How Politically Risky Are Obama’s Proposed Tax Hikes?

Joan
You obviously have not done enough research…Obama talks a lot about sex ed and prevention.
but yes the ultimate goal is to reduce abortions.
I think that is most people’s “talking point”
abortion is a choice…
but not a good thing.

I am all for Obama’s tax plan. Can’t wait to see the rich start paying their fair share.

mccain will be more of the same mcain=SAME AS BUSH TAX CUTS RICH JUST KEEP GETTING RICHER

If Obama is elected the stock market will drop like a rock as everyone tries to unload their stock to avoid a jump in capital gains taxes rising from 15% to 25-30%.
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Businesses will start compensating their employees in non-cash benefits to avoid paying more income taxes.
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More tax revenue is brought in when tax rates are lowered, not raised.
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The top 1% of taxpayers (AGI over $364,657) earned approximately 21.2% of the nation’s income (as defined by AGI), yet paid 39.4% of all federal income taxes. That means the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returns.

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i cant wait until the rich start paying about time someone wants to be fair with taxes whats wrong too rich rich people dont want to share the wealth
Posted by: ANGIE | Jul 7, 2008 6:07:40 PM>
Oh. YOu mean like Obama?
Whose taxes aren’t enormous considering his gross income per annum>
And whose generousity when compared to many others in his economic strata….. appears to be comparatively stingy?

Add to Obama’s tax hikes that he will cover 15 million illegal immigrants with federally subsidized health insurance, dramatically driving up costs and forcing federal rationing of healthcare. As in the U.K. and Canada, you will not be permitted certain medical procedures if the bureaucrats decide you are not worth it.
Obama’s agenda is not an American agenda.

If someone making $30,000 a year pays taxes on every dollar of their income why can’t someone who makes $250,000 or more do the same.
The answer’s simple. If they don’t want to pay their taxes like everyone else they are greedy selfish people who put their own self interest above their country. They’re the kind of people who want more for themselves, sometimes even at the expense of others.
These are the people that use every trick in the book to not pay taxes and yet use programs funded by tax dollars.
Bottom line is these people deserve to be taxed just like everyone else.

This president has racked up huge debts, someone needs to be held accountable for paying them off.
Most, if not all, grossly high income earners are infact repuglicans. The top wealthiest in this nation are repubs.
Obama is going to make them accountable. Makes perfect sense to me. They voted for the one that racked up the debt, they can be the ones that pay it off.
Also they can pay for more government programs. National healthcare. A wonderful idea where every person has free healthcare.
Nobody in this nation will be sick again. Everyone will get treatment and medicine. Everyone will be able to get healed and fixed up proper. The rich can easily pay for this.
Obama will be the greatest president this nation has ever had, ever!

How do you think Obama is going to pay for the stimulas package he is pushing for? For healthcare, pensions for all, mortgage bailout, China get the paper out because we are going to be owned by you soon. Granted some american’s need help, but do we help the stupid ones!! NO MORE PORK !!! Do you Obama supporters ever wonder how he will get the money to PAY for all these programs!! You will ??? Count on it!!

wilder5121,
I lived (very well) under the Bill Clinton Peace and Prosperity Years,
and Barack Obama is no Bill Clinton,
obama does not have the smart egghead nerds around him that bill clinton did.
bill clinton had Rubins, Who is obama rubin?
and a whole host of seasoned smart ones,
who know how to get the economy in the shape they got it in.
Bill Clinton and his smarties with the congress gave us the good years.
and the rep. could not stand it.
Obama does not have the smarts, and will not have the will to bring this country anywhere near the good fat years we had in the 1990.

The Clinton years were so bad that after just two years of his term, Republicans were voted in the majority in congress for the first time in 40 years. Senate became majority too.
THAT is when it all started going good. And not a day before. Otherwise Clinton wouldn’t have lost it all after a mere two years.
Revisionist history doesn’t work anymore.

Obama is a FRAUD!!! – He CHANGAES his message daily to suit his political needs. What will his tax plan be next week – after he checks with the polls, his campaign, the rich, the poor, welfare groups – it will change to fit the audience.

Of course it’s not risky. When taking a stand on in issue is known to be risky, that’s when Obama either votes “present” or gives the press two different sorts of answers. He’s not leader, so he takes no risk.

Jo,
revisionist history? Look at all the factors. the right wing went furiously against the Clintons. An onslaught that began before he even took office. And if you think the public can’t be swayed by the MSW, look at the Dem. primaries.
Factor two, statistically, Americans like to have the presidency run by one party and Congress by the other. Republican congress did not make it good, Bill Clinton smarts and diplomatic abilities did.
Practically all of the Newt Grinch’s Contract with America programs became nothing more than a footnote in history.

