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Sep 08
2008
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Obama vs. McCain -- 57 days to go. It's the economy, stupid.Posted by Thuso in Taxes, John McCain, Economy, Barack Obama |
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Over the weekend, Senator Obama observed, "They must think you're stupid. . . if you think they are suddenly change agents . . . after voting with George Bush 90% of the time over the past 8 years." If we are going to make an intelligent choice, the issues that are important should drive our choices. So, let's start with the issues that are most important to everyone. Your issues probably look the same as these. Topping everything by a wide margin is the Economy.
The most immediate economic impact of changes that are proposed by both candidates is how your personal imcome will be impacted. Cutting through the hype is an analysis by THE TAX POLICY CENTER -- Urban Institute and Brookings Institute. Below is an excerpt from the executive summary of how each proposed plan will impact you.
The Tax Policy Center, a think tank run jointly by the Brookings Institution and the Urban Institute, concluded that Obama's tax plan would benefit middle-income taxpayers more than McCain's. However, Obama would raise payroll taxes on taxpayers with incomes above $250,000, and he would raise corporate taxes. Small businesses that make more than $250,000 a year also would see taxes rise.
The Obama plan would reduce taxes for low- and moderate-income families, but raise them significantly for high-bracket taxpayers (see Figure 2). By 2012, middle-income taxpayers would see their after-tax income rise by about 5 percent, or nearly $2,200 annually. Those in the top 1 percent would face a $19,000 average tax increase-a 1.5 percent reduction in after-tax income.
McCain would lift after-tax incomes an average of about 3 percent, or $1,400 annually, for middle-income taxpayers by 2012. But, in sharp contrast to Obama, he would cut taxes for those in the top 1% by more than $125,000, raising their after-tax income an average 9.5 percent.
Obama has proposed raising the payroll tax for those earning over $250,000. Again, he has not provided details, but TPC assumes this would be a 2 percent income tax surcharge on adjusted gross income above $250,000 for couples and $200,000 for others and an additional 2 percent payroll tax for employers on each worker's earnings above those levels. Such a plan would increase taxes on high-income workers by nearly $400 billion over a decade.
Download a PDF of the comlete executive summary here:
http://www.taxpolicycenter.org/UploadedPDF/411750_updated_candidates_summary.pdf
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Some people seem to believe that if the taxes are raised on the highest income earners and businesses in the country it would have a negative effect on businesses and the ability for them to create new jobs, but the fact remains that they have been and are currently enjoying the benefits of not paying their fair share of the nations tax burden and the unemployment rate is sky high and small businesses are closing all over the place. The reality is that small business is what drives this nation?s economy not big business but big business gets all the tax incentives. Small business and the middle class is where we need the tax relief because they are the ones driving the economy. When small business and the middle class start loosing money and the ability to compete that rippling effect is felt throughout the nation. That?s when big businesses start to lay off because the loss of wealth by the middle class diminishes their profits. They reorganize by shipping jobs over seas to maintain their profits not caring at all about how it impacts America. Profits and tax welfare is what they want and to hell with the little people. Pushing the middle class into poverty is no problem for them because now they can get their labor for half the cost. This current administration is willing to make us economic slaves for global profits. Patriotism comes second to that. To be patriotic you have to care about all Americans not just some of them.
The evangelical conservatives need to ask themselves a couple of questions.
1) Who would be considered according to the Bible the scribes and pharasees of this time. If you read you will find that their policies, agenda and forms of godliness are right in line with the scribes and pharacees.
2) Whose message is more in line with the message of Jesus, McCain or Obama's?
Our Lord reproved the Scribes and Pharisees for so very carefully paying tithe and mint but neglecting good works. Forgiveness, especially when applied to the obviously unworthy, is a direct threat to any purely legal system. The scribes, when they heard the assertion of forgiveness, faced only two alternatives; either they had to declare unending war on Christ or they had to learn to say humbly with the publican of the parable, "God be merciful to me a sinner". Their decision was to declare war, a war which ultimately led to the crucifixion, and their first warlike act was to accuse Jesus of blasphemy.