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Old 10-30-2008, 12:50 PM
 
2,008 posts, read 5,234,570 times
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Sorry if this has asked, but all I keep hearing from the McCain camp is that Obama is going to raise taxes on the middle class. Is there something I'm missing? Is there some loophole? I plugged in all our numbers in the tax calculator and clearly we would be getting more of a tax break under Obama than McCain. Why are they saying this if it really isn't true? Or is it true? What am I missing here?
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Old 10-30-2008, 01:01 PM
 
Location: Washington, DC
351 posts, read 439,542 times
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You are not missing anything. The McCain campaign abandoned honesty months ago. Obama is going to try and repeal the Bush tax cuts for those making over $250,000 a year. For those making between $200,000 and $249,000 taxes will stay the same. Under $200,000 taxes will be lowered.
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Old 10-30-2008, 01:04 PM
 
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Yeah, that's what I understand. It sounds fair to me. I am just bewildered as to why the McCain folks keep saying it if it's totally untrue. I can see if it's a little untrue then they would use it to their advantage, but there is no truth in saying that Obama is raising taxes. How stupid of them.
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Old 10-30-2008, 01:07 PM
 
1,644 posts, read 2,111,138 times
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The McCain campaign likes to leave out the part about the repealing of the Bush tax cuts NOT applying to those making under $250k.

They just say "He's repealing the Bush tax cuts that means your taxes go up." They deliberately leave out half the story.
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Old 10-30-2008, 01:09 PM
 
543 posts, read 1,341,998 times
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HAHA Yes, I guess I'm just hallucinating that Obama's decsription of the wealthy keeps being lowered $250,000, 200,000, 150,000 going down... What about taxes on business, capital gains... how is the economy going to recover this way? Yeah, why are the McCain people saying all this if it's not true?
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Old 10-30-2008, 01:20 PM
 
Location: New York City
1,836 posts, read 2,888,960 times
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Quote:
Originally Posted by njchick View Post
What about taxes on business, capital gains... how is the economy going to recover this way? Yeah, why are the McCain people saying all this if it's not true?

more money for the middleclass means that we can buy more goods, cars, homes, investments, etc..

the more the middleclass has to spend the larger our economy grows. the more the middleclass spends THE MORE MONEY BUSINESSES MAKE.

We are the driving force, not the other way around.

dont you get it?
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Old 10-30-2008, 01:23 PM
 
Location: Washington, DC
351 posts, read 439,542 times
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Quote:
Originally Posted by njchick View Post
HAHA Yes, I guess I'm just hallucinating that Obama's decsription of the wealthy keeps being lowered $250,000, 200,000, 150,000 going down... What about taxes on business, capital gains... how is the economy going to recover this way? Yeah, why are the McCain people saying all this if it's not true?
Yes, you are hallucinating.
CNN Political Ticker: All politics, all the time Blog Archive - Fact check: Obama, Biden ‘creeping down’ on who gets tax cuts? « - Blogs from CNN.com
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Old 10-30-2008, 01:26 PM
 
Location: Charlotte, NC
1,577 posts, read 2,388,741 times
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Obama plans to eliminate capital gains tax for small business and start ups.

Barack Obama and Joe Biden: The Change We Need | Economy
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Old 10-30-2008, 01:28 PM
 
Location: Kansas City, MO
5,763 posts, read 9,752,098 times
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Quote:
Originally Posted by njchick View Post
HAHA Yes, I guess I'm just hallucinating that Obama's decsription of the wealthy keeps being lowered $250,000, 200,000, 150,000 going down... What about taxes on business, capital gains... how is the economy going to recover this way? Yeah, why are the McCain people saying all this if it's not true?

If you have been paying attention you will know that his fax plan hasnt changed. It will go down for people under 200K or less, stay the same for people 200K to 250K and go up for those over 250K. How is that hard to understand. That has been his tax plan since the campaign started.

Yes, taxes on LARGE businesses will increase. Most small businesses do not have 250K or more of taxable income.

Those large businesses are likely going to see a revenue increase due to increases disposable income on the middle class due to tax cuts which will make up for the tax increase.
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Old 10-30-2008, 01:29 PM
 
Location: Orlando, FL
973 posts, read 1,995,171 times
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Quote:
Originally Posted by sandycat View Post
Sorry if this has asked, but all I keep hearing from the McCain camp is that Obama is going to raise taxes on the middle class. Is there something I'm missing? Is there some loophole? I plugged in all our numbers in the tax calculator and clearly we would be getting more of a tax break under Obama than McCain. Why are they saying this if it really isn't true? Or is it true? What am I missing here?
You also have to look at Democrats McDermott and Miller, who are discussing taking away the tax benefits for the middle class for 401k investments. There's also talk of seizing all 401k assets and creating new Government Retirement Accounts, where all workers pay 5% tax into government bonds that is not an investment in the market, you have no option to opt out of it, and you have no choice for early withdrawal. They're discussing this as a Social Security Part 2, which is essentially a 5% tax increase on everyone.

Getting rid of the tax deductions for 401k investments hits the middle class the hardest, since the tax deductions are capped at $15k a year. The very wealthy don't benefit from this any more than the middle class investing for their retirement. In fact, eliminating the tax deductions on the employer side will encourage many companies to stop offering a 401k, dropping many middle class people from continuing their retirement investments.

Read this.. then ask yourself who you trust as President to veto a Democrat-pushed bill:
House Democrats contemplate abolishing 401(k) tax breaks - InvestmentNews
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