Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school re
For one thing, I guess you've missed the many news stories about how Joe the plumber would actually benefit more under Obama's plan. But if you mean "Joe the plumber" as a catch-all for small businesses in general then I think you'll feel better after reading the following.
Estimating Joe the Plumber's tax bill
By Angie Drobnic Holan Published on Thursday, October 16th, 2008 at 05:25 p.m.
During the final presidential debate in Hempstead, N.Y., Barack Obama and John McCain got into an argument about Joe the Plumber.
McCain said Joe would get a bigger tax bill under the Obama tax plan. Obama defended himself by saying that "98 percent of small businesses make less than $250,000" and would not see a tax increase under the Obama plan.
Joe the Plumber is an actual person: Joe Wurzelbacher, who met Obama during a campaign stop a few days before the debate in Toledo, Ohio.
"I'm getting ready to buy a company that makes about $250,000, $270,000, $280,000 a year," he told Obama. "Your new tax plan is going to tax me more, isn't it?"
Obama said yes, it would --see their entire conversation on YouTube -- but Obama defended his tax policy as being good for people who are struggling.
"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance at success, too," Obama said.
During the debate, John McCain mentioned Joe the Plumber at least a dozen times as the kind of small business owner who would pay more taxes under Obama's plans.
It's not clear from the exchange just what Joe means when he says the business "makes" up to $280,000 a year. Is he talking about total revenue? Profits? That's an important point here and it's one that Obama and Joe the Plumber never discussed. Based on Obama's proposals and current tax policy, for Joe's taxes to rise Joe would have to "make" $250,000 in net profit, after deducting all his expenses: his employees' pay, his supplies, his truck, his fuel costs, and other legitimate business expenses. He'd have to be an extremely successful plumber.
In response to McCain's statements during the debate, Obama said only 2 percent of small businesses would be subject to the tax.
It seems likely that Obama is right, according to data and an analysis from the experts at the Tax Policy Center.
Obama's plan is to roll back the Bush tax cuts on the top two tax brackets. In practice, this means that people with income above $200,000 for single people and $250,000 for couples would see taxes increase.
Now what does this mean for small businesses? It's not as easy as you might think to identify small businesses via the tax code. But there are several typical ways that small business owners pay their taxes, usually by declaring business income on their individual tax returns. Many people who declare business income are small businesses, though the group also includes professionals like lawyers, authors, or public speakers.
Looking at all the tax filers who report any business income at all, the Tax Policy Center confirms that about 2 percent will see their taxes increase under Obama's plan.
In an effort to focus more effectively on small business owners, the Tax Policy Center did an additional analysis where they looked at people who reported business income that accounted for at least 50 percent of their income. This means people who derive a significant living off their business income.
In 2007, about 2 percent of those tax filers would have made enough money to see a tax increase under Obama's plans.
Obama's plan includes going through the budget line by line and getting rid of wasteful spending. As for creating new jobs he plans to put $150 million towards developing renewable energy. He will be generating thousands of jobs at the same time making a plan for the future for energy independance. I can't wait for the day my car is electric and I plug it into my solar panel provided electricity. He is also going to drop tax credits for companies which send jobs overseas. They can still send them elsewhere but we won't be supplimenting them. I see him creating a lot of new jobs and keeping the ones we have.
How is Obama's tax increase on the people who make $250,000 plus per year going to keep people in their jobs?
The non-partisan Committee for a Responsible Federal Budget calculates that Obama has promised a total of $990 billion in new spending over his first four-year term. At the same time, he has also proposed spending cuts that amount to around $989 billion, so the net cost roughly balances out. The debt will continue to increase, more or less in line with current projections, based on keeping most of the Bush tax cuts.
People are so blinded because of President Bush and because McCain is white.
What does that even mean? I'm more of a lurker, but after reading this whole thread, you never addressed what you meant by "because McCain is white." Do you mean that people won't vote for him because he is white? Are you kidding? I am literally laughing at that idea because we all know that white men in this country have had a really hard time getting elected because of our racism. *eye roll* I love it. If that's not what you were getting at, please feel free to clarify because I'm really having a hard time understanding how anyone could think being a white man in this country is a disadvantage.
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For one thing, I guess you've missed the many news stories about how Joe the plumber would actually benefit more under Obama's plan. But if you mean "Joe the plumber" as a catch-all for small businesses in general then I think you'll feel better after reading the following.
