I've read many posts on here saying that Obama will raise taxes on everyone and I've seen quotes from Sen. McCain saying that he will enact the largest tax increase since WWII.

 

Can someone explain this to me as I've not read this in detail.

I've read many posts on here saying that Obama will raise taxes on everyone and I've seen quotes from Sen. McCain saying that he will enact the largest tax increase since WWII.

 

Can someone explain this to me as I've not read this in detail.

For starters, Obama has promised to eliminate the Bush tax cuts and raise taxes on the "rich." He has also promised to levy a large windfall profits tax on big oil, which anybody who buys gasoline will help pay. Even if one assumes that he will gut our military as he has outlined, the new programs that he has promised will require large tax increases.

For starters, Obama has promised to eliminate the Bush tax cuts and raise taxes on the "rich." He has also promised to levy a large windfall profits tax on big oil, which anybody who buys gasoline will help pay. Even if one assumes that he will gut our military as he has outlined, the new programs that he has promised will require large tax increases.

 

Why has there not been a tax increase to fund the expenditures under Bush, particularly his rather expensive foreign policy? I have yet to see a proposal from either of the candidates that would cost as much as the war.

 

I am under the impression that a generally held conservative maxim dictates that lower taxes always result in greater government revenue, has this changed?

Why has there not been a tax increase to fund the expenditures under Bush, particularly his rather expensive foreign policy? I have yet to see a proposal from either of the candidates that would cost as much as the war.

 

I am under the impression that a generally held conservative maxim dictates that lower taxes always result in greater government revenue, has this changed?

Why ask me? The topic is Obama's proposed tax increases. If you want to condemn the out of control spending by Republicans under Bush, then I will gladly join you in doing so in another thread. (I would also be open to bashing Bush's failure to control our borders, his failure to pardon two wrongly imprisoned border agents, the billions of dollars in foreign aid that he has sent to Africa to combat AIDS, and on many other issues.)

 

Conservatives have not been happy with spending under Bush but the answer is not huge tax increases. The answer to too much deficit spending is much less spending.

For starters, Obama has promised to eliminate the Bush tax cuts and raise taxes on the "rich." He has also promised to levy a large windfall profits tax on big oil, which anybody who buys gasoline will help pay. Even if one assumes that he will gut our military as he has outlined, the new programs that he has promised will require large tax increases.

 

I've read that he defines "rich" as somewhere between $200k and $250k and above.

 

For this argument, lets not include the big oil windfall profits tax. I agree that it will come out of your pocket and mine.

 

I've read on here and heard others say that he will be a socialist and everyone's taxes will go up. Yet, I then read that it will go up for the rich and it will increase for those that reap cap gains. For the average middle-of-the-road or lower person, it doesn't seem like their tax will go up. Rather, it seems like it might go down.

 

What am I missing when people, including Sen. McCain and his spokespeople say that we'll all have less take home pay?

I've read that he defines "rich" as somewhere between $200k and $250k and above.

 

For this argument, lets not include the big oil windfall profits tax. I agree that it will come out of your pocket and mine.

 

I've read on here and heard others say that he will be a socialist and everyone's taxes will go up. Yet, I then read that it will go up for the rich and it will increase for those that reap cap gains. For the average middle-of-the-road or lower person, it doesn't seem like their tax will go up. Rather, it seems like it might go down.

 

What am I missing when people, including Sen. McCain and his spokespeople say that we'll all have less take home pay?

Obama has also proposed a near doubling of the capital gains tax to 28 percent. Do you want to exclude that tax from discussion as well? 100 million Americans who own stocks would be impacted by a capital gains tax increase and when the tax rate was previously cut, revenue from the tax went up. Of the 100 million Americans who own stocks, my guess is that most would not be considered rich by any measure.

