Friday, September 12, 2008

Issue #1 - The Economy

Taxes
  1. McCain has said I will cut your taxes. Period. End of Story. The fear is that McCain's tax breaks will only help the wealthy and corporations but not will address the issues of middle class and others that NEED relief.

  2. Obama says 80% of Americans would see a tax cut and those making $250,000 would see a RAISE in their taxes

What will that actually look like?

According to the Tax Policy Center this is what the tax breaks would look like under Obama and McCain.

Salary _________McCain ________Obama

38K - 66K_________$319___________$1,000

66K - 112K________ $1000__________$1290

227K - 603K _______$7,871__________same

+603K ___________$45,000_________pay 116K+

So, the way I see it...
  1. McCain: There is tax relief across the board. He is cutting taxes. Period. There is relief for middle class and larger relief for the wealthy.

  2. Obama: If you make under $250,000 you will see about a thousand buck tax relief per year. If you are like SUPER rich then you will pay $100,000 more a year. So, there is relief for lower and middle class and then a huge hike for big wigs.
Now, of course, I wanna see more tax money back to me and it sounds great to tax the wealthy cause they can afford it. So Obama's plan is looking pretty good. I mean let those rich old farts who drive 8,421 cars pay more, right?

Well here are my questions:
  1. If the "rich" get taxed a considerable amount more (which I think over 100k is considerable), will this lead to less investments and buying of stocks which would slow down the economy?

  2. Would this affect the small business owner and put them under, again curtailing the economy?

  3. Are these numbers per person or by household?

  4. Do white pants make my butt look big?

They say things that are deep and make me have this look on my faceMcCain says, "Sharply raising taxes on investment is a step in the wrong direction for the competitiveness of U.S. capital markets."

I have no clue what that means. But Cindy is like so my fashion role model. Oh, honey child...her shoes are divine.

Obama says, "We've lost the balance between work and wealth. I will close the carried interest loophole, and adjust the top dividends and capital gains rate..."

Uh, what??? Where did Michelle get that green dress? Cause it was super cute. But girl, she needs a Victoria Secret gel bra. Believe me, I know.

So, this is why you have me. I can break it down for a first grader to understand. But this is all I know. So now I need you to weigh in and help my poor self out. Whacha think?

10 comments:

Adventure girl wanna be said...

And "thank you"! I appreciate it;)

I think you being in education and still having children at home will like my post today;)

Happy Friday;)

Anonymous said...

I still don’t understand why we haven’t gone to a flat tax where everyone is EQUALLY burdened and those who work hard and make a lot of money aren’t punished for it. Under a flat tax, the rich would still pay more in tax dollars than the poor but it would be an equal percent of their income. It only seems fair. The graduated tax really has never made any sense to me. Where’s the incentive to strive to the next level? When it comes to the candidate’s stance on taxes we also need to look at the other forms of taxation they are proposing (not just income).

The Kelso-Winter Family said...

good for you for outlining the diff. policies. you go! beware the one that only taxes the 'rich' . we already have graduated income tax and putting MORE money in the economy keeps prices low which helps the middle/lower more than a few bucks in the pocket. gotta have a job and be able to afford to get there to pay ANY taxes. i just like to hear myself talk (oh and nothing could make your butt look fat except those stupid words that adults wear on their sweatpants.. like JUICY) hopefully the next pres will outlaw those!

CindyDianne said...

Well, neither. I think a flat 10% tax for everyone is the way to go. Period. But, right now, no one is listening to me!

Anonymous said...

It will most definitely affect the small business owner. It is very hard to compete with these major corporations as it is.

The tax debate is the same through every election. The whole system needs to be overhauled.

And I don't think there is a thing that could make your butt look big.

Marchelle said...

i agree with the anons ... i am by NO means rich, but i want to be when i grow up. therefore i don't want to have to pay more taxes. i say if you work hard and are smart enough to become profitable, then you deserve to keep your money - you earned it! i think a flat tax is the way to go.

so you can change that when you run in 2012. that and the juicy sweatpants the KW fam spoke of! i 2nd that motion!

Anonymous said...

Uh Anonymous #1- since when does income reflect work ethic? Just because one makes more $$ does not mean that they work harder than one who makes less. You need to look at the system of privilege in our country. FYI- race, economic upbringing, gender, age all do make a big difference in how one is able to "succeed" in the US workforce.

I think that it is fair to tax those who make substantially more than the avg. middle class family. They have the means where as a family just scraping to get by does not. And historically, the highest income bracket has been subject to substantially higher tax breaks than the avg middle class family.

Go Obama!

Anonymous said...

according to the "number crunchers," neither plan will increase revenue and the deficit will increase vastly...nor does either plan cover the cost of government as it is...not to mention the additional cost of certain proposed programs, such as $4K/per year for every student to go to college (which doesn't really make college affordable when even tuition at state schools is at least 3 times as much)

more government costs more money...from where is it really going to come? There seems to be a real lack of information...or honesty

Anonymous said...

I want to know what their stances are on the big health insurance problem we have here.

Example: For a family of 5, we pay $420 a MONTH on health insurance that does not even include dental or eye. Perscriptions have a $30 copay and office visits have a $25 copay.

Why is it so much? Because my husband works for a small company (150 employee's or less). The $520 is AFTER his company pays for half of the premium.

It's no wonder to me why a small business can't stay running. High health insurance rates effect the whole company from high empolyee turn around to less raises for employee's.

I know I have left 2 different jobs to work for a another company just because the health insurance was cheaper. Same pay but less health insurance cost still meant more $ for me.

Jackie said...

As long as we are at war overseas, we'll be incurring huge amounts of debt, no matter who's plan becomes law.

I'm not judging the war itself, just saying. It's the elephant in the room; the one fact that no one wants to point out. The less war, the more cash available for every other program out there, especially programs like education and health care.

Whether or not our current wars are necessary or not, we should do everything in our powers to avoid additional conflicts. Iran, Russia, etc. We literally can't afford it.

Aggressive diplomacy is our best economic policy.