Todd82TA
09-03-2008, 01:12 PM
Hey guys, just a little back ground about me. I'm 30, I've voted Republican since I was first able to vote at 18. I consider myself to be very conservative, at least fiscally. Socially, I'm fairly liberal (with the exception that I am against abortion). I'm also very environmentally concious (as I know many Republicans are, despite the fact that Democrats try to make it seem that we are not).
That said, here's my question. I've been having discussions with some of my friends about Obama VS McCain. I'll get into the rest of it, but I want to get RIGHT to the meat of my post. I'm going to list what I believe McCain's goals to be, and what I believe Obama's goals to be. PLEASE correct me (if you don't mind) if you see anything that is untrue, or if I'm missing anything:
Obama:
1 - Under Obama's Tax Cut plan, most of the lower to median middle class will see a slight decrease in taxes on their annual federal income tax. The result would be an increase amount in their return which would equate to the cost of about a Pizza.
2 - Obama has the intention of allowing the estate / death / inheritence tax to expire (in 2009) which would mean any assets or money you might receive from the death of a friend of family memeber would be taxed at a progressive and aggressive tax rate. (the 2 million cap would be eliminated)
3 - Obama has the intention to allow the Bush tax cuts to expire (this is understood, and his intention would be to allow them to be replaced with his own tax plan)
4 - Obama plans to increase the Capital Gains tax to a total number of about 25%. This would affect:
Any money earned through interest in a savings or checking account.
Any money earned in a Money Market Savings Account
Any money earned through a commoddities trade.
Any money earned through the sale of land, and / or other property.
Any money earned through the sale of a US Savings Bond
5 - Obama plans to increase the dividend tax, which would mean that any amount of money earned through stock dividends would then be taxed at a higher rate.
6 - Part of Obama's tax cut plan would be to increase taxation of large businesses (by up to 10-15%). As I've explained to my Democrat friends... this additional expense will be passed down to the consumer. This is just how it works... the company doesn't want to take the profit loss, so two things will happen. A) They relocate / ship jobs to other countries (like Mexico since we have NAFTA and they won't have to pay any import taxes). or B) The price of all of our consumer goods will still go up. So while they may have $5 extra dollars per paycheck, everything will cost 15% more. And... I don't know about you guys, but I don't go to mom and pop stores to buy my groceries, clothing, or supplies.
7 - Despite all of this... supporters of Obama are forgetting the fact that while many Democrats (as well as many Republicnas) do not invest, save, or buy stocks or US Savings Bonds (so they won't necessarily be affected), they WILL be affected by the consumer price index. In addition... all of the planned social programs that Obama intends to promote and pass into the budget, will undoubtedly increase taxes anyway (even though they aren't being included in the bottom line that Obama is using to promote his campaign tax plan). The most common example is the National Health Care system. Assuming he got his way and this passed, we would see a minimum increase of 3% based on their OWN calculations. You all here know of course this would be more like a 6-7% increase based on the health / weight of the majority of our population.
McCain's Tax Plan
1 - Maintain the Bush Tax Cut, and pass it into law, preventing it from expiring in 2009.
2 - Modifying the Estate Tax plan to a cap of $3,500,000, and not allowing the plan to expire.
3 - Taxes would remain the same, we wouldn't see an increase, nor a reduction.
4 - He plans to significantly cut Republican and Democrat programs, nearly all pork spending, earmarking, making states more responsible for their own projects, etc. He intends to take the federal credit cards (so to speak) out of the hands of the majority of the Senators and House members and drastically reduce federal spending. Balance the federal budget, and chip away at the federal deficit.
Now, everything I've mentioned, I believe to be the truth to the best of my knowledge. This is what I continue to persist to my Democrat friends. PLEASE, if I'm incorrect about anything here (or I've missed anything related to taxation) please let me know... I want to be as accurate and correct as possible.
That said, I think there are so many people who are caught up in the emotion of this election. More so than in previous elections. I truly think that people believe Obama is so different, that he really will be the person that goes in and changes everything for the better. I truely believe that most Democrats believe that anything negative and bad related to the government will go away once he would come into power. I think they put up walls to fend off comments (and hard facts like I've listed above). I have been in the same situation. When Fred Thompson was running, I had convinced myself he was the second coming of Ronald Reagan. I refused to believe anyone's negative comments about him and it finally hit me when he decided that he wasn't going to run.
Anyway, let me know what you guys think....
Thanks!!!
