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WILL You Get A Tax-Increase, By The Obama-Admin?

Discussion in 'U.S. Politics' started by Mr. Shaman, Oct 26, 2008.

  1. Mr. Shaman

    Mr. Shaman New Member

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  2. BigRob

    BigRob Well-Known Member

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    For all this railing against Bush for cutting taxes in a "time of war", does anyone else find it ironic that a big part of the Obama platform is cutting taxes in a "time of war"?

    For the record, it said I won't get a tax cut.
     
  3. XCALIDEM

    XCALIDEM Active Member

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    Without cutting and pasting from other sites;Explain to me how NObama will cut taxes to 95% of the american people???
     
  4. Frolicking Dinosaurs

    Frolicking Dinosaurs New Member

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  5. XCALIDEM

    XCALIDEM Active Member

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  6. Frolicking Dinosaurs

    Frolicking Dinosaurs New Member

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    calidem411, I could have attempted to do it, but it would have been difficult to include everything and explain it without leaving anything out in the 10,000 character's alloted. In the interest of completeness and full disclosure, I gave you a link to the source. Six pages isn't a lot to have to read to understand the basics.
     
  7. XCALIDEM

    XCALIDEM Active Member

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    Just tell me the basics.
     
  8. Frolicking Dinosaurs

    Frolicking Dinosaurs New Member

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    A $500 tax credit for workers ($1,000 for couples)

    A $4,000 tax credit for families with member in college (spend $4,000 on college and get it back as a tax refund)

    A Universal 10% mortgage interest tax credit (I believe this one refunds 10% of interest paid on mortgage for those who itemize, but confess I haven't researched it as thoroughly as most because we don't have a mortgage)

    Seniors making less than $50,000 will no longer pay taxes at all

    Will expand Pension Savers' tax credit to include matching for 50% of the first $1,000 in savings for families making under $75,000 (this plan is for 401K or IRA type accounts)

    Earned income credit will be available for both custodial and non-custodial parents who are current on their child support, will be larger for families with 3 or more children and will be adjusted to reduce the so-called marriage penalty with current system

    Child care credit will be increased to include 50% of the first $6,000 paid in childcare by working parents

    Up to a $7,000 tax credit for purchasing a 'green' vehicle (helps offset cost difference between regular and green vehicles)

    Eliminates capital gains taxes on entrepreneurs and investors in small businesses. Caps all other capital gains and dividend tax rates at 20% (below the current cap and under Obama paid only by those making over $250,000)

    Cuts corporate tax rates for companies that create American jobs (they get a tax credit for every American job they create)

    Small Business will receive a 50% tax credit for its part of employee health care premiums for offering employees a health care plan.

    Will make the Research & Development tax credit permanent so firms can rely on it being there when doing multi-year planning.

    Will cut taxes on those making $250,000+ and corporations to the Reagan years' level and close a lot of the loopholes and tax credits they currently enjoy. This will cause a net gain in their taxation level.

    Crack down on the use of international tax havens keeping companies from hiding monies to avoid taxes.

    Does away with Estate tax on estates below $7 million. Continues current rate for those above $7 million
     
  9. Frolicking Dinosaurs

    Frolicking Dinosaurs New Member

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    So, now can some of you from the right give me the basics of McCain's tax plan?
     
  10. BigRob

    BigRob Well-Known Member

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    John McCain Tax Plan:

    1) Will permanently repeal the Alternative Minimum Tax (AMT) - a tax that will be paid nearly exclusively by 25 million middle class families. John McCain will repeal this onerous tax, saving middle class families nearly $60 billion in a single year.

    2) Require a 3/5 majority vote in Congress to raise taxes, making it harder to raise taxes.

    3) Cut The Corporate Tax Rate From 35 To 25 Percent. A lower corporate tax rate is essential to U.S. competitiveness. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace, leaving us with the second-highest rate among the world’s advanced economies.

    4) Reward Saving, Investment and Risk-Taking: Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains

    5) Allow First-Year Deduction, Or “Expensing”, Of Equipment And Technology Investments. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.

    6) Ban Internet Taxes

    7) Ban New Cell Phone Taxes

    8) Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. This will also increase wages as productivity increases.

    9) Double the personal exemption for families with children from $3,500 to $7,000

    10) A refundable tax credit of $2,500 for single individuals and $5,000 for couples, if they receive a qualifying health-care policy from an employer (one that includes adequate coverage against large medical bills), or buy a qualifying policy on their own. The credit will replace the current tax rule, which excludes employer payments for health insurance from employees' taxable incomes.

