The tax policies of Obama and McCain

[jackson33]

Craig; Corrected my type-o, which feel you knew was.....

IRS/Government has attempted to keep total INCOME TAX collection at just under 20% of the GNP/GDP. They attempt to do this with potential deductions involved as well has to who is likely to have those deductions. What they have neglected IMO, is that State and local taxes have no formula for taxing, taxing by need only and they are relatively constant to the populace. State Income taxes are generally a percentage of whats paid to the Federal and Property or other taxes based on the value of an actually owned property. Additionally other tax collection are based purely on consumption, toll roads, fuel taxes to sales taxes.

The Federal in trying to involve themselves into what are State issues, has no other choice but a progressive tax, as no equality could serve a purpose. Keep in mind however, the brackets in my post represent the 'taxable incomes' AFTER deduction. Incomes are not necessarily progressive to what actual taxes paid. There can be nothing progressive possible in pre-determining actual incomes to what eventually owed and be fairly based. What Obama has offered, is loaded with those determinations to what should be a final tax owned. 'A' may make 250k, yet pay what the average 50k earner and so on...As said the Obama's tax plan is 'double talk'...

[Zythryn]

Originally Posted by jackson33

'A' may make 250k, yet pay what the average 50k earner and so on...As said the Obama's tax plan is 'double talk'...

And this is different than what we have now, or what McCain proposes in what way?
It is currently possible for someone making 250k to pay taxes on only 50k. Unless you totally change the way taxes work, I don't see this changing (although I would like to see it change).

[TheBigDog]

Originally Posted by Zythryn

According to Barak Obama's platform, no person making under $250,000 will have their taxes increased.

Quoted from http://www.barackobama.com/pdf/taxes...Plan_FINAL.pdf
I'll see if I can find McCain's[/LEFT]
It looks like McCain would not change anything regarding the Bush tax cut.
JohnMcCain.com - McCain-Palin 2008

Does this mean that is the Congress passed a budget that increased taxes down to say... $175,000 Obama would veto it on principle?

Bill

[jackson33]

Originally Posted by Zythryn

And this is different than what we have now, or what McCain proposes in what way?
It is currently possible for someone making 250k to pay taxes on only 50k. Unless you totally change the way taxes work, I don't see this changing (although I would like to see it change).

Obama, will stretch the 'Earned Income' credits allowing a rebate to offset SS payments. This would actually be double credits since if he reduced SS payments, it would result in less available credits toward retirement, disability and/or unemployment, which won't happen since that payment is maintained. Both (Obama/McCain) are offering additional deductions. In fact its these deductions used to show savings on Obama's plan under the Clinton scale.

Deduction allowed or that have been dropped, to allow the differential in taxes paid in one 'bracket' have greatly changed over the years and usually with some agenda in mind. McCain wants to double allowable per child deductions (his big one) and both want allow more for higher education and use of Green technology. Some has to do with investments, especially where business is involved and they file as individuals and very hard to change. Its those investments that really do create jobs. I used 250k and 50k, but in reality many rather large unincorporated (file individual) firms earn (profit)millions, but invest so much each years they rarely pay any taxes. When they do lose money (most occasionally do) those loses are limited but ARE held over to following years. If your seeing a 'catch 22', you have got my point. More jobs, less taxes or the reverse, mandated by the politicians or not.