Obama and taxes..?
Barack Obama will raise taxes on families making $250,000 or more anually, and cut taxes for those falling under $250,000 anually.
This means 2% of the population will see tax increases under Obama.
The median household income is about $53,000.
Technically, this means 98% of Americans would benefit doesn't it?
A 2004 study by the Congressional Budget Office found a full third of Bush's controversial 2001 and 2003 tax cuts went to the top 1 percent of earners. McCain wants to extend the Bush tax cuts, as well as slash corporate tax.
His tax cuts would cost the federal budget as much as $4 trillion from 2009 through the end of 2018, according to the nonpartisan Tax Policy Center. Bush's cuts would cost only $1.6 trillion if extended to cover the same ten-year period.
So I can see if you are rich and supported Bush's tax cuts you would support McCain's. But what about you average income conservatives?
McCain saves you around $319 a year. Obama saves you $1,042.
(based on an income of $66,000 anually)
(based on an income of $66,000 anually)
Sorry, question got lost in the middle somewhere. Here it is:
How is helping 98% of Americans a bad thing? unless you fall into that top 2%, shouldn't you support this?
Oh I'm not democrat, just confused. It seems EVERY person has a completely different idea on how the economy is run, and how it will work. Is there really that much room in economics for free interpretation? EVERYONE tells me something different about the economy...how can this be?
Wayne O, yes they might give money to help the poor, but only a fraction of actual poor people will see it. fundraisers and organizations have costs as well. I certainly haven't seen a dime of any charity money, and I'm legally below the poverty line.
Wayne O: A nice, yet terribly innacurate, depiction of my life. Thanks for your kindness and understanding.
- Saru-kunLv 51 decade agoBest Answer
I agree with you 100%.
So many McCain supporters just seem to ignore this and dismiss it. They have been brain washed into thinking Democrat = Tax increase and Republican = Tax rebate. Even showing them actual numbers won't work. They won't believe it. They don't understand Republicans give huge tax breaks to the wealthy individuals and corporations and tiny ones to the poor.
They don't understand or seem to care that Oil company's are getting a massive tax breaks right now and will continue to under McCain while the middle class is shrinking and the working poor are growing.
- 1 decade ago
First of all what makes you think the people who have worked hard to become successful should be punished for their hardwork by being taxed more.
First and foremost wasteful spending and entitlement programs need to be cut.We need to have workfare, not welfare.
2nd The top 1 percent are the people who invest and when they invest in new industries and business, that creates jobs. Jobs mean more prosperity, more tax revenue better standards of living.When you take this money from them that they would invest and give it to the federal goverment who waste it on entilement programs and pet projects to get elected and bridges to no where you get a population enslaved to the goverment.Exspecting hand outs. When has the goverment ever been able to operate as effiecently as a well run business?
3 When you tax corporations do you think the corporations pay the tax? No they pass it on which means we pay the tax.
4 The tax code just needs to be made fair. All people pay the same amount no matter what. I believe the latest research say right now 24% would do it.Spending needs to be cut drastically so that this number goes down to say around 10%
5. Liberals who regularly spew the gabage about taking care of the poor through higher taxes from the goverment are statistically the greediest. Most conservatives are found to give around 10 to 20 percent of their incomes to help the poor.Most of the liberals I know personally fall into this same catagory.
Simply put, most of the money earned by Americans should stay in their own hands and accountablility be left to them, not the goverment.
Barrack Obama is a socialist who does not belive that we Americans are smart enough to handle our own money.
Although I believe that health care should be more affordable, I do not want the goverment envolved.Just go to any state run hospital and see for yourself and for that matter a drivers license bureau.
So even though I believe that John McCain has caved in and become liberal on many issues I believe that he is the lesser of two evils and he will get my vote.
Loren you say you live below the poverty level and yet, you own a computer and have internet access. I would be willing to bet you have a cell phone to. Bad decisions and doing things you cannot afford are your responsibility, not mine or anyone elses.
When I first got married and had a child, we had noo telephoe, no cable no internet, drove used cars and bought 2nd hand clothes. We purchased the cheapest foods that would last and feed us.
We saved and continued to work hard and now have some of those things mentioned above.When we could not afford something, we did without and we still do it now.During all that time we still amanged to give to the poor.
You speak of administrative cost for Charities. The ones we give to make sure that 80-90% goes to the needy. The federal goverment has high admin cost, and waste as well as just polititians that line there pockets.
My advice to you is, if you are earning or living below the poverty level, turn off and get rid of the things you do not need and save your money, get a better education, work hard. Then when you can truly afford the luzuries, get them, but not a minute sooner.
No body owes you a living or the luxuries of life.
- Anonymous1 decade ago
I disagree with Obama's and Democrats' plan not because it saves me more money. I disagree that those who earn more should pay a higher percentage. They get the same amount of input into running this country (1 vote per person) so why should they contribute more? This is why I agree with Republicans' taxation system since they create a more equal distribution of taxes.
Currently the most-earning 10% of the population pay over 66% of total taxes and you want to tax them more?
As for the "Screw the bottom 2%, but help the 98%" mentality, that's kind of sad. If you use that type of mentality, then why not just bring slavery back? After all, that would help all of white population in the states and that's definitely a majority at 74%, so how can that be a bad thing? (FYI - it's just an example and I'm not trying to bring race into this discussion)
- Anonymous1 decade ago
This sounds good if you don't understand economics and capitalism.
Corporations DO NOT pay taxes! Either their employees pay the transfer from lower salaries and benefits OR their share holders receive less in dividends and profits OR YOU the customer pay the money in increased prices.
An extremely large number of the "rich" Americans are small business owner who report their business income on the personal taxes. These are the people who will be hurt the most by Obamas tax increases. If you work for one of these small business' you may be the first to feel the tax increase by losing your job. Employee costs are the first to be cut when profits are threatened, even by taxes.
Every person and senior citizen in this country with a 401k or IRA will have their taxes raised in the form dividend taxes and capital gains taxes increases. This also affects the sale of your home.
Good liberal Democrat talking points, but seriously flawed in reality.
Why not just cut out all the government waste? That by itself would go a long way in providing universal health INSURANCE.
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- #$)&%Lv 41 decade ago
I agree with you 100% that Obama's plan makes sense for the majority of Americans. You'll never get these people to change their minds, though. They've fallen for all the lies that have been told for the past 8 years. This site must attract the entire 21% who approve of the job he's doing.
Sorry tax but no tax, corporations DO pay taxes, unless they move their corporate offices off shore so they can bilk the government who provides the infrastructure to transport their products, etc.
- Beverly SLv 71 decade ago
Dems never cut taxes. When they say they will, they don't. When they say the won't increase them, they increase them. Dems love to tax us. Obama wants a windfall tax on the Oil companies. How is this supposed to help us?? It will not- however, it will add MORE TAXES to the gov. It will cause the prices of oil to go up even more, for us the consumer because the companies have to pass it on.
- 1 decade ago
Clinton promised a middle class tax cut. It never happened, nor will it happen with Obama. Obama wants our hard earned money to implement his socialist programs.
- longroadLv 51 decade ago
You have made a good argument, so what is the question again????
- CapitalistLv 41 decade ago
Don't people get reported for posting a rant, and not a question?Source(s): Obama is a lying, racist, socialist.