Interesting tax policy breakdown...

[ConcKahuna]

With all the talk of who will cost you more taxes with their policies and the fear if increased taxes, I found an interesting article on ABCNews.com

The final portion of the article has a nice breakdown who exactly would show tax increases. It looks like both candidates would offer tax breaks for almost all Americans, although McCain's are weighted towards people at the higher income brackets and Obama offers more breaks for working-class families (to be expected based on their political bases).

People who earn up to $18,725 a year would get a $65 tax cut from McCain, and a $567 cut from Obama.

Those who make between $37,000 and $66,000 would see an extra $608 under McCain's plan and $1,118 from Obama's plan.

If your income is between $66,000 and $110,00, McCain's proposal would mean $1,487 less in taxes, while Obama's would lighten the load by $1,264.

The biggest difference would be for those earning between $680,000 and $2.8 million. They would get a $109,214 tax break from McCain, but would pay an extra $121,689 under Obama's plan.

It is of course a summary, and everyone's taxes are different, but it was a good easy-to-read reference.

 

[Cheshire Figment]

I am a (retired) CPA and my opinion of any tax proposal is:

Until I read (preferably in the professional literature) that both Houses of Congress have passed and the President has signed the Bill into Law I will tend to ignore what is going on.

Because everything is subject to change and modification, especially if people decide there are "extenuating circumstances".

 

[sahd2one]

With all the talk of who will cost you more taxes with their policies and the fear if increased taxes, I found an interesting article on ABCNews.com

The final portion of the article has a nice breakdown who exactly would show tax increases. It looks like both candidates would offer tax breaks for almost all Americans, although McCain's are weighted towards people at the higher income brackets and Obama offers more breaks for working-class families (to be expected based on their political bases).



It is of course a summary, and everyone's taxes are different, but it was a good easy-to-read reference.

How many of those "working-class" depend on the wealth of others to employ them? What will happen to those jobs when the employers start cutting costs, i.e. LABOR to make up for the lost revenue for higher taxes?

 

[KristaTX]

Can someone explain to me how taxes can go down at all? Are we as a nation spending less somehow and don't need the money ? I thought we were spending more than ever ??

 

[JoiseyMom]

How many of those "working-class" depend on the wealth of others to employ them? What will happen to those jobs when the employers start cutting costs, i.e. LABOR to make up for the lost revenue for higher taxes?

You mean like now??? With all the layoffs going on and these big companies who squandered money like candy and still do (umm...AIG).

 

[a1tinkfans]

How many of those "working-class" depend on the wealth of others to employ them? What will happen to those jobs when the employers start cutting costs, i.e. LABOR to make up for the lost revenue for higher taxes?

What happens is HIGHER PRICES, LAY OFFS and OUTSOURCING, (to China, they already do such a good job, NOT!)

Who SUFFERS, MIDDLE CLASS AMERICANS thats who!



DEMOCRATS FOR MCCAIN!

 

[bicker]

Outsourcing to China is actually mostly a pro-business, and therefore Republican, attribute. As a pro-business fiscal conservative, I don't really see a defensible reason to prevent outsourcing to China. If we want jobs to stay in the United States, then we should do those jobs so much better than they can be done in China -- better including both the results and the costs.

Indeed, protecting consumers and workers are really the strengths of the Democratic Party; and a major source of weakness for the Republican Party.

If these issues (consumer pricers, layoffs, outsourcing) are really your main concerns, then you would be better off voting for Obama than for McCain.

 

[manning]

You mean like now??? With all the layoffs going on and these big companies who squandered money like candy and still do (umm...AIG).

What I'm concerned about are the small companies who employs over half the work force.

 

[Colleen27]

How many of those "working-class" depend on the wealth of others to employ them? What will happen to those jobs when the employers start cutting costs, i.e. LABOR to make up for the lost revenue for higher taxes?

He's only proposing a return to the rates of roughly a decade ago, when our economy was booming. What good has letting those at the top keep more of their money done? Seven and eight figure salaries for those at the top, and layoffs for the working class.