    11) Lower Medicare Premiums

    To go along with this, there are some budget and spending reforms too:

    1) Stop Earmarks, Pork-Barrel Spending, And Waste

    2) Eliminate broken government programs. Reform our civil service system to promote accountability and good performance in our federal workforce. Reform procurement programs and cut wasteful spending in defense and non-defense programs.

    3) Reform budgeting to treat equally spending and taxes and to stop damaging tax hikes.

    4) Supplementing the current Social Security system with personal accounts

    5) Control Medicare Growth

    6) Lower Barriers to Trade

    7) Overhaul the unemployment insurance program


    In my opinion, the McCain Plan is more pro-growth and is sustainable for longer than the Obama plan. And of course, he would make the Bush tax cuts permanent. (Tax cuts that benefited us all)
     
  11. Frolicking Dinosaurs

    Frolicking Dinosaurs New Member

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    You included the entire economic plan! I'll try to do some on Obama's tomorrow - It is getting very close to this elderly Dino's bedtime.

    There is quite a bit of overlap in what the two candidates plan to do about government spending and some similarities in how they plan to cut medicare spending.
     
  12. asur

    asur New Member

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    Obama will raise taxes, that is his record.

    He has a record of lying, so don't listen to what he says.
    Just examine what he has done!
     
  13. Pandora

    Pandora Well-Known Member

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    it is not possible

    95 percent of the people do not pay taxes so you cant cut taxes on people who are not paying taxes.

    I pay 0 federal taxes, in fact I get money back, probably from Big Rob :)

    I get back everything I pay and they add in another 2000 or so on top of it for EIC.

    I take the money because, well I just do... but I dont think its right at all and I would be happy if they stopped doing that. People like Rob should not have to pay more so that I can pay nothing and also get money that was never mine to start with
     
  14. Pandora

    Pandora Well-Known Member

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    I like this one better but I would rather a flat tax or fair tax
     
  15. Andy

    Andy Well-Known Member

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    At 6% unemployment of 305 Million people, is 286 million workers, X $500 tax credit is $143 Billion. Currently the war in Iraq has cost us $600 Billion over the past 5 years. That's $120 a year.

    So while all the loony left has been complaining about the cost of the war, and the tax cuts causing deficits, you plan to cut tax by more than the cost of the war.

    Also, if they are going to give everyone a tax cut for $500, why not make it universal, and just lower the tax rate? You really want to only punish the unemployed with higher taxes?

    Roughly 18 Million students X $4,000 tax credit = $17 Billion. So now we're up to $160 Billion a year, compared to the $120 a year spent on Iraq.

    Would this include the deductions already in existence?

    It's amazing how I disagree with nearly his entire plan. Do we believe everyone is equal? Do we believe in treated everyone the same? Do we believe that no one or group of people is special or privileged over anyone else?

    Then we don't believe that being old means you don't have to pay taxes. Why should I be penalized simply because I'm not considered a 'senior'? You should not pay less taxes just because you have kids either. Why should I pay more than someone else just because they hopped in the sack and banged out a few kids? Why should I have to pay more because I can't afford a "fuel efficient vehicle"? These are morally wrong in treated people in special groups differently than others who do not fit in those groups.

    He's a simpler solution... just cut the stupid tax rates. Reduce everyone to 10% tax rate, and treat people equally.

    Companies and businesses that shelter money in international tax havens do so because they can't afford the taxes. Removing that ability, will merely force more companies into bankruptcy and moving the entire business off shore, instead of just the money.

    I'm glad Obama admits that Reagan's tax cuts worked. However, closing loop holes and tax credits will only cause more money to be in company perks and stock options, thus causing more Enron situations.

    Giving R&D tax breaks will cause more companies to open quasi-research projects that are only fronts to get the tax break. Bad idea. A better choice would be to simply cut capital gains so more money is available to fund R&D.

    The problem I have with all this, is that giving tax credits is a bad idea since it doesn't actually reduce the tax burden on the population, while at the same time making taxes a more difficult thing to deal with at the end of the year, and giving the IRS more legal grounds to accuse people. If you forget a receipt, or documentation gets lost, you have to either not claim the credit, or risk being accused by the IRS, and going to jail.

    Again, the better solution is to simply cut the tax rate.
     
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