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Posted By: horneschwoggle on 8/2/2008 9:03:33 AM
Subject: Obama
Message: > > Proposed changes in taxes after 2008 General election:

Every recent presidential election cycle has brought e-mailed forwards that paint the Democratic candidate as a proponent of a "tax and spend" philosophy (who will inevitably implement significant tax increases on taxpayers across all income levels) and present the Republican candidate as a model of fiscal conservatism, and the example quoted above fits this pattern.

However, this example is off the mark both in its broad strokes and in its particulars. According to the Tax Policy Center's analysis of the candidates' proposed tax changes, the primary difference between them would be distributional, with Senator Obama's proposals favoring lower-income taxpayers and Senator McCain's favoring higher-income taxpayers:

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 Lie: OBAMA proposes a capital gains tax of 28% on profit from ALL home sales

The Truth: The statement that Senator Obama proposes instituting a 28% tax "on profit from ALL home sales" is false. Both candidates' proposals would leave intact an existing capital gains exemption for the first $500,000 per housedhold of profit from the sale of a primary residence.

DIVIDEND TAX

MCCAIN: 15% (no change)

OBAMA: 39.6%
The notion that Senator Obama is proposing raising the tax rate on dividend income from its current 15% level to a 39.6% is unfounded. Obama has proposed taxing dividends at the same rate as capital gains, and although he hasn't yet specified a figure for the latter, he has already stated (as noted above) that he "certainly would not go above" 28%. Also, the proposed increase would only affect households with income of more than $250,000 per year (a figure that encompasses about 2% of U.S. households.)

INCOME TAX

Income Avg tax bill Avg. tax bill
MCCAIN OBAMA
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

INHERITANCE TAX

MCCAIN: 0% (No change, Bush repealed this tax)

OBAMA: Restore the inheritance tax
Pretty much everything asserted about the inheritance tax (also referred to as "death tax" or "estate tax") in these few short statements — that President Bush repealed it, that Senator McCain would maintain it at 0%, and that Senator Obama would "restore" it — is wrong.

In general, estate tax currently applies only to estates valued at more than $2 million and tops out at a 45% rate. The exclusion amount is already set to rise to $3.5 million in 2009, followed by a repeal of the estate tax in 2010, and then a reinstatement of the estate tax in 2011 with the exclusion amount reverting back to $1 million and the tax rate topping out at 55%.

Senator McCain has proposed raising the estate tax exclusion amount to $5 million and setting a maximum estate tax rate of 15%, while Senator Obama has proposed raising the estate tax exclusion amount to $3.5 million and maintaining the maximum estate tax rate at its current 45% level.

Good post, slowride. Here is the problem I have understanding Obamas tax plan.
He seems to move the numbers around.
He will raise taxes on people earning 75K a year.
He will raise them on 100K plus a year.
He will raise them on 250K a year.
He will raise them on the "wealthy." Someone please define wealth to me, in dollars of income.
It seems to be a moving target. Personally, that makes me nervous.

Chick....I just pasted a link in my last post. And, I can jump in here anytime I wish. God bless America.

Yes, we are already at war in Afghanistan. What was your point?

SD

His angle is we need to pull out of Iraq and "redeploy" the troops to Afghanistan.

I'll have to check your surveillance link later

I will help you out here, junior. You should read the rules before posting. I can see from your posts and your profile that conspiracy theory is near and dear to you...