Obama vs. McCain: Tax Proposals Made Simple

• Allay Patel Gangolia says:

  July 30, 2008 at 3:40 pm

  It comes to no surprise that the majority of uneducated Americans vote democratic. It’s because they’re morons!

  Have fun forking over 40% of your income to help pay for Emanuel’s $40,000 dollar procedure because he fell asleep behind the wheel and needs a new limb.

  Honestly, social programs DO NOT MAKE SENSE. Ron Paul for president!
• huskercub says:

  July 30, 2008 at 3:43 pm

  Obama is going to tax the rich people. The last time I checked poor people and people on welfare do not create new jobs in their businesses. In order to get investment in this country and create new businesses which in turn will create new jobs, you need to cut taxes.

  Also what is the incentive to become rich?? If I work hard and make lots of money, Obama is just going to take it away from me. When you take away the incentive for people to become wealthy, then you take away their chance to better their lives. The last time I checked, this country believed in capitalism and not socialism.
• Ernie Bert says:

  July 30, 2008 at 4:04 pm

  Why do Republican minded people not know that for a 100 years Republican administrations have all increased the national debt? I guess it’s lack of education
• Allay Patel Gangolia says:

  July 30, 2008 at 5:46 pm

  Free market economics has nothing to do with budget spending you fucking idiot. George Bush is a radical neo-conservative, not a true republican. It’s those who choose to tax like a republican and who still support social programs / unnecessary wars that drive out countries debt up.

  And since you are convinced that our government has chosen poorly as to where our taxes go, WHY THE HELL WOULD YOU TRUST THEM with an even greater portion of our dollars? The chart above doesn’t even come close to detailing Obama’s true intentions. If a socialized medicine is introduced, EVERYONE’S taxes goes WAY up. Rich, poor, broke, black, white. We’ll all pay close to 40% for others.
• Kayla says:

  July 31, 2008 at 2:59 am

  The only reason you don’t hear anything negative about Obama is because the media treats him like he’s the second coming of Christ. He barely ever has to answer any questions about the issues..if you ask many people (especially young people) what he STANDS for…what are his issues..they’ll say he’s “for change.” Yeah well, change what? Sadly, many people don’t know. If they did, I think they might give a second thought to voting for him.

  However, if he is elected, even if he is the worst president EVER..he won’t be to blame. George Bush will be blamed for everything that goes wrong in the Obama administration.
• J clark says:

  July 31, 2008 at 9:42 am

  The “messiah” has made it clear he’s raising taxes. Money should be the least of our concerns no matter where you go your going to be taxed to death, its the rest of his socialist ideas that is the real threat.
• crunchy says:

  July 31, 2008 at 1:07 pm

  I think it’s necessary to increase taxes on the rich. There is no reason why the money should continue to be taken from the poor and circulated amongst the rich. Everyone complains about recessions and national debt, but no one wants to put the money forward to help resolve these issues.
• amanda says:

  July 31, 2008 at 1:29 pm

  So what crunchy, the rich should be punished for being rich? Do you know that the top 5% (it might even be less) pay something like 95% of taxes. The numbers not be exactly right, but it’s around there. So what, should we increase it so they’re paying 100%?? Give me a break.
• huskercub says:

  August 1, 2008 at 12:32 pm

  Money isn’t taken from the poor. The poor do not pay taxes. If they have a job and pay in any payroll taxes, they probably get that back and more in their income tax refund. Taking from the rich and giving to the poor is Communism. If you like that, move to Cuba or China. BTW, they are not too keen on that Freedom of Speech thing in those countries.

  As long as Congress continues to overspend, then we will have a National Debt. As long as gas prices are high, we will have a recession. If you want the recession to end, then ask Mr. Obama to vote on off-shore drilling, allowing coal to oil plants to be built, allow drilling in Anwar and lower taxes. The Democrats in the House and the Senate will not allow off-shore drilling to come to a vote before the election, because they don’t want Obama to have to vote on it and they don’t want to piss off the left wing extremist.

