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10-31-2008, 07:14 PM #1
Question...
This is a serious question for the record.
So Obama feels lower/middle class deserve tax breaks, and higher class should get there taxes raises, also business/corporations should as well.
Then McCain thinks that Businesses/Corporations should get tax breaks and pay less taxes, and the higher class deserves tax breaks as well, making the middle class/lower class having to pay majority of taxes which they cant afford??
Am i right so far?
I agree with niether persons views, i think Businesses/Corporations/Higher class should get tax breaks, but i dont think theyre taxes should be raised, and then lower middle/lower class taxes. doesnt seem fair, people earn there money, so people shouldnt have to pay a lower or higher percentage than the other person.
Then for my second question is based on the social security. currently right now you only have to pay the first $90,000 of your gross salary towards social security, if you make anything above that you won't get taxed for it social security wise. making the people who make minimum wage paying the most. how is that fair? shouldnt everyone have to pay? if that happened then there wouldnt be the speculation that there is about social security about to run out?
thanks for any help i can get here, i'm just curious to know why this is the way it is
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10-31-2008, 07:45 PM #2
No, you are not... The lower and middle class pay close to ZERO taxes! The top 10% pay about 70% of the taxes. Obama says he is giving the lower and middle class a tax break, but how can you give a tax break to someone who pays ZERO (or close to zero) taxes? And McCain wants to tax the middle and lower class (not a lot, but more than zero), what is wrong with that? Shouldn't everyone have to pay a fair share, rich or poor?
But yes, I agree with you, there should be a flat tax.
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10-31-2008, 07:52 PM #3
well my mom pays alot of taxes and she by no means is wealthy, middle class yes, but not making enough to be taxed as much as she does.
& in Math, my teacher had us calculate how much taxes come from her check, and she made 2,000+ per 2 weeks but only like 1,300-1,400 after taxes were taken out.
I think a certant percent on everyone is the most fair way, then there would be no excuse for "i have to pay more taxes than so and so"
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10-31-2008, 10:41 PM #4
I make about 10K a year now so those that money the goverment takes out of my pay check is my imagination.. Good to know
Mccain is giving more welfare as he wants to double the child credit and those are the people who get insane amounts of money back. There are people who don't work but get 4,000 dollars back because of their kids now mccain wants to give them more?
And Palin turned Alaska into a bigger socialist state then it was before, she isn't really one to talk about that.
Finally The middle class will take an even bigger hit with mccain once he taxes your health benefits..
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10-31-2008, 11:29 PM #5
Obama's plan is to reduce taxes on people earning under 250k (200k if single). I believe above 250k is the top 5% of earners, and under this limit is the 95% Obama keeps talking about.
Same thing with businesses that have a net profit of less than 250k...
Roughly 75 percent of small businesses file as individual tax filers, not corporations, and most report their business income using various tax forms, called schedules, for income from business ventures, farming or rental properties.
Using these three income-reporting categories, the Tax Policy Center has concluded that 1.9 percent of all individual filers reporting business income would see their taxes go up under Obama's plan. Of those who get more than 50 percent of their income from business ventures, 2.7 percent would pay higher taxes.
As both campaigns toured Florida last week, small-business owners generally acknowledged that Obama's plan wouldn't impose new taxes on them.
In a sign of why the tax issue seems to offer traction for McCain, however, several business owners told McClatchy Newspapers they simply distrust Obama on taxes.
Basically Obama is just letting Bush's tax cuts expire. I don't think capital gains taxes should be raised, but Obama's plan is only to let them expire back to 20% (top 2 brackets only) from the 15% they are at now. He also will let the top bracket 35% expire back to the Clinton era rates of 39.6%. And he wants to increase social security tax only on those earning more than 250k. Currently SS tax is only paid on the first $100,000 of earnings.
Obama has also said that he would like to increase the Earned Income Credit for people who make less than $38,000 and wants to increase the Hope Credit to match tuition up to $4000 up from currently max credit of $1650. So basically he wants to help low earning workers, people with kids and new college students...sounds terrible!
McCain says he will reduce corporate tax from 35% to 25% (Obama will leave it at 35%), make employer provided health care no longer exempt from income tax and replace it with a max $5000 credit, and says he wants to double the exempt amount for children from $3500 to $7000 (not sure if just for children, or all exemptions).
Personally, I say reduce taxes across the board...In fact, adopt the Ron Paul strategy and just completely eliminate the IRS!
Here's The Tax Policy's report and a chart from the washington post
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10-31-2008, 11:43 PM #6Obama's plan is to reduce taxes on people earning under 250k (200k if single). I believe above 250k is the top 5% of earners, and under this limit is the 95% Obama keeps talking about.
Same thing with businesses that have a net profit of less than 250k...
Basically Obama is just letting Bush's tax cuts expire. I don't think capital gains taxes should be raised, but Obama's plan is only to let them expire back to 20% (top 2 brackets only) from the 15% they are at now. He also will let the top bracket 35% expire back to the Clinton era rates of 39.6%. And he wants to increase social security tax only on those earning more than 250k. Currently SS tax is only paid on the first $100,000 of earnings.
Obama has also said that he would like to increase the Earned Income Credit for people who make less than $38,000 and wants to increase the Hope Credit to match tuition up to $4000 up from currently max credit of $1650. So basically he wants to help low earning workers, people with kids and new college students...sounds terrible!
McCain says he will reduce corporate tax from 35% to 25% (Obama will leave it at 35%), make employer provided health care no longer exempt from income tax and replace it with a max $5000 credit, and says he wants to double the exempt amount for children from $3500 to $7000 (not sure if just for children, or all exemptions).
Personally, I say reduce taxes across the board...In fact, adopt the Ron Paul strategy and just completely eliminate the IRS!
Here's The Tax Policy's report and a chart from the washington post
yes!!!!!
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11-01-2008, 12:06 AM #7
What i dont like is, i live in the poorest county in the state, i know people who work full time and have young kids, by the time they pay for childcare there are not brining in enough to make working worth it at all.
My wife was making almost 11 bux an hour 40 hours a week and was paying over 300 in daycare per week when both kids were in daycare. Now we find a variety of work we can do at home. By the time she paid for the childcare, paid for gas t oget to work and back, and lunch she wasn't making much at all. And finding a job thats 11 bux an hour isnt very often around here.
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11-01-2008, 10:09 AM #8
It sounds like you would be a fan of the Fair Tax initiative, as am I. Check it out. Unfortunately, neither of the candidates support this plan, although McCain has stated that he would sign it if it was passed. Huckabee is a supporter of the Fair Tax.
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11-01-2008, 11:22 AM #9
Fair taxes? Hmmm...now that's a concept! But that would take away politicians ability to pander to the middle class over taxes...they won't go for that!
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11-01-2008, 01:47 PM #10
hit the nail on the head with that one
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Originally Posted by gladdyontherise 
