Obama/McCain Tax Proposals

[JoeD]

What do you think? Obviously, just proposals but..

My biggest problem is that it seems Obama wants to "punish" the wealthy. This is the problem I have with the most liberal senator in 2007. Judging by his voting record to increase government spending in government programs I dont see how America is going to see much "change."

[2ez2brich]

Originally Posted by JoeD

What do you think? Obviously, just proposals but..

My biggest problem is that it seems Obama wants to "punish" the wealthy. This is the problem I have with the most liberal senator in 2007. Judging by his voting record to increase government spending in government programs I dont see how America is going to see much "change."

Your not reading the details Smiley. All you are focusing on with McCain are the tax cut proposals. You have to consider McCain's and Obama's tax cuts / increases vs the Deficit. Historically, the economy has always been worse off funding the tax cuts with the deficit. the DEficit will grow. If you are out of money...and then use your credit card to buy groceries.......you are able to eat.....but what happens to your debt ? It grows Smiley.

But which is the greater evil you ask ? Good question my newly open minded friend....hehehe


a little Clip from CNN news:



According to the Tax Policy Center's findings, the common assumptions most people make about the plans of McCain, the presumptive Republican nominee, and Obama, the Democrats' pick, are not wildly off-base.

McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.

Under both plans, all American taxpayers could pay a price for their tax cuts: a bigger deficit. The Tax Policy Center estimates that over 10 years, McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest, while Obama's could add as much as $3.3 trillion.

The reason: neither plan would raise the amount of revenue expected under current tax policy - which assumes all the 2001 and 2003 tax cuts expire by 2011. And neither plan would raise enough to cover expected government costs during those 10 years.





Seems like your most Liberal Senator in 2007 will allow you to keep a little more in your pockets for your kids. don't just look at charts bru....read the details.


Mods......we can close this thread now.

[IronSlade]

Originally Posted by 2ez2brich

Mods......we can close this thread now.

Not so fast....

There is more to discuss here, but I do like the comment that both candidates will end up increasing the national debt.

That is what ticks me off, they both just want to give out stuff to make people happy and get elected. Leave the real problem for others to fix down the road.

[J. Adams]

Originally Posted by IronSlade

Leave the real problem for others to fix down the road.

i.e. Social Security

[2ez2brich]

Originally Posted by IronSlade

Not so fast....

There is more to discuss here, but I do like the comment that both candidates will end up increasing the national debt.

That is what ticks me off, they both just want to give out stuff to make people happy and get elected. Leave the real problem for others to fix down the road.

I agree with you my muscle head friend. BOTH will cause the national debt to increase.


when the numbers were crunched.....McCain's numbers were a little more at the time. but either way....the debt will increase.

and i am sorry.....the so called wealthy deserve a little hit....they received concessions for the last 8yrs under Bush.

[JoeD]

Originally Posted by 2ez2brich

I agree with you my muscle head friend. BOTH will cause the national debt to increase.


when the numbers were crunched.....McCain's numbers were a little more at the time. but either way....the debt will increase.

and i am sorry.....the so called wealthy deserve a little hit....they received concessions for the last 8yrs under Bush.

the wealthy don't deserve to get punished for being wealthy. I think everyone should get taxed the same. but as already mentioned there's more to it then just that. Tax experts have rated Obama a big fat F.

[2ez2brich]

Originally Posted by JoeD

the wealthy don't deserve to get punished for being wealthy. I think everyone should get taxed the same. but as already mentioned there's more to it then just that. Tax experts have rated Obama a big fat F.

It can be argued that the tax breaks for the so called wealthy people have added to our national debt.

W’s tax cut for the rich has helped balloon our National Debt from 6 to 9.1 Trillion. Why is that bad ? Now China, Japan and other countries question our economy and won’t buy our Treasury bills at low interest rates. That means we have to raise interest rates here at home to attract them to keep buying. When interest rates go up it becomes more expensive for us to buy cars and homes. When we don't buy these necessities...companies and municipalities struggle and may go out of business (business'). Companies go out of business the unemployment filings increase......the residual effects are darn near endless.




Can you explain to me why they rated Obama a "F". I am trying to understand why this is so.

[Ulter]

Tax experts have rated Obama a big fat F.

Define "Tax experts"

This will be Caito, Heritage, or American I.

[TrenAman]

Have not heard anything about McCain tax stuff but I did like how Obama wants to remove tax cuts for corp. taht send jobs overseas's "outsourcing" mostly IT companies and such

[phunkj0310]

Originally Posted by 2ez2brich

and i am sorry.....the so called wealthy deserve a little hit....they received concessions for the last 8yrs under Bush.

I agree with you on all but this part... why should someone who worked hard to become "wealthy" pay more of the tax burden? It's a very provable fact that the top 15% of wage earners in this country already pay over 75% of the taxes in this country. Even if they were handed a trust fund or inherited the money, somewhere down the line, someone busted their ass for that money and should not be penalized for it. If you start punishing the top producers, eventually the top producers will stop producing because it's not fiscally wise.

	ASS Nelson Montana

[2ez2brich]

Originally Posted by phunkj0310

I agree with you on all but this part... why should someone who worked hard to become "wealthy" pay more of the tax burden? It's a very provable fact that the top 15% of wage earners in this country already pay over 75% of the taxes in this country. Even if they were handed a trust fund or inherited the money, somewhere down the line, someone busted their ass for that money and should not be penalized for it. If you start punishing the top producers, eventually the top producers will stop producing because it's not fiscally wise.

Really consider the way the so called rich are being taxed bru. Usually they will have multiple Income / revenue streams in place....and I don't thing this is all taxed the same. I am talking wages, investment income / capital gains. I am a little naieve when it comes to the tax rules so help me under stand this.......... are regular wages taxed the same as investment income / capital gains ?


Moreover is there a salary cap for those that pay into social security and medicare ?


IMO the so called rich are more better off than some may realize...with the write-offs they claim. They don't hire CPA's for nothing.

[J. Adams]

Capital gains is taxed at 15% if its a long-term investment(1 year or more)

And then if its short-term ( < 1 year) it's taxed at your current tax bracket. (So that would depend on your yearly income level)

[2ez2brich]

Originally Posted by J. Adams

Capital gains is taxed at 15% if its a long-term investment(1 year or more)

And then if its short-term ( < 1 year) it's taxed at your current tax bracket. (So that would depend on your yearly income level)

Hnmmm?

So wait....how is social security and medicare deducted ?


Is there a salary cap on this ?

[JoeD]

Originally Posted by Ulter

Define "Tax experts"

This will be Caito, Heritage, or American I.

nope

National Taxpayers Union

Seeks to reduce government spending, cut taxes, and protect the rights of taxpayers.

National Taxpayers Union - Rates Congress Database

Name: Obama, Barack
Party: D
State: Illinois
2007 Grade: F
2007 Score (in %): 5%
2007 Rank: 88
2006 Grade: F
2006 Score (in %): 16%
2006 Rank: 69
2005 Grade: F
2005 Score (in %): 6%
2005 Rank: 96
2004 Grade: