"Tax and spend liberal" has been the mantra from conservatives at least since Carter. McCain is pulling that out again in his newest ads and it's a load of crap. Just thought you would want to know.
Obama says he would hike several taxes on people making more than $250,000, including the amount they pay on capital gains. Currently, the top income tax rate is 35 percent. Under Obama, that would go back up to 39 percent. Obama's staff told the Urban-Brookings Tax Policy Center he would raise the rates for people in the top two brackets — about 2.5 million filers out of 100 million-plus. People in those high tax brackets would see the tax rate on their capital gains hiked from the current 15 percent to 20-28 percent.
Whose tax plan is better for you? Obama vs. McCain :: CHICAGO SUN-TIMES :: Barack Obama.
Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.
Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.
Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama-Biden plan, 27 million American seniors will also not need to file an income tax return.
Simplify Tax Filings for Middle Class Americans: Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
So you can breathe your sigh of relief now if you are making less than $250,000 which is about 95% of the country.
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It's class warfare!!!!
; )
I agree that an Obama administration would not raise taxes by the federal government on the middle-class, but isn't the argument more about the ultimate cost of increased taxes on the economy? If all corporations (included in those >$250k in income) get their tax rates hiked, shareholders will not suddenly say, "oh, OK, we'll lower earnings expectations based on your now-higher tax rate." Instead, corporations will simply have to find a way to continue earnings growth under a heavier tax burden. How? Raising prices, cutting salaries, benefits and employment rolls. And who is it that pays the "cost" of those increased prices and decreased benefits? The middle class.
This seems to me to be the problem with tax-increase-based revenue growth – it always punishes the most vulnerable in our society because they remain dependent on businesses either as consumers or employees.
No. The McCain campaign is pretty clear in the message that an Obama presidency will crate massive taxes for everyone and will balloon government. There is no evidence that this is at all true.
I agree that an Obama administration would not raise taxes by the federal government on the middle-class, but isn't the argument more about the ultimate cost of increased taxes on the economy? If all corporations (included in those >$250k in income) get their tax rates hiked, shareholders will not suddenly say, "oh, OK, we'll lower earnings expectations based on your now-higher tax rate." Instead, corporations will simply have to find a way to continue earnings growth under a heavier tax burden. How? Raising prices, cutting salaries, benefits and employment rolls. And who is it that pays the "cost" of those increased prices and decreased benefits? The middle class.
This seems to me to be the problem with tax-increase-based revenue growth – it always punishes the most vulnerable in our society because they remain dependent on businesses either as consumers or employees.
No. The McCain campaign is pretty clear in the message that an Obama presidency will crate massive taxes for everyone and will balloon government. There is no evidence that this is at all true.
What you seem to imply is to go back to the trickle down scheme of maintaining tax breaks to corporations in order to put money in the pockets of the worker. It's a theory that has not panned out for lower income brackets.