Taxes
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Taxes
| 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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I still live in the country...have several pets....and buy milk every week...and no one has tried or suggested that I had to move. My family and I make the choice that if we want to live in the country...we have a longer commute.....it's a choice. If I decided it was too much in gas to commute from where I live...then I would move..if I so choose to. I thought you were all about personal responsibility? Isn't it your personal responsibility to live where you can afford to...or choose to move? How is it anyone else's fault that you are choosing to live where you live and drive what you drive? Isn't that just passing the buck so you aren't accountable and blaming someone else for your problems? The idea that the democratic party is forcing all these thigns is quite laughable..but if it makes you feel better.
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MONTANA MOM !
Do you have any idea how much oil they think is actually recoverable in ANWR?
Can you tell me what some of those deductions are? Because I don't get any of them. They're all no longer available to me. Maybe I'm not rich enough?
I do know you're mistaken. You can't possibly know unless you are an accountant who does taxes for the wealthy or are wealthy yourself. If you did you would see the tax system has figured out things quite well. I can't even deduct my rental property losses because now I'm apparently too wealthy!
You see the more they allow the rich to deduct the less they collect in taxes--they've done a pretty good job of staying on top of it. And the level at which you lose all those exemptions and deductions and credits isn't all that high--not in my book.
So please tell me of these mythical tax benefits the rich have!
Mom, you're not listening.
The exemptions and deductions begin to be phased out at much lower levels than $600,000. In 2007 your itemized deductions begin to be phased out at $156,000 for those married filing jointly. You don't get that $1000 per kid "credit" and not too soon thereafter you even lose those personal exemptions worth $3500 a piece in reducing your taxable income. Most small businesses and even medium sized ones are structured as subchapter S corporations. This means that the tax is paid by the individual owners.
I know in our case that means 35%. Were we structured as a C corp. then we'd pay taxes at the corporate rate (both state and federal) which together would total at least that much, and then we'd pay again as individuals when the money was distributed to us. So the benefit to being an S corp is that lack of double taxation.
Those profits remain in the business regardless because you need funds to operate a business, make payroll, pay for insurance, pay taxes, etc.....
So while that million in profits the company makes may seem like some massive amount of money to you it's mere peanuts to a growing company requiring capital just to cover their day to day expenses, let allow any extra to allow for expansion.
We've had a ban on offshore drilling for quite some time. SO why the sudden rise in price? THe demand from China and India for gas and oil. They are becoming more modern and demanding cars for their new middle class. Demanding more products and goods made with petroleum. Also....the instability of the middle east is making sepculators nervous. The whole gas hike started right after 9-11...why? Democrats again? No....fear that the middle east would become destabilized after the US attacked and thus limiting the acess to oil. Why does the price of gas in the mid-west jump when there is a hurricane in the gulf? Fear of oil flow being disrupted...or refineries being damaged.
FOr the record....I do know several repblicans who care for the environment as much as I do (BTW,,,I am not extremist) . But you are correct that most people who care for our planet are indeed democrats...or at least liberals.
One other thing...all this glorious oil you want to rape our natural landscape to get.....will be sold on the world market same as every other drop of oil that is retrieved. It isn't American only oil. It's going to be sold on the world market and then repurchased at market value. Will the oil help drop the price of gas...experts say maybe 2 cents. And...if the price drops sharply at the start of building these new pumps and so on....we will know the market is truly being manipulated by speculators and big oil.
I don't know how many of you heard this today, but in the international markets last night, oil dropped to below $100/barrel.
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