Quote from bone:
From the Tax Policy Center's August 28, 2008 Presidential Candidate Tax Policy Position Summary Report, which is cited as a central tenet in the 'Obama Tax Cut Calculator': "... without substantial cuts in government spending, both plans would sharply increase the national debt."
Obama clearly wants to spend a whole lot more in Federal Programs than McCain does, and McCain clearly wants the highest bracket earners to keep more of their income. In my opinion, it's a matter of wealth redistribution semantics: McCain believes that upper bracket tax payers will re-invest that money back into the economy as capital investments, and Obama believes that upper tax bracket wealth should be redistributed to the low and middle-class income payers, where those funds would be used as supplemental living expenses.
What I find fascinating is that if you put in a low income and multiple dependents into the Obama Tax Calculator, they receive a 'Tax Cut'. So, if a person is on public assistance, or receives income from 'untaxed means' (I'm trying to be polite here), all they have to do is file a return with the IRS and show very little (if any) taxable income to receive a check from the IRS. Remember, Welfare Payments are not taxable and Social Security Payments have an incredibly modest taxable threshold.
So, since Obama wants to increase the amount and eligibility of welfare payments, and also give those citizens a lump sum 'Tax Credit' payment that is far larger than any taxes they pay out is ridiculous. On top of that, Obama wants to really grow the Federal Government. McCain, on the other hand, wants to give top-bracket earners more money back and not specify what they should do with it to help the country's economy - renovate the summer home in the Hamptons perhaps? He should just cut the capital gains tax and leave the brackets alone, or at least only give tax credits for capital investments in American companies.
Quote from trader_arb:
US corporate tax rate (effective) are relatively high, and therefore large US corporations have outsourced services and manufacturing to more tax-friendly countries. Ireland has a tax rate for manufacturing of 10%, and this is where many transfer pricing issues are happening (Why would US companies outsource to a higher effective tax country), so your article is misleading...
The other statistic you have to take into account is companies that aren't profitable (like GM has deferred tax assets for decades to come because they have no taxable income) and corporations that are pass-through entities that pass income to shareholders.
Quote from droskill:
Lowering taxes on corporations isn't the right move - especially giving a $1.2b tax break to companies like Exxon. The better move would be no tax cuts for anyone and massive reduction in government.
Quote from SWhiting:
I'm trying to understand why taxing higher incomes and increasing earned income payouts is "bad" !?!?!
Quote from gnome:
Perhaps you should tell us "where you're coming from"...
Are you paying the top tax bracket and think it's righteous that YOUR taxes be raised so that more money can be given to someone else?
Or, are you defending the idea that somebody else's taxes should be raised so that YOU can get a bigger hand out?
Quote from gnome:
Perhaps you should tell us "where you're coming from"...
Are you paying the top tax bracket and think it's righteous that YOUR taxes be raised so that more money can be given to someone else?
Or, are you defending the idea that somebody else's taxes should be raised so that YOU can get a bigger hand out?
Quote from trader_arb:
True, the only people who feel this way are those receiving handouts OR righteous Warren Buffet-types who are so old and rich they think they better give money to someone else so they can feel better about themselves (truly the most selfish reason of all).
Quote from SWhiting:
NOT true at all. I suspect that you are young and full of piss & vigor and prideful of your earning potential and future. Let's hope that you aren't struck by an unexpected bout of ill-health or family responsibilies in a recession.
Millions of Americans are self-sufficient, wealthy individuals who support gov't policies designed to assist the poor. They are called: Liberals. You should HOPE to get to that level one day.
Quote from trader_arb:
You're completely missing the point.
I can donate all I want to organizations or people without being FORCED by the government. This same group of people you reference also believe that everyone should be forced to do the same that they do. Helping the poor is great, but then you have this slippery slope of government forcibly telling people how charitable they should be. See a problem?
Quote from SWhiting:
NOT true at all. I suspect that you are young and full of piss & vigor and prideful of your earning potential and future. Let's hope that you aren't struck by an unexpected bout of ill-health or family responsibilies in a recession.
Millions of Americans are self-sufficient, wealthy individuals who support gov't policies designed to assist the poor. They are called: Liberals. You should HOPE to get to that level one day.