I know no one really cares…

And the conservative will discount the numbers because of the source…But come on, can’t we expect a little bit of research from the speech writers?

Fact check

John McCain:

Another of my disagreements with Senator Obama concerns the estate tax, which he proposes to increase to a top rate of 55 percent. The estate tax is one of the most unfair tax laws on the books, and the first step to reform is to keep it predictable and keep it low.

Obama tax proposal:

Make permanent estate tax with $3.5 million exemption and 45 percent rate

Fact check – Paul Krugman – Op-Ed Columnist – New York Times Blog

Every time I hear a multimillionaire complain about the estate tax I want to scream…Exactly how many of them are there out there that will feel the pinch?

Then ther is this one…

McCain on business taxes:

Senator Obama’s plans would add to the difficulties of small business in other ways, too. Currently, there are the 21.6 million sole proprietorships filing under the individual income tax. When Senator Obama talks about raising income tax rates on those making over 250,000 dollars — that includes these businesses as well.

Which, when you look at the numbers…here we go again…is just under 2% of all people with business income…We all know where the McCain’s income bracket falls…

4 thoughts on “I know no one really cares…”

  1. You’ve got to be kidding… The estate tax was designed to fund WWI Gary. That’s 1915! It was never meant to be carried forward and therefore, it’s an unConstitutional tax. It should be completely eliminated, and an apology and restitution should be made for those who robbed in the past.

    Not only is $250K not very much income in certain parts of the country, if it applies to small businesses then it’s as good as eliminating a lot jobs since most of the economy is small businesses.

    And on the other front of socialism, the corrupt Democrats tried to pass legislation to take away “unreasonable” oil company profits today! Didn’t the Russians kill the communists for doing this? I mean how blatantly anti-western civilization and socialist can Democrats get? I dare say there will be blood in the streets if they keep playing Marxist politics in America. Obama and his party are really a bigger threat than many of our external enemies.

  2. Jim, your argument isn’t germane to the my post. The subject of the post was the veracity of the facts. McCain’s facts were just wrong.

    “Not only is $250K not very much income in certain parts of the country, if it applies to small businesses then it’s as good as eliminating a lot jobs since most of the economy is small businesses.”

    You know Jim, we keep running up against this wall…$250,ooo dollars a year is a lot of money no matter what part of the country you live in. It puts you in the top 2% of incomes period. But in this instance we are talking about income from businesses, small, large, mediocre…it doesn’t matter, the facts say that the tax brackets quoted by McCain again only apply to the top 2% of the incomes coming from business.

    As for the oil companies, down her in Texas we expect to be paid royalties when someone accesses the minerals from our property. As an American citizen I am getting pretty pissed off about the oil companies that are taking my oil and refusing to pay the royalties and to make matters worse the Republican Congress gave them millions in tax rebates to boot…If I try that kind of bs I’ll end up in jail…But here you are defending them for being paradigms of western culture. The last time that type of behavior was sop history named them the Robber Barons. Kinda’ makes you wonder what historians knew that we don’t…Doesn’t it?

  3. I think CNN posted the differences in the two’s income taxes yesterday (this does not include Obama’s additional capital gains, and AMT taxes). Under Obama, my already outrageous taxes would increase further by $12. Not much, but under McCain my taxes would fall by about $8,000.

    What’s really interesting is the distribution. Obama clearly hits the wealthy and gives a little bit more to the lower income people. But if you look at how much he returns the lowest tax bracket, about $500, this doesn’t even cover the rise in the price of gas over a year.

    What’s clear is that Obama’s policies constrain economic growth in favor of redistribution while McCain’s policies incent growth which helps everyone. It’s easy to conclude that Obama has a strategy that only appeals to those expecting handouts or those who are already have enough wealth to have little impact. Our children’s future is clearly best served by long-term incentives like low taxes and less spending rather than short-term redistribution.

  4. Jim…It’s pie in the sky. I won’t argue the figures you quote about the amount you will pay are not pay. I couldn’t care less, and that is the difference in our philosophies, I do not expect to be the beneficiary of Obama’s tax policy as my family falls in the bottom of that upper quintile. But I don’t have a problem with seeing the breaks go to those who will find that $500 is as much as 1/20th of their yearly after tax income. I doubt you can say your savings under McCain are as great a percentage of your income…

    As far as I’m concerned, we will never agree on this…so end of argument.

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