Both McCain and Obama will have to raise taxes to pay for programs for which the public is clamoring, whether those programs are universal health insurance, expanding the military, trying to retire the national debt, or simply trying to balance the budget.

McCain proposes to increase your tax exemption for children by something like 5/year. That’s it, if you have children you get something, otherwise not. This will increase the deficit.

McCain proposes a 00-00 "refundable" tax credit for the purchase of health insurance while apparently proposing, as I understand it, eliminating the deduction for employer provided health insurance. This is a tax increase for business to pay for a tax benefit to the public. This is, ostensibly deficit neutral.

McCain will cut the corporate tax rate from 35% to 25%. This is proposed to keep American companies on shore and to stimulate the economy. This will not keep companies on shore because the 10% tax savings on profits is miniscule compared to the as much as 80% operating cost savings of exploitation of cheap foreign labor. And since most corporations do not pay any taxes due to loopholes it is ridiculous. All that will happen is that those that are paying taxes domestically will pay less and increase the deficit.

All of this tinkering with tax cuts will result in a net tax increase because a higher percentage of the operation of government will be placed on your credit card.

Obama’s plan, a tax cut for the middle class, should be offset by rolling back the Bush 43 tax cuts for the wealthy. Curtailing tax loopholes for companies operating offshore will have far reaching effects including reducing the deficit. As far as funding for new programs goes, there is little doubt that these, like universal healthcare or improving public education and tuition programs, will go on your nation’s credit card.

What’s in it for me? After all, I’m paying for it.

Your taxes are going to go up with either Obama or McCain. For whom you vote, if that is your issue, depends entirely on how much they will go up and/or what you will get in return

I have to be honest, though, while Pres. Obama adopted the meat of McCain’s proposal, he sure made it less inclusive and more regressive. Being some DINO Mr Obama proves to us once again.

John McCain proposed 00 tax credit to EVERYONE for purchasing health care.
If you are wealthy and in the 38% tax bracket that would give you 00/38% = 94 worth of health care free to everyone.
If you are middle class and in the 25% tax bracket that would give you 00/25% = ,000 worth of health care free to everyone.
See? Wealthy people would enjoy less tax exemptions. That’s progressive.

Now goes Mr. Obama actual proposal to put a cap on health care tax deductions. Needless to say that people who by health care insurance privately do not need to apply. This is how Obama encourages small businesses in their mission of jobs creation. But lets forget about such small irrelevant things.

There is now 100% tax detectability of health care group policy provided by employers. Obama wants to put 00 cap on this tax deductible benefits. Meaning that compared to McCain’s plan wealthy people whose tax deduction would be only 94 anyway under McCain will get no tax hit, but those in the middle class will be liable for the difference ,000 – ,000 = ,000 to lose its tax deductible and hence pay ,000 x 25% = ,000 extra tax.

So much for taxing the rich.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.

Obama’s new tax schedule came out today. ,000 to ,000 taxes raised up 20%. ,000 up to 9,000 decreased 20%, and 0,000 and up increase 20%. Capitol gains taxes on everyone’s 401k will raise 40%. Small business, Middle Class, and poor will make up the deduction of the tax cut for the Middle class. Matter of fact, we all will be paying more taxes from what I have seen from his new policy. I think we are screwed! On top of this, Democrats want for spending for stupid crap! We will be paying out through the a-s-s if this man is elected!

In their fight against McCain Obama supporters keep saying that McCain supports Bush’s tax cuts and these tax cuts only helped the rich and not the middle class while Obama will make tax cuts that will help the middle class (this is their "answer" when they are asked how can Obama give "tax cuts" to those in the lower class that don’t even pay taxes to begin with).

My wife and I have been making between ,000 to ,000 a year over the last 10 years (it has been going up ever year and has mostly gone up over the last 5 years yet I have been working a lot less the last several years then before). Anyhow, since Bush’s tax cuts we have been paying less taxes then ever. Last year we made about k and our tax bill was something like 7 (compared to 10 years ago k in income gave us a ,500 tax bill). The main tax cut that has helped us was Bush’s increase in the child tax deduction (from 0 per child to ,000), not to mention the increase in individual deductions per person. The child tax deduction was a reduction in the amount of taxes owed, not a deduction from taxable income, so it’s impact had more of an effect on what we ended up owing. I think the cut off for the deduction is something like ,000 (i.e. if you made more then that you did not get the deduction, only those making less then that would get the deduction). Plus the last time I looked ,000 was not in the "rich" catagory.

I know Bush’s tax cuts had additional stuff that was meant to help businesses recover after 9/11 but it also included stuff that helped those making less like my wife and I and we are far from being "rich".

So why do Obama supporters keep saying that Bush’s tax cuts only helped the rich when that is not true?

While watching the news the last couple of days when talking about "Joe the Plumber" it was asked how can you cut taxes for 95% of the people when something like 35 to 40% don’t pay any taxes to begin with I’ve heard several Obama supporters reply that Obama’s tax cuts would help the middle class as Bush’s tax cuts did nothing for them. 3 so far did this today alone. They blew off the original question by responding to it with a comment about Obama helping the middle class. What has the middle class have to do with cutting taxes to people that don’t pay any taxes to begin with?

Judging by most of the "answers" to my question I clearly see it has gone over their heads as it was not about how the "world revolves around me". Nor did I say "all" Obama supporters are saying this. The last 2 days this is what several Obama supporters are saying on TV. They clearly state "all", not most, of Bush’s tax cuts helped the rich and none helped the middle class. Why? Can you at least answer that?
Winnie – send me a message that I can reply to and I will try to answer your question the best I can.

How many of you realize just how much more in taxes you will have to pay if bush’s tax cuts expire,and no not the wealthy,the working middle class.Barack Obama will make a bad economy even worse if hes elected and lets these tax cuts expire

Just take a look here:

The Child Tax Credit will decrease from ,000 to 0 a child

Income tax rates would rise around 3%-4.5%

AMT-Exemptions will decrease ,500 per filer

Business tax expenses- Maximum deduction amount will decrease ,000,from 0,000 to ,000

Capital Gains- Rates will rise 10%-20%

Income tax burden-will raise about 5% for many workers

Marriage penalty created

Dividends-rates to increase from 15% to 40%

50% average increased tax rates on lower income houses

8.1 million jobs have been created

Average of ,500 more in taxes to average middle class American

Yeah and this will help the economy how??????Stupid liberals
eltoro answer me this you stupid moron,how is a paying more taxes going to influence Americans to spend more money,its only going to make them conserve even more and even increase the rate of foreclosures.A 3rd grader can tell you that this doesn’t make sense!Stop reading Michael Moore’s blogs.

I didn’t say amount, I said percentage of their income, the rich, or the middle class? How often do the rich make their retreats to luxourious motels and write it off as a tax deduction, a business expense. Why should all of the burden fall on the middle classes shoulders?
To those of you who are illiterate due to years of imbreeding in order to make certain you marry with in your tax bracket, please, read the question, the highest percentage of their income.
Pure breds, just like animals….
I’m proud to be a mut, at least I know my mama and my daddy are not brother and sister.

just wondering if anyone has started a small business just to get the deductions. i was hit hard by the tax man last year and i would consider myself lower-middle class! i was thinking of starting AVON or something so that i could have some deductions for next year. thanks