 

[rayelias]

With all the talk of who will cost you more taxes with their policies and the fear if increased taxes, I found an interesting article on ABCNews.com

The final portion of the article has a nice breakdown who exactly would show tax increases. It looks like both candidates would offer tax breaks for almost all Americans, although McCain's are weighted towards people at the higher income brackets and Obama offers more breaks for working-class families (to be expected based on their political bases).



It is of course a summary, and everyone's taxes are different, but it was a good easy-to-read reference.

So, McCain is giving 100% of taxpayers a lower tax bill.

Obama is giving 95% of Americans money, approximately 40% of which do not pay federal income tax, and in order to do so, is TAKING money from 5% of people who already pay the vast majority of the federal budget.

 

[Colleen27]

What I'm concerned about are the small companies who employs over half the work force.

Taxes are a very small part of the picture for small business right now. Few make enough profit to be effected by Obama's plan, and most rank fuel and health care costs as their top concerns.

 

[tinkryansmom]

Outsourcing to China is actually mostly a pro-business, and therefore Republican, attribute. As a pro-business fiscal conservative, I don't really see a defensible reason to prevent outsourcing to China. If we want jobs to stay in the United States, then we should do those jobs so much better than they can be done in China -- better including both the results and the costs.

Indeed, protecting consumers and workers are really the strengths of the Democratic Party; and a major source of weakness for the Republican Party.

If these issues (consumer pricers, layoffs, outsourcing) are really your main concerns, then you would be better off voting for Obama than for McCain.

How about refusing to support foreign goods? Maybe buying American. Supporting those US companies who manufacture in the US and support the US? This is how I show my resolve. Just a thought.

 

[bicker]

Noble intentions, and I don't think anyone would begrudge you your chosen form of patriotism.

 

[Anewman]

If the customer base(95% of Americans) has more money to spend at businesses, employers will hire enough staff to serve those customers.

A tax break for business owners will not create customers, I doubt any "real" business owner will hire new employees just because of a tax break. No customers means no employees, regardless of the tax rate.

 

[TLSnell1981]

What I'm concerned about are the small companies who employs over half the work force.

This is my main concern also. Small businesses are the only thing keeping us going right now. Tax hikes aren't wise in this economy.

I keep hearing...."We're only going back to Clinton's taxes. Things were peachy then." People need to remember....Clinton had a republican congress to keep things in check. Obama, Pelosi and Reid.......this trio scares me to death. There will be no way to control them.

 

[TCPluto]

Outsourcing to China is actually mostly a pro-business, and therefore Republican, attribute. As a pro-business fiscal conservative, I don't really see a defensible reason to prevent outsourcing to China. If we want jobs to stay in the United States, then we should do those jobs so much better than they can be done in China -- better including both the results and the costs.

Indeed, protecting consumers and workers are really the strengths of the Democratic Party; and a major source of weakness for the Republican Party.

If these issues (consumer pricers, layoffs, outsourcing) are really your main concerns, then you would be better off voting for Obama than for McCain.

Nothing could be further from the truth.

Loss of jobs and passing on the tax liability for goods and services is what will happen.

The better plan is to take the McCain cut and not pay more for goods and services.

Oh, and lets cut spending too. BO will increase spending 10 to 1 over McCain.

 

[bicker]

You're mistaken. McCain would spend just as much as Obama will, just on different things (and that difference will be slight, and not necessarily better expenses from the economy's perspective), and will tax less affluent folks more. Folks concerned about consumer or worker issues are much better off supporting Obama.

 

[TLSnell1981]

A tax break for business owners will not create customers, I doubt any "real" business owner will hire new employees just because of a tax break. No customers means no employees, regardless of the tax rate.

I can promise you any "real" business owner will CUT jobs if taxes are increased. If one is given incentives....such as tax cuts.....you are given the opportunity to grow and/or improve your business. This stabalizes jobs ..... and can also create them.

 

[TCPluto]

You're mistaken. McCain would spend just as much as Obama will, just on different things (and that difference will be slight, and not necessarily better expenses from the economy's perspective), and will tax less affluent folks more. Folks concerned about consumer or worker issues are much better off supporting Obama.

Not even close.....

 

[bicker]

I think it is important that people not support either candidate for the wrong reasons, i.e., supporting McCain thinking erroneously that he'll be better for consumers or for workers, or supporting Obama thinking erroneously that he'll be better for more affluent folks.