A Updated Analysis of the 2008 Presidential Candidates’ Tax Plans

Discussion in 'Politics' started by KenH, Sep 23, 2008.

  1. KenH

    KenH
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    Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.

    Complete analysis here:

    www.taxpolicycenter.org/UploadedPDF/411750_updated_candidates_summary.pdf
     
  2. LeBuick

    LeBuick
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    That's why Obama is getting my vote. Why should those who have the most get the biggest relief?
     
  3. targus

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    I heard a blurb on the radio yesterday of Obama saying that he is not sure that there will be any tax cuts now - that he is not sure that the Government can afford it.

    As though any of it is the Government's money to begin with.
     
  4. ReformedBaptist

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    This is one of the reasons why Obama won't get my vote, but the primary reasons being his immorality. Obama's economics is a move toward socialism and the re-distribution of wealth. His Robin Hood financial philosophy makes for good fairy tales, but in reality would reduce jobs, slow economic growth, and destroy philanthropy. Such economic principles are counter-productive to a free-market.

    The wealthy are those who are creating jobs and spurring growth in the nation. Policies should support entrepeneurs not inhibit them.

    1. Obama's plan would decimate small business, which accounts for more new jobs in America than big business.

    2. Obama's plan would increase capital gains tax, discouraging investment.

    3. Obama would re-instate the death tax. 45%

    4. Obama would impose a payroll tax on businesses to pay for his national healthcare. This would cut into corporate profits, reduce jobs, and slow business.

    There is more, but the bottom line is this: Obama's plan aimed at the "rich" would decimate the middle and low class demographic. The bottom 40% of taxpayers already pay little to no federal income tax. So why do these earners need more tax breaks? In fact, including the middle class, these tax-payers, representing 60% of income earners pay less than 1% of federal income taxes.

    Obama's plan is nothing more than a welfare plan would likely bankrupt the US.

    The best tax-plan for our country would be to lower marginal rates. This would spur business and investment, saving and enterpeneurship, and create jobs. What is McCain's plan?

    1. Reduce coporate taxation.
    2. Leave individual taxes where they are.
    3. Eliminate the death tax.
    4. Abolish AMT (Alternitive Minium Tax)

    Those who support Obama because of his tax plans need to remember Reganomics. Spit, cry, whine, scream...be as shrill as you want, but your voices cannot silence the plain FACT that Regan's economic reform created the greatest decade of prosperity in recent American history. It was Reganomics that worked to abolish federal taxes on the poor and working class. The top 1% of wage earners presently, PRESENTLY, pay 40% of all federal income taxes. The top 10% pay 71%.

    Stopy buying into the neo-socialist agenda. A vote for Obama on tax policy is a vote of complete ignorance. It is no less than utter stupidity. The Obama camp and his ilk suggest the rich need to pay their fair share. Well I ask you, all of you Obamaites, what is that fair share? Since 71% isn't enough, what is enough?

    Are you in the top 10% of wage earners? Then you know. Are you in the other camp of wage earners? Your paying on average 4.4% tax.

    Do you want real tax benefit for the lower and middle class? Then you better vote for McCain. You have ZERO change of eliminating taxes on the lower and middle class through his plans. We have a much greater chance with McCain. I would like to see federal income tax ABOLISHED for low income earners. I would like to see personal accounts replace payroll tax, over time. If you run the numbers, even low income and middle income earners in such a plan could accumulate a million dollars.

    But the Socialists (Obamaites) don't want that. They want to tax the rich more than they currently are being taxed and re-distrubute the wealth to those who have not worked for it. That, my friends, is absolutely stupid.

    RB
     
  5. billwald

    billwald
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    The country is already but don't worry, the billionaires are OK. They have their money in Swiss banks and real assets, land, metals.
     
  6. dan e.

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    Although I'm sure we all agree that we need to research what each other says, your post was interesting, and informative.

    Thanks for giving me some info. to run off of as I continue to look at all the issues.
     
  7. Pastor Larry

    Pastor Larry
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    Um, because they pay the most.
     
  8. TomVols

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    This has been refuted by other independent tax policy center studies and private company studies, as well as tax preparers who have published actual returns of people in each group. I'll post links later when I have time.
     
  9. KenH

    KenH
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    That's why we can't reach a consensus in this country. We all have our our own facts(links) and we believe the one that agrees with our ideology, personal views, and/or our political party/candidate.

    You don't believe my "facts" and I don't believe your "facts".
     
  10. ReformedBaptist

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    This country wasn't built to reach a consensus. May the majority vote win the day in November, and for those who don't like the outcome, either way, can plan their bloodless revolution next term.

    RB
     
  11. LeBuick

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    I can appreciate a politician who talks strait. I don't think there is one person in this nation who believed we would still get those tax cuts anyhow. It is nice to see a politician say before an election, "I don't think I can cut your taxes". :thumbs:
     
  12. LeBuick

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    Not after all the loopholes and tax breaks, by percentage they pay the least.
     
  13. carpro

    carpro
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    Neither candidate will cut taxes.

    Obama has to increase taxes astronomically to pay for his proposed $1 Trillion in new spending.
     

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