Do you make less than $112,000 per year?

12 Jun 2008 3 Comments

by NegotiatorGuy in Democrats, politics, Republicans

If you’re an American, and you earn less than $112,000 per year, you should vote for …

But if you earn over $2,900,000 per year, you’d better vote for the other candidate.

3 Comments (+add yours?)

  1. goodtimepolitics
    Jun 12, 2008 @ 21:45:24

    Obama raising the capital gains tax to 28% from 14% will hurt everyone not just the people making over $50,000! Also one of the griant oil companies are closing 2200 gas stations because they are hurting for profits! Obama wants to raise their taxes and it will be passed down to us Americans at the pumps! Round and around we go!

    Reply

  2. Bridgett
    Jun 12, 2008 @ 22:19:05

    Actually Exxon is selling their gas station wing of their business because they’re in the business of selling oil. There isn’t enough money in gas stations. it’s like MGM running a movie theater–movie theaters make their money on concessions, not on the movies. Gas stations make their money on slurpees–the pumps are the show.

    Exxon can make more money selling their gas to companies like Quik Trip without the hassle of running their own stations.

    As for capital gains tax increases hurting the average American, that fails to take into account the fact that most people’s access to capital gains are in tax-free retirement accounts. It is only those who make a living off investment rather than labor that this is going to have a significant effect on. And at this point, that class is being taxed less (percentage) than minimum wage earners.

    Ok. Now I’ll go back to thinking about religion.

    Reply

  3. Stephen
    Jun 13, 2008 @ 07:11:49

    If anyone is interested in further details, there’s a succinct analysis at Swampland:

    The reputable and non-partisan Tax Policy Center has done a preliminary evaluation of the Obama and McCain tax plans. Some highlights:

    1. Both cut revenue significantly. “Although both candidates have at times stressed fiscal responsibility, their specific non-health tax proposals would reduce tax revenues by $3.7 trillion (McCain) and $2.7 trillion (Obama) over the next 10 years, or approximately 10 and 7 percent of the revenues scheduled for collection under current law, respectively.”

    I guess it’s to be expected that the Republican would cut revenues more than the Democrat, ostensibly leading to smaller government. But people need to bear in mind that the Bush Administration has not practiced small government, but has generated an additional 34 trillion dollars in debt.

    To the extent that McCain intends to keep spending, notably on the Iraq war, he isn’t going to practice small government either. That’s why the Tax Policy Center points out that both candidates talk about fiscal responsibility — implying that, arguably, neither candidate practices fiscal responsibility.

    True conservatives don’t have a horse in this race, which is why some conservatives are prepared to consider voting for Obama despite his liberal record. The Bush Administration has destroyed any Republican reputation for fiscal responsibility.

    Back to Swampland. For those who think Obama is short on policies, note point 3 (quoting the Tax Policy Center) :

    “Finally, each candidate promises to broaden the tax base and reduce corporate loopholes. McCain lists eight breaks for oil companies as targets but, other than that, is short on details for his pledge to eliminate ‘corporate welfare.’ Obama identifies a variety of steps, including basis reporting for capital gains, taxing carried interest as ordinary income, and enacting sanctions on international tax havens that don’t cooperate with enforcement efforts, but he would also need additional as-yet-unspecified policies to achieve his revenue target for base broadening.”

    So Obama still has some gaps to fill in, but he has a more detailed plan than McCain. As I understand it, this is often the case: McCain, not Obama, is the candidate who comes up short on policy details, on issue after issue.

    Reply

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