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: 09-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:04pm

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You are confused then because the top percentage rate for federal taxable income is 35% and that is for people earning over $358,000.

 

iVillage Member
Registered: 07-05-2006
In reply to: loliac
Sun, 09-07-2008 - 2:08pm

"bonus income" or something along those lines. It bumps the income up into a different tax bracket. (This is according to our accountant.)


I would question your accountant, then, because I worked another job where taxes were taken out as well as my self-employed job.

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iVillage Member
Registered: 09-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:09pm
Does McCain do anything for married couples?

 

iVillage Member
Registered: 07-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:11pm

Thank you for the correction. I was talking about the "fair tax", not a flat tax. Sorry. I literally woke up and came straight to the board. :) I need to wake up my brain a little more before I come here. :) (Or I need to re-evaluate my addiction to debating these issues.) LOL!

Anyway, yes, with my examples, I was referring to a "fair tax", not the state flat tax. Our state is actually doing incredibly well, thanks to our governor who is very smart economically (and who happens to be Rep.) :) (I was only pointing out his party, because I think it's obvious that I view a conservative fiscal platform more favorably in general.)

I guess it would be accurate for me to say that my stance on the issues (specifically taxation and economic policies) are very rarely actually based on my personal situation. I do not represent the majority of the population, and I doubt what's best for me personally is actually best for the country. I try to look at both plans and see what's best for the country as a whole. Even if it's not what's necessarily best for my family at that specific time, I think it's more important to do what's good for the whole.

Therein lies the rub: We all disagree on what's best for the whole. :) My viewpoint is that inspiring (and requiring) personal fiscal responsibility is always going to get us farther in the long run than bailing people out of hard situations and/or poor decisions.







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iVillage Member
Registered: 09-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:22pm

It crossed my mind that you may have been thinking of the Fair tax.

 

iVillage Member
Registered: 07-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:23pm

I believe the problem was that DH's extra income from self-employment would have bumped our annual income up into the next tax bracket. Since he didn't start making that money until further into the year, we needed to withhold extra money from his self-employment earnings to cover the higher taxation percentage would be applied to his entire annual earnings including the income he had made during the first seven months of the year, not just those earnings made after he started the self-employment. Does that make sense? It ended up increasing the money we would have to pay on his self-employment income quite a bit to make up for the other income. Whereas, if he just stopped doing the self-employment, we could stay in the lower tax bracket and not have to worry about it. That's what we chose to do for now.

In the long run, it would be a different situation. However, we would still end up paying a ton of taxes, because we would not only have to pay DH's income tax, SSI, and Medicare, but we would also have to pay a percentage of his employees', as well. That would have cut into our profits quite a bit. The final number was quite staggering. It's something we simply can't do right now.

My point was that entrepreneurship and small businesses are really good for our country. However, democratic economic policies often hinder those ventures. We are a good example of how taxation can deter a person from becoming a small business owner.







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iVillage Member
Registered: 07-08-2006
In reply to: loliac
Sun, 09-07-2008 - 2:28pm

Oh man how I agree with you there!! It infuriates me that the government could very well be bailing out these mortgage companies. They knew exactly what they were doing!!! Grrr... I guess that's the sort of thing that I would hope a "maverick" type of politician would disagree with. :)

I'll be completely and totally honest: I am not totally happy with either of the candidates (or actually any of the four) with this election. Really, I wish they'd just put me in office. I could make it all better, right? *wink* :)







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iVillage Member
Registered: 07-05-2006
In reply to: loliac
Sun, 09-07-2008 - 2:37pm

I think I understand what you are saying about your particular situation.

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iVillage Member
Registered: 04-09-2007
In reply to: loliac
Sun, 09-07-2008 - 4:08pm
Great information! I personally think the income of $250K is too low for small business, but that is just me. Hopefully he can do more to get support from the majority of self-employed and SBOs. I think right now, based on the sound bites, it looks as if they are targets.
iVillage Member
Registered: 07-03-2008
In reply to: loliac
Sun, 09-07-2008 - 4:38pm
Yo're not sure how that's unfair? Ok, My dh is in the 28% tax bracket, do you think it's fair that we make A LOT less than 100,000? Should someone making 1,000,000 only pay 28%?

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