  PS-How come when income taxes are lower, we get an increase in tax revenue? When taxes are raised, the tax revenue for the United States goes down. Think about it.
• Iflyfast says:

  August 5, 2008 at 1:25 pm

  huskercub is correct. Why would anyone want to work hard an become rich when Obama’s plan just takes it away? My wife and I make less than $100k a year combined. Are we rich? No. Do we make enough to live? Yes. Last time I checked, you REWARD for being successful in what you do. Making the SUCCESSFUL (with the exception of Lottery winners, because, well, they have just been successful at guessing numbers) pay an additional 11.5%? WTF? How many of you out there know that right now, the top 1% of earners in the U.S. pay 40% of the tax dollars, and this is before Obama wants to RAISE the capital gains tax from the current 15% to 45%. What kind of crap is that? I saved up $2500 and invested it in a company’s stock in 2001 at $2.38 a share. Today, that stock is worth over $64,700. To me, that was a smart investment. Why should I have to give back almost half of it? I shouldn’t. Obama is a socialist, in fact, borderline Marxist. Universial health care? Sure, ask Canada, England, and France how that is working out for them. IT ISN’T. Sorry folks, but electing him is the first of many steps to us becoming a socialist country.
• neurolux says:

  August 5, 2008 at 2:09 pm

  Republicans lower the taxes on the rich. The rich then repay us by moving jobs overseas. Thanks a lot, bastards!
• C. E. G. says:

  August 5, 2008 at 2:31 pm

  This is an erroneous interpretation of federal income tax rates based on the premise that Senator McCain favors extending the temporary tax cuts instituted by the Bush administration in 2001 and 2003, while Senator Obama does not. However, both senators said they would favor extending those tax cuts; the difference is that Senator Obama said he would not favor extending the tax cuts for households with incomes of $250,000 or more per year. Taxpayers in the brackets covered by these tables would likely see a greater reduction in taxes under Senator Obama’s proposals than under Senator McCain’s, an outcome reflected in the Tax Policy Center’s estimate of how the average tax bill could change in 2009 under each candidate’s proposals:

  MCCAIN OBAMA
  Income Avg. tax bill Avg. tax bill

  Over $2.9M -$269,364 +$701,885
  $603K and up -$45,361 +$115,974
  $227K-$603K -$7,871 +$12
  $161K-$227K -$4,380 -$2,789
  $112K-$161K -$2,614 -$2,204
  $66K-$112K -$1,009 -$1,290
  $38K-$66K -$319 -$1,042
  $19K-$38K -$113 -$892
  Under $19K -$19 -$567

  So you’re better off (from a federal income tax standpoint) with Obama if you make <227k per year, whether jointly or singly.

  However since my wife and I make around 300k, I still agree with the article: McCain’s tax policy is better.
• udontknowdu says:

  August 5, 2008 at 3:47 pm

  We can look all we want at what they say while running.The important thing is what they do when they get in. I read some of your arguments and most of you are only concerned about yourselves. Step out of your own little worlds and take freakin look around you. Lets face if someone is repoting 603k plus what are they hiding from the goverment anyway, what are they lying about in there write offs. The problem is the whole damn country is self seeking and corupt,and in most cases the richer the more corupt. GET OVER YOURSELVES
• wolverine96 says:

  August 6, 2008 at 4:03 pm

  Obama’s plan raises the current tax rate only on the wealthiest 2% of earners (actually, it takes them back to pre-Bush levels). Those dollars are used to make up for the tax break given to the lowest 95% of wage earners (a few people end up with no change).

  By contrast, McCain’s proposal lowers taxes for everybody – that’s great, except that it doesn’t indicate how he plans to make up for the funds which are no longer in the tax base. The theory is that all that money now “saved” by the uber-wealthy will get pumped into the system in the hopes that it will “trickle down” to the common folk.

  Guess what, people? Reagan tried this years ago and it DIDN’T WORK. And it still doesn’t. The wealthiest among us keep the vast majority of it for themselves (hey I would too). But the point is that you and I are not getting any appreciable benefit from it.