Estimating Joe the Plumber's tax bill
By Angie Drobnic Holan
Published on Thursday, October 16th, 2008 at 05:25 p.m.
During the final presidential debate in Hempstead, N.Y., Barack Obama and John McCain got into an argument about Joe the Plumber.
McCain said Joe would get a bigger tax bill under the Obama tax plan. Obama defended himself by saying that "98 percent of small businesses make less than $250,000" and would not see a tax increase under the Obama plan.
Joe the Plumber is an actual person: Joe Wurzelbacher, who met Obama during a campaign stop a few days before the debate in Toledo, Ohio.
"I'm getting ready to buy a company that makes about $250,000, $270,000, $280,000 a year," he told Obama. "Your new tax plan is going to tax me more, isn't it?"
Obama said yes, it would --see their entire conversation on YouTube -- but Obama defended his tax policy as being good for people who are struggling.
"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance at success, too," Obama said.
During the debate, John McCain mentioned Joe the Plumber at least a dozen times as the kind of small business owner who would pay more taxes under Obama's plans.
It's not clear from the exchange just what Joe means when he says the business "makes" up to $280,000 a year. Is he talking about total revenue? Profits? That's an important point here and it's one that Obama and Joe the Plumber never discussed. Based on Obama's proposals and current tax policy, for Joe's taxes to rise Joe would have to "make" $250,000 in net profit, after deducting all his expenses: his employees' pay, his supplies, his truck, his fuel costs, and other legitimate business expenses. He'd have to be an extremely successful plumber.
In response to McCain's statements during the debate, Obama said only 2 percent of small businesses would be subject to the tax.
It seems likely that Obama is right, according to data and an analysis from the experts at the Tax Policy Center.
Obama's plan is to roll back the Bush tax cuts on the top two tax brackets. In practice, this means that people with income above $200,000 for single people and $250,000 for couples would see taxes increase.
Now what does this mean for small businesses? It's not as easy as you might think to identify small businesses via the tax code. But there are several typical ways that small business owners pay their taxes, usually by declaring business income on their individual tax returns. Many people who declare business income are small businesses, though the group also includes professionals like lawyers, authors, or public speakers.
Looking at all the tax filers who report any business income at all, the Tax Policy Center confirms that about 2 percent will see their taxes increase under Obama's plan.
In an effort to focus more effectively on small business owners, the Tax Policy Center did an additional analysis where they looked at people who reported business income that accounted for at least 50 percent of their income. This means people who derive a significant living off their business income.
In 2007, about 2 percent of those tax filers would have made enough money to see a tax increase under Obama's plans.
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
Obama's plan includes going through the budget line by line and getting rid of wasteful spending. As for creating new jobs he plans to put $150 million towards developing renewable energy. He will be generating thousands of jobs at the same time making a plan for the future for energy independance. I can't wait for the day my car is electric and I plug it into my solar panel provided electricity. He is also going to drop tax credits for companies which send jobs overseas. They can still send them elsewhere but we won't be supplimenting them. I see him creating a lot of new jobs and keeping the ones we have.
How is Obama's tax increase on the people who make $250,000 plus per year going to keep people in their jobs?
The non-partisan Committee for a Responsible Federal Budget calculates that Obama has promised a total of $990 billion in new spending over his first four-year term. At the same time, he has also proposed spending cuts that amount to around $989 billion, so the net cost roughly balances out. The debt will continue to increase, more or less in line with current projections, based on keeping most of the Bush tax cuts.
http://www.usbudgetwatch.org/files/crfb/usbw0915promises.pdf
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
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maybe it would help if you thought of it this way.....
chose which one you dislike more, and vote for the other guy....
think of it as voting against the worse one.
unless you really think they are equally bad.....not voting is not the answer.
-Kristen
People are so blinded because of President Bush and because McCain is white.
What does that even mean? I'm more of a lurker, but after reading this whole thread, you never addressed what you meant by "because McCain is white." Do you mean that people won't vote for him because he is white? Are you kidding? I am literally laughing at that idea because we all know that white men in this country have had a really hard time getting elected because of our racism. *eye roll* I love it. If that's not what you were getting at, please feel free to clarify because I'm really having a hard time understanding how anyone could think being a white man in this country is a disadvantage.
Thanks! I was inspired. :-)
-Michelle
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