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
Tue, 09-09-2008 - 3:08pm

<>


You many want to fact check that information.

 

iVillage Member
Registered: 09-08-2006
In reply to: loliac
Tue, 09-09-2008 - 3:17pm

<wants to help the waitress, that's fine, but he should NOT be forced to help her!

 

iVillage Member
Registered: 09-08-2006
In reply to: loliac
Tue, 09-09-2008 - 3:35pm

<>


Who said he would raise taxes on you to take care of 3% of the population???

 

iVillage Member
Registered: 05-14-2008
In reply to: loliac
Tue, 09-09-2008 - 3:48pm

I stand corrected. Thank you.

Since the top rate you're taxed on based on the last dollar earned is so confusing to people (i.e. when they say "I'm in the 28% tax bracket" they believe that's how much they're paying on their taxable earnings).

So average rate is the correct term! Thank you for pointing that out so I don't use the wrong term the next time I try to explain something!

iVillage Member
Registered: 04-09-2007
In reply to: loliac
Tue, 09-09-2008 - 3:57pm

I thought Obama did a fine job, and I didn't think O'Reilly was nearly as awful as I've heard he was.


To the argument of selecting who we care for:


Let's say the local football hero has his neck broken as he is about to go off to college and play college ball.

iVillage Member
Registered: 05-14-2008
In reply to: loliac
Tue, 09-09-2008 - 4:06pm

>>Well, under McCains plan he plans on giving taxes back to the rich out of the bottom 90% of the population's earned income instead of the other way around. What if the poor guy wants to help the rich guy, that's fine, but he should NOT be forced to help him. That is what mcCain wants to do, he wants to FORCE the poor and middle class to pay for the wealthy.<<

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.

iVillage Member
Registered: 05-14-2008
In reply to: loliac
Tue, 09-09-2008 - 4:10pm
You need a new accountant. All things staying the same it's simply not possible. Just grab yourself an old 1040 instruction book and look at the rates.
iVillage Member
Registered: 09-08-2006
In reply to: loliac
Tue, 09-09-2008 - 5:19pm

I'll tell you what I think is nuts and that is wealthy people who will be making over $600,000 complaining about someone making $18,000 being able to keep an extra $500.00 dollars (under McCain's plan a whooping $19.00).

 

iVillage Member
Registered: 07-03-2008
In reply to: loliac
Tue, 09-09-2008 - 5:42pm
I agree with you. They make 250,000 and complain about paying what really should be their share. Heck we'd all like to keep more of our money, we'd all like it if Gas wasn't so expensive, or utilities didn't keep going up, or the cost of food keeps going up, yet the average person's wages aren't going up to meet the increased prices. They will say get a second job, when will they spend time with their children if they are single parent?
iVillage Member
Registered: 06-23-2008
In reply to: loliac
Tue, 09-09-2008 - 6:03pm

MONTANA MOM !

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