Obama's tax cut for 95% of Americans

iVillage Member
Registered: 08-17-2005
Obama's tax cut for 95% of Americans
412
Mon, 10-13-2008 - 11:24am

I know it is endlessly brought up how Obama is going to cut taxes for 95% of working families.

Susan

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iVillage Member
Registered: 09-15-2008
Tue, 10-14-2008 - 3:03pm

<< I do know some accountants, they paid their own way through college, they work long hours, have a stressful job, travel a lot, and can wind up going to jail if they make a mistake in their job, and work hard for years to work their way up the ladder. I don't think I've said that pay is based on how hard you work. It does take some smart decisions, and hard work to get to be wealthy if that is your goal. Not everybody wants that, that's fine. If they do want that then they can make the same kind of decisions that the people who have already traveled that road have made, or they can blaze their own trail.>>


-you forgot to mention that it also matters who you know and what you have to start with.


<>


how?


<<"Mr. Obama, by contrast, offers tax increases on savers, investors, small business, employers, and other job creators, a trillion dollar plus spending increase, and new regulatory burdens. That has no prospect of restoring economic growth. It will only do the opposite." >>


  • End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
  • Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.

  • Double Funding for the Manufacturing Extension Partnership: The Manufacturing Extension Partnership (MEP) works with manufacturers across the country to improve efficiency, implement new technology and strengthen company growth. This highly-successful program has engaged in more than 350,000 projects across the country and in 2006 alone, helped create and protect over 50,000 jobs. But despite this success, funding for MEP has been slashed by the Bush administration. Barack Obama and Joe Biden will double funding for the MEP so its training centers can continue to bolster the competitiveness of U.S. manufacturers.
  • Invest In A Clean Energy Economy And Create 5 Million New Green Jobs: Obama and Biden will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial scale renewable energy, invest in low emissions coal plants, and begin transition to a new digital electricity grid. The plan will also invest in America's highly-skilled manufacturing workforce and manufacturing centers to ensure that American workers have the skills and tools they need to pioneer the first wave of green technologies that will be in high demand throughout the world.

  • Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama and Joe Biden will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama and Biden will also support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.

  • Create a National Network of Public-Private Business Incubators: Barack Obama and Joe Biden will support entrepreneurship and spur job growth by creating a national network of public-private business incubators. Business incubators facilitate the critical work of entrepreneurs in creating start-up companies. Obama and Biden will invest $250 million per year to increase the number and size of incubators in disadvantaged communities throughout the country.
  • iVillage Member
    Registered: 04-09-2007
    Tue, 10-14-2008 - 3:05pm

    The plan can also vary per state.

    iVillage Member
    Registered: 12-18-2005
    Tue, 10-14-2008 - 3:06pm

    Hi Karen, I am reading a few posts where you told us that your state doesn't pay real estate tax, sales tax, or state tax.....i get that, but where i am confused is where it seems like you think that because of that, you and your fellow state residents will be penalized more than any other state/ state residents.


    is that true?

    -Kristen

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    iVillage Member
    Registered: 12-18-2005
    Tue, 10-14-2008 - 3:15pm

    -Kristen

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    iVillage Member
    Registered: 09-15-2008
    Tue, 10-14-2008 - 3:18pm
    <<so you still think that 95% of americans will benefit?

    even those who dont' pay income tax? how will they benefit?>>


    the artivle from the OP stated that people will recieve money from the govt even if they are already not paying taxes

    iVillage Member
    Registered: 09-09-2008
    Tue, 10-14-2008 - 3:22pm

    <>

    Actually, it does NOT matter who you know or what you start with. The most financially successful people I know came from very little and knew nobody, they found their own way.

    <

    How?>>

    You're assuming someone else can spend a "wealthy" person's money better than they can. I'm not saying they shouldn't pay taxes at all but that they should not have their taxes increased.

    iVillage Member
    Registered: 09-15-2008
    Tue, 10-14-2008 - 3:33pm
    <<

    <>


    Actually, it does NOT matter who you know or what you start with. The most financially successful people I know came from very little and knew nobody, they found their own way. i went to two different career improvement trainings and they told me otherwise. THE best thing you can do to enhance your career is network. i can think of quite a few people who have thejob they have because of who they know. to say these things dont matter is naive


    <

    How?>>


    You're assuming someone else can spend a "wealthy" person's money better than they can. I'm not saying they shouldn't pay taxes at all but that they should not have their taxes increased.>>


    i am kind of assuming that. i would rather see

    iVillage Member
    Registered: 08-25-2008
    Tue, 10-14-2008 - 3:43pm

    Wonderful.


    So people who aren't paying income taxes to begin with are going to get a handout from the government while people who pay taxes have to fund it.


    THIS is why I can't vote for Obama.

    Avatar for mommastacie
    iVillage Member
    Registered: 03-20-2003
    Tue, 10-14-2008 - 3:43pm
    Ahhh yes I did misunderstand you then.. sorry about that. :o) And I do support small business owners who make more than 100k or even 250k.. I just think that McCain's plan is not as wonderful for them as people seem to think it is. Certainly not better than Obama's. But that's just my own personal opinion.


    border=0>


    Other places you can find me:

    iVillage Member
    Registered: 12-18-2005
    Tue, 10-14-2008 - 3:44pm

    <>


    just for the record, i have heard this many times, and know many people that have gone this way...


    it depends where you are in what bracket...


    and only people who really research the tax code, and know how to work it in thier favor would ever say this, or know which way would benefit them more.


    th reality is that they DO make MORE in the end by taking less income.

    -Kristen

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