Real Insight into Obama tax plan

Discussion in 'Politics' started by LadyEagle, Oct 16, 2008.

  1. LadyEagle

    LadyEagle
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    Barack Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?" (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 2/12/08)

    Barack Obama Would Raise Capital Gains And Dividend Taxes. "Sen. Obama wants to raise the long-term capital-gains rate for families making more than $250,000 to around 20 percent or somewhat higher but not above the 28 percent level it reached during the Reagan presidency, an Obama economic adviser says. The same rate would apply to most dividend income for these investors." (Tom Herman, "Tax Report Your Tax Bill: How McCain, Obama Differ," The Associated Press, 6/18/08)

    Tax Policy Center: Barack Obama Would Raise Taxes On One Out Of Every Three Senior Households. "Even though Senator Obama's plan eliminates individual income taxes for seniors with incomes less than $50,000, his plan would raise taxes for almost 10 million senior households, over a third of the total (not shown in table). On average, seniors would face a tax increase of about 2 percent of income." (Burman et al., "A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans," The Tax Policy Center, 6/11/08)

    Tax Foundation: Seniors "Rely Most On The Stable Flow Of Income That Dividends Provide." "Most debate over whether to extend the reduced rates on dividends and capital gains has focused on the tax benefits of these cuts to high-income taxpayers. What has been largely ignored is the impact these tax policies have on corporations' decisions on how best to distribute their income to shareholders--including senior citizens, who rely most on the stable flow of income that dividends provide. A recent Tax Foundation analysis illustrated that a large number of those benefiting from dividends are seniors and those on the verge of retirement (See www.taxfoundation.org).

    A further analysis of these seniors earning dividends reveals that lower-income seniors who file tax returns depend more heavily on dividend income than high-income seniors." (Gerald Prante, "The Importance Of Dividend Income For Low-Income Seniors," Tax Foundation, http://www.taxfoundation.org/news/show/1354.html, 2/8/06)

    Barack Obama Would Raise Income Taxes. Obama: " would roll back the Bush tax cuts for those making over $250,000." (Sen. Barack Obama, CNN Democrat Presidential Candidate Debate, Manchester, NH, 6/3/07)
    U.S. Department Of Treasury: Small Business Owners "Are Frequently Subject To The Highest Individual Income Tax Rates." "Changes in the individual income tax affect most businesses in the United States. That is because taxes on business earnings are often paid through the individual income tax when 'passed-through' to business owners. The business income from sole proprietorships, farm proprietorships, partnerships, S corporations, etc., is all taxed at the owners' individual income tax rates. This year 34 million business owners are expected to receive this type of income and pay tax on this income through the individual income tax. These businesses are typically small and often entrepreneurial in nature, and a source of innovation and risk-taking in the economy. Moreover, these business owners are frequently subject to the highest individual income tax rates." ("Topics Related To The President's Tax Relief," U.S. Department Of Treasury, http://www.ustreas.gov/press/releases/reports/president_taxrelief_topics_0508.pdf, May 2008)

    Barack Obama Would Raise Social Security Taxes. "Obama's proposal ... would impose social security taxes on income above $250,000 per year. He would continue to exempt income between $102,000 and $250,000 from social security taxes." (Teddy Davis, Sunlen Miller, and Gregory Wallace, "Obama Kisses Billions Goodbye," ABC News' "Political Radar" Blog, blogs.abcnews.com, 6/18/08)
     
  2. StefanM

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    I'd rather have some taxes in order to avoid doubling the national debt again.
     
  3. targus

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    No doubt you'll get your druthers regarding paying more in taxes...

    ...but I wouldn't count on not increasing the national debt.

    These guys are going to spend way more than they tax.

    And they can tax us really really really good.
     
  4. Bible-boy

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    Does anyone here remember the Carter Administration and its record high taxes, the terrible economy, and the misery index? If BHO wins its all coming back!:BangHead:
     
  5. exscentric

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    I didn't count last night but it seemed every topic he addressed a new topic it included more spending, it has to come from somewhere unless he found the goose that lays golden eggs wandering around in one of those fairy tales he lives in. :thumbs:
     
  6. StefanM

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    Maybe not, but the GOP has abysmally failed in this regard.
     
  7. exscentric

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    Quote:
    Originally Posted by targus

    ...but I wouldn't count on not increasing the national debt.



    "Maybe not, but the GOP has abysmally failed in this regard."

    Uhhh, who is in charge in congress - not that bush hasn't passed them all along but Gop ain't the only blunderheads involved.
     
  8. StefanM

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    I'm not defending the Democrats. I'm not going to vote for Obama. The GOP stopped acting like conservatives, and they're going to pay for it.
     
  9. NaasPreacher (C4K)

    NaasPreacher (C4K)
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    But do we remember the relatively low taxes and the balanced budget under Clinton, and what has happened since then?

    Its all just ebb and flow of the Republicrats. They are not going to offer us a real choice.

    At the end of the day both of these chaps are going to have us in serious debt. The one party system broke the economy (again). I don;t think either one of these guys are going to fix it :(
     
  10. Bro. Curtis

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    At what point in his administration did Clinton balance the budget ? Before or after the Newt revolution ?
     
  11. targus

    targus
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    Over spending isn't a Democrat vs Republican thing.

    Overspending is a governmental habit at every level.
     

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