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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
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Spin off to all the Palin posts...how many of us are familiar with
McCain's and Obama's economic plans?
Is anyone concerned about the proposal to eliminate the deductibility of state and local income tax on our federal returns, in essence taxing us on tax? Increase in capital gains tax?
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Posted 9/3/08 1:54 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Spin off to all the Palin posts...how many of us are familiar with
Obama wants to increase capital gains tax from 15% to 20%, according to the Washington Times.
On McCain's website, he says he wants to keep the current capital gains rate.
Message edited 9/3/2008 2:01:22 PM.
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| Posted 9/3/08 2:00 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by Meaghan729
Obama wants to increase capital gains tax from 15% to 20%, according to the Washington Times.
Yep. I have said it before I was {} this close to voting for him before I looked at his economic policy. Do you know how many businesses are going to leave the country in droves if the capital gains tax, small business or tax breaks for larger businesses are raised? He wants to create more gov jobs...but the gov can't even handle the jobs they do have now. i mean look at gov programs...
-Medicare
-Medicaid
-Social Security
-earmarked pork barrel projects that go no where
All are fiscal failures and have been for decades, Bush 43, Clinton, Bush 41 and Regan could not turn them around. Unless Obama has a miracle up his sleeve I do not see how he is going to fix our economy by adding MORE gov programs. Definition of insanity: Keep doing the same thing and expecting different results. JMO.
Message edited 9/3/2008 2:12:25 PM.
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| Posted 9/3/08 2:05 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by shamrock124
McCain's and Obama's economic plans?
Is anyone concerned about the proposal to eliminate the deductibility of state and local income tax on our federal returns, in essence taxing us on tax? Increase in capital gains tax?
from what I understand, if the govt didn't allow u to deduct state taxes, yes, you'd be paying more federal tax, but u wouldn't be paying taxes on taxes...you pay taxes on income...that income would just be higher. I don't think that's the same thing.
(must give props to my hubby...he's an acct and he 'splained the concept to me  )
neither of them have really filled out their economic plans yet to my satisfaction.
it's a scary time in the economic world. we'll see what happens.
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| Posted 9/3/08 2:19 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by Ophelia
Posted by shamrock124
McCain's and Obama's economic plans?
Is anyone concerned about the proposal to eliminate the deductibility of state and local income tax on our federal returns, in essence taxing us on tax? Increase in capital gains tax?
from what I understand, if the govt didn't allow u to deduct state taxes, yes, you'd be paying more federal tax, but u wouldn't be paying taxes on taxes...you pay taxes on income...that income would just be higher. I don't think that's the same thing.
(must give props to my hubby...he's an acct and he 'splained the concept to me )
neither of them have really filled out their economic plans yet to my satisfaction.
it's a scary time in the economic world. we'll see what happens.
But wouldn't I still be paying double tax on the same income?
If I earn a gross of $100,000 and pay state income tax of $10,000 and the IRS gives me the ability to deduct that state tax from my federal taxes, I am getting the credit for state taxes paid up to my federal tax rate on my federal return, no? If I don't get any credit to that $10,000 of state taxes paid, I now get taxed on that portion of both state and federal tax. That would be a double tax, no?
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| Posted 9/3/08 2:25 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by shamrock124
Posted by Ophelia
Posted by shamrock124
McCain's and Obama's economic plans?
Is anyone concerned about the proposal to eliminate the deductibility of state and local income tax on our federal returns, in essence taxing us on tax? Increase in capital gains tax?
from what I understand, if the govt didn't allow u to deduct state taxes, yes, you'd be paying more federal tax, but u wouldn't be paying taxes on taxes...you pay taxes on income...that income would just be higher. I don't think that's the same thing.
(must give props to my hubby...he's an acct and he 'splained the concept to me )
neither of them have really filled out their economic plans yet to my satisfaction.
it's a scary time in the economic world. we'll see what happens.
But wouldn't I still be paying double tax on the same income?
If I earn a gross of $100,000 and pay state income tax of $10,000 and the IRS gives me the ability to deduct that state tax from my federal taxes, I am getting the credit for state taxes paid up to my federal tax rate on my federal return, no? If I don't get any credit to that $10,000 of state taxes paid, I now get taxed on that portion of both state and federal tax. That would be a double tax, no?
I don't know if you can call it double tax...or just two separate taxes....
I mean, right now I pay city tax AND state tax on the same income. the govt has been KIND enough to adjust my income on the federal level to reflect these taxes.
I think paying tax on a tax would be if they ADDED on the taxed amount to your taxable income, and then taxed you on that.
it's like paying state tax to NY but your multiple taxes to your town or whathaveyou on the island. the only diff there is that it's not by income. but your are still paying FROM you income.
