Obama Tax Increase

Now we know why republicans say Obama will raise their taxes ... most republican voters must make more than $5M a year and live in 7-11 houses, like McCain and Romney.

Here are some facts on the Obama tax plan:

http://www.factcheck.org/elections-2008/more_tax_deceptions.html

http://snopes.com/politics/obama/taxes.asp

http://www.truthorfiction.com/rumors/t/taxes-election.htm

Some news on McCain's tax plan now:

McCain Overpromises


McCain made his tax plan sound way too generous to middle-income taxpayers, incorrectly describing one of his own proposals and omitting a key feature of another:

McCain: Let's have - keep taxes low. Let's give every family in America a $7,000 tax credit for every child they have. Let's give them a $5,000 refundable tax credit to go out and get the health insurance of their choice. Let's not have the government take over the health care system in America.


David McNew/Getty Images
Getting his own "tax credit" wrong: McCain was badly wrong in what he said about the child "tax credit." The current child tax credit is $1,000, and McCain is not proposing any increase at all. What McCain actually is proposing is a gradual increase in the $3,500 exemption for each dependent child, starting in 2010 and increasing $500 each year until it reaches $7,000 in 2016. On his Web site McCain describes this as a "doubling" of the exemption, but even that is misleading. According to the nonpartisan Tax Policy Center, the exemption is expected to go up to $4,200 per child in that time period under current law, which calls for annual adjustments for inflation.

The distinction between a tax credit and a tax exemption is both basic and significant. A tax credit is a dollar-for-dollar reduction in the amount of tax owed. An exemption is much less valuable to taxpayers, as it merely reduces the amount of income subject to tax. An exemption is also more valuable to upper-income taxpayers, who fall into higher tax brackets, than to middle- and lower-income taxpayers.

A half-truth about a health tax credit: McCain said he proposed giving every family "a $5,000 refundable tax credit to go out and get the health insurance of their choice." But he failed to mention what he would also take away. Under his plan, workers would be taxed on the value of any health benefits paid for by their employers, which isn't the case under current law.

McCain didn't include that fact in an ad his campaign aired in May touting his health care plan, either. As we said at the time, the credit isn't a $5,000 windfall – it's designed to cover the increased taxes families with employer-sponsored insurance would have to pay. Kenneth E. Thorpe, a former Clinton administration health expert who now is a professor at Emory University, told us that there would be "a lot of winners and losers" under McCain's plan. Those with lower incomes and employer-sponsored insurance might fare better, because they'd be taxed at a lower rate than those in higher tax brackets. While families would get a $5,000 credit under McCain's plan, individuals would get $2,500.


-by Brooks Jackson
Sources
Kane, Paul. "Obama, McCain Forged Fleeting Alliance; Efforts to Collaborate on Ethics Reform Fell Apart Within a Week." Washington Post, 31 March 2008.

Sweet, Lynn. "McCain, Obama now 'pen pals.'" Chicago Sun-Times blog, The scoop from Washington 8 Feb 2006.

Remarks of Sen. John McCain. Congressional Record, 2 Aug 2007; S10693.

Simon, Richard. "Bush signs bill to tighten lobbying rules." Los Angeles Times, 15 Sept. 2007.

Jones, Rachel K. et al. "Abortion in the United States: Incidence and Access to Services, 2005." Perspectives on Sexual and Reproductive Health, March 2008.

Guttmacher Institute. "An Overview of Abortion in the United States," Web page accessed 17 Aug 2008.

"Trends in Abortions in the United States, 1973 - 2005." Guttmacher Institute, Jan. 2008.

Burman, Len, et. al. "An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Revised August 15, 2008," Tax Policy Center, 15 Aug. 2008.

those who want to know just what his policies are wont read them anyway bman

desperate much? face it... he screwed the pooch. Talk about McSame... looks like 2000 all over again.

Vis wrote:desperate much? face it... he screwed the pooch. Talk about McSame... looks like 2000 all over again.

Have you paid your dues to PUMA yet?

PUMA cracks me up! i worried about them for a minute. i figure they are mostly oxy-rush op chaos members who wouldnt have voted dem anyway. even with PUMA raging, YES WE CAN

didnt know if anyone has seen this yet..altho it is titled Amrican Prayer it isnt exclusively religious. so i am posting it here..i think its excellent, and its great to see joan baez!

https://www.youtube.com/watch?v=oVi4rUzf-0Q&NR=1

floridafun wrote:those who want to know just what his policies are wont read them anyway bman

You're right, because Bman didn't give us anything to read about Obama's policies, just more of the same McCain bashing we have seen over and over.

floridafun wrote:didnt know if anyone has seen this yet..altho it is titled Amrican Prayer it isnt exclusively religious. so i am posting it here..i think its excellent, and its great to see joan baez!

https://www.youtube.com/watch?v=oVi4rUzf-0Q&NR=1

That clinches it for me. I'm voting for Obama!

floridafun wrote:didnt know if anyone has seen this yet..altho it is titled Amrican Prayer it isnt exclusively religious. so i am posting it here..i think its excellent, and its great to see joan baez!

https://www.youtube.com/watch?v=oVi4rUzf-0Q&NR=1

Freakin' incredible Florida, I sent it out to the whole Allen County 4 Obama team plus family and friends. Great song, great message and a great inspiration.

