Why Obama on Taxes for those of you in the upper middle class ?

I have read a massive number of threads on both sides on the subject of taxation, and found out the following:

-McCain supporters believe Taxing the rich is unfair to the rich and or would have a negative effect on the economy.

-The Majority of those supporting the Obama Tax position take the Philanthropist view, or simply think the Rich dont deserve to keep their money.

Here is my Challenge to those with the Obama View of Philanthropy:

If you Truly believe that you should "pay an extra 3% to help out the poor" and are not simply defending the take from the rich/give to the poor policy then put your money where your mouth is :

I and my wife make a combined income of about $30,000 a year and we have 2 chidren, lets just say we struggle to make ends meet to put it lightly quality Jobs are scarce and pay is low since workers are plenty ( times are bad we both have Low on work days and slowdowns so it is likely lower this year) and we have purchased a house on "Contract" it has been appraised at $57,000 and we have been trying to get an FHA loan since we purchased it, with the housing crunch that is next to impossible at our income level with our bills and credit rating. If you had an opportunity would you give to a family like this not through taxes but directly ? If so why do you need Obama's Plan and if not.... well that would be enlightening...

Personally I support the McCain Tax Plan because it seems (according to several independant evaluations that I have read) to promote Job Growth and economic Growth more overall than the Obama Plan by a large margin, this would benefit my Family more than a few dollars more in our "refund" (read that subsidy since I pay No tax once all is said and done due to my income level)

Note: I do not solicit money as this would violate the community guidelines.

Update:

I am not "Mis-informed" The calculator does reflect that I would get a few extra dollars under Obama's plan. I filed taxes last year and our return was well over 4000, an additional 800 amounts to a few. The Independant analysis of the economic effects of the plans tend to indicate a more robust economy under McCain. Please post links to this type of analysis if you are supporting one or the other.

10 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Today on my way to lunch I passed a homeless guy with a sign that read "Vote Obama, I need the money." I laughed.

    Once in the restaurant my server had on a "Obama 08" tie, again I laughed as he had given away his political preference. Just imagine the coincidence.

    When the bill came I decided not to tip the server and explained to him that I was exploring the Obama redistribution of wealth concept. He stood there in disbelief while I told him that I was going to redistribute his tip to someone who I deemed more in need--the homeless guy outside. The server angrily stormed from my sight.

    I went outside, gave the homeless guy $10 and told him to thank the server inside as I've decided he could use the money more. The homeless guy was grateful.

    At the end of my rather unscientific redistribution experiment I realized the homeless guy was grateful for the money he did not earn, but the waiter was pretty angry that I gave away the money he did earn even though the actual recipient needed the money more.

    I guess redistribution of wealth is an easier thing to swallow in concept than in practical application.

    Source(s): an email i recieved.
    • Login to reply the answers
  • 1 decade ago

    I don't make more than 250 thousand a year. Not even close. If I did, would I be willing to voluntarily give money to a struggling family? I'd like to think so, but to be honest, it's hard to know for sure.

    It's an interesting question you ask. Still, I'm not sure that the situations are entirely parallel. Obama's plan is a chance to (arguably) help the entire country, not just one person.

    It's like saying, "If you're in favor of raising taxes to improve the school system, why don't you just donate some of your money to the school?" Well, if we all chipped in with a modest tax increase, we could hire some more teachers. On my own,the best I could do is pay for a couple of erasers and some chalk.

    • Login to reply the answers
  • You get it. People who make over 200K and 250K (Binden just said 150K) own small businesses that employ 70% of the workforce. They already pay over 40% of the Federal budget, but that is never mentioned by the Democrats.

    What's with Obama links? Do you understand what's happening in the economy and why liberal policies caused it? They wanted to increase sub prime loans and the Liberals (Obama sued Citibank!) used the CRA to pursue banks who they felt red lined.

    Today, it's virtually impossible to get a loan to buy rental property for rehab and development because now you need 20% down plus closing costs. How long before the Democrats attack this policy again for discriminating against the middle class and poor? How will tightening an already tight market help the poor buy homes?

    Obama plans to increase Capital Gains to 28-30%. Developers who now need cash up front will face a huge tax liability when they sell. How does this help communities that are starving for development?

    • Login to reply the answers
  • Anonymous
    1 decade ago

    I will probably be affected by the Obama tax increase.

    I don't mind paying taxes to support programs I believe will be good for America in the long run.

    I OBJECT to paying taxes to spend on elective wars that cost us American lives, blood, and injury, the true treasures of our society, as well as huge indebtedness that my grandchildren may still be paying off.