I mean, I like being taxed on the adjusted income as much as the next person, but like I said before, we are in severe economic woes right now...and they may NEED out tax dollars to fix it.
no one likes it, but it's true.
and I'd rather have my govt taxing people RICHER than me also, instead of giving THEM tax breaks and asking me to bear the burden.
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| Posted 9/3/08 2:29 PM |
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by shamrock124
McCain's and Obama's economic plans?
Is anyone concerned about the proposal to eliminate the deductibility of state and local income tax on our federal returns, in essence taxing us on tax? Increase in capital gains tax?
FINALLY!!!! Let's talk about the REAL issues here!!
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| Posted 9/3/08 2:53 PM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: Spin off to all the Palin posts...how many of us are familiar with
I agree, this is the stuff that is going to determine who I vote for.
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| Posted 9/3/08 2:57 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Spin off to all the Palin posts...how many of us are familiar with
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
I don't think the richest people and biggest corporations need the breaks right now. Trickle down economics does not work. I believe someone else posted about the definition of insanity on another thread...
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| Posted 9/3/08 2:57 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
You mean their economic plans for Bristol's baby? or is this about how to fund her wedding?
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| Posted 9/3/08 2:57 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by Ophelia
I mean, I like being taxed on the adjusted income as much as the next person, but like I said before, we are in severe economic woes right now...and they may NEED out tax dollars to fix it.
no one likes it, but it's true.
and I'd rather have my govt taxing people RICHER than me also, instead of giving THEM tax breaks and asking me to bear the burden.
Do you think that raising taxes will mend our economy? Do you think that is the best fiscal policy change that can be done? I'm not saying it's not the answer but the gov't hasn't done such a great job of managing their budget in the past and I don't see them getting much better at it in the future. I think we need a really hefty administration overhaul.
What tax breaks do the rich get? Who becomes the "richer" that should be taxed and which of their tax breaks should be eliminated?
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| Posted 9/3/08 3:00 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by JenniferEver
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
I don't think the richest people and biggest corporations need the breaks right now. Trickle down economics does not work. I believe someone else posted about the definition of insanity on another thread...
In some respects they do through AMT.
What would be the definition of "highest income earners?"
I believe, and I could be wrong, the ideology behind giving corporations tax incentives is that they reinvest it into their company through r & d, hiring, buying new technology, etc. Raising corp. taxes could make that impossible for some corporations.
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| Posted 9/3/08 3:05 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by shamrock124
I believe, and I could be wrong, the ideology behind giving corporations tax incentives is that they reinvest it into their company through r & d, hiring, buying new technology, etc. Raising corp. taxes could make that impossible for some corporations.
I think that is the "idea" behind it...but we are IN a tax break trickle down govt now...and LOOK AT US! look at how many people have lost jobs...
b/c even though business get crazy tax breaks, they STILL move shop to another country, REMOVING jobs to make more money thanks to these same "tax breaks"
a complete govt overhaul will be getting the CURRENT admins OUT of Washington.
putting another repub president in there IS the same old...there won't be as great of substantive a flux in the core govt jobs as there would be with a total regime change.
and no, I don't think just raising our taxes will fix the economy...and I hope they can find other ways (ie increase cap gains tax and taking a LONG HARD LOOK at the NAFTA
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| Posted 9/3/08 3:16 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by Ophelia
Posted by shamrock124
I believe, and I could be wrong, the ideology behind giving corporations tax incentives is that they reinvest it into their company through r & d, hiring, buying new technology, etc. Raising corp. taxes could make that impossible for some corporations.
I think that is the "idea" behind it...but we are IN a tax break trickle down govt now...and LOOK AT US! look at how many people have lost jobs...
b/c even though business get crazy tax breaks, they STILL move shop to another country, REMOVING jobs to make more money thanks to these same "tax breaks"
a complete govt overhaul will be getting the CURRENT admins OUT of Washington.
putting another repub president in there IS the same old...there won't be as great of substantive a flux in the core govt jobs as there would be with a total regime change.
and no, I don't think just raising our taxes will fix the economy...and I hope they can find other ways (ie increase cap gains tax and taking a LONG HARD LOOK at the NAFTA
I think regardless of what political party is in office or what party is the majority in congress, we will still have economic cycles that will bring expansion and contraction.
When I refer to an overhaul, I mean of the entire bureaucractical system, not just who holds the presidential seat.
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| Posted 9/3/08 3:25 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by shamrock124
When I refer to an overhaul, I mean of the entire bureaucractical system, not just who holds the presidential seat.
that is exactly what I am referring to as well.