Kumbaya moment. Group hug in the making, Markwes and Cincy in the middle...
(Cincy put your glasses on I said group, not grope)

Very nice song indeed.

Generally speaking...when I see celebs (specifically Hollywood ones) coming out to endorse candidates, I get an ick/slimy feel about the candidate. It happened in 2000 with Albert Arnold Gore Jr. and again with John Forbes Kerry in 2004. This video's song was nice, but it cracked me up when I saw Whoopi, Forrest, and Jason Alexander lip-syncing. Nothing against them or those that like them...it just gave me a chuckle. I like the real world video images better. For me, it relates better.

And oh, if you'll allow me one jab...I got a kick out of the couple where the guy was singing to his wife's stomach. Was that a basketball in there?

Cincy Fan 44 wrote:Generally speaking...when I see celebs (specifically Hollywood ones) coming out to endorse candidates, I get an ick/slimy feel about the candidate. It happened in 2000 with Albert Arnold Gore Jr. and again with John Forbes Kerry in 2004. This video's song was nice, but it cracked me up when I saw Whoopi, Forrest, and Jason Alexander lip-syncing. Nothing against them or those that like them...it just gave me a chuckle. I like the real world video images better. For me, it relates better.

And oh, if you'll allow me one jab...I got a kick out of the couple where the guy was singing to his wife's stomach. Was that a basketball in there?

I saw this from another website and thought it was pretty good!

"Another creepy music video with people who look stoned

We still love Cyndi Lauper, even though she appeared in this. But, we already new she was out there, and has said so herself repeatedly for the last 25 years. But, there are other people in this we didn’t know were crazy. Maybe it’s just that the whole thing’s filmed in black and white that’s creepy, or that the song is called “American Prayer”, to further underscore the messianic tones his followers take with all things SoetorObama.

If you’re going to take the time to go film something in black and white, you might as well go down to SoetorObama’s district in Illinois, just 5 minutes from the ObamaMansion, and get some of your footage there. Now, THAT would be a great video — to have Jason Alexander on the Southside of Chicago singing his “American Prayer” outside the condemned, foreclosed properties owned by SoetorObama’s longtime friend and political fixer Tony Rezko."

Fascinating.. a plan that doubles the child exemption isn't really doubling it because it was set to increase anyway.. but if you plan to extend the current tax breaks you are actually cutting people's taxes. Hmmm... I guess that makes sense to some people, but then again, they also probably believe that article actually was worth posting.

Since taxes was the issue there though.... I do like how no one in BO's camp bothers to bring up Social Security anymore though.. considering his grand plan is to ignore it while he's in office and then leave it for the next person. Considering most estimates show a shortfall in 2014 I think we should have a plan in place by the end of the next presidents term.. no? At least that would be logical to me.

Here's an interesting article on BOTH candidates and taxes.. and it's from Barron's who never endorses anyone.

http://online.barrons.com/article/SB121944470588164921.html?mod=9_0002_b_this_weeks_magazine_home_top

Makes good points about both the candidates tax plans being very similar. I do like that McCain's estate tax plan is aimed at the rich and exempts the upper middle class. I also like lowering the corporate tax rate because I know of a couple businesses here in town that would lay off individuals if their taxes go up.

Interesting little dealie about the competing candidates tax plans.

Looks like Obama's works best for MOST of the middle and lower class.

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

that is such bullshit where you get this shit?

Jugomugo wrote:Interesting little dealie about the competing candidates tax plans.

Looks like Obama's works best for MOST of the middle and lower class.

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

This is why I really don't like Obama's plan...

A single taxpayer in the lowest group with no kids pays a max of $1,143 in taxes, or 7%. The second group, $3,933 in taxes, or 11%. The third group, $10,830 in taxes, or 17%. That's taking the max amount of all those groups and figuring their 2007 taxes.

Now.. the third group is the only one paying a fair amount of tax, so I'd have no problem seeing their taxes lowered more than McCain is proposing (which will probably happen regardless). However, a single person making under $18K? Short of a college student or someone living at home, who is this and what are they providing for the economy?

The flip side, the upper echelon doesn't need tax breaks, and they aren't getting much under McCain from a % standpoint, though I wouldn't mind seeing it stay at a 0% change. I do think that 11% increase is a bit ridiculous considering it's only there to pay for all the social programs we don't need.

thanks for posting that jugo!

I think you've been around people with larger incomes too long, Card. You'd be amazed at how many people make less than $30,000. For me, I want to see my taxes cut.

Jugomugo wrote:I think you've been around people with larger incomes too long, Card. You'd be amazed at how many people make less than $30,000. For me, I want to see my taxes cut.

Don't drop out, don't do meth, don't shoot anybody and chances are you will make more than 30K.

Basically, graduate and don't break the law and you should be fine.

We could completely eliminate taxes for those under $30,000 and make everyone else pay half their income too for that matter. The point is you remove incentive for someone to want to make money and contribute to the economy. I have seen a lot of people already who have figured out they are better off not working and milking the system.