Obama, McCain and Taxes
I have little faith that my taxes will not go up next year. With either candidate. I have a better chance of my taxes going up with Obama, since he plans to repeal the tax cuts, but I don't have a lot of faith that McCain won't raise taxes either.
And what do I think about raising taxes? Well I'm tired of throwing good money after bad. Balance what you've got, cut what you don't need, and if after all that you think we can't afford books for school children, then give me a call. I'll pay for services like that. I will not pay for bridges to no where (regardless of who's for or against them or who stopped them or planned them), I will not pay for thousands of empty, broken FEMA trailers that were never used, or FEMA checks that were used to buy season tickets to football teams. Say it with me folks ... accountability.
WaPo has a chart ... but I have a feeling this only applies to income tax. Obama has said he would raise capital gains taxes. Those affect me, we have stocks that we use for retirement. But Obama says that most people won't be affected by those tax increases because "most people" save for retirement in 401ks which are cap gain exempt.
WaPo also has this post on the facts behind McCain saying Obama would raise taxes across the board.
One more thing ... there seems to be a big difference between who says who is getting what even from the income tax changes. I read on this that I would get more (a lot more) $ from Obama than I would from McCain. Snopes (not a political or tax genius site) says something different.
Oh, and Obama would raise the limits on taxable income for social security. Right now, only the first $102,000 is taxable for SS. So that kind of contradicts his statement that he will raise taxes only on those earning $250,000+. Obama also would bring back the marriage penalty (currently repealed under the Bush tax cuts). Which, if you choose to look at this way, is a penalty for married people with dual incomes and a reward for shacking up.
Either way. I'm dismayed by both candidates fiscal policies. And I have no faith in what McCain says because he's been in the Senate (you know, the government body that actually creates the budget) for so long he could have made some of these changes, or at least talked about them, long ago. Same for Biden.
More info at Chicago Sun Times, CNS (admittedly biased), and businessweek.
The bottom line is that Obama will heavily tax the richest 1% of us. And I know that doesn't seem like such a bad thing. But point of fact, the richest among us employ most us. I don't work for the state. I work for an individual who owns a company that wants to make money. He's not going to take a pay cut. What he will do, is cut a job to keep his profits in line and pass the increase in costs on to our customers. And that job he cuts just might be mine.
But, with a Dem in office, that'd be a good time to get a government job.
And what do I think about raising taxes? Well I'm tired of throwing good money after bad. Balance what you've got, cut what you don't need, and if after all that you think we can't afford books for school children, then give me a call. I'll pay for services like that. I will not pay for bridges to no where (regardless of who's for or against them or who stopped them or planned them), I will not pay for thousands of empty, broken FEMA trailers that were never used, or FEMA checks that were used to buy season tickets to football teams. Say it with me folks ... accountability.
WaPo has a chart ... but I have a feeling this only applies to income tax. Obama has said he would raise capital gains taxes. Those affect me, we have stocks that we use for retirement. But Obama says that most people won't be affected by those tax increases because "most people" save for retirement in 401ks which are cap gain exempt.
WaPo also has this post on the facts behind McCain saying Obama would raise taxes across the board.
One more thing ... there seems to be a big difference between who says who is getting what even from the income tax changes. I read on this that I would get more (a lot more) $ from Obama than I would from McCain. Snopes (not a political or tax genius site) says something different.
Oh, and Obama would raise the limits on taxable income for social security. Right now, only the first $102,000 is taxable for SS. So that kind of contradicts his statement that he will raise taxes only on those earning $250,000+. Obama also would bring back the marriage penalty (currently repealed under the Bush tax cuts). Which, if you choose to look at this way, is a penalty for married people with dual incomes and a reward for shacking up.
Either way. I'm dismayed by both candidates fiscal policies. And I have no faith in what McCain says because he's been in the Senate (you know, the government body that actually creates the budget) for so long he could have made some of these changes, or at least talked about them, long ago. Same for Biden.
More info at Chicago Sun Times, CNS (admittedly biased), and businessweek.
The bottom line is that Obama will heavily tax the richest 1% of us. And I know that doesn't seem like such a bad thing. But point of fact, the richest among us employ most us. I don't work for the state. I work for an individual who owns a company that wants to make money. He's not going to take a pay cut. What he will do, is cut a job to keep his profits in line and pass the increase in costs on to our customers. And that job he cuts just might be mine.
But, with a Dem in office, that'd be a good time to get a government job.
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