Saturday, November 08, 2008

Tories Announce Funded Tax Cut In Face of Recession

No, we won’t be seeing this in America. 

David Cameron is determined to get his party on to the front foot over tax after clear signs that the Government is planning its own reductions to be unveiled in the forthcoming Pre-Budget Report.

A senior party source said the new “funded” Tory tax cut, which could be announced within days, would be aimed at staving off unemployment. It would be a “recession-alleviating measure” and would be paid for by cutting government spending elsewhere, he added.

(8) Comments
Posted by Owen at 1656 hrs
Economy + Foreign Affairs

  1. Strange you should say that. The most prominent conservative commentators have meanwhile been criticising their own party for the failure to propose tax cuts, and praising Obama’s proposed tax cuts.
    http://www.order-order.com/2008/11/lessons-for-gordon-and-dave.html

    Posted by .(JavaScript must be enabled to view this email address) on November 08, 2008 at 1833 hrs


  2. You miss the bottom line on Obama’s tax cuts.  He is raising taxes on the most productive to give a handout to the least.  since only about 60% of the working population pays income tax, it is impossible to cut income taxes for 40%.  But it’s all in the wording.

    Posted by Steve on November 09, 2008 at 0650 hrs


  3. Again, can anyone show me a person who works but pays zero taxes? I don’t think they exist.

    Posted by .(JavaScript must be enabled to view this email address) on November 09, 2008 at 0725 hrs


  4. RTP, Steve-O.  INCOME taxes.  I realize everyone pays taxes of some variety.  My post specifically calls out INCOME taxes.  40% pay nothing.  Zero, zip, nada.

    Posted by Steve on November 09, 2008 at 0801 hrs


  5. So then why did McCain have refundable income tax credits?

    It’s perfectly reasonable to look at the overall tax burden and find ways of reducing the burden for those making very little. I mean, someone making $2 million a year can live without yet another tax cut, yet for those who work 40 hours a week or more on $8 an hour, they will draw little comfort from hearing that they won’t get any tax cut because they make too little (even though they pay federal taxes.)

    Posted by .(JavaScript must be enabled to view this email address) on November 09, 2008 at 0806 hrs


  6. The point here is a moral one.  Everyone has a moral obligation to help their fellow humans.  No one has a right to anothers’ wealth.  The government has no right to take money (at the point of a gun, I might add) to give it to another.  That is immoral.

    Posted by Steve on November 09, 2008 at 0810 hrs


  7. Steve-O,

    You keep embarrassing yourself with this argument.  When the people get the tax credit, are they losing the value of their FICA, their Social Security contributions?  No!!  Why?  Because it is a straight redistribution of wealth.  Bringing up McCain has nothing to do with critiquing Obama’s plan; especially after Tuesday.  Can you talk about Obama’s plan without lapsing into a “He did it to” argument?

    Posted by .(JavaScript must be enabled to view this email address) on November 09, 2008 at 1447 hrs


  8. Bringing up McCain is perfectly relevant because if critics of Obama’s “socialist” tax plan were intellectually coherent, they would have been angry about McCain’s “socialist” tax plan, too.

    They would also start criticizing Ronald Reagan for introducing the EITC, too, because it’s the same concept.

    Posted by .(JavaScript must be enabled to view this email address) on November 11, 2008 at 1251 hrs


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