When Obama says he is not going to raise taxes, he may be telling the truth, but not the WHOLE truth.
He doesn’t have to DO anything! Bush’s tax cuts, which affect EVERYONE, will expire in two years… automatically.
Unless they are extended, which is VERY unlikely, our taxes will revert to what they were before Bush became President.
So when Obama says he “won’t raise taxes”, my wife and I already know our taxes will double in 2010, because the two of us have a combined income of just over $100,000, and to a Democrat, this means we are rich, and should be taxed the same as Bill Gates, Donald Trump, or Warren buffet.
Obama needs to tell the REST of the story!

I AM LISTENING TO PEOPLE COMPLAINING ABOUT HAVING IT TOUGH ON OVER 100,000 PER YEAR——DO YOU REALIZE HOW MANY PEOPLE ARE AT 25,000 AND LESS—YOU REALLY BREAK MY HEART—YOU HAVE NO IDEA WHAT TOUGH IS.

thinking
watch them twist your last post—–i guess 250,000 is middle class to some people.

Now, however, he has returned to his budget-cutting roots, pledging that “the near-term path to balance is built on three principles: reasonable economic growth, comprehensive spending controls, and bipartisanship in budget efforts.”
In the economic white paper released by his campaign yesterday, he acknowledges that “the only way to keep the budget balanced is successful reform of the large spending pressures in Social Security, Medicare, and Medicaid.” But he did not offer details about how he would achieve those reforms.
Social Security. With some 1/4 of the work force supported by some form of 401K, the other 3/4 ought to be very careful of just what is the Republican plan for SS, and Medicare.
With any Republican plan those who are well off allways get the what they need, the rest of us get the short end of the stick and end up propping up the program for those who need it less. In other words it is redistribution of wealth, power, benifits, government services, local and nationaly to those who have.

McCains Talking points from his website
“John McCain believes we should send a strong message to world markets. Under his plan, the United States will be telling oil producing countries and oil speculators that our dependence on foreign oil will come to an end – and the impact will be lower prices at the pump.
John McCain will repeal the 45 cents per gallon tax on imported sugar-based ethanol, increasing competition, and lowering prices of gasoline at the pump.
John McCain will roll back corn-based ethanol mandates, which are contributing to the rising cost of food.”
Now we will be dependant on foreign based ethanol which use is manadated by federal law and is which use is to be increased. Does this make any sense at all?

jo,
I am sorry if the 1990 were not good years for you economically,
the bubble that burst, was in part of the no nothing president who came into office, with his no nothing about the economy advisors.
Geo. Bush had a lot of “Brownie’”
around him.
I just hope obama does not.

Larro…No it is not an American agenda. Obama has marxist ideas. He has no clue and never says how he will pay for all these dreams.

Why does John McCain hate America?

dl, you wrote: “top 5% of American earners…their tax burden has grown at half of the rest of America over the past 30-40 years…”
Actually you are totally wrong! The top 5% of the nation’s wage earners in 1990 represented 27% of the nation’s total income; and accounted for 44% of the total income tax revenue. In 2000 they represented 35% of the nation’s total income; and accounted for 56% of the total income tax revenue. In 2005 they (with the 2001 & 2003 Bush tax cuts) represented 36% of the nation’s total income; and accounted for 60% of the total income tax revenue. So under the Bush tax cuts the top 5% increased their percentage of the total income by just 1%, YET accounted for 4% MORE of the total income tax revenue.
So when the Left portrays the wealthy as not paying their fair share of the income tax revenue, the facts do NOT support their lie. Not only does the top 5% account for 60% of the total income tax revenue, but the top 25% account for 86% of the total income tax revenue. That means that the bottom 75% of the nation’s wage earners account for just 14% of the total income tax revenue.

Change of plans but what else is new for Obama. He gets to show off his theatrics and professional speaking voice by accept the nomination in a Denver football stadium. Of course all of the networks have been spending big bucks to cover the convention in Denver, so the public could view and be a part of the action, but now they might be required to scale back for the first three nights of the convention and just focus on the 4th final night the acceptance of OBAMA. Nothing else is important but OBAMA. We do not need to see the speeches, watch the convention, and feel the spirit of democracy in action. The Obama campaign feels that they can fill at least half of the Denver football stadium with Colorado residents all chanting OBAMA and this will make the big difference and everyone will see the great OBAMA. This reminds me of another time in history, another place, where people were blinded and just followed the great leader that turned out not to be so great.

i know who you are insinuating abama as and that is a little more than opinion.
those guys took power by force—we vote i do believe there is a difference we pick our leaders

Eight long years of Republican incompetence, corruption, and failure.
Failure at everything they’ve touched.
Haven’t you Republicans punished America enough?
Why do you hate America so much?

