Xoutpost.com

Xoutpost.com (https://xoutpost.com/forums.php)
-   Politics Forum (https://xoutpost.com/off-topic/politics-forum/)
-   -   McCain vs Obama taxes (https://xoutpost.com/off-topic/politics-forum/53383-mccain-vs-obama-taxes.html)

LeMansX5 10-23-2008 01:10 AM

McCain vs Obama taxes
 
Proof for those still in doubt.


How Much Would You Pay in Taxes?
Sens. Barack Obama and John McCain both say they’ll cut federal taxes if elected. Here’s what their proposals would mean for you.

---------------------------------Obama --------------McCain
If you make...--------------------you'd save... -------you'd save...
less than $19,000-----------------$567----------------$21
$19,000-$37,600------------------$892---------------$118
$37,600-$66,400-----------------$1118---------------$325
$66,400-$111,600----------------$1264---------------$994
$111,600-$161,000---------------$2135--------------$2584
$161,000-$227,000---------------$2796--------------$4437

If you're in the top 5% of earners... you'd pay an extra... you'd save...
$227,000-$603,400-----------------$121------------$8159
$603,400-$2.87 million-----------$93,709-----------$48,862
more than $2.87 million----------$542,882----------$290,708


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.
PDF - More Details

Wagner 10-23-2008 05:20 AM

I don't think you pay federal income taxes if you make $19,000 :dunno:

So people making near 3M get a 18% tax increase, $603,400 gets a 15.5% increase, $227,000 gets a 0.0005% increase? That seems fair :tsk:

Not sure why we continue to punish people who are successful. Wonder how long those businesses (because people with that amount of money, generally own a business or play a significant role in one) will stay in the US, will raise their end prices and reallocate their money :dunno:

And with McCain, 2.8M gets a reduction of 10%, $161K get a reduction of 3%, 0.0086% reduction for $37K.

The difference, based on these numbers from McCain and Obama for the peeps making between 37K---227K would be: $8,376 vs $7,313

JGQ 10-23-2008 09:13 AM

Quote:

Originally Posted by Wagner
I don't think you pay federal income taxes if you make $19,000 :dunno:

So people making near 3M get a 18% tax increase, $603,400 gets a 15.5% increase, $227,000 gets a 0.0005% increase? That seems fair :tsk:

Not sure why we continue to punish people who are successful. Wonder how long those businesses (because people with that amount of money, generally own a business or play a significant role in one) will stay in the US, will raise their end prices and reallocate their money :dunno:

And with McCain, 2.8M gets a reduction of 10%, $161K get a reduction of 3%, 0.0086% reduction for $37K.

The difference, based on these numbers from McCain and Obama for the peeps making between 37K---227K would be: $8,376 vs $7,313

I am not sure your percentages are correct. The data provided by LemansX5 represents avereges for each bracket. For example:
$603K-$2.87M will see an increase of $93K
To calculate the percentage increase = 93K/[(603K+2.87M)/2] = 5.35% not 15%
At least that is how I read it!

Even within these brackets, I would think, the taxes would be progressive. A round 3% increase for those around the 250K and maybe 6-7% for those around the 2.87 M.

realchef 10-23-2008 10:03 AM

Does anyone teach Civics these days?

Taxes are a just responsibility. Our country's infrastructure does not create itself.

AzX5 10-23-2008 10:13 AM

I don't think anyone is advocating paying ZERO taxes, but I could be wrong. :dunno:

Wagner 10-23-2008 10:25 AM

Quote:

Originally Posted by AzX5
I don't think anyone is advocating paying ZERO taxes, but I could be wrong. :dunno:

Exactly. Apparently the Libby's think this is an all or none game :rofl:

JGQ 10-23-2008 02:26 PM

I believe in a flat tax or a consumption tax... Neither will ever happen in my lifetime.

Republicans had the house, senate and the white house, if they truly believed in lower taxes, they would have made the bush tax cut permanent? A wise friend of mine said one day, money in the hand of legislator is power. You will never have a legislator body (right or left) that will reduce its own power!!

In the meantime, if me paying a little extra would help the country in these tough times, I am willing to do so...

Wagner 10-23-2008 02:28 PM

Quote:

Originally Posted by JGQ
I believe in a flat tax or a consumption tax... Neither will ever happen in my lifetime.

Republicans had the house, senate and the white house, if they truly believed in lower taxes, they would have made the bush tax cut permanent? A wise friend of mine said one day, money in the hand of legislator is power. You will never have a legislator body (right or left) that will reduce its own power!!

In the meantime, if me paying a little extra would help the country in these tough times, I am willing to do so...

So you want to put those decisions in the hands of the same organization that created todays problems :confused: There are more then enough institutions you can privately donate money to that will REALLY help people.

JGQ 10-23-2008 02:43 PM

Quote:

Originally Posted by Wagner
So you want to put those decisions in the hands of the same organization that created todays problems :confused: .

I'm not sure if you have an option there?!


Quote:

There are more then enough institutions you can privately donate money to that will REALLY help people.
I know of some and I do.

JGQ 10-23-2008 02:45 PM

How do you guys manage to quote multiple sentences?? Clearly I botched the previous post!


All times are GMT -4. The time now is 06:16 AM.

vBulletin, Copyright 2025, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.6.0
© 2017 Xoutpost.com. All rights reserved.