Obamas tax plan

[The Ween]

98% of small businesses don't make a taxable income over $250K a year. You're supposing that the income tax is on gross income rather than net.

We sure don't! Don't come anywhere near that total.

By the way, I'm from the Toledo, OH area and Joe the Plumber has been on tv all the time lately. He's voting for Obama.

 

[man_vs_machine]

Taking money from the people who have succeeded is NOT the answer. Everyone has a sense of entitlement now a days, and it's getting worse and worse. That's why most people are all for Obama's tax plan. Cuz they it makes it easier on them. And I don't know where that 98% of small businesses don't clear over $250K keeps coming from. I know quite a few small business owners that Gross over that. And the Government and banking institutions alike do all their tax calculations off of gross not net.

 

[Darklord Dave]

And I don't know where that 98% of small businesses don't clear over $250K keeps coming from. I know quite a few small business owners that Gross over that. And the Government and banking institutions alike do all their tax calculations off of gross not net.

I posted an article that covers it very well earlier. And tax calculations are never based on gross income, but on taxable income - which is after expenses, deductions, etc.

 

[LordAzrael]

 

[Spartan Rex]

By Dr. Merrill Matthews, resident scholar with the Institute for Policy Innovation

There are at least three necessary ingredients for jumpstarting a faltering economy. John McCain embraces all three; Barack Obama shuns them. It's just that simple.

Free Trade -- Economist Milton Friedman once said that of all the pro-growth policies a government should adopt, free trade is the most important. Former Federal Reserve Bank Chairman Alan Greenspan has said that taxing trade between countries makes no more economic sense than taxing trade between states.

McCain aggressively pushes free trade agreements. Obama, especially since pandering to the union vote in the Ohio and Pennsylvania primaries, talks like a protectionist and even opposes the Colombia Free Trade Agreement.

Low, simplified taxes -- McCain maintains the current tax rates on income, capital gains and dividends and cuts the corporate tax rate. Obama proposes numerous "tax cuts," many of which are nothing more than income transfers to people who don’t pay taxes. He would complicate the tax code and, because he's targeting the cuts, he gets to pick the economic winners and losers.

Reduced government spending and regulations -- According to the National Taxpayers Union Foundation, during the first session of the 110th Congress:

McCain sponsored or cosponsored 22 bills, which would have increased federal spending by $8 billion annually.
Obama sponsored or cosponsored 114 bills, increasing federal spending $75 billion annually.
That's a little more than $9 of government spending for Obama for every $1 for McCain.

While McCain has also suggested some troubling programs (like buying up home mortgages), his basic economic plan would be the best "economic stimulus package" the country could get.

 

[Darklord Dave]

By Dr. Merrill Matthews, resident scholar with the Institute for Policy Innovation

The Institute for Policy Innovation (IPI) is a think tank based in Lewisville, Texas and founded in 1987 by Congressman ^^^^ Armey to "research, develop and promote innovative and non-partisan solutions to today's public policy problems." [1]
The conservative Capital Research Center ranked IPI as amongst the most conservative groups in the US, scoring it as an eight on a scale of one to eight.

 

[FQRizzo]

The Institute for Policy Innovation (IPI) is a think tank based in Lewisville, Texas and founded in 1987 by Congressman ^^^^ Armey to "research, develop and promote innovative and non-partisan solutions to today's public policy problems." [1]
The conservative Capital Research Center ranked IPI as amongst the most conservative groups in the US, scoring it as an eight on a scale of one to eight.

Dave, I think I love you

 

[scubasteve]

We sure don't! Don't come anywhere near that total.

By the way, I'm from the Toledo, OH area and Joe the Plumber has been on tv all the time lately. He's voting for Obama.

 

[Spartan Rex]

Dave, I think I love you

If it gets "serious" wear protection, you dont know where these admins have been.

JUST KIDDING
Did I do it right Dave

 

[Spartan Rex]

The Institute for Policy Innovation (IPI) is a think tank based in Lewisville, Texas and founded in 1987 by Congressman ^^^^ Armey to "research, develop and promote innovative and non-partisan solutions to today's public policy problems." [1]
The conservative Capital Research Center ranked IPI as amongst the most conservative groups in the US, scoring it as an eight on a scale of one to eight.

Would you feel better if I gave you the opposing view point by the Pres. of the AFL-CIO?


Today’s financial crisis is rocking Wall Street and Main Street. The stock market's tumble has wiped out $2 trillion in Americans' retirement savings. More than 760,000 Americans have lost their jobs so far this year.

This election gives Americans a stark choice -- continue down the road we’re currently on… or turn around America to one that works for everyone.

