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#1
06-11-2008, 07:15 PM
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Taxes & the Presidential Candidates
CNNMoney.com currently has an article that compares how McCain & Obama's tax policies will affect people of different incomes. These are the summary conclusions:
McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else. Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups. The income distribution chart that was included in the article is attached as a jpeg. Full CNNMoney Article: http://money.cnn.com/2008/06/11/news..._tpc/index.htm Tax Policy Center: http://www.taxpolicycenter.org/aboutus/index.cfm
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'05 IP 5AT Coupe | 20s | Covenant Energy Blade | zH-Techs | Ings +1 | BBK | Chargespeed | NRG | Injen | Nismo | CarDomain | Props is a true thug's wife... 
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#2
06-11-2008, 10:47 PM
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income tax... absolutely.
this is but a small part of the picture of actual taxes (i.e. raising gas tax - which income group would pay the most in gas tax, the 3 lower brackets? or the top 1%?). thanks for the stats. 
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The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#3
06-12-2008, 09:02 AM
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They forgot to mention he would be raising the gas tax and the effects on the lower income folks.
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"A government big enough to give you everything you want, is big enough to take away everything you have." - Thomas Jefferson
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#4
06-12-2008, 10:26 AM
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^
Federal taxes are but a small component to the overall tax burden on American citizens. The hidden taxes that we don't see is in the form of inflation and high price fluctuations on commodity goods such as gas and food due to the trillions of borrowed money from foreign creditors. The lies of supply and demand being put forth by the Bush Administration is but a smoke screen to the real fact. Our currency has been diluted against all other world currencies. This is why oil has jumped to $130+ barrel in the last year due to the billions in toxic mortgage backed securities being sold wholesale for pennies on the dollar by our institutional banks and foreign wealth funds. This dilution is compounded by the Feds who have further injected tens of billions into the currency system to bail out failing banks such as Bear Stearns and shore up losses for giant banks such as Citicorp and Morgan Stanley. The average Joe wonders why his purchasing power has dropped by almost half while large corporate institutions get government bail outs and average Joe gets left holding the bill.
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"The greatest tyrannies are always perpetrated in the name of the noblest causes." Thomas Paine
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#5
06-12-2008, 10:29 AM
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Then why has gas gone up around the world at about the same percent?
__________________
"A government big enough to give you everything you want, is big enough to take away everything you have." - Thomas Jefferson
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#7
06-12-2008, 10:51 AM
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obama wants to raise minimum wage to 9.50
hows that for inflation and an economic blunder? if we raise minimum wage .50 cents, we have to raise everything else to compensate (unemployment taxes, etc...) it's like connecticut x 50. corporations say,'sure we'll raise wages. it'll cost me $250,000 to do it, so i'll just lay off 5 people. no problem. but then because everybody gets the raise, my profit margin is lower, so then my bottom line is smaller, so i'll lay off 5 more people...' and so on, and so on, and so on... nothing can fix economy like government taxes! as long as obama doesn't touch my retirement (doubling my capital gains tax), then i'll be ok.
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The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#8
06-12-2008, 11:48 AM
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Quote:
 if you're referring to oil, its price is set in the global market so everyone has to pay the same price. the price of gasoline is a function of the price of oil, government taxes & subsidies, refining capacity, consumer demand, and the questionable (at best) pricing strategies of private oil companies in markets where gasoline is not regulated. here's the full NYT article where I got the chart shown above: http://www.nytimes.com/2008/05/30/business/30fuel.html Quote:
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'05 IP 5AT Coupe | 20s | Covenant Energy Blade | zH-Techs | Ings +1 | BBK | Chargespeed | NRG | Injen | Nismo | CarDomain | Props is a true thug's wife...
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#9
06-12-2008, 06:37 PM
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Quote:
No. The push to raise the minimum wage is to catch up for years of neglect by our politicians. The minimum wage is statically set so it never went up as the years went by. If the wage was pegged to track an inflationary index or a consumer price index for example, we would not be having this debate right now. As living costs rise, it would only make sense to increase the minimum wage to keep the purchasing power intact. Unfortunately, even this won't solve the problems as living costs vary wildly from place to place. Wichita, KS versus New York, NY for example. For $9.50 you can get one pack of cigarettes in Manhattan. In Wichita, perhaps two.
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"The greatest tyrannies are always perpetrated in the name of the noblest causes." Thomas Paine
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#10
06-12-2008, 06:43 PM
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right, but who relies on federal minimum wage? it's the state amount that counts... and that's why ny minimum wage is dictated by ny, and ks minimum wage is set by ks. like i said in my earlier post - it's like what's happening in connecticut right now, times fifty.
i'm aware of how much $9.50 can buy me (2 gallons of fuel), and the relation to the cost of living... (3600 sq ft home on 1 acre for $125,000 in nc) raising minimum wage would launch inflation through the roof, and cause so many more problems that it would fix.
__________________
The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#11
06-12-2008, 06:45 PM
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ny minimum wage is 7.15, and ks is 5.85 for a reason...
__________________
The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#12
06-13-2008, 12:04 AM
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hey did anyone notice that people earning less than $112,000 would do better under obama's plan than mccain's? also, the only folks who will see any noticeable tax increase under obama's plan earn more than $603,000.
__________________
'05 IP 5AT Coupe | 20s | Covenant Energy Blade | zH-Techs | Ings +1 | BBK | Chargespeed | NRG | Injen | Nismo | CarDomain | Props is a true thug's wife...
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#13
06-13-2008, 12:25 AM
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Quote:
Now, once I'm making 3M/year, I'm sure I will have wished McCain won, but I don't see that happening in the next 4-8 years.
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#14
06-13-2008, 09:04 AM
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Quote:
Really. Something you can live in?
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