Obama '08?

Okie- You appear to be well read-Perhaps you can help. I am looking for any articles or essays which explain why the Dow Jones is at such a low point>

I can,of course, quote from many left wing sources to show that the coming of the Messiah-Obama,would bring manna to all--that "change" would bring security and peace after the horrendous deficits and war mongering of the last president. I have read that Obama had such charisma and such talent that the citizens of the USA would be heartened and lifted up by his succession to the presidency.

But, I can't find out why his massive stimulus plan and his large infusion of money to help the housing market has met with a PLUNGE in the Stock Market>

I fear for the Presidency of B.H.Obama. When the MILLIONS of ORDINARY CITIZENS open their 401 K's after the first quarter and find that their holdings have gone down even further, despite the fact that the Messiah promised to lead them out of the financial desert, it doesn't look good for the left wing Democrats in the elections of Nov. 2001.

I can say one thing without fear of contradiction--Roland Burris will not be re-elected Senator of Illinois in 2010 especially since both major Chicago Newspapers have urged that he resign.

Please inform okie of this fact; he keeps telling us many workers don't pay taxes, but get a refund. I wonder who okie is talking about?

EITC Thresholds and Tax Law Updates

Tax Year 2008

Earned income and adjusted gross income (AGI) must each be less than:
*
$38,646 ($41,646 married filing jointly) with two or more qualifying children;
*
$33,995 ($36,995 married filing jointly) with one qualifying child;
*
$12,880 ($15,880 married filing jointly) with no qualifying children.

Tax Year 2008 maximum credit:

*
$4,824 with two or more qualifying children;
*
$2,917 with one qualifying child;
*
$438 with no qualifying children.

Investment income must be $2,950 or less for the year.

The maximum Advance Earned Income Tax Credit (Advance EITC) for 2008 an employer is allowed to provide to employee's pay is $1,750.

There is, it seems to me, to be some confusion about Federal tax returns and the notion of paying no tax and getting a refund.
Here is my employee "Aaron" and his tax return:
$17,142 in income (he would rather paint then work)
Single with no dependents, so he gets the standard deduction of
$ 5,450
$11,692 is his taxable income

$ 1,350 is his tax, but he had withheld from his wages for Fed Income Tax
$ 1,356. So he gets a refund of
$ 6.
It is just plain wrong to argue that people pay no taxes AND get a refund. He paid $1,350.
7.9% of his wages.

In 2007, the median annual household income rose 1.3% to $50,233.00 according to the Census Bureau.[3]The real median earnings of men who worked full time, year-round climbed between 2006 and 2007, from $43,460 to $45,113. For women, the corresponding increase was from $33,437 to $35,102. The median income per household member (including all working and non-working members above the age of 14) was $26,036 in 2006.[4] In 2006, there were approximately 116,011,000 households in the United States. 1.93% of all households had annual incomes exceeding $250,000 ,[5] 12.3% fell below the federal poverty threshold[6] and the bottom 20% earned less than $19,178.[7] The aggregate income distribution is highly concentrated towards the top, with the top 6.37% earning roughly one third of all income, and those with upper-middle incomes control a large, though declining, share of the total earned income.[8][2] Income inequality in the United States, which had decreased slowly after World War II until 1970, began to increase in the 1970s until reaching a peak in 2006. It declined a little in 2007.[9] Households in the top quintile, 77% of which had two or more income earners, had incomes exceeding $91,705. Households in the mid quintile, with a mean of approximately one income earner per household had incomes between $36,000 and $57,657. Households in the lowest quintile had incomes less than $19,178 and the majority had no income earner.[10]

Tell me, Okie, where the numbers are wrong or why they may might be in this example. You have access to the same IRS 1040 Forms & Instructions that I have. I am sticking by my "Aaron" numbers until you show me what error I might have made. Thanks. IRS forms are confusing. I look forward to your analysis.

We are not talking about the same thing, Okie. I am talking about someone who adheres to the rules. You are talking about tax fraud: no tax deducted from earnings (how is that possible?) More children claimed as dependents than exist?
Are you suggesting that the poor cheat on their tax returns while the rich are pure?