  As for the question about “what is my reward for being successful?”, that’s the dumbest question out there. So what if you are taxed at a higher rate, you still end up with more – probably much more. Would you be happier if you were living below the poverty line and didn’t have to pay ANY taxes? Of course not! Ask anyone who “has not”, and they will tell you in a heartbeat that they would gladly make more money even if it meant giving some back to the IRS.
• udontknowdu says:

  August 8, 2008 at 12:17 pm

  Thank you wolverine 96 finally some one with some since
• sayne says:

  August 9, 2008 at 11:30 am

  The rich, the rich, the rich, the rich. None of you are rich and none of you will be rich. So why are you getting all wet about the rich? The rich have done nothing for you. YOU have made the rich rich. Get it? THEY owe you. The rich thank you by making you work more for less, not offering health care, closing your job and creating one in another country, not hiring you for an undocumented worker . . . The rich can afford to pay higher taxes AND to invest in themselves. Capitalism AND public revenue enhancement CAN work together. Do you really think people will stop wanting to be rich because they have to pay higher taxes? Yeah, right. Stop defending the rich. They are not defending YOU.

  The day the rich say “Wow, look at all this profit the workers have made for me. I think I will give half of my profit to my workers (pay and benefits), put a quarter back into the business, and keep a quarter” will be the day I jump on the “Hurray for the rich” bandwagon. That’s the model that will make the country AND capitalism strong.
• doug says:

  August 16, 2008 at 3:44 pm

  It is simply incorrect to say that the poor do not pay taxes. It is similarly incorrect to say that increasing taxes on the (already overtaxed) wealthy is going to make matters any better.

  The poor do not pay a direct *income* tax, which is probably what most people (e.g. huskercub) are referring to when they say that the poor don’t pay taxes. They still foot the bill for the embedded income, sales, social security, et al. in every on-the-shelf product and every gallon of gasoline they buy. Increasing taxes on the wealthiest Americans doesn’t do a damn thing to change that.

  Further, increasing taxes on the wealthy are likely to *hurt* the poor that would otherwise be more likely to have upward mobility in a purely free market. When business-minded individuals have good ideas, they start companies. Starting a company creates new jobs. Creating jobs helps people without them.

  PROTIP: starting a company requires capital. If you don’t have enough capital — and if you’re a first-time small business owner, you probably don’t — you have to take out a loan.

  Unless you want to ask your bookie for money, you’ll probably get that loan from a bank. Guess where the bank got that money? I guarantee you it wasn’t from a welfare recipient. Putting people on welfare promulgates their reliance on the government. Keeping money in peoples’ pockets encourages self-reliance. Which is better?
• k_boom says:

  August 16, 2008 at 6:35 pm

  Obama is on record along with most other Dem party leaders saying that he would do away with the Bush tax cuts. My gross income is in the $80k – $85k range and doing away with the Bush tax cuts would double my federal income tax liability by increasing it about $3,000. Bush gave me (solidly middle class) approximately 3.5% of my income back. McCain wants to let me keep it. Obabma wants to take it away again. Stop relying on the faceless analysts and look at your own taxes.
• Ryan says:

  August 18, 2008 at 10:46 pm

  It’s amazing to see that this is the debate. The debate should be about lower taxes, but significantly better management of it. No, a successful person does not OWE society more because of that success (if you disagree, reference European Socialism… not Communism). The simple reality is that we pay entirely TOO MUCH in “WASTED TAXES” and the politicians know it.

  When was the last time you saw either side say anything intelligent about TRUE fiscal resposibility?
• wolverine96 says:

  August 19, 2008 at 1:29 pm

  k_boom: Your argument is comparing apples to oranges. Obama wants to pull back the income tax cuts Bush gave to the wealthiest 1% or so ONLY. Check out the chart at the top of this page- based on your income (mine too), it clearly indicates that you would fair better than you are right now AND better than you would under the McCain plan.

  Better yet, check out the following:
  http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf

  This gives a very detailed, unbiased review of the tax proposals (income and other) from both senators. The charts in the back clearly indicate that you have to be in the $225-250K range before you even begin to fair better with McCain’s plan than you would with Obama’s.

  Its pretty clear – the McCain tax plan is heavily skewed in favor of the very thin slice at the top of the economic heap.

  And Ryan’s point is spot on: better management is certainly needed, and “could” be accomplished under either candidate. The trick is getting Congress to play along…

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