Tax analysis: McCain vs Obama

[True blue (and gold)]

That is how I took it because of the +/- in front of the dollar figure. If that is what it means then Obama is wanting the top bracket to pay over 50% of their money in taxes. That is absolutely insane.

 

I'd take 50% of $2.9 million and be quiet happy with it!

[madman]

That sounds like a huge percentage of increase doesn't it? I mean if my tax burden were to go up 24% next year, I would not be too happy about it.

 

I think those who make over 2.9 million can afford it.

[HHSDad]

Here's where you can find their actual proposals.

http://www.taxpolicycenter.org/taxtopics/election_issues_matrix.cfm

 

Personally, I'm not in favor of any tax cuts for anyone.

[leatherneck]

I'd take 50% of $2.9 million and be quiet happy with it!

 

That depends on how much risk you had to take in order to make that much money. If you had your entire net worth at risk in your business and you were making 2.9mm a year, you might think differently. My guess is that as a teacher, your home, your car, your savings, your everything was not pledged to secure a loan make to your livelihood. Such is often the case with business owners. Honestly, after representing businesses and banks making loans to businesses for 2 decades, I remain amazed at the willingness of some business owners to risk everything they have. Some business owners make big bucks for a couple of years, then make very little money for a couple of years if their business goes bad. And if it goes too bad for too long, everything they accumulated in the good years, goes up in smoke. Talk about guts. And they don't feel real kindly to paying 50% or 60% of what they earn in the good years for the amount of risk they are taking.

[woodsrider]

I'd take 50% of $2.9 million and be quiet happy with it!

 

I think those who make over 2.9 million can afford it.

And that makes it right?

[woodsrider]

That depends on how much risk you had to take in order to make that much money. If you had your entire net worth at risk in your business and you were making 2.9mm a year, you might think differently. My guess is that as a teacher, your home, your car, your savings, your everything was not pledged to secure a loan make to your livelihood. Such is often the case with business owners. Honestly, after representing businesses and banks making loans to businesses for 2 decades, I remain amazed at the willingness of some business owners to risk everything they have. Some business owners make big bucks for a couple of years, then make very little money for a couple of years if their business goes bad. And if it goes too bad for too long, everything they accumulated in the good years, goes up in smoke. Talk about guts. And they don't feel real kindly to paying 50% or 60% of what they earn in the good years for the amount of risk they are taking.

I have three friends that put up everything they owned so they could open a tool and die shop. The just happened to open when the tool and die trade went way south. All three lost had to file bankrupcy and lost everything. I sure didn't see the feds handing them 50% or 60% when they weren't making money.

[True blue (and gold)]

And that makes it right?

 

That depends on how much risk you had to take in order to make that much money. If you had your entire net worth at risk in your business and you were making 2.9mm a year, you might think differently. My guess is that as a teacher, your home, your car, your savings, your everything was not pledged to secure a loan make to your livelihood. Such is often the case with business owners. Honestly, after representing businesses and banks making loans to businesses for 2 decades, I remain amazed at the willingness of some business owners to risk everything they have. Some business owners make big bucks for a couple of years, then make very little money for a couple of years if their business goes bad. And if it goes too bad for too long, everything they accumulated in the good years, goes up in smoke. Talk about guts. And they don't feel real kindly to paying 50% or 60% of what they earn in the good years for the amount of risk they are taking.

 

I simply stated that I would be happy with $1.45 million dollars. Surely you all would like that, too?

 

And you might be amazed at what some people's personal financial situations are when it comes to having to secure finances for their livelihoods. It may not amount to millions of dollars, but I have been there. :thumb:

[leatherneck]

I simply stated that I would be happy with $1.45 million dollars. Surely you all would like that, too?

 

And you might be amazed at what some people's personal financial situations are when it comes to having to secure finances for their livelihoods. It may not amount to millions of dollars, but I have been there. :thumb:

 

 

I don't want to take a pay cut.

[swamprat]

I simply stated that I would be happy with $1.45 million dollars. Surely you all would like that, too?

 

And you might be amazed at what some people's personal financial situations are when it comes to having to secure finances for their livelihoods. It may not amount to millions of dollars, but I have been there. :thumb:

If you have been there and are not still there, then it wasn't that secure.

[True blue (and gold)]

I don't want to take a pay cut.

 

:thumb:

[True blue (and gold)]

If you have been there and are not still there, then it wasn't that secure.

 

In financial limbo to secure my job? No, I am not still there...but I HAVE been.

[mcpapa]

Obama is really going to sock it to those in the $227K - $603K bracket.

 

I personally stand to do better under Obama's plan than McCain's.

[rockmom]

Obama is really going to sock it to those in the $227K - $603K bracket.

 

I personally stand to do better under Obama's plan than McCain's.

 

 

Me too! :lol: That would be the bonus we get for being the "little people". :lol:

[True blue (and gold)]

Me too! :lol: That would be the bonus we get for being the "little people". :lol:

 

Count me in, too!

[Mr.Network]

That depends on how much risk you had to take in order to make that much money. If you had your entire net worth at risk in your business and you were making 2.9mm a year, you might think differently. My guess is that as a teacher, your home, your car, your savings, your everything was not pledged to secure a loan make to your livelihood. Such is often the case with business owners. Honestly, after representing businesses and banks making loans to businesses for 2 decades, I remain amazed at the willingness of some business owners to risk everything they have. Some business owners make big bucks for a couple of years, then make very little money for a couple of years if their business goes bad. And if it goes too bad for too long, everything they accumulated in the good years, goes up in smoke. Talk about guts. And they don't feel real kindly to paying 50% or 60% of what they earn in the good years for the amount of risk they are taking.

 

I am always the last one to the party and just as I get ready to file my reply, there it is by Leatherneck, already done for me.

 

I agree with you and will add that I can do a lot more good in the economy with $1.45MM than the government can. I can create lots of jobs and opportunities for people. The money will be put to use and will be at risk but it will not be wasted like the government is likely to do.