Politics and taxes

[flmagi]

Under Obama, the wealthiest 1 percent of taxpayers, those making roughly $600,000 or more, would see their taxes go up on average by $93,709 in 2009, according to an analysis done by the Tax Policy Center, because Obama would begin implementing his tax changes even before the scheduled expiration of the Bush cuts.

Under McCain, those same taxpayers would see an average reduction of $48,860, reflecting in part additional cuts he is proposing.

By contrast, the bottom 20 percent of taxpayers, those with taxable income of roughly $19,000 per year or less, would see their taxes cut by an average of $567 under Obama's program and $21 under McCain's plan, the tax center estimates.

For the 20 percent of taxpayers right in the middle of the income scale, making roughly between $37,600 and $66,400, the tax break would be $1,118 under the Obama plan and $325 under the McCain plan in 2009, according to the analysis done by the tax center, a joint venture of the Urban Institute and the Brookings Institution, two Washington think tanks.

Another reason to vote for Obama...unless of course, you're really wealthy.

[allaboutmary]

Dem congress hasn't done much better than the repub.

[paul300]

And what about congress????

[allaboutmary]

I like the idea of fair tax also.  I know Obama was talking about simplifiying the tax laws.  Which would help a little. I get mad that I'm barely making it and have to pay an accountant to do my business taxes.

Paul,  
I also have a small LLC and all I can say is things have gotten much worse under Bush.

[paul300]

I just don't comprehend why the dems are so infatuated toward the "rich" paying more taxes. And they make sound like the rich stuffs all that money under the mattress and thus benefits no one! Duh! That capital is reinvested into corporations which in turn create jobs. That's part of the cycle. Simple as that. And if he raises the taxes as advertised, those investments will go offshore. He fails to mention that!

And he wants to get those greedy oil corporations because they are finally making a decent profit. But what he doesn't tell you is those corporations belong-part to your retirement portfolios and such. Simply amazing.

I currently run an LLC and if Obama gets in office, it will definitely curtail my abilites to reinvest into my company. He truely wants income redistribution. As it may help some in the short run, it will stall the economy.

As for China, ditto Vic, although your price is a bit high for the China part! ;-) Obama claims tax breaks for companies the manufacture in the states. If you're manufacturing a commodity product, I don't believe any break will make up the difference.  Its a cold unfortunate global market fact. People just refuse to recognize that.

[VicUser]

According to
2008 Tax Brackets
Tax Rate             Single                  Married Filing Jointly
10%             Not over $8,025           Not over $16,050
15%            $8,025 - $32,550           $16,050 - $65,100
25%            $32,550 - $78,850         $65,100 - $131,450
28%            $78,850 - $164,550       $131,450 - $200,300
33%            $164,550 - $357,700     $200,300 - $357,700
35%           Over $357,700              Over $357,700

A married couple with an adjusted gross income of
$19,000 pays $2850
$50,000 pays $13,000
$600,000 pays $210,000
An Illegal being paid cash $0

we all know that the tax code is not as simple as the above but it gives and idea of what is currently being paid.

Also, if the "rich" small business owners have there taxes increased who is going to pay that in the long run? You and I will, which means we have less money to buy goods and services. So the small business guy will have less business and layoff workers, thus increasing the unemployment.

Since the large corps have to answer to the stockholders, which we all know want as much return on their investment as possible, and if they are taxed at a higher rate, then they will simply move off shore where there is a more favorable tax rate. This will take jobs with them and thus once again we lose.

Besides that, we all want to buy things as cheap as we can that is why you can't buy much made here anymore. Don't believe me? if you can buy a cookie sheet made in the good ol' USA for $10 or one made in China for $5 which would you buy?

[VicUser]

What does someone making $600,000 a year pay in taxes right now?

What does someone making $19,000 a year pay in taxes?

Too bad Obama or McCain doesn't support the fair tax. The fair tax would level the palying field and tax everyone on what they spend not what the make, this would include the illegals that currently may not pay any income tax, but use the services that you and I pay for.