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Originally Posted by Jason1
What about the Mcain attack ads that claim Obama will raise taxes for hard working class americans, which is completley and utterly false?
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Well, that depends on what your looking at. If its stright income, then yes, you are correct and McCain's ads are indeed false. Looking at total tax burden when you combine marginal tax rates, capital gains taxes, social security taxes, etc and how it will affect small business in particular? Its not false at all.
The biggest affect would be to small businesses making over $250,000 a year, and specifically sole proprietorships and general partners who would jump from a 37.8% tax rate to over 50% under Obama's plan. While I'm sure you say "Hey! They're rich, they can afford it!" keep in mind this accounts for 2/3's of all small businesses according to the IRS and these small businesses are treated far differently than corporations when it comes to tax deductions. Their taxable overhead is enormous and the amount of money of that $250,000 that the owners pocket is far less than what they are being taxed on.
My father is going to close his business if Obama's tax plan is instated. Right now he keeps it running basically for my uncle and cousins who work for him. After taxes, diability, social security, unemployment and everything else that is a cost of business he doesn't clear that much and relies on his retirement savings for income. If Obama's plan is instaed, he's going to close down because he'll begin operating in the red and he just doesn't need the aggravation. I think you'll find a LOT of baby boomers who are small business owners doing the same thing, esepcially in the construction industry which is suffering right now. Thats a lot of jobs lost, and its not the high paying jobs that will be lost.
As for capital gains, anyone who owns a home would be greatly affected by the increased levels in capital gains, which would severely inhibit families from upgrading their housing by reducing the amount of transferable funds from the sale of one home to the pourchase of another. Obama proposes to raise capital gains by 2/3's.
As for esate taxes, Obama proposes a 45% with a 7 $mil exemption freeze while McCain proposes 15% rate witha 10 $mil exemption. Obama's plan would help to crush the tansfer of wealth inside of families, and not just for the rich. Not to mention the fact that estate taxes tax the same money TWICE, along with including it in income and capital gains.
Example: My family. My granddmother bought a lot of land very cheaply 40 years ago. When she died it was worth a LOT of money, but my parents could not afford to pay the combined tax burden and had to take out a second mortgage just to cover the taxes until they could sell the property.
So what happened? My parents were forced into selling property that had been in my family for 40 years (they wanted to make it into a horse or llama farm) to cover the taxes, and they sold it to a rich developer for less than it was worth so he could build giant homes on it and get even richer. I won't lie, my parents cleared enough money to cover their retirement (which they sorely needed) but that should have never been an issue and essentially the government dictated who owned what by taking what they had already taxed when my grandmother owned the property.
So its not a simple as Obama would have you believe. Barack hides a lot of complex policy behind simplistic and misleading rhetoric. he's reducing the income taxes for 95% iof Americans? Sure is... that 95% will pay in other ways besides income tax as Obama's proposed budget would operate billions if not trillions in the red. He has to pay the piper somehow. And just to see if you read this far, Jason, how is you fantasy football team doing?
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There's no justification to the claims that the media is liberally biased. Its untrue. They swing both ways. Mcain started these dirty attack ads, now that Obama is finally starting to fight back a little the Professor goes and cries about it. Get over it.
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I just posted lists of numbers that show justification. Just because you babble something doesn't make it true. You are not a self-fulfilling prophecy.
And McCain attacks have NOTHING to do with the media. Political ads are NOT the media. News organizations and entertainment groups are the media.
Do you understand that?