tax cuts? 95% of Americans?

[Willie99]

How can somebody implement tax cuts for 95% of Americans when nearly 50% of "TAXPAYERS" don't pay taxes?

Half the people that file tax returns, the lower half, pay between ZERO and some microscopic amount in taxes. Can we go lower than ZERO? How much will some microscopic tax cut help the others?

Seriously?

Furthermore, the tax filing numbers cited are about how much people pay in taxes and only include people who actually file tax returns. The tens of millions of Americans that don't file tax returns aren't even included.

And people call this stuff a discussion about "policy". I know it's more bullshit.

At least 60% of Americans cannot benefit from a tax cut, only taxpayers can.

 

[RobFunk]

So what is so different about this from the McCain plan which cuts taxes across the board!?

At least somebody has the middle class in mind.

 

[Willie99]

http://www.american.com/archive/2008/august-08-08/the-folly-of-obama2019s-tax-plan

here is some discussion on it, including the built in incentives to not earn too much. I have admit, it's best understood by tax geeks.

Here are the effective marginal rates when his phase outs are included.

I have to admit, this stuff is exciting, I'll be busier than ever and rates are going to go up too.

I might have to send this guy a donation, fuck everybody else. :lol:

 

[Willie99]

What happened to the discussion about repealing Bush's tax cuts? Is he still doing that? Are those numbers built into his analysis?

Does he now support Bush's tax cuts?

:wink:

 

[DonDotta27]

Willie, quick question about that graph is the red line how much more people would be payin for taxes or how much more gross they would be taking home?? Thanks

 

[jeckll]

pretty simple really. Everyone making less than $111,645 would pay LESS taxes under Obama than under McCain.
And McCain is for the middle class? Oooookay

 

[Willie99]

Families who make up to $ 18,981 pay ZERO taxes. As a matter of fact, they probably qualify for earned income credit and already get a 3,000 refund of money they never paid.

What Obama wants to do is expand a form of welfare, and call it a tax cut.

Why can't he be honest about this? Why can't he call a spade a spade?

 

[DonDotta27]

pretty simple really. Everyone making less than $111,645 would pay LESS taxes under Obama than under McCain.
And McCain is for the middle class? Oooookay

The way chart is from 60 to 110k which is the middle class in my opinion.. obama is only decimals better than mccain.. that doesn't provide enough more to swing my vote.. Any1 making 18 to 35 k is considered on poverty my opinion.. I know im being a bit crutial but o well:nohead:

 

[Willie99]

Willie, quick question about that graph is the red line how much more people would be payin for taxes or how much more gross they would be taking home?? Thanks

It reflects the actual marginal tax rate after various credits are phased out. The phase outs begin at relatively low income levels.

Where you see sharp spikes is actually a disincentive to earn more for people living in that range.

 

[Willie99]

once again, I also don't see anything about allowing Bush's tax cuts to expire.

Maybe Obama likes Bush's cuts after all. If Bush's cuts are allow to expire, it's back to the drawing board. McCain wants to retain Bush's tax cuts, so that's a very big variable that needs addressing.

 

[Willie99]

The way chart is from 60 to 110k which is the middle class in my opinion.. obama is only decimals better than mccain.. that doesn't provide enough more to swing my vote.. Any1 making 18 to 35 k is considered on poverty my opinion.. I know im being a bit crutial but o well:nohead:

If Obama wins, and this thing is obviously very close, I'll be looking to get my $ 300 back by wagering that he won't implement 50% of his tax cut promises, and that gives me a very big margin for error.

 

[DonDotta27]

Another thing about this whole Obama cutting taxes one day.. As i begin to get older Im gonna try my hardest too make over 100k.. I know every person has they grow older say the same thing.. But people that are living in poverty believe Obama will have a huge impact on their income. And when it comes down to it he wont, because whether Obama or Mccain wins they could give a shit about me or you. In this country you have to work hard to get what you want.. So if your living in poverty try your hardest to get out of it, dont think bc you vote for obama it will change your life and your bills.. I know its easier for me to say because i am not living in poverty nor do i know the experience of it.. But i think people should try to do more for themselves, like Darwin said "survial of the fitest"

 

[Willie99]

spot on DonDotta, you should do just fine in life

 

[jeckll]

The way chart is from 60 to 110k which is the middle class in my opinion.. obama is only decimals better than mccain.. that doesn't provide enough more to swing my vote.. Any1 making 18 to 35 k is considered on poverty my opinion.. I know im being a bit crutial but o well:nohead:

Then ask yourself this. Do you think it's fair for people making $2,870,000+ to be getting the largest tax cut? Sure, they pay the most taxes, but they are the least in need of a tax cut, yet that's what McCain is offering...

 

[DonDotta27]

Then ask yourself this. Do you think it's fair for people making $2,870,000+ to be getting the largest tax cut? Sure, they pay the most taxes, but they are the least in need of a tax cut, yet that's what McCain is offering...

IF they worked hard for it why not.. Why should you say they should get more taxes taking out.. Obviously they did more in life then other people and i know they probably don't need it all but they did earn it in life. I would never cry to take money from the rich, i will try to become rich myself!

 

[SayHeyKid]

(edit) wrong post

 

[JinnRikki]

Obama's tax plan isn't going to benefit me that much but I think the idea is to pay for the cost of government and not keep putting it all on the national credit card.
If he scales back or ends the Iraq boondoggle (or maybe makes Iraq pay their own way) it will free up a lot of money to do something good for our country for a change.
Bush has put the cost of this war on the credit card, how does McCain plan to pay this off without increasing taxes?

 

[JinnRikki]

Families who make up to $ 18,981 pay ZERO taxes. As a matter of fact, they probably qualify for earned income credit and already get a 3,000 refund of money they never paid.
What Obama wants to do is expand a form of welfare, and call it a tax cut.
Why can't he be honest about this? Why can't he call a spade a spade?

Why does Exxon/Mobil get tax subsidies when they earn hundreds of millions every year. Form of corporate welfare? I think so.

 

[JudgeWapner]

Whoever next Pres is, I am betting they raise taxes. We still have 2 wars to pay for.

 

[Willie99]

Obama's tax plan isn't going to benefit me that much but I think the idea is to pay for the cost of government and not keep putting it all on the national credit card.
If he scales back or ends the Iraq boondoggle (or maybe makes Iraq pay their own way) it will free up a lot of money to do something good for our country for a change.
Bush has put the cost of this war on the credit card, how does McCain plan to pay this off without increasing taxes?

I believe raising taxes slows the economy and thus deflates tax revenues. The best way to grow revenues is to grow the economy, so I disagree with your premise on that argument.

Whoever is President will benefit from the fact that the Iraqi war is winding down. As opposed to spending that money, I'd prefer to reduce the deficit.

As for the cost of the war itself, do they include military salaries and benefits in those numbers? because those are expenses we will incur regardless.