Obama and McCain Tax Proposals - washingtonpost.com


According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million.

I'm for raising taxes on any family income above 600,000 and lowering taxes on people that make the least. This is the difference in the two canidate's tax proposals.

Mccain wants to lower taxes by 4.4% on anyone making 2.87 million. Anyone making under 18,981 has their taxes lowered by .2%.

Any thoughts?

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I want to change the world but they won't give me the source code.

.2%? A bit under $38 dollars at the most???? The biggest flaw in that tax plan is that it doesn't help anyone. As for Obama... it depends who he is taxing.

McCain for the rich? They will save at least $120,680. That's at least 3175 times greater the rich will save than the poor will.

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Remember the Turkey Genocide.

What was it I read the other day about the rich paying 80% of all tax dollars the government takes in? If the wealthy are taxed more (percentage wise) than everyone else,which is what is happening now, what incentive would there be to get rich? With Obama's plan, the rich would be taxed at an even higher percentage than they are now. No wonder the rich people are Republicans.

The incentive to getting rich would be to be rich. Even after they are taxed they are infact still rich.

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How do you define "rich"?

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I think at this point there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat . . . I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of the money."
-- Barney Frank, October 20, 2008

As far as I can see (and I am more than open to correction) Obama would for the most part tax income, rather than wealth.

Someone who makes a lot of money. Someone who can afford everything that is necessary and have enough left for plenty of luxuries.

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Remember the Turkey Genocide.

There are a number of problems with this. There is the obvious question of what constitutes luxuries, necessities and "a lot". Are you talking income or wealth? If you just mean income you will get many people who have, in their middle age, reached middle management after years of hard work and just about scraped into the upper tax bracket. More importantly, there is the question of why anyone should be forced to give their money to other people, whether through taxation or by more open theft.

Let's just call "what is necessary" anything a person making $60,000 person living by themself could afford. Anything such as a real nice fancy car ($100,000 perhaps), an indoor swimming pool etc. are luxuries.

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Remember the Turkey Genocide.

What is your age? you sound like a teenager that lives with his parents.

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I think at this point there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat . . . I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of the money."
-- Barney Frank, October 20, 2008

And you sound like one of those who posits that the rich are born with spurs and all the rest of us with saddles. You asked what he defined as rich. He gave you an answer you couldn't say was really poor or even middle class without looking silly, so you made fun of his phrasing.

Typical Republican "argument"

WHy would you say that? I come from a humble working class family. I believe with hard work and initiative anyone can become succesful in this country.

So, what do you consider "rich"? Is it your income ? Your net worth?

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I think at this point there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat . . . I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of the money."
-- Barney Frank, October 20, 2008

Hey, we agree, and yeh, I'm gonna be rich someday too. I'll pay my fair share fof taxes proudly, I hope.

Rich is anything over 250 K annually for a family of four or assets 5 mill or above. Really should be less, but let's start high for the sake of argument. 100K to 250 or 1mill in assets is well-to-do and 50-100 is solid middle class. Most people still make below 50, I think.

anyone making under 18,981 doesn't pay taxes.


read further... BHO's plan will have a massive increase to the earned income tax credit which will have the effect of eliminating taxpayers at the bottom and coming close to the magic number of 50% of people NOT paying taxes at all. as it is that bottom 50% only account for roughly 3% of taxes.

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Hope is the opposite of audacity. It's passive, an excuse for inaction.

Socialism doesn't create a rising tide that lifts all boats. It drains the lake and teaches the boat riders not to help themselves by rowing.

“What's the difference between Sarah Palin and Barack Obama?”

“One is a well turned-out, good-looking, and let's be honest, pretty sexy piece of eye-candy.

“The other kills her own food.”

What is your age? You debate like a 10 year old. Absolutely nothing to say so you make fun of my age. No substance.

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Remember the Turkey Genocide.