Why I'm Scared of an Obama Presidency

Why I fear an Obama Presidency. I have $10 In my Pocket. Obama wants to take $ 9 and Pay for Tax Cuts, National Health Insurance, College Tuition and such. At the end I will have very little left to pay for Gas and Heating Oil which he plans do nothing on.

I'd like to know what you base this on, several people say how much their taxes will go up but no one shows how that will happen. Congress has to approve any tax increases. Today on "This Week", McCain said he would not like to raise taxes but everything is on the table, he said he might raise payroll taxes.

How do all who oppose tax increases think we are going to reduce the deficit? Does anyone really think cutting pork barrel spending will make much of a difference? That probably won't cover the cost of one month in Iraq.
 
How do all who oppose tax increases think we are going to reduce the deficit? Does anyone really think cutting pork barrel spending will make much of a difference? That probably won't cover the cost of one month in Iraq.

How about we start with a reduction in spending and go from there? Why is it that libs seem to never want to hold their govt' accountable for anything? The solution is always TAX THE RICH! Is there a reason that govt. should not have to curb their spending before they start taking more of our money? I would really like to know the answer to this because I always see that "cutting spending is not going to cover everything". If it does not cover all of it, fine, I am more than happy to pay more taxes. At least I would know that they are at least attempting their part. But for raising taxes to always be the first way to go, I think that is total BS! How about THEY do their fair share! How about that?

Kristine
 
I'd like to know what you base this on, several people say how much their taxes will go up but no one shows how that will happen. Congress has to approve any tax increases. Today on "This Week", McCain said he would not like to raise taxes but everything is on the table, he said he might raise payroll taxes.

How do all who oppose tax increases think we are going to reduce the deficit? Does anyone really think cutting pork barrel spending will make much of a difference? That probably won't cover the cost of one month in Iraq.

Obama proposes trillions of dollars in new spending. How does he intend to fund his "projects." His taxing of the "wealthy" (as he defines it) will cover alot of families. His "taxes" will prohibit economic growth - it will result in a shift of wealth in this country. Those getting the benefit will not contribute to future economic growth.

There is a great likelihood that his plans will pass since Congress is currently controlled by democrats. One would have to be naive to ignore this. I also think he will be Pelosi and Reid's personal puppet in the WH.

Finally, yes, the end of pork barrel spending will help get the budget under control - -unless you think $700 million dollars for a bike trail is not wasteful spending. I, however, think it is.

Oh and as far as reducing the cost in Iraq -- isn't Obama calling for a "surge" in Afghanistan - so really the reduction of military cost in Iraq is just going to transfer to Iraq.
 
How about we start with a reduction in spending and go from there? Why is it that libs seem to never want to hold their govt' accountable for anything? The solution is always TAX THE RICH! Is there a reason that govt. should not have to curb their spending before they start taking more of our money? I would really like to know the answer to this because I always see that "cutting spending is not going to cover everything". If it does not cover all of it, fine, I am more than happy to pay more taxes. At least I would know that they are at least attempting their part. But for raising taxes to always be the first way to go, I think that is total BS! How about THEY do their fair share! How about that?

Kristine

I just want to add to this thread that the top 10% of wage earners pay 70% of the taxes. The bottom 52% pay 0% of the taxes. How much more can that 10% pay? If capital gains taxes are doubled, what will happen to investment?
 

I just want to add to this thread that the top 10% of wage earners pay 70% of the taxes. The bottom 52% pay 0% of the taxes. How much more can that 10% pay? If capital gains taxes are doubled, what will happen to investment?


:thumbsup2
It just amazes me when "they" claim the rich pay little to nothing and that taxes are paid only by the middle class
 
I just want to add to this thread that the top 10% of wage earners pay 70% of the taxes. The bottom 52% pay 0% of the taxes. How much more can that 10% pay? If capital gains taxes are doubled, what will happen to investment?

YES! Thank you for adding that. You are 100% correct and if I hear one more person say that they can afford it, I am going to vomit.

