- The Cat

Obama’s tax increases would apply almost exclusively to those making $200,000 or more a year.

crr6 on August 22, 2008 at 2:30 PM

This is true only if you believe that those making less than $200,000 per year use no oil, no food, no transportation, no medicine, no energy, and do not need a job!!!

landlines on August 22, 2008 at 4:20 PM

I agree, LL, there’s much more to it than that. I make less than $200,000 per year, and my taxes will go up about $5000 annually if the Democrats’ tax plan goes though as it’s now written. The plan will hurt self-employed people (like me), and the increase of taxes on inheritance and capital gains will hurt just about everyone – either directly or indirectly. If BO gets elected, we can expect the markets to experience a dreadful sell-off leading up to the inauguration.

Everyone gets hung up on income tax rates, but what will do the most damage is the rate of social security tax (aka “self-employment tax”), and more importantly, the amount and nature of income that will be subject to it. This is where my already hefty tax burden stands to become significantly heftier.

I am completely sick of poorly informed people and a corrupt media insisting that Obama’s plan will “lower taxes” on almost all people who make less than $200,000. This just isn’t true. The federal income tax rate may go down a little, but if you are self-employed your SE tax is very likely to go up (especially if you’re an s-corp – oof). If you want to cash in on investments or receive an inheritance, get ready to take a hit too.

Well anyway, the things to watch are social security tax and the expansion of income (even corporate income)that may be subjected to it. The inheritance and capital gains taxes are big ones too that can do some serious damage, I slight dip in federal income tax rate will not compensate for increases in these other taxes.

Obama’s tax increases would apply almost exclusively to those making $200,000 or more a year.

crr6 on August 22, 2008 at 2:30 PM

This is true only if you believe that those making less than $200,000 per year use no oil, no food, no transportation, no medicine, no energy, and do not need a job!!!

And people are trying to portray him as a regular guy when he’s a rich elitist. Obama hasn’t been wealthy long enough to be a rich elitist. He’s just a bit of an intellectual elitist.

But either way, you get to pick between a couple of C+ candidates. Have fun.

Dave Rywall on August 22, 2008 at 3:05 PM

And I’m calling bull***t on your claim that McCain was pretending he didn’t have any houses. He obviously wasn’t sure how to answer the question given its vague nature, and you’re acting like he was hoping nobody would find out. Very lame.

As for McCain’s many, many houses, you’re right – there are so many nobody knows which ones he uses and which ones he doesn’t.

The assets belong to his family. He uses them.

Next.

Dave Rywall on August 22, 2008 at 2:11 PM

There’s no way you could possibly know how many and which properties McCain uses. It’s a known fact that several of them are lived in by Cindy’s relatives.

You’re really stretching here. Do you realize how lame you sound, and in how many different ways?

McCain’s tax plans cost lower income people more than Obama.

Only if you believe that somehow you can “tax the rich” without them passing those tax increases along to customers (some of whom are “lower income”) in the form of higher prices. Roughly 23% of the nominal price of goods and services purchased in the US are actually federal taxes on the producers and distributors of those goods and services.

But it makes people feel good to make someone else write the check to Uncle.

That seems to be the crux of the lefty view of taxes. They have this idea that their taxes will be funneled into programs of their choosing. In reality it all gets sucked up into admin costs for endless government programs. Nothing is produced, but our wallets are lighter for the effort.

Next.

It’s just annoying that he pretends he doesn’t have these assets.

Dave Rywall on August 22, 2008 at 1:58 PM

Technically he doesn’t.

Next.

They know full well the Las Vegas Review-Journal is never quoted by anyone for anything.

Next.

How stupid.

McCain’s tax plan vs Obama’s tax plan has been scrutinized up the as*, and the net net is McCain’s tax plans cost lower income people more than Obama. Therefore, this ad is misleading, and therefore garbage.

As for McCain’smany houses/condos/ranches, nobody gives a shit that he has them, in fact, hooray for him for having those assets in his family. It’s just annoying that he pretends he doesn’t have these assets.

fossten on August 22, 2008 at 12:54 PM

Nice, I got a good chuckle over that.

Celebrities don’t have to worry about family budgets, but we sure do. We’re paying more for food and gas, making it harder to save for college, retirement.

Something I’m sure John “8 crib” McCain worries about a lot. “We”? The shameless hypocrisy of these pols is beyond redemption.

Queasy on August 22, 2008 at 1:03 PM

Problem is; republicans haven’t had a good argument for lowering taxes and not redistributing. At least the ones in washington don’t. I’m not even sure they really believe in the free market anymore.

Republicans aren’t sick of the welfare state, they are sick of paying for it. Two entirely different things.

Until republicans come up with reasons why taxes should be lower, why the welfare state is a mess, why private businesses work better than government – they can’t make a good argument to people.

And since they probably don’t believe it, they won’t make it.

specificity

This “whos richer than thou” doesn’t help McCain. His arguments should be focused on Obama’s policy. Picking apart what Obama says is the key to winning the battle of words.

Do so, with countering Obama’s policy with sound solutions will make a more logical argument. Obama says McCain will try to use fear to scare voters from him…. raising taxes gives me enough fear along with agita.

let the market work, however way it’s going to work, and then just tax the heck out of people at the end and just redistribute it,” Obama said.

I’m sure Americans will respond well to having the heck taxed out of them.

– Barack Obama