Proposed Tax Plans

[JARNJ3]

The Washington Post compared each candidates tax plans side by side.

Looks like I'd get more back with an Obama Biden Administration.......

How about you?

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

 

[allison443]

I am going to follow this thread and see if anyone says they don't want Obama because they will have to pay $701,855 more in taxes

 

[beckmrk04]

Wow, the bar graph makes it really apparent what demographic the candidates are trying to help out.

ETA- I'll do much better with Obama's proposed plan.

 

[basas]

McCain

Do you really think Obama can cut everyone's taxes and pay for all of his new spending? Any way you look at it, he is going to need money...lots of it...to pay for all his promises. Expect to pay more, much more, in taxes with an Obama-Biden administration.

 

[JARNJ3]

I am going to follow this thread and see if anyone says they don't want Obama because they will have to pay $701,855 more in taxes

Was thinking the same thing......

 

[Michelle67]

Yes, and heavier taxes on people who own/run businesses, invest in businesses, and employ other people, will have absolutely no effect on anyone else.

What was that Fred Thompson said? "That's like telling you they not going to take any water out of your side of the bucket, they are only going to take it out of the other side of the bucket."

 

[IDoDis]

Obama. Even if I were in the next higher bracket where I'd save $400 with McCain, I'd still go with Obama's plan because the difference would be recovered in other ways like lower health insurance premiums and alternative fuels down the road.

They both have a plan, but will congress pass either one as is? Most likely not.

 

[Chris2597]

This is not the only part of his tax plan....yes, by just looking at the OP table we would save, also. However, this is just one small part of his plan for the good people of the US. Two examples of how his plan would hurt me are: the inheritance tax and the realestate tax. I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance. The other area where it would hurt big time would be loosing the tax free profit on the sale of your primary home. The same article stated that he wanted to tax that $$ at a 28% rate. There were several other tax increases in his plan that would tax the heck out of people trying to get ahead. We are by no means rich but the income tax tables are the least of our worries with the O plan. We have about 60k in equity (maybe not in the current market) in our home which would be profit if we sold. That profit would be taxed big time. I also recently inherited a home from a relative. Under O's plan i would be obliged to pay tax on the gain from the home. In today's tax laws I would not be liable for any dollar amount in tax. That is alot of tax from one of the middle americans that O claims to be helping...I think voters should be looking at the entire tax plan and how it can effect them down the road and not just on April 15.

 

[Charade]

The bottom 50 percent of taxpayers pay 3 percent of the total income taxes paid and their average tax rate was 3 percent.

There are about 68 million in that group. They paid about $30.5 billion in taxes. That's an average of $500 each.

http://www.taxfoundation.org/news/show/250.html

 

[Pin Wizard]

This is not the only part of his tax plan....yes, by just looking at the OP table we would save, also. However, this is just one small part of his plan for the good people of the US. Two examples of how his plan would hurt me are: the inheritance tax and the realestate tax. I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance. The other area where it would hurt big time would be loosing the tax free profit on the sale of your primary home. The same article stated that he wanted to tax that $$ at a 28% rate. There were several other tax increases in his plan that would tax the heck out of people trying to get ahead. We are by no means rich but the income tax tables are the least of our worries with the O plan. We have about 60k in equity (maybe not in the current market) in our home which would be profit if we sold. That profit would be taxed big time. I also recently inherited a home from a relative. Under O's plan i would be obliged to pay tax on the gain from the home. In today's tax laws I would not be liable for any dollar amount in tax. That is alot of tax from one of the middle americans that O claims to be helping...I think voters should be looking at the entire tax plan and how it can effect them down the road and not just on April 15.

He loses me big time on these! Do you want him to take more than a quarter of your profit when you sell your house?

 

[Reflection]

.......I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance. The other area where it would hurt big time would be loosing the tax free profit on the sale of your primary home. The same article stated that he wanted to tax that $$ at a 28% rate. There were several other tax increases in his plan that would tax the heck out of people trying to get ahead.......... .

From Fact check.org

Home Sales: The claim that Obama would impose a 28 percent tax on the profit from "all home sales" is false. Both Obama and McCain would continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple filing jointly) which results in zero tax on all but a very few home sales.

Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent.

http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html

 

[IDoDis]

This is not the only part of his tax plan....yes, by just looking at the OP table we would save, also. However, this is just one small part of his plan for the good people of the US. Two examples of how his plan would hurt me are: the inheritance tax and the realestate tax. I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance. The other area where it would hurt big time would be loosing the tax free profit on the sale of your primary home. The same article stated that he wanted to tax that $$ at a 28% rate. There were several other tax increases in his plan that would tax the heck out of people trying to get ahead. We are by no means rich but the income tax tables are the least of our worries with the O plan. We have about 60k in equity (maybe not in the current market) in our home which would be profit if we sold. That profit would be taxed big time. I also recently inherited a home from a relative. Under O's plan i would be obliged to pay tax on the gain from the home. In today's tax laws I would not be liable for any dollar amount in tax. That is alot of tax from one of the middle americans that O claims to be helping...I think voters should be looking at the entire tax plan and how it can effect them down the road and not just on April 15.

You are very misinformed and just goes to show how gullible some people are. Do you forward these email messages, too? Try to inform yourself before posting erroneous information. Here's the real info:

http://www.snopes.com/politics/obama/taxes.asp

 

[Reflection]

He loses me big time on these! Do you want him to take more than a quarter of your profit when you sell your house?

From Fact check. org:

Home Sales: The claim that Obama would impose a 28 percent tax on the profit from "all home sales" is false. Both Obama and McCain would continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple filing jointly) which results in zero tax on all but a very few home sales.

Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent.

http://www.factcheck.org/askfactchec...fits_if_i.html
http://www.factcheck.org/askfactchec...fits_if_i.html

 

[allison443]

I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance.

What are you talking about? What is a "tax-free inheritance"? There is currently a federal estate tax in effect for estates valued at more than $2 million.
Where did you read this--an email that someone forwarded to you? Doesn't everyone know by now that those emails are not always reliable, to put it mildly?

 

[allison443]

This is not the only part of his tax plan....yes, by just looking at the OP table we would save, also. However, this is just one small part of his plan for the good people of the US. Two examples of how his plan would hurt me are: the inheritance tax and the realestate tax. I read that O's plan would include doing away with the tax free inheritance, his plan would impose a 28% tax on any inheritance. The other area where it would hurt big time would be loosing the tax free profit on the sale of your primary home. The same article stated that he wanted to tax that $$ at a 28% rate. There were several other tax increases in his plan that would tax the heck out of people trying to get ahead. We are by no means rich but the income tax tables are the least of our worries with the O plan. We have about 60k in equity (maybe not in the current market) in our home which would be profit if we sold. That profit would be taxed big time. I also recently inherited a home from a relative. Under O's plan i would be obliged to pay tax on the gain from the home. In today's tax laws I would not be liable for any dollar amount in tax. That is alot of tax from one of the middle americans that O claims to be helping...I think voters should be looking at the entire tax plan and how it can effect them down the road and not just on April 15.

Please provide a link to this "article" that you read, it is not accurate. Thank you.

 

[Pin Wizard]

Quote:
Home Sales: The claim that Obama would impose a 28 percent tax on the profit from "all home sales" is false. Both Obama and McCain would continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple filing jointly) which results in zero tax on all but a very few home sales.

Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent.

So as a single person I'm still not making out. Up to $250,000 is not taxed. If I sell my home for $300,000 I'm paying tax on 50,000. Yet a married couple who files jointly doesn't worry about taxes until their profit is over $500,000. Not fair at all!

 

[pr surfer]

I just donated the difference between the Obama and McCain tax cuts to the Obama campaign, thanks fo the link!

 

[Reflection]

Quote:
Home Sales: The claim that Obama would impose a 28 percent tax on the profit from "all home sales" is false. Both Obama and McCain would continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple filing jointly) which results in zero tax on all but a very few home sales.

Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent.

So as a single person I'm still not making out. Up to $250,000 is not taxed. If I sell my home for $300,000 I'm paying tax on 50,000. Yet a married couple who files jointly doesn't worry about taxes until their profit is over $500,000. Not fair at all!

Then you should take up your 'sadness and anger' with your senators and representatives. The $250,000, $500,000 (married couple filing jointly) exemption has been the tax law/code for several years. The key point is that neither Sen. Obama nor Sen. McCain is proposing to eliminate this exemption.

And no matter how you slice it, $250,000 of untaxed profit is still a large chunk of moolah.

 

[phragmipedium]

I'd get more from an Obama-Biden office. But, that was a very small role in my decision-making process - I agree far more with Obama/Biden on all issues, including taxes, than with McCain/Palin. Especially Palin. Thanks to those who debunked the common Obama tax myths floating around.

 

[Chris2597]

You are very misinformed and just goes to show how gullible some people are. Do you forward these email messages, too? Try to inform yourself before posting erroneous information. Here's the real info:

http://www.snopes.com/politics/obama/taxes.asp

Well....i guess several new reporters are misinformed also, as this has been on the news, both locally and nationally.