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| Posted 9/3/08 3:31 PM |
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jms100303
Luv my munchkins
Member since 5/05 4789 total posts
Name:
Jennifer
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Re: Spin off to all the Palin posts...how many of us are familiar with
I found this Washington Post comparison article very helpful when looking at both sides. There is a lot of MIS-information out there, especially about Obama's plan to "raise taxes"
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| Posted 9/3/08 3:33 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Spin off to all the Palin posts...how many of us are familiar with
The economic plan of Obama scares me and all 70 members of my immediate family!!! Honestly, I could care less if they picked Mickey Mouse as a VP. Does anyone really remember who the VP was of any president before ROnald Reagan and if so, what monumental/catastrophic thing do you recall them doing while in office?
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| Posted 9/3/08 3:46 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by JenniferEver
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
..
But do you realize his definition of higher income earners? It is something crazy in the neighborhood of $250,000/year. On LI and in NYC area that isn't a lot of money especially considering our higher cost of living.
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| Posted 9/3/08 3:59 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by mommy2Alex
Posted by JenniferEver
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
..
But do you realize his definition of higher income earners? It is something crazy in the neighborhood of $250,000/year. On LI and in NYC area that isn't a lot of money especially considering our higher cost of living.
the average household income in NYC is $48,631, numbers are from 2007 from the Census Bureau.
his tax incentives would help the majority of people in this area.
ETA: Nassau 72,000 and suffolk for a family was $83,000
Message edited 9/3/2008 4:26:17 PM.
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| Posted 9/3/08 4:23 PM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by mommy2Alex
Posted by JenniferEver
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
..
But do you realize his definition of higher income earners? It is something crazy in the neighborhood of $250,000/year. On LI and in NYC area that isn't a lot of money especially considering our higher cost of living.
But that sounds like you don't actually know what his plan is. I researched both candidates plans seperately. I just google searched 'McCain Tax Plan' and Obama Tax Plan.
This is an article from the wall street journal that I had read. Hope it helps 
http://online.wsj.com/article/SB121867201724238901.html
ETA: This is a graphic from the PP Washington Post article.
Message edited 9/3/2008 5:02:01 PM.
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| Posted 9/3/08 4:33 PM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by mrsej
Does anyone really remember who the VP was of any president before ROnald Reagan and if so, what monumental/catastrophic thing do you recall them doing while in office?
McCain is the oldest candidate ever, this is why there has been a lot of scrutiny over his VP pick.
Unfortunately most of us know who JFK's VP was because he took office after JFK was assassinated 
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| Posted 9/3/08 4:41 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by KittyTheStray
Posted by mommy2Alex
Posted by JenniferEver
I really like Obama's idea to make the highest income earners shoulder more of the tax burden.
..
But do you realize his definition of higher income earners? It is something crazy in the neighborhood of $250,000/year. On LI and in NYC area that isn't a lot of money especially considering our higher cost of living.
But that sounds like you don't actually know what his plan is. I researched both candidates plans seperately. I just google searched 'McCain Tax Plan' and Obama Tax Plan.
This is an article from the wall street journal that I had read. Hope it helps
http://online.wsj.com/article/SB121867201724238901.html
ETA: This is a graphic from the PP Washington Post article.
IMAGE
As stated in your article "As previously mentioned, the Obama plan is a net tax cut -- his middle-class tax cuts are larger than the rollbacks he has proposed for families making over $250,000".
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| Posted 9/3/08 5:06 PM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by mommy2Alex
As stated in your article "As previously mentioned, the Obama plan is a net tax cut -- his middle-class tax cuts are larger than the rollbacks he has proposed for families making over $250,000".
Oh, I didn't say that the $250K number was incorrect. I just wanted to point out what exactly was being proposed with regard to the income earners over $250K, because he is still proposing cuts to most brackets, or no change, except for the highest of wager earners.
I felt like there was this impression that everyone will be paying tons more tax if Obama was elected, so I wanted to look into it for me. I do taxes for a living, it affects me as a taxpayer, sure, but also because this is my job!
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| Posted 9/3/08 5:22 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Spin off to all the Palin posts...how many of us are familiar with
Thanks for the link to the article, Kitty - it (and the graphic) sheds a bright light on the actual ramifications of their plans.
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| Posted 9/3/08 5:26 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Spin off to all the Palin posts...how many of us are familiar with
Posted by Ophelia
the average household income in NYC is $48,631, numbers are from 2007 from the Census Bureau.
his tax incentives would help the majority of people in this area.
ETA: Nassau 72,000 and suffolk for a family was $83,000
yes, but that is for individuals. for most people on LI and NYC with both spouses working, they could come quite close to the $250,000... and we all know with a family, property taxes out the wazoo, high COL, etc. that Obama's tax increases will negatively effect our area.
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| Posted 9/3/08 5:27 PM |
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