No it is not an American agenda. Obama has marxist ideas. He has no clue and never says how he will pay for all these dreams.
Posted by: carolyn
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What are you nuts? Obama has very specific plans and has laid them out very well for economists as well as for the thinking segment of the population

When Obama says he is not going to raise taxes, he may be telling the truth, but not the WHOLE truth.
He doesn’t have to DO anything! Bush’s tax cuts, which affect EVERYONE, will expire in two years… automatically.
Unless they are extended, which is VERY unlikely, our taxes will revert to what they were before Bush became President.
So when Obama says he “won’t raise taxes”, my wife and I already know our taxes will double in 2010, because the two of us have a combined income of just over $100,000, and to a Democrat, this means we are rich, and should be taxed the same as Bill Gates, Donald Trump, or Warren buffet.
Obama needs to tell the REST of the story!
Posted by: Rhys | Jul 7, 2008 8:31:56 PM
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Are you smart enough to realize the Iraq war is taxing you and every other american more than any tax increase ever imposed? Americans are paying for it everyday from high gas and food prices to the national debt as a result. So please get a clue before you spew your nonsense.

our tax system at present protects the wealthy, and gives them tax breaks with the theory that the trickle down affect will take place–however since trade agreements small business is being wiped out by the superstore business who buy from china—loss of small business destroys tax base as they have been the ones paying majority of taxes thru income and jobs—-big business has benifitted with windfall profits.now our country has serious problems–these countries are destroying us from within along with big business and their tax breaks.
Posted by: rodney | Jul 7, 2008 9:16:12 PM
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Americans should those know republican policies didn’t work under Reagan, Bush 1 or the shrub Bush 2. Average americans are always exploited to give more to the rich, powerful people and corporations.
Why hasn’t anybody asked mccain why he still wants to give big oil companies billions of taxpayers dollars even though they are making billions in record profits?

Watch inflation grow! Since the “rich” are like everyone else and have financial obligations, when they have to pay more taxes they will be forced to raise prices(the rich usually are business owners). They also own 2nd homes and if they can’t afford them the housing market will get another crushing blow. What’s wrong with being rich?

Does Obama have any credibility on any issue including the Iraq war? Obama has zero credibility.
I will not listen to what Obama says. I look at what he does. Congratulations to the democratic party for finding their own Nixon.

The McCain team just came out with 300 Republicans experts on the economy. We have Robert Reich fighting for Obama and making the news. Robert is very effective on the Sunday talk shows. The Democrats should come out with 304 Democrat and Independent experts to show McCain’s Team that we mean business!

Promises broken and he isn’t even the President yet. “I pledge to use public financing if elected the nominee” now the nominee he says it is a broken system (however it was the same system a few months earlier when he pledged to use it); He said he would filibuster an electronic wiretapping bill and now he has abandoned his vow; he formally announces that he wants to funnel public money for social spending to religious-based organizations (breaking the First Amendment of the constitution). He as criticized the Supreme Court’s decisions; He has changed his views on abortion, he is redefining Iraq planning a quick trip to Iraq to discuss with the generals but says he has not changed his time tables of removing the troops, so I guess it doesn’t matter what the generals say, so what is the point of the trip? Where does he stand on NAFTA, Gun Control as apparently he has changed his views here too? These tireless and continuous flip-flops, the tireless and continuous renouncing and disassociations, the tireless and continuous rhetoric of downing America is really getting old. America just didn’t happen. It was work and effort and lost lives to secure security and freedom. It needs work to continue to be great it does not need change to join the rest of the world —you know “eat less, heat your homes less, live on less as the rest of the world does not like us” Obama’s philosophy. Expect changes with Obama at the helm, you bet, taxes and taxes and taxes and higher and more control government.

The only reason Obama gave an anti-war speech is because he was in front of an anti-war crowd. If he was giving a speech in Iran, he would be denouncing the US. Look at his associations. The anti-war terrorist associates like William Ayers and Rev. Wright. What do you expect him to do? After all, representing South side Chicago, what political risks he carried making that speech? He once said that there is no difference between his position and Bush’s position. What about that?
He is a political opportunist and a conniving politician who gives typical politicians a bad name.

Obama has made so many promises, lied so many times that he doesn’t know what he stands for other than ‘change.’ Look it up, people. Change doesn’t necessarily mean for the better. And a tax increase is a change for the worse.
OBAMA = CHANGE = NO GOOD.
MCCAIN in ’08 !!!

