Taxes

iVillage Member
Registered: 11-03-2004
Taxes
241
Sat, 09-06-2008 - 1:17pm

Found this summary on the Obama Facebook page but I checked out the website and the summary is accurate according to the nonpartisan Tax policy Center.


The nonpartisan Tax Policy Center found that Mr. Obama's plan would amount to a tax cut for 81 percent of all households, or 95.5 percent of those with children. The center calculated that by 2012 the Obama plan would let middle-income taxpayers keep about 5 percent more income on average, or nearly $2,200 a year, while Mr. McCain would give them an average 3 percent break, or about $1,400. The richest 1 percent would pay an average $19,000 more in taxes each year under Mr. Obama's plan but see a tax cut of more than $125,000 under Mr. McCain.


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iVillage Member
Registered: 07-05-2006
In reply to: loliac
Wed, 09-10-2008 - 9:33am

No, I am not saying that every government program is worthy.

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iVillage Member
Registered: 09-08-2006
In reply to: loliac
Wed, 09-10-2008 - 10:01am

 

iVillage Member
Registered: 06-23-2008
In reply to: loliac
Wed, 09-10-2008 - 10:11am


MONTANA MOM !

iVillage Member
Registered: 08-17-2005
In reply to: loliac
Wed, 09-10-2008 - 10:18am

What are you talking about? Allowing someone to keep more of the money they earn isn't the same thing as taking that money from someone else and giving it to them!


Not to mention McCain has merely suggested holding fast on the highest rates and increasing deductions for those with children who fall into the middle class/lower class definition.


Those personal exemptions, child credits etc...are phased out at fairly low income levels right now and I've not heard he's going to allow them for the rich.


Believe it or not the tax system taxes the rich quite heartily. They don't get those middle class benefits. How else do you think they'd be picking up such a huge chunk of the overall tax bill?


Things like personal exemptions and itemized deductions are "phased out" for those earning roughly $239,000 and Married Filing Jointly. Not to mention they don't the child credit, can't contribute to a Roth IRA, Educational Savings Account etc....


It's nuts.


I just wanted to say ditto, ditto, DITTO ... especially to the bolded portion.

Susan


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Susan

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iVillage Member
Registered: 09-08-2006
In reply to: loliac
Wed, 09-10-2008 - 10:25am

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iVillage Member
Registered: 06-23-2008
In reply to: loliac
Wed, 09-10-2008 - 10:27am


Why can't the rich complain?

MONTANA MOM !

iVillage Member
Registered: 07-05-2006
In reply to: loliac
Wed, 09-10-2008 - 10:31am

People who invest money or depend on a pension always take a risk the company will go down or the stock market will crash.

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iVillage Member
Registered: 03-26-2003
In reply to: loliac
Wed, 09-10-2008 - 10:33am

<>


I think she's made it abundantly clear, those that do not share her DNA aren't worthy of her tax $$.

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 09-11-2007
In reply to: loliac
Wed, 09-10-2008 - 10:37am
That pretty much sums it up.
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iVillage Member
Registered: 09-08-2006
In reply to: loliac
Wed, 09-10-2008 - 10:46am

<>


This is misleading information because in reality, The top tax rate -- the income-tax rate on the highest bracket -- is now 35 percent, half what it was in the 1970's. With the exception of a brief period between 1988 and 1993, that's the lowest rate since 1932. Also, such taxes like payroll have been raised heavily for lower and middle class Americans for years.

 

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