Obama has also proposed a near doubling of the capital gains tax to 28 percent. Do you want to exclude that tax from discussion as well? 100 million Americans who own stocks would be impacted by a capital gains tax increase and when the tax rate was previously cut, revenue from the tax went up. Of the 100 million Americans who own stocks, my guess is that most would not be considered rich by any measure.

 

Of the 100M how many own stocks within a 401k/IRA?

Of the 100M how many own stocks within a 401k/IRA?

What difference does it make? They will be affected the same as those who have pension funds that are invested in stocks and the same as those who hold stocks in private portfolios. The point is at least 100 million Americans will be negatively impacted by the proposed increase and unfortunately, there are not 100 million wealthy Americans in this country.

What difference does it make? They will be affected the same as those who have pension funds that are invested in stocks and the same as those who hold stocks in private portfolios. The point is at least 100 million Americans will be negatively impacted by the proposed increase and unfortunately, there are not 100 million wealthy Americans in this country.

 

I have a self-directed IRA which means I pick my own stocks. I've sold stocks in that fund that have had large capital gains yet I've never been taxed. So, if the majority of Americans who have any stock ownership do so through IRAs and 401ks, how will Obama's plan raise their taxes?

I have a self-directed IRA which means I pick my own stocks. I've sold stocks in that fund that have had large capital gains yet I've never been taxed. So, if the majority of Americans who have any stock ownership do so through IRAs and 401ks, how will Obama's plan raise their taxes?

I concede the point on 401k plans after doing further research. However, middle class taxpayers do claim capital gains on home sales, stock transactions, etc., albeit at a much lower rate than more affluent taxpayers. The middle class will not be exempt from increases in the capital gains tax rate.

Here is a timely analysis of Obama's tax plan.

 

Obama Tax Plan Would Balloon Deficit, Analysis Finds

Democrat's Promise to Cut Taxes Without Adding to Debt Relies on Bush Fiscal Policy

 

On the campaign trail, Sen. Barack Obama bashes President Bush for "reckless" economic policies that are "mortgaging our children's future on a mountain of debt." But the Democratic presidential candidate has adopted a key component of Bush's fiscal policy: A novel bookkeeping method that guarantees that the $9.5 trillion national debt will get much bigger.

 

When Obama promises to cut taxes for the middle class without increasing the deficit, he is measuring his proposals against the large deficits that would result from Bush's plan to extend his signature tax cuts beyond their 2010 expiration date. Because Obama wants to eliminate some of the Bush tax cuts, he would bring more money into the Treasury, permitting him to pay for new programs without increasing the deficit even more.

 

But under current law, all the tax cuts expire and the deficit disappears completely. Democrats in Congress have vowed to preserve the Bush tax cuts only if they can cover the cost and keep the budget in balance. Measured against current law and against the promises of his fellow Democrats, Obama would rack up huge deficits. According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.

For starters, Obama has promised to eliminate the Bush tax cuts and raise taxes on the "rich." He has also promised to levy a large windfall profits tax on big oil, which anybody who buys gasoline will help pay. Even if one assumes that he will gut our military as he has outlined, the new programs that he has promised will require large tax increases.

 

Two public school teachers salaries here and I am considered one of the "rich" that received Bush tax cuts.

The Tax Policy Center analyzed both candidates' tax plans an concluded that Obama would cut the taxes of everyone making less than $227,000 per year. According to the analysis, tax cuts for incomes less than $112,000 would be greater under Obama's plan than under McCain's.

 

The lesson here is not to believe every claim that you do not verify independently.

Edited August 11, 200818 yr by H

One thing imo that can absolutely be counted on with Obama is that ALL will be taxed on anything and everything.

Not just one sector (rich) but we all will get it put to us in a big way. JMO

What difference does it make? They will be affected the same as those who have pension funds that are invested in stocks and the same as those who hold stocks in private portfolios. The point is at least 100 million Americans will be negatively impacted by the proposed increase and unfortunately, there are not 100 million wealthy Americans in this country.

 

Withdrawals from 401k accounts and IRAs are taxed as ordinary income.