Todd,
2006 Pontiac Solstice
2004 Volkswagen Beetle Convt (Wife's)
2002 Ford Crown Victoria LX-P74
1987 Pontiac Fiero SE / V6
1973 Volkswagen Type-2 Transporter (Bus)
1973 Oldsmobile Cutlass Supreme 455
That said, here's my question. I've been having discussions with some of my friends about Obama VS McCain. I'll get into the rest of it, but I want to get RIGHT to the meat of my post. I'm going to list what I believe McCain's goals to be, and what I believe Obama's goals to be. PLEASE correct me (if you don't mind) if you see anything that is untrue, or if I'm missing anything:
Obama:
1 - Under Obama's Tax Cut plan, most of the lower to median middle class will see a slight decrease in taxes on their annual federal income tax. The result would be an increase amount in their return which would equate to the cost of about a Pizza.
2 - Obama has the intention of allowing the estate / death / inheritence tax to expire (in 2009) which would mean any assets or money you might receive from the death of a friend of family memeber would be taxed at a progressive and aggressive tax rate. (the 2 million cap would be eliminated)
3 - Obama has the intention to allow the Bush tax cuts to expire (this is understood, and his intention would be to allow them to be replaced with his own tax plan)
4 - Obama plans to increase the Capital Gains tax to a total number of about 25%. This would affect:
Any money earned through interest in a savings or checking account.
Any money earned in a Money Market Savings Account
Any money earned through a commoddities trade.
Any money earned through the sale of land, and / or other property.
Any money earned through the sale of a US Savings Bond
5 - Obama plans to increase the dividend tax, which would mean that any amount of money earned through stock dividends would then be taxed at a higher rate.
6 - Part of Obama's tax cut plan would be to increase taxation of large businesses (by up to 10-15%). As I've explained to my Democrat friends... this additional expense will be passed down to the consumer. This is just how it works... the company doesn't want to take the profit loss, so two things will happen. A) They relocate / ship jobs to other countries (like Mexico since we have NAFTA and they won't have to pay any import taxes). or B) The price of all of our consumer goods will still go up. So while they may have $5 extra dollars per paycheck, everything will cost 15% more. And... I don't know about you guys, but I don't go to mom and pop stores to buy my groceries, clothing, or supplies.
7 - Despite all of this... supporters of Obama are forgetting the fact that while many Democrats (as well as many Republicnas) do not invest, save, or buy stocks or US Savings Bonds (so they won't necessarily be affected), they WILL be affected by the consumer price index. In addition... all of the planned social programs that Obama intends to promote and pass into the budget, will undoubtedly increase taxes anyway (even though they aren't being included in the bottom line that Obama is using to promote his campaign tax plan). The most common example is the National Health Care system. Assuming he got his way and this passed, we would see a minimum increase of 3% based on their OWN calculations. You all here know of course this would be more like a 6-7% increase based on the health / weight of the majority of our population.
McCain's Tax Plan
1 - Maintain the Bush Tax Cut, and pass it into law, preventing it from expiring in 2009.
2 - Modifying the Estate Tax plan to a cap of $3,500,000, and not allowing the plan to expire.
3 - Taxes would remain the same, we wouldn't see an increase, nor a reduction.
4 - He plans to significantly cut Republican and Democrat programs, nearly all pork spending, earmarking, making states more responsible for their own projects, etc. He intends to take the federal credit cards (so to speak) out of the hands of the majority of the Senators and House members and drastically reduce federal spending. Balance the federal budget, and chip away at the federal deficit.
Now, everything I've mentioned, I believe to be the truth to the best of my knowledge. This is what I continue to persist to my Democrat friends. PLEASE, if I'm incorrect about anything here (or I've missed anything related to taxation) please let me know... I want to be as accurate and correct as possible.
That said, I think there are so many people who are caught up in the emotion of this election. More so than in previous elections. I truly think that people believe Obama is so different, that he really will be the person that goes in and changes everything for the better. I truely believe that most Democrats believe that anything negative and bad related to the government will go away once he would come into power. I think they put up walls to fend off comments (and hard facts like I've listed above). I have been in the same situation. When Fred Thompson was running, I had convinced myself he was the second coming of Ronald Reagan. I refused to believe anyone's negative comments about him and it finally hit me when he decided that he wasn't going to run.
Anyway, let me know what you guys think....
Thanks!!!
Todd,
2006 Pontiac Solstice
2004 Volkswagen Beetle Convt (Wife's)
2002 Ford Crown Victoria LX-P74
1987 Pontiac Fiero SE / V6
1973 Volkswagen Type-2 Transporter (Bus)
1973 Oldsmobile Cutlass Supreme 455