Comments on: Obama vs. McCain on Tax Policy

By: Tom G.

Tom G. — Sat, 20 Sep 2008 01:59:51 +0000

If the over all tax plan causes financial collapse turning a recession into a depression how much you get back from your 1040 will be moot because the unemployed need not fill them out!
Obama promises to increase spending by $300 billion a year. Obama has proposed raising tax rates, raising tariffs and expanding government regulations, all of which would plunge the United States into a bigger recession and further weaken the dollar. He has proposed to increase capital gains taxes, from 15 percent to somewhere between 20 percent and 28 percent. Incredibly, he has proposed to more than double the tax rate on dividends, from 15 percent to 39.6 percent. He has proposed to increase payroll taxes on workers earning over $250,000 a year to 12.4 percent on income above that threshold and to restore the estate tax to the confiscatory rate of 55 percent. Obama has proposed the exact same policy mix that led to the Depression of the 1930s, and he has no problem with the Fed bailing out more greedy lenders.

By: DantheMan

DantheMan — Thu, 18 Sep 2008 21:36:32 +0000

OK. Fair enough.

And how do you propose Government “manage” our economy? I didn’t hear people complaining when the housing market was on fire and the stock market was going up each day.

By: Just Chet

Just Chet — Thu, 18 Sep 2008 17:08:22 +0000

And here’s what those wacky, way out partisan nuts at, what’s it called again, oh, yeah, The Wall Street Journal, have to say today:

“The financial crisis that began 13 months ago has entered a new, far more serious phase.

Lingering hopes that the damage could be contained to a handful of financial institutions that made bad bets on mortgages have evaporated. New fault lines are emerging beyond the original problem — troubled subprime mortgages — in areas like credit-default swaps, the credit insurance contracts sold by American International Group Inc. and others. There’s also a growing sense of wariness about the health of trading partners.”

By: Just Chet

Just Chet — Thu, 18 Sep 2008 14:21:50 +0000

Yes, Dtm, the American investment and finance communities are just a bunch of silly little ninnies running around whining. You’re absolutely right, it’s just Chicken Little situation and we’re so lucky we have wise, brave people like you to set them straight.

What color is the sky in Fantasyland?

By: Typical Frightened Right Wing Guy

Typical Frightened Right Wing Guy — Wed, 17 Sep 2008 22:47:58 +0000

Really?,I agree 100%,

Where we Republicans want to spend taxpayer dollars is completely different than where these people who disagree with us want to spend it.

Everybody knows the things we Republicans like to spend taxpayer money on are because we HAVE to spend that money, for example no bid contracts with contractors, or bailing our Wall Street. We had no choice but to spend tons (literally) of taxpayer dollars on these things.

Great Job Minnesota Republican blogger Really?

By: lojasmo

lojasmo — Wed, 17 Sep 2008 22:43:29 +0000

Really:

I highly doubt that you are in the top 2-5% of wage earners.

Of course, your attitude is that of a completely entitled republican, so I suppose I could be wrong.

By: Really?

Really? — Wed, 17 Sep 2008 22:06:12 +0000

Jane,

Fascinating, really. I will gladly buy dinner for my friends or family. I also gladly donate money to feed, clothe, and shelter others, because I do care about others. However, you seem to think that I should be FORCED to pay and/or care for others just because I have more money, mainly through working harder (owned my own business at 13), going to school longer (19 years total fro two professional degrees) and paying for all of it by myself, and then working 18 hours days to get ahead. Sorry Jane, but I will give my money to whom I want, not to whom you want, just becuase I can.

By: DantheMan

DantheMan — Wed, 17 Sep 2008 20:01:56 +0000

The sky is falling, I guess. Could have fooled me.

By: Mnbeancounter

Mnbeancounter — Wed, 17 Sep 2008 19:28:47 +0000

Mike, your understanding of how corporate taxes are computed is all wrong. Typically, when someone refers to a “100 million dollar corporation” they are talking about its revenues. However, corporate income taxes are not computed based on revenues, but on profits.

For example, assuming a 5% profit before tax, this “100 million dollar corporation” would have $5,000,000 in taxable earnings. Generally speaking, and excluding any loss carryforwards that may exist, the tax rate for that amount of earnings is 34%. Therefore, the tax would be $1.7M. Any tax credits that the company is eligiblr for would be applied after that, reducing the tax further.

Therefore, according to your example, is the tax rate increased by 1% to 35%, the tax on the “100 million dollar corporation” would increase by only $50,000, and not the $1,000,000 you claimed in your statement.

By: southwestdem

southwestdem — Wed, 17 Sep 2008 19:23:35 +0000

Last night Suzie Orman stated that we are in a major depression as bad as the great depression was, and it is only beginning. She said that the lines are going to be starting, because of all of the people that are losing their jobs this week.

Ashwin Madia wrote a great piece on the fact that it is a good thing we did not privatize social security. Could you imagine having to look Grandma in the face and tell her it is okay that her social security trust fund is 80% gone now?! http://blog.thehill.com/2008/09/17/the-collapse-we-escaped-minn-dem-candidate-ashwin-madia/