Obama vs McCain Tax Cut Plans Compared

mmarsh

mmarsh

Active member
Found this at the WP this morning. It shows a chart created by the independents think tanks Tax Policy Center, Brookings Institute and Urban Center.

According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million

Taxplan.gif

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

And once again, the GOP's idea of Tax relief, is giving the rich yet another tax cut. The same FAILED tax plan that was brought to us by Bush and Co.
 
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Weird but I am not a huge believer in taxing wealth for the sake of it and I am a much bigger fan of a flat tax rate.

When you consider that people on good incomes tend to pay top dollar for their health care, education and retirement they are technically less of a burden on society than those who earn less.

It is for that reason I would be more inclined to support McCain's tax plan than Obama's.
 
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I don't mind it as much. The average American is the guy who does all the work, why should he get his taxes raised while his boss, who sits in an office and reaps the profits, gets his taxes cut. And I'm not talking about small businesses. Heck, there hardly are any small businesses anymore.
 
In America, the system is setup so people can make Billions of dollars without interference, we even provide services that facilitate people making fortunes, such as public education, low interest loans for startup businesses, tax breaks for corporations etc. All we ask as that people who profited from the system (and we all do in on shape or form) pay a fair contribution back into the system. While that figure is high, it represents a very modest % of their wealth.

We have a $9 Trillion Dollar deficit who is it fair to ask to pay? the people who can very easily afford it or those that cannot. With such a large debt outstanding I really dont think its time to be making gifts to Billionaires.

Did you all notice that 60% of Americans only get an average $150 cut under the McCain plan? Its $830 under Obama.

MontyB

As for a flat tax, in America its a very bad idea. I have seen the economic scenarios when Steve Forbes suggested such a system 20 years ago. In a nutshell, in order NOT to bankrupt the government the economists would have had to make a 26-28% Flat tax. The Middle Class pays about 23% the ultra rich about 46%. So under a flat tax system the Middle Class would have had a 3-5% increase while the rich would have had a 18-20% decrease.

Needless to say, it wasn't surprising while a multimillion like Steve Forbes (Forbes Magazine) would want such a system. Everybody else thought he was a greedy pig.
 
I have always been opposed to the idea that it is the responsibility of the rich to pay more than their fair share in terms of tax.
I am huge fan of the idea that by default 20% of $1,000,000 is significantly more than 20% of $10,000 and I refuse to believe someone on $1,000,000 is 100 times more of a burden on the country than the folk on $10k.

Unusually taxation is one area of my life I am not particularly socialist in my leanings.
 
MontyB said:
I have always been opposed to the idea that it is the responsibility of the rich to pay more than their fair share in terms of tax.
I am huge fan of the idea that by default 20% of $1,000,000 is significantly more than 20% of $10,000 and I refuse to believe someone on $1,000,000 is 100 times more of a burden on the country than the folk on $10k.

Unusually taxation is one area of my life I am not particularly socialist in my leanings.
Click to expand...

The wealthy tend to be able to achieve more tax breaks when they do their returns.
 
Yes but that is a failing of the tax system not of the individuals, its like building a car with no brakes and blaming the drivers for failing to stop.
 
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