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US Presidential candidates tax proposals  

post #1 of 14
Thread Starter 
I saw this in the weekend Parade magazine (which has a fairly wide readership) and thought it would be a good starting point for a discussion on taxes.

http://www.parade.com/news/intellige...pay-taxes.html

It quotes the tax policy center
http://www.taxpolicycenter.org/aboutus/index.cfm
and if you really want the blow-by-blow of the numbers you have to look at this.
http://www.taxpolicycenter.org/Uploa...candidates.pdf
post #2 of 14
McCain is obviously addressing only the rich when he says people will pay more taxes under Obama.
post #3 of 14
It's all hooey anyway. McCain, if elected, would never get what he wanted from a Democratic Congress. And Obama keeps saying 95% of all workers will get a tax cut. Since 45% of all workers in the US don't pay any income taxes, that means he would have to send them a check. I'm not sure even he could get that from Congress.

Remember the Clinton middle-class tax cut? The one he promised all through his campaign? No, of course you don't, because it never happened. He said he worked harder on it than anything he'd ever worked on, but the numbers just wouldn't work, so he raised taxes on the middle class. That was one of the big reasons for the huge Democrat losses in 1994.

But no President can pass legislation. He needs Congress to pass it, so what he can do is limited, no matter what he may say before the election.
post #4 of 14
Looks like most of BHO's "tax savings" are actually earned income credits. Just moving around taxes others pay to make it look like low wage earners are getting a cut.

From these numbers, looks like everyone needs to have a few more kids if BHO is elected.

http://www.taxpolicycenter.org/numbe...cfm?DocID=1840

Here's a statement hidden deep within the full report:

Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.

So BHO moves the money from one group to another who never paid it in.
post #5 of 14
Quote:
Originally Posted by jcat View Post
McCain is obviously addressing only the rich when he says people will pay more taxes under Obama.
That is not true. Obama will let the Bush tax cuts expire and then everyone's taxes will go up.

http://sharprightturn.wordpress.com/...stic-tax-plan/

Quote:
Obama and his media campaign cohorts (ABC, CBS, NBC, etc.) keep touting that Obama is cutting taxes for 95% of Americans. This is an outright lie since 33% of Americans file tax returns as no-payment. These are the people who don't pay or have credits coming back exceeding their payments.The other little biased talking point is that McCain will keep Bush's tax cuts for the wealthy…..well McCain's tax plan does not have any changes from the Bush tax cuts….which did include cuts at all levels, not just the wealthy.
http://online.wsj.com/article/SB121659695380368965.html

Quote:
Barack Obama says he's going to cut taxes for those at the bottom, but that's also going to be a challenge because Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Perhaps he thinks half the country should pay all the taxes to support the other half.
Also, Barack Obama wants to raise Corporate Taxes. When you raise corporate taxes it discourages competition, keeps businesses from staying here in the U.S. and corporations pass on those additional costs to the consumer.

http://www.heritage.org/Research/Tra...Aid/wm2065.cfm

Quote:
Over the last decade, almost every member of the European Union has cut its corporate tax rates. Just in the last five years, over 15 EU members have legislated reductions. Germany has reduced its corporate tax rate from nearly 40 percent to around 30 percent, effective January 2008. The U.K. has also cut its corporate rate to 28 percent from 30 percent effective this spring.
post #6 of 14
This seems to be a more comprehenvie comparison, as it also addresses capital gains taxes for small businesses, higher education expenses, etc. http://www.taxfoundation.org/candidates08/compare/
post #7 of 14
Quote:
Originally Posted by mrblanche View Post
It's all hooey anyway. McCain, if elected, would never get what he wanted from a Democratic Congress. And Obama keeps saying 95% of all workers will get a tax cut. Since 45% of all workers in the US don't pay any income taxes, that means he would have to send them a check. I'm not sure even he could get that from Congress.

Remember the Clinton middle-class tax cut? The one he promised all through his campaign? No, of course you don't, because it never happened. He said he worked harder on it than anything he'd ever worked on, but the numbers just wouldn't work, so he raised taxes on the middle class. That was one of the big reasons for the huge Democrat losses in 1994.

But no President can pass legislation. He needs Congress to pass it, so what he can do is limited, no matter what he may say before the election.
You are correct, of course. Can you just imagine a Democratic President coupled with a Democratic Congress? I will be lucky to bring home 20 cents of every dollar with all the hundreds of Billions of Spending programs that Barack wants.
Global Warming Tax he proposed, the Anti-Global Poverty Tax he has proposed, yep, Communism is a comin.
post #8 of 14
Quote:
Originally Posted by mrblanche View Post
It's all hooey anyway.....But no President can pass legislation. He needs Congress to pass it, so what he can do is limited, no matter what he may say before the election.


That's for sure.

Both are going to be hampered by poor tax revenues due to the poor economy, at least for a few years, regardless of what tax policy they're pushing now.
post #9 of 14
Quote:
Originally Posted by neetanddave View Post
Here's a statement hidden deep within the full report:

Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years,
And intentionally hidden, no doubt, because such a forecast, should scare the pants off any decent taxpaying citizen.
post #10 of 14
Quote:
Originally Posted by jcat View Post
McCain is obviously addressing only the rich when he says people will pay more taxes under Obama.
Yup. If the republicans are so up on cutting taxes, why is their focus primarily the ultra rich? It's a good sound bite on their part: we'll cut taxes (for the rich)
post #11 of 14
Quote:
Originally Posted by Momofmany View Post
Yup. If the republicans are so up on cutting taxes, why is their focus primarily the ultra rich? It's a good sound bite on their part: we'll cut taxes (for the rich)
Bush's tax cuts that Obama will let expire gave me a tax cut and I am far from
Quote:
ultra rich
.
post #12 of 14
The Clinton "soak the rich" taxes were a disaster for us and most other truckers, and the bad news, of course, is that that trickles down everyone as transportation prices go up. One of the hardest thing to predict is what a tax will do, once it filters through the economy.
post #13 of 14
http://us-elections.suite101.com/art...obama_tax_plan

Quote:
Obama tax plans are being described as a detriment to the economy in the United States and similar to that of Hoover during the Great Depression.

Comparison has been made between Obama's tax plan and that of Herbert Hoover when he raised taxes in 1932 with devastating results, which are blamed for deepening the Great Depression.
Snip.

Article goes on to explain the comparisons between Obama's and Herbert Hoover's tax plans. Scary stuff.

Hoover raised taxes on businesses too, It didn't work out to well for him.
post #14 of 14
I think that op-ed piece is based on some erroneous information.

Here's the Kiplinger version: http://blog.kiplinger.com/wheretheys...axes.html#more

Laurie
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