billvon 3,133 #1 June 13, 2008 A good analysis of both candidate's tax plans by the Brookings Institute is here: http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf Some quick notes: Obama will cut taxes by 7%, McCain by 10% Obama's cuts are more complex and more progressive McCain's cuts will primarily benefit upper income brackets Both will extend AMT relief Quote Share this post Link to post Share on other sites
Andrewwhyte 1 #2 June 13, 2008 They are both promising to cut taxes. Has anyone mentioned the deficit yet? Quote Share this post Link to post Share on other sites
StreetScooby 5 #3 June 13, 2008 Thanks for posting this, Bill. I'll read it whilst imbibing some adult beverages this weekend. BTW - I read through the optimum tax rates paper from a previous thread. In short, it was way over my head. Interesting concepts, though. Didn't discuss corporate taxes, or anything other than what marginal tax rate to apply to high earners.We are all engines of karma Quote Share this post Link to post Share on other sites
StreetScooby 5 #4 June 13, 2008 I was under the distinct impression Obama was going to raise taxes. Is he saying things to please the crowd, again?We are all engines of karma Quote Share this post Link to post Share on other sites
billvon 3,133 #5 June 13, 2008 > I was under the distinct impression Obama was going to raise taxes. No, that's just what McCain is saying. From NYT: =========== Mr. McCain, the expected Republican nominee, also said that “under Senator Obama’s tax plan, Americans of every background would see their taxes rise — seniors, parents, small-business owners and just about everyone who has even a modest investment in the market.” He used much the same language in an April 15 speech in which he warned that Democrats “are going to raise your taxes by thousands of dollars per year,” adding up to “a trillion dollars in new taxes over the next decade.” Economists of various ideological persuasions, however, view Mr. McCain’s assessment as inaccurate or exaggerated. Some question whether Mr. Obama’s tax plan can even be characterized as an increase. Some also argue that contrary to Mr. McCain’s assertions, the Democrat’s proposals, if enacted, would actually reduce taxes for the middle class — the voters both candidates see as the key to victory. =========== Both candidates propose tax schemes that result in less taxes as compared to what we're paying now. Quote Share this post Link to post Share on other sites
livendive 8 #6 June 13, 2008 QuoteI was under the distinct impression Obama was going to raise taxes. Is he saying things to please the crowd, again? If I remember correctly, he proposes raising capital gain taxes and income taxes on some pretty high earners (something like >$600k/year). Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
kelpdiver 2 #7 June 13, 2008 QuoteA good analysis of both candidate's tax plans by the Brookings Institute is here: http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf Some quick notes: Obama will cut taxes by 7%, McCain by 10% Obama's cuts are more complex and more progressive McCain's cuts will primarily benefit upper income brackets Both will extend AMT relief Rather important to note is that this notion of a decrease is not from today's taxation, but from what happens when the tax cuts of 2001/003 expire. Otherwise, it's a 2% increase from Obama, a 2% decrease by McCain. Obama has put his barrier at 250k - I question that there is enough money to get if everyone below that line is excluded. McCain, otoh, is in complete fantasy land on any notion of balancing the budget. Quote Share this post Link to post Share on other sites
StreetScooby 5 #8 June 13, 2008 Quote McCain, otoh, is in complete fantasy land on any notion of balancing the budget. Why? I'm reading the report now, and McCain is advocating cuts, and expects to achieve a balanced budget via those cuts.We are all engines of karma Quote Share this post Link to post Share on other sites
mnealtx 0 #9 June 13, 2008 QuoteQuote McCain, otoh, is in complete fantasy land on any notion of balancing the budget. Why? I'm reading the report now, and McCain is advocating cuts, and expects to achieve a balanced budget via those cuts. While the tax cuts do have the effect of shifting more of the total tax burden on to the highest brackets, and do have the effect of removing even MORE of the lowest paid from having any tax liability at all, it is still useless unless Congress can be convinced to live within it's means.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
StreetScooby 5 #10 June 13, 2008 I agree.We are all engines of karma Quote Share this post Link to post Share on other sites
kelpdiver 2 #11 June 13, 2008 QuoteQuote McCain, otoh, is in complete fantasy land on any notion of balancing the budget. Why? I'm reading the report now, and McCain is advocating cuts, and expects to achieve a balanced budget via those cuts. He opposed them in 2000. But I think he's learned that you don't run well as the GOP candidate that way. There is an interesting wrinkle in tax code that could give the winner a false boost - in 2010 the income limit for coverting IRAs to Roths is eliminated, either for the year or until changed again. Those who choose to do so will pay the taxes on April 2011 and 2012. This could be a decent chunk of change, esp with the growing fears that tax rates will increase over the next generation. In 1997, when the Roth first came, people could convert and pay the taxes over 4 years. That coupled with all of the capital gain income from the boom did contribute to the short lived balanced budget. Hopefully any such effect will be identified, rather than misused by the WH to claim success on the deficit. Quote Share this post Link to post Share on other sites
Gawain 0 #12 June 14, 2008 QuoteQuoteQuote McCain, otoh, is in complete fantasy land on any notion of balancing the budget. Why? I'm reading the report now, and McCain is advocating cuts, and expects to achieve a balanced budget via those cuts. He opposed them in 2000. But I think he's learned that you don't run well as the GOP candidate that way. That was because there weren't adequate spending controls in his view, and hind-sight being 20/20, he was right.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
georgerussia 0 #13 June 14, 2008 Quote Obama has put his barrier at 250k - I question that there is enough money to get if everyone below that line is excluded. That's where it sucks to live in Bay Area.* Don't pray for me if you wanna help - just send me a check. * Quote Share this post Link to post Share on other sites
TheAnvil 0 #14 June 14, 2008 Marx and Engels did advocate a progressive tax system... I don't like either very well, but like McCain's better. AMT is an abomination. Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
kelpdiver 2 #15 June 16, 2008 QuoteQuote He opposed them in 2000. But I think he's learned that you don't run well as the GOP candidate that way. That was because there weren't adequate spending controls in his view, and hind-sight being 20/20, he was right. And these spending controls exist now? Quote Share this post Link to post Share on other sites
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