:thumbsup2
It just amazes me when "they" claim the rich pay little to nothing and that taxes are paid only by the middle class

Their idea of rich is completely crazy too, if you ask me, There is a HUGE difference between someone who makes 250,000 a year and someone who makes 250 million a year. Yet, those people are all placed in the same group. The "rich" people. BS.

Kristine
 
Obama proposes trillions of dollars in new spending. How does he intend to fund his "projects." His taxing of the "wealthy" (as he defines it) will cover alot of families. His "taxes" will prohibit economic growth - it will result in a shift of wealth in this country. Those getting the benefit will not contribute to future economic growth.

There is a great likelihood that his plans will pass since Congress is currently controlled by democrats. One would have to be naive to ignore this. I also think he will be Pelosi and Reid's personal puppet in the WH.

Trillions? Really? You have a reliable source for this?
 
Trillions? Really? You have a reliable source for this?

From US News and World Report (http://www.usnews.com/blogs/capital-commerce/2008/2/14/obamas-trillion-dollar-spending-plan.html) Most notable items are:
* $50 billion/yr alternative minimum tax plan
* $65 billion/yr health plan
* $15 billion in green energy spending
* $85 billion in tax cuts and credits
* 25 billion/yr increase in foreign aid
* $18 billion/yr in education spending
* $3.5 billion for a national service plan
 
Does that add up to trillions? It's high but not trillions. How much is being spent in Iraq by the way?
 
Does that add up to trillions? It's high but not trillions. How much is being spent in Iraq by the way?

But will Obama actually get us out of Iraq? He has backed away from his original pledge and is now busy saying how the violence there is a lot lower than he originally thought, so under his administration a troop withdrawal may not happen.
 
Here's the one thing I don't get about Obama. His whole campaign is focused on Change. That sounds good, but what does that really mean? Where's he been? Almost 200 votes of "present" is as non-committed to change as you can be?

Have you seen John McCain's voting record? They BOTH have dismal voting records. That is part of the whole problem with the way we elect a president. Campaigning has become their focus. We vote these guys into congress to serve us and they spend the vast majority of that time out on the road pandering for money and votes, not doing what we elected them to do in the first place.

Neither candidate is perfect but if you aren't going to vote for Obama based on his voting record, you better not vote for McCain who has missed something like 65% of the votes.
 
Does that add up to trillions? It's high but not trillions. How much is being spent in Iraq by the way?

Those are what US News and World Report listed as the most notable items, so not everything is listed.

Why even ask about spending in Iraq? Just because money is being spent one way means we should have no problem with it being spent in another?
 
Those are what US News and World Report listed as the most notable items, so not everything is listed.

Why even ask about spending in Iraq? Just because money is being spent one way means we should have no problem with it being spent in another?
The problem for some people seems to be that Obama plans to go on a mad spending spree. I see little mention of what the spending will be for. If out of control spending is an issue than all spending should at least be evaluated IMO.
 
But will Obama actually get us out of Iraq? He has backed away from his original pledge and is now busy saying how the violence there is a lot lower than he originally thought, so under his administration a troop withdrawal may not happen.
Good question. He is backpeddling on some of that isn't he?
 
Whether Bush has had a bad eight years or not does not automatically make Obama the correct choice to fix anything/everything. Some things need to change, but if you change the wrong things will we really be any better off? If you change the right things but in the wrong way will we be any better off?

Just because someone thinks Bush has done a poor job does not mean Obama should be the obvious choice just because he wants to "change" things...

Napoleon changed things. He was extremely popular early on. The majority of the French people loved him. Then what?

Hitler changed things, too.

I am NOT comparing Obama to either of those two persons, only pointing out the FACt that not ALL change is indeed good change. None of us should be so anxious to jump off of a Bush's boat that we automatically assume the first ride that comes along with be the best option.

I personally don't care for either candidate. How is it that a country with so many great minds can't come up with better options that Obama and McCain? Please...
 
