FreedomAtStake's Blog

How McCain and Obama will affect YOUR taxes

By FreedomAtStake | View all Posts
Posted Monday, September 15, 2008 02:07 PM   13 comments
I can't believe the mainstream news sites don't do this more often... that is, reporting actual facts that people can use.

This is the first I've seen it, but apparently a few months ago, CNN Money did an analysis of McCain and Obama's tax plans, and how they would affect people in different income brackets.

The bottom line isn't that surprising... Obama is grabbing more from the rich and giving more back to the lower brackets, while McCain is giving something back to everybody, but the rich get the most. In my opinion, neither plan looks sustainable in the longterm, but I'm not an economist either.

I'm not American, and since this doesn't affect me, I won't bother to comment, other than to say that this is information every voter should have.

13 comments
comment Post A Comment
FriedShrimp says:
09/15/08 02:24PM
In light of today's furtherance of the banking crisis, I will go on a limb and say.....

 

We NEED change.

 

Dem Pres & GOP Congress will only be gridlock.  Need Dems everywhere

 

As far as the tax differences, all this stuff has to go through Congress anyway but the tax info above doesn't penalize working couple making under $600k.  That's a pretty big number for most families.

 

 

Ap1Bfreetorun says:
09/15/08 03:11PM
The Democratic Congress has really done a world of good, haven't they?  Closing down the House in order to avoid a vote on drilling for more oil when over 70% of the people in our country desire more drilling is REAL PROGRESS, is it not?   NOT!  Crying that the War in Iraq is LOST months ago?  NOT!  (see Harry Reid).  I agree that we should not have been there but to try to leave it in less than complete chaos with a government in charge, not roving bands of militia etc. is better than just jumping out 6 months or more ago.  This is a good time to be easing out, let the Iraq Government take over and fight their own battles.
FriedShrimp says:
09/15/08 03:13PM

That is a good example of why Gridlock does not work.

KOAJ says:
09/15/08 03:29PM
shrimp - you may need to read obamanomics a little closer re: your 600k point

cap gains affects everyone
dividend taxes affect everyone
raising corporate taxes causes layoffs, jobs to shift

neither of these two has the wherewithal to deal with the economy...however one will dramatically change the tax structure punishing much needed fresh capital
FriedShrimp says:
09/15/08 03:37PM
Koaj-

 

Disagree completely.

 

1)  Cap gains...... affects the wealthy a LOT more than does Middle Class.  Didn't like this when I first saw it but it really is a good mechanism to shift the burden from the Middle Class to the wealthy.

 

2)  Dividend Taxes..... who really cares?  If you have five million dividending 3%, only pulling $150k in dividends.  The tax difference will be $20k.  Most people don't have 5mm in dividend producing assets anyway.

 

3)  Corporate Taxes....... taxes do not create layoffs, unhealthy economies do. 

 

 

ClubDirt says:
09/15/08 03:39PM
i posted an article about tax and economic implications of the two candidates from what i believe to be a reliable and more importantly, intelligent scource- a publication from wharton.  no one responded, but i read it to say that the economy is fucked either way, although likely moreso with obama.
KOAJ says:
09/15/08 04:39PM


agreed

read RGE Monnitor, Naked Capitalism, Financial Armaggedon blogs
KOAJ says:
09/15/08 04:46PM


10000000% wrong

company A has 20% of their projected revenues set aside for salaries...now because the cost of doing business has gone up they have to cut costs from other places

higher taxes on employers create shitty job environments and forces employers to move to more tax friendly environments

check today how google is going to put their data farms on boats and put them out to see to avoid paying property taxes on the buildings where the servers are. its on drudge

cap gains hikes never increases revenues to the government...even the Palin killer charlie gibson pointed this out to barry o on national tv...then he stuttered through his answer
jpero says:
09/15/08 05:06PM
Koaj - the cap gains and dividend taxes only effect the wealthy and upper middle class who have the excess funds to be able to participate in that part of the economy. Most middle class and lower class people wish they could invest and make minimal gains but do not have the funds or liquidity to be able to do those sort of things.

The people who would be effected by those cap gains are the ones who already are doing fairly well when compared to a majority of the American public. While I do not necessarily agree with the increase; I can see who Obama is targeting with those increases.
cd329 says:
09/15/08 05:20PM

 

KOAJ,

 You keep saying corporate tax rates and causes layoffs, yet you dont mention how cutting these rates creates jobs or keeps people working.  The triuth is and i dont understand how you dont see it is, when you give these corporations tax cuts, they dont go out and reinvest that money into the company with new equiptment or creating jobs.  hell no, they use those tax cuts to fatten up their own wallets all the while closing down operations, laying off people the moving jobs overseas for slave labor.  That trickle down theory is the biggest line of bullshit the republicans have fed on the American public now foir decades. Its pure crap and if you think busting out the middle class is the answer to solving this countries problems, they you are badly mistaken. The middle class created this country and if the bonehead republicans would step out of the way, they once again could help to build it back up again. All i know is i would bet every dime i have that if you had a union middle class job somewhere you would have a whole differnt tune about who you would want in office.

Sit down and do the math sometime in your business and i will bet  that having a democrat in the whitehouse will put more money in your pocket, then a republican will be able to do for you, that is unless you are in that very rich elite group McCain is going to help.

More sales = more money   Less sales = less money.

 

waxboy says:
09/15/08 09:40PM
well said cd!!
Chezman says:
09/18/08 12:40AM
Democrat is just a fancy American word for Socialist. "Tax more so that we can create more SOCIAL programs". Obama thinks that taxes are the solution to all our problems. This country was founded on capitalist principals, not socialistic ones. People need to embrace personal respsonsibility and not rely on the government for help. The government should only protect law abiding citizens from threats; the government should not be taxing and getting in everyone's business. Income Tax-UNCONSTITUTIONAL; Social Security-UNCONSTITUTIONAL; Welfare-UNCONSTITUTiONAL. Create your own retirement, take care of your own babies, don't tax my hard earned income. If our founding fathers saw what the Democrats(Socialists) are trying to do, and have been doing for years, they would FLIP! If John McCain isn't elected, the US will be screwed. Just because someone was smart enough to create themselves some wealth, the government should not punish them. Obama wants to punish the people that have created wealth for themselves and in most cases are the ones hat create jobs for people. Americans that lean to the left are better at complaining then anyone in the world. If it's true that you bring into your life what you think about (or complain about) the most, then this seems to make a lot of sense. The more complaining that the Democrats/Socialists do, the more they have to complain about. They will never be happy. Go McCain the ultimate Warrior and the Genius Ms. Palin.
maitr3 says:
09/22/08 02:22AM
the only problem i have with mccain and i think everyone here should be wary of is that he is against online gambling. liberals don't really care. the economy is in the shit and neither of these candidates will help. the only person i feel can make a big difference is rep. Ron Paul, but he's out. hope he runs for independent.
Add your response:
Please note that the blogger has the option of reviewing all comments before they are displayed to the public. Your comment may not be published immediately.
 
Advertisement