Tax Plan breakdown
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It's a little wacky on both sides.
My 2 cents:
McCain is an idiot if he thinks his plan is feasible. My thinking is he has so much patching up to do to keep face as the republican candidate at a time where the republican brand is hurting pretty badly that his only possible campaign stance has to be across the board tax cuts. His plan to afford doing that without letting our roads and schools go un-repaired is to cut back on earmarks. Now, that is
A - Not enough money saved
B - Going to result in dilapidated roads and schools which could be repaired with said earmarks
and C - Fiscally irresponsible at a time when we owe China so much money we can't even afford to stop buying their shit after they demonstrate that they can't keep it safely lead free.
Obama is an asshole if he actually plans on implementing a damned 16% tax on people making 600k and THEN throwing a capital gains tax on them after that. Honestly, as retarded as this sounds the people making 200k are going to be fine, the people making 600k could very well find themselves in the poorhouse in 4 years if Obama follows through on this. Lowering their Income by an ADDITIONAL 100k right out the gate is effectively taking away a lot of these people's ability to play the market the way they are now as a way to supplement their income. Then making it more expensive to supplement their income could be the nail in the coffin. It's not right to punish people for being too successful. He's got the right idea, but I think he'll NEVER get that 5% of the population. -
I agree. I don't think McCain can cut taxes. If the country wants to spend money, the country needs to get money.
I, also, agree about your point on Obama's tax plan. Increasing taxes on people that much would quickly hurt them. I could see it working if he changed them gradually over the course of a number of years. Still, I don't believe that redistribution of wealth is the best policy. -
one of the plans cripples everybody in the long term.
one of the plans hurts 5-10% of people for a few years until they adjust.
Fairness in the short term doesn't mean a whole lot to me. I don't think Obama's plan is fair, but at least it offers a realistic solution to our budget problem. -
QUOTE (Evestay @ Jun 13 2008, 01:40 AM) <{POST_SNAPBACK}>mccain would keep the exact tax cuts that are already in place..obama would let them expire.. McCain IS NOT cutting taxes by keeping what we already have.
What's so great about our current tax cuts? We are in a recession. And though he isn't cutting taxes by making the current cuts more permanent, he is increasing those tax benefits to the wealthy by an additional 6 figures, to the less wealthy by 5 figures, the middle class by 4 and the poor by 3. Tax cuts. To everybody.
I guess the plan is to have a Splurge to go along with the Surge.
The Splurge Is Working!TM
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If you honestly think taxing people who make over $2.9M an additional $700k is fair, you're a fucking idiot and I want you to get out of my country. Raising taxes wont solve most of our international affairs, as the only way that's going to happen is if we correct our deficit (which has NOTHING to do with taxes).
Say what you want, the rich have jobs that allow themselves to live a life of luxury -- something that has been in every country since the beginning of civilization. With Obama's tax plan, you can damn bet on Grand Cayman accounts tripling in sheer numbers which in the short and long term would hurt our economy. Americans need disposable income. We need people spending money right now to boost the economy, not paying taxes to the federal government.
Most people who will vote for Obama based on his tax plan have such tunnel vision that I'm shocked they had the capability to write a creative writing piece in high school. -
So you're voting for Ron Paul then? Because if you value the economy you're certainly not voting for McCain.
People who make that much don't have that much money because they have a job they worked hard for. It's because they have a job that makes them enough money to invest. If they were investing in something that helped our economy I'd agree with you, but they are investing in things that hurt our economy, like real estate speculation, and oil, and shady, border-line illegal insider trades. They're not the hard working salt of the earth american dream bullshit they sling at us.
Anybody who believes in trickle-down economics has such tunnel vision I'm amazed they aren't suggesting euthanasia for the elderly to increase their bottom line.
These people are making 2.9 million dollars off of OTHER PEOPLE'S WORK. Not theirs. They may be smarter than the average bear when it comes to making wise investments, or they may have gotten lucky, or they may be able to afford a high priced broker. But they didn't "earn" it.
I'm sure your grandma got pissy when she had to go on rations in WWII, right?
We're at war, and we're in the midsts of a recession. But let's ignore that and give everybody their money back. They'll pay for everything by buying ikea furniture and blackberry phones. -
QUOTE (Evestay @ Jun 13 2008, 12:56 PM) <{POST_SNAPBACK}>go ahead ANunes..I want you to guess the percentage of millionaires that inherited their money v. earned it themselves. I will then inform you of the truth and you will eat those words!
Didn't say they inherited it. I'm talking about having the means to exercise your capital makes you immediately eligible to jump WAY ahead in the money race. It's a privilege they earned, don't misunderstand me. But this group of people has tremendous power over people who are actually busting their asses trying to make ends meet. With that power, there should come responsibility. You have the power to raise the cost of good that everyone in the country needs, and then profit off of that need. It encourages an interest in making things unaffordable for other people. This pushes them further away from the ability to exercise their capital. It's an oppressive system that is largely allowed to continue to function unchecked because any regulation hears cries from the most powerful people in the country that this should be a FREE market.
That's what I'm referring to when I say they aren't earning it. Other people earn it, they spend it on goods and lo and behold it trickles UP, not DOWN. -
This is why I don't sympathize with the 200k bracket very much.
Between 2004 and 2005 the number of 200k'ers who paid $0 in taxes jumped up 161%. From 2,833 to 7,389. It doesn't matter what the number they are paying is, they are sneaky fucks who can afford to pay a private lawyer a significantly smaller-than-their-taxes sum of money and then not give any of it to the country that gave them the opportunity. And higher taxes will just make it more appealing.
"When I only had to pay 15% it didn't make much sense to spend 10% of my income on a lawyer. But now that it's 20%! This is proposterous! They're not getting a dime!"
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