Obama’s tax hikes are all political posturing and campaign pillow-talk. For the most part, things will continue on as they are (not that they aren’t already broken). All presidents’ abilities are limited (or kept in check) by the cooperation of Congress.
Congress…they are the biggest road-blocks to tax reform (and pretty much forward progress) – which is what we need the most. A national retail sales tax would fix our economy; not tax hikes. A bill for it has been introduced to the H.O.R. several times, but it is never allowed to come up for a vote. There is one out there right now sitting and rotting in the house.
If you want a real solution to our economic problems ask your representatives to even allow a vote on HR 25.

HP Boston, sorry but your income tax liabilities are totally incorrect.
You have taken the total income (after deductions & exemptions) that falls within a particular tax bracket and multiplied that by the FULL percentage for that tax bracket. EXAMPLE: For 2008 the single individual making $75,000, you assessed the full 25% of the $75,000 to get $18,750 for the tax liability. It does not work that way.
In reality, that single individual will pay:
10% up to $8,025;
15% between $8,025-$32,550;
25% between $32,550-$78,850.
The actual tax liability would be $15,094.
Here are the true tax liabilities for your graphics (married couples filing jointly):
McCAIN (no changes) — 2008 tax rates:
Single making 30K – tax $4,099
Single making 50K – tax $8,844
Single making 75K – tax $15,094
Married making 60K- tax $8,198
Married making 75K – tax $11,438
Married making 125K – tax 23,938
OBAMA — 2000 tax rates
(reversion to pre-Bush tax cuts)
Single making 30K – tax $4,988
Single making 50K – tax $10,588
Single making 75K – tax $17,931
Married making 60K – tax $11,100
Married making 75K – tax $15,300
Married making 125K – tax $29,871

Nice try getting us to believe there will be NO net affect of allowing the Bush tax cuts to expire and raising taxes on the 4.9% of the population. Nice try. No cigar. We aren’t stupid out here in fly over country, ABC. We KNOW this will affect EVERYONE in some form or fashion. The return of a $500 per child tax credit (from what is now $1000.00 per child) is a biggie that will affect EVERY family w/kids out there that files a tax return…and that’s just the beginning of the affects. They are too numerous to list on this reply box.

Sweden is one of the most generous welfare states. The Swedes enjoy “free” public schooling; “free” university schooling; health care at “nominal” fees; “free” medicine after an annual expenditure (one source has approximately $150); generous pensions, unemployment benefits; sick leave; highly subsidized child care; senior citizen care; even theater and other leisure activities; and the list goes on… With a population of just over 9 million people Sweden is able to provide these “free” entitlements because EVERYONE pays about 60% of their earnings in taxes (combined income tax, payroll tax and value-added taxes).
So here we have Sen. Obama who wants to provide a laundry list of new “free” entitlements for Americans. The problem is Sen. Obama says that he wants only about 5 million people to pay for these new “free” entitlements for our country of over 300 million people. Even if the top 5 million wage earners paid 100% of their income in federal income taxes it WILL NOT pay for all of these new entitlements.

Senator Obama bragged about his Mom getting food stamps so she could afford to send him to a expensive private school. This was after she should have earned a degree and been able to find a job. Is this socialism or not??? I think that is what Obama wants for a few selected Americans. With all his new hand-outs proposed, somebody has to pay the bill and that will be everyone, not just those making over $250,000 a year. Remember, the federal tax on gasoline, cable TV, telephone, and a thousand hidden federal taxes. We pay taxes when we don’t realize we are paying taxes.

Robert, so you are saying a single individual who earns $50,000,000 and pays $17,478,597 in federal income tax isn’t paying his fair share? If this individual lives in NY he would pay an additional $3,847,453 in state income tax. That would be a total of $21,326,050 or 42.65% of his income in federal and state income tax. And that doesn’t even include his property taxes.
The truth is the top 25% of the nation’s wage earners, pay 86% of the total federal income tax revenue. THAT IS MORE THAN A FAIR SHARE!

Another front until he changes his mind. Again. I guess that’s what the change mantra was all about, Obama being able to flip flop in important decisions and calling it change instead of flip flopping!

Everyone who pays income taxes will pay more if Obama is elected by the simple fact that will not renew the tax cuts from 2003, in which every income bracket had a cut. Therefore everybody’s taxes will go up. McCain has promised to renew the 2003 reduced rates.

When they finally get around to taking the cap off of Social Security taxes, I fully expect them to raise the rate as well.
But you can’t tax you way out of the Social Security problem.
Total liabilities $66,000,000,000,000.00
Total assets in US $59,000,000,000,000.00
.. and shrinking

Quite, simply put another liberal politician(Obama)trying to disguise his social platform as needed change. What we are seeing is classic class envy and wealth redistribution of our country’s hardest working businesses and individuals. America will never maintain it’s greatness, if all we choose to do is reward mediocrity and laziness.