's to buy your votes.
Reply:As far as I know he has learned that if he wants to win the presidency then he's going to have to win the blue collar, white peoples vote.





That man is all about getting what he wants.