An argument against Obama's tax plan

The Tax Policy Center and the Barack Obama campaign used some sleight of hand this week in Politico. To quote Eric Tolder of the TPC, “Most small-business people, like most everyone else, are not really high-income.” While this is true, it completely and totally misses the point.

Let’s start with the definition of a “small business.” Most will tell you that small-business income constitutes income derived from sole proprietorships, partnerships and Subchapter S corporations.

The conservative argument (and that of the John McCain campaign) is that Obama’s stated plan to raise taxes on households making $250,000 or more in income is a tax increase on small business. The simple answer to this dilemma can be found in the IRS Statistics of Income Bulletin (Table 1.4, for those who are interested).

So what do the data say?

In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more — the very same households that Obama wants to increase taxes on.

The Obama campaign maintains that the number of small-business owners is what’s important. Economists know what matters is the tax rate that’s applied to the bulk of small-business income. Make no mistake about it: Obama’s plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America.

What type of tax rate are we talking about? Currently, S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent (since they’re responsible for paying both income tax and the Medicare component of the payroll tax).

Under Obama’s plan to let the scheduled 2011 tax rate hikes occur, and his plan to raise the self-employment tax on those making more than $250,000, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to a staggering 50.3 percent. Many Democrats in Congress have proposed making all small businesses (including S corporations) pay this 50-plus percent rate. A small business tax rate that high would be the highest marginal rate faced by them in nearly a quarter-century.

What would a world look like where two-thirds of all small-business income would be taxed at a 50 percent rate? The economic law that “taxing something more and getting less of it” would apply. Fewer Americans would be interested in opening or expanding small businesses. Tax evasion and legal tax avoidance would spike, as tax shelters would once again become a booming industry. Since small businesses create a majority of jobs in America, Main Street closing up shop will have a direct impact on the family budget, as well. Plants and equipment will go unused. Despite the misguided opinions of static scorers in Washington, federal tax revenues will likely decline as the economy staggers into a full-on recession.

What’s the alternative? One place to look is the optional alternate tax system originally proposed by Congressman Paul Ryan (R-Wis.) and now endorsed by McCain. It would give households (including those with small business income) a choice between the current tax code and one with a top rate of 25 percent on all income over $100,000. This would have the beneficial effect of lowering the tax rate on most small-business income by 10 percentage points. Small businesses haven’t faced a tax rate that low in quite some time and would be likely to respond with the creation of new businesses and more investment in existing businesses.

The McCain small business tax plan doesn’t end there. For those businesses that are organized as conventional corporations, the top tax rate would fall from 35 percent to 25 percent, the European average. For all businesses, technology and equipment — which now must be slowly “depreciated” over many years — would be immediately expensed in year one.

Stepping back, voters and policymakers should ask themselves whether they want two-thirds of small business income taxed at a 50 percent tax rate or if they want nearly all small-business income taxed at a 25 percent tax rate. They should ask themselves whether it’s healthier for small businesses to write off a computer over six calendar years or to simply write it off in year one. To America’s small business sector, the answer is obvious.

http://www.politico.com/news/stories/0708/11670.html
 
I'd like to know what you base this on, several people say how much their taxes will go up but no one shows how that will happen. Congress has to approve any tax increases. Today on "This Week", McCain said he would not like to raise taxes but everything is on the table, he said he might raise payroll taxes.

How do all who oppose tax increases think we are going to reduce the deficit? Does anyone really think cutting pork barrel spending will make much of a difference? That probably won't cover the cost of one month in Iraq.

Hmm...

Can't drill, won't make any (or little) difference. Don't do it.

Don't cut spending, won't make any (or little) difference. Forget it.

Just raise taxes...

Am I the only one here that detects a pattern?
 
Does that add up to trillions? It's high but not trillions. How much is being spent in Iraq by the way?

That's not a one time deal. That's PER year so yes, in the long term, it's trillions.
 



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