Barack Obama is committed to creating good, middle-class jobs, and wants to end tax breaks for corporations that send American jobs overseas. He will protect Social Security and has a plan to make health care affordable for all Americans. Obama will be a candidate that stands with working people, not the corporate elite.

John McCain has been part and parcel of the war on working people. He's stood with George W. Bush to protect the interests of the very wealthy and his lobbyist friends from Big Oil and corporate America.

The middle class is disappearing -- America's workers can't afford another day of the disastrous Bush policies.

There's no question that our very future -- and our children's futures -- are at stake in this election. That's why I believe Americans will make history this November and turn our nation in a new direction.


Sounds like the first guy did his homework and the 2nd is writing from Obamas non specific talking points.

IMO

 

[bwills]

The bottom line is this: No country has every taxed its way to prosperity. McCain said what I've been dying for him to say in the debates, and that is (paraphrasing) "When the economy is struggling, why would you want to raise taxes on ANYBODY?" I don't care if it's the top 2% of small business owners. It makes no fiscal sense whatsoever. The government needs to freaking CUT SPENDING and quit WASTING taxpayer money. With all their wasteful spending and freebie handouts, they could cut the budget significantly and put to rest this stupid argument of needing to raise taxes on any income bracket.


Obama even said that if the economy is still struggling when he takes office, he would hold off on tax increases. WTF??!!!! If it's bad for the economy in a downturn, why would it be good for the economy when things are good?

Like it or not, Obama is a big government economic Socialist. Vote him in at your own peril.

BTW - you folks do realize that roughly 45% of the 95% that Senator Obama says will get a tax cut don't even HAVE A FREAKING FEDERAL TAX BURDEN????? That means their going to get free money. How nice. Take from the 2% to give to the 45. That's the new American way......

 

[darthviper107]

All I know is that under Obama I would be paying twice as much as I am now, and I make almost nothing

 

[Shai]

All I know is that under Obama I would be paying twice as much as I am now, and I make almost nothing

 

[CelticPredator]

All I know is that under Obama I would be paying twice as much as I am now, and I make almost nothing

Unless you think making over 250k is nothing.....wow!

 

[The Ween]

He was on tv the other day and said he made up his mind and he's voting for Obama. He's on almost everyday here. UGH! Now there's a push for him to run for state congress.

 

[Darklord Dave]

All I know is that under Obama I would be paying twice as much as I am now, and I make almost nothing

Sounds like you didn't do the math right.

Everyone says that Obama will be more "protectionist," which is a buzzword, since that's one of the supposed causes on the Great Depression. But Obama has only said that he wants to re-negotiate NAFTA, not throw it out all together.

 

[IrishJedi]

Unless you think making over 250k is nothing.....wow!

It is an outright fallacy that only those making more than 250k will be taxed more under Obama.

And we haven't even discussed FICA yet, have we? Hell, between that and the UHC he's proposing he could lower the FIT 5-10% and most of us in the Middle Class will still be getting hammered as bad (or worse) than ever. UHC alone would make it worse than Carter.

The only people who are going to get better are the super rich in the upper class (because no matter how much they're taxed, they'll still have loopholes and millions to invest and grow) and the lower class (who will now get even more for nothing).

As usual, the middle class will get bent over.

 

[Mesa]

It is an outright fallacy that only those making more than 250k will be taxed more under Obama.

And we haven't even discussed FICA yet, have we? Hell, between that and the UHC he's proposing he could lower the FIT 5-10% and most of us in the Middle Class will still be getting hammered as bad (or worse) than ever. UHC alone would make it worse than Carter.

The only people who are going to get better are the super rich in the upper class (because no matter how much they're taxed, they'll still have loopholes and millions to invest and grow) and the lower class (who will now get even more for nothing).

As usual, the middle class will get bent over.

so what you're saying is... we shouldn't vote for Obama?

I think I'll take that into consideration and under advisement and have my people get back to you. Now if you could just pass the word, it would be appreciated.

 

[darthviper107]

Sounds like you didn't do the math right.

Everyone says that Obama will be more "protectionist," which is a buzzword, since that's one of the supposed causes on the Great Depression. But Obama has only said that he wants to re-negotiate NAFTA, not throw it out all together.

There was some thing online that was a taxes calculator based on what both candidates have said about their tax plans--according to that, with McCain it would stay about the same, but with Obama it was almost twice as much.

And I only make about $8,000 a year, (college).

 

[creature4000]

It is an outright fallacy that only those making more than 250k will be taxed more under Obama.

The only people who are going to get better are the super rich in the upper class (because no matter how much they're taxed, they'll still have loopholes and millions to invest and grow) and the lower class (who will now get even more for nothing).

As usual, the middle class will get bent over.

Good Post!