    I also put my money where my mouth is: A niece from Michigan where unemployment is high is thinking over an offer to stay with us at our expense while she looks for work here in Texas, where unemployment is low. That offer would be available to any of my nieces or nephews who couldn't find work at "home." I adopted a child who had been abandoned, and put my own resources into enriching his life and expanding his abilities.

    I voted early for Obama.

    Added in edit for some of the more outrageous claims:

    Cheb - Yes, Obama wants to tax and spend. I PREFER that to BORROW and spend, the current (Republican endoresed) system. Do you argue that the government should not tax and NOT spend? How exactly do you think that's going to work out?

    We HAVE to pay taxes. Several of you seem to be advocating a flat tax or a regressive tax. SinceTeddy Roosevelt, McCain's "hero," the USA has pretty much settled on a system that says if you are more wealthy, you pay more, and if you are less wealthy, you pay less. That's what the Obama proposal is. The Bush tax cuts went TO THE WEALTHIEST in the US. He wants to revert to the Clinton rates on the wealthy earning more than $250,000 per year. Who among you is going to argue that business didn't flourish and the rich didn't enjoy their money during the Clinton years?! Get real.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    For some reason the first person on this post sites. Barack Obama's website. Of course you are not going to find the downfalls from the person who is offering them. Everything on that website is an offer of a promise. It is not a garauntee and it is self serving. So that's just worthless.

    To go along with the writer of this question. Let's say a person like this is making $30,000 and working for a company that makes $1,000,000 in a year. What happens if you increase the tax burden by Obama's promise of about 4%. They go from paying $350k in taxes to $390k in taxes. How do companies hedge for this? Easiest response is to cut one job of a person making $40,000. What else could they do? Raise all of their prices by 4%, so in reality the tax cut to the middle class turns into a net of 0% because now they are paying higher prices. People and companies who are in that top 5% tax bracket, don't pay the increase. They find tax shelters, or if they are a business they pass it on to their employees or consumers. If Obama gets in office and follows through on that tax hike, I want all working people who aren't in that high tax bracket to go ask your boss for a raise and see what the response is. Increasing the burden on the highest tax bracket and companies stagnates the economy. It's not a myth or an opinion its just simple addition and subtraction. Less money for an employer = less money for an employee. Do you want a $1000 dollar government or do you want a $2,500 raise. Make your choice on Nov 4th.

    • Login to reply the answers
  • 1 decade ago

    My Friend I understand where you come from. I myself have had my share of hard times and had to sacrifice an entire year 2000 miles away from home to see some light at the end of the tunnel. I am not rich and do not wish for Obama plans to tax them since i do believe they do pay a lot as it is.

    My point with this plan is that seasoned economist have warn everybody willing to listen that it would not work. It would slow economic growth, it would cost jobs instead of creating them, rich would find LEGAL ways to hide or invest their income in non taxable ways which in terns will generate less federal tax revenue than we do now with the current tax plan. Obama will ultimately have no other resource but to raise taxes on everybody.

    Here is where I just get upset ... the middle class who is b***ing about taxing the rich to get more money have only one desire to get more in their pocket, to get higher paid jobs etc ... their dream is to be making ... 250K or more a year .... therefore going into that class that WILL pay more taxes. Insane! Actually based on Bidden it is no longer 250K it is now down to 150K ... change? the only change i have seen is Obama's own policies ... they do indeed change everyday ... for the worse.

    PS: Ethel? the first poster is not telling you that Obama salary / tax calculator still has the current Bush tax cut inserted in it. Tax cut that will expire at the end of the year and will NOT be renewed under Obama.

    Misleading indeed but not by who you think Ethel!

    • Login to reply the answers
  • chukki
    Lv 6
    1 decade ago

    Obama wants to tax and spend. That is the democrat philosophy. ALthough it is nice to have certain programs, someone has to pay for them.. Obama sadi himself that the rich have loophole to avoid paying the taxes imposed on them. Thye wil continue to utilize these loopholes if he is elected. When after all, the rich people who funded his campaign have paid him enough already. Remember, changed his mind about public campaign financing to keep his private donors: Oprah, soros, etc.

    • Login to reply the answers
  • 1 decade ago

    I too think you are misinformed...Wow....I really don't knwo what to say to this..there is so much. Just please for the good of your family, go back and research this again and talk to some tax advisers and financial counselors if possible, you will have a difference of opinion.

    • Login to reply the answers
  • Almond
    Lv 5
    1 decade ago

    Thats an easy question to answer, Bush followed what you just laid out, now look where we are. We can't use the same old tired policy, its that simple.

    • Login to reply the answers
  • Anonymous
    1 decade ago

    Your misinformed. Try Obama's http://www.taxcut.barackobama.com

    • Login to reply the answers
Still have questions? Get your answers by asking now.