Not Joe the Plumber, but SAHM
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| Thu, 10-16-2008 - 10:49am |
My Open Letter:
Dear Senator Obama,
I am a stay-at-home mom living in the over $250k tax bracket. I want to ask you why you feel my family is not doing it's part to share the wealth in this country. Our family does well but we also pay taxes at the highest marginal rate. We do not have millions or the kind of lifestyle that would get us access to tax loopholes. We only get deductions for home mortgage interests, state taxes paid and charitable contributions. Last year those three deductions were capped because the government limits the deductions at our income level. In the past we have been stuck in AMT which ensures we do not underpay our fair share of taxes.
Because of our family's income level, our children will not qualify for student loans or other aid. Therefore we must save entirely for their college. We save as much as we can. In recent weeks lost 30% of those savings as well as a decent amount of our retirement savings and the few mutual fund investments we have are under water. The only other asset we have is our family home. We only have one. It would be really tough to sell it in this market, we've lost a large chunk of our equity.
We have never received a stimulus check, yet we do our part to donate to charities we believe in, invest in the market and spend to keep the economy going. And we pay our taxes. There is no question that the opportunities in this great country have allowed us to achieve the American Dream. For that I am grateful.
Your proposals will take an additional 12% out of our annual family budget by increasing the marginal tax rate and increasing payroll taxes. We aren't struggling yet but we will be if your tax proposals pass. We will have to stop or severely limit college savings, with one child only 3.5 years from college and the savings down 30%. Last year we paid enough in Federal Taxes to supply 240 individuals with a Bush stimulus check, similar to the stimulus plan you propose if you are elected (I guess that continuation of the same Bush economic polices is good). I have no doubt that some of what we paid went to wasteful government projects and earmark spending that did not help any struggling families. You say $18 billion in earmarks is not a lot of money to you but 12% of my family budget is a lot to me and my children. I do not begrudge what we already give the government, but I will argue that we are doing our share. I argue we are patriotic and we are neighborly.
We are upper middle class, we are not like your friends, Oprah and Warren Buffet. Our priorities are saving for our retirement, our kids college and paying off our house. We can comfortably do those three things now, though we are worried about the economy like everyone else.
I am a registered Democrat and have always believed in social programs for those who need them. I still believe in them. But I do not understand why when you speak that it sounds as though my family is getting something over on this country. That we aren't doing our part. That we don't pay enough tax. That we don't do enough to lift others up. I say we are doing a lot by not asking anything from the government. I say it is the government that is letting the American people down, not us.
If this economy gets worse my husbands job will be at risk. We could lose our home along with the remainder of our savings. The only good news I see coming from the Democrats is that maybe then we can have the government contribute to our children's college education, we'll get a tax cut and might finally see one of those stimulus checks. Then you'd finally get your chance to lift my family up.
Pennsylvania Mom
http://openlettertobarack.blogspot.com/

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"My father is in that tax bracket. He's a small businessman. That whole taxing system will kill him financially. My family's goal is to get to that bracket. But who wants to? It definitely puts a cap on the American dream."
KAREN
<<I do agree with you.
<<We are not in the $250,000 bracket and will have to pay for our children to go to college....the entire amount.>>
Well technically your children could qualify for the renewable $4000 college credit offered by Obama if they
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
<<I'm sorry but if you are living paycheck to paycheck and been a SAHM for 30 years, you need to get out into the workforce and earn some cash so that you do have enough.>>
Unfortunately for some that is easier said than done. I am currently a SAHM but not entirely by choice. We are barely making ends meet and live paycheck to paycheck. I would definitely like to get a job so that I can bring in some money however, there is no way we can afford childcare right now. Childcare costs would be over $1500 a month. We also only have one car which makes things a bit more difficult as well. DH isn't home from work until after 6pm so working as a waitress for the dinner shift is out. He also works weekends so a weekend job is out as an option as well. I've
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
It's the bigger picture of the economy, I believe Obama's plan will tax businesses (small and large) more, causing more companies to leave or close, or hire fewer people, maybe lay more people off. I believe Obama has overstated what his healthcare proposal will do (it won't cover everyone, it won't cover SAHMs, unemployed people, students, those who don't have coverage because they work for small business might still not get it or might get substandard coverage, he might force companies to cover employees but not spouses and children of employees). I am sure we can't afford all the new spending Obama has proposed. I think we should spend less. I was against going into Iraq but feel that now that we did it we have an obligation to help them stabilize before we completely pull out, I've seen Obama state he will not initially spend less on defense because he's going to shift those dollars to Afghanistan (though both candidates say they will cut wasteful defense spending, domestic too).
I also believe a big part of our current crisis is a combination of allowing companies to securitize mortgages and allowing Fannie and Freddie to buy too many of them - I have spent hours reading Barney Frank and Nancy Pelosi's Congressional websites and their policy views on housing and Fannie and Freddie - I have read Frank's insistence for years that Fannie and Freddie were financially sound and had a huge capacity for taking on subprime loans, as recently as this summer. I've read where there were hearings and the House Finance Committee was urged to increase oversite of Fannie and Freddie, and Barney Frank concluded it was unnecessary. I've read McCain and Bush's statements in 2004 stating Fannie and Freddie needed more oversight. I have read news reports in 1999 when the deregulation act was passed and know that a huge majority of both Democrats and Republicans voted for it.
I do not like Bush at all.
Let me know if I missed any big issues, because my vote is not solely based on the tax issue.
http://openlettertobarack.blogspot.com/
>>>That money can go along way, it just depends on how you spend it, what you live in and what you are driving. <<<<
It can, and it does. We don't hoard it in the mattress. We spend or invest all of it, both which have a positive impact on the economy. We donate, we volunteer, we pay the highest tax rate. I believe we help our babysitter and music instructor but in the other thread some seem to think we are not, or they aren't better off with us willing to spend money on their services? I don't get that. If the owner of your husband's company gets a tax break under McCain's plan don't you think they'll have more money to give him a raise next year? If they are currently getting a deduction that Obama plans to eliminate, his business might have less ability to give him a decent raise next year. Do you worry about that?
http://openlettertobarack.blogspot.com/
Edited 10/17/2008 10:41 pm ET by pennsylvaniamom2008
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