Election and Tax Cuts

Dont believe everything you find on the internet especially the article above. Read this, it has to do with the email above and its erroneous statements about Obama:

http://www.snopes.com/politics/obama/taxes.asp

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Posted by milana

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Posted by nifheim

I am not slamming people on here but I think it is sad that as American's that we constantly complain about giving to people who are less fortunate but yet that is what this country was based on.

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I dont think the majority of Americans complain about taxes b/c they dont care about helping less fortunate people,I think its primarily because imo there is no justification for OVER taxing someone because they have or make more than you. And because someone may have a higher salary than someone else doesnt mean they cant use the help. The tax system already takes a higher percentage of higher incomes. You are not supposed to penalize someone for doing well in their life or hteir business. It is not public money it is their money. I am not by any means in the top 2% of people in this country that foot more than 95% of the tax bill, but our economy gets its steam from incentive, not handouts.

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ITA : I personally don't mind paying taxes generally or helping those less fortunate. What I do mind is paying exceptionally high taxes and then being excluded from the great majority of tax deductions, benefits, etc. even if they are applicable to me. I have a huge amount of student debt, but cant deduct anything of it because of base salary. If you subtracted that debt from my base salary, then I would be eligible for certain things, but it doesn't work that way, and that seems unfair. I have to pay the loan payments, so shouldn't that be considered?

I alsot think taxes should take into account geography.... In NY (and many other places) I think it is pretty much impossilbe on 250K a year to own a nice house, 2 boats and 2 new cars. Whereas somewhere in the midwest someone is living in the huge house with 2 boats, 2 cars, etc. and still collecting tax breaks because they make under $150K a year but the cost of living is so low. If everyone moved out of the places where it is expensive to live, it would be devastating to the economy as the financial industries would have no one to work in them and the best hospitals in the world would suffer because the doctors left the cities.

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA &nb sp; Restore the inheritance tax

How does this affect you?

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

'Pretty much everything asserted about the inheritance tax (also referred to as 'death tax' or 'estate tax') in these few short statements-that President Bush repealed it, that Senator McCain would maintain it at 0%, and that Senator Obama would 'restore' it - is wrong.

In general, estate tax currently applies only to estates valued at over 2 million and tops out at a 45% rate. The exclusion amount is already set to rise to 3.5 million in 2009, followed by a repeal of the state tax in 2010, and then a reinstatement of the estate tax in 2011 with the exclusion amount reverting back to 1 million and the tax rate topping out at 55 percent.

Senator McCain has proposed raising the estate tax exclusion amount to 5 million and setting a maximum estate rate of 15%, while Obama has proposed raising the estate tax exclusion amount to 3.5 million and maintaining the maximum estate tax rate at its current 45% level'

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Posted by DeeDee1013

I don't mind paying taxes.....

It's just that why do some people get more tax breaks than others.

People who decide to have children are entitled to tax breaks and those of us that decide to not have children do not get tax breaks? Seems like an imbalance to me.

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exactly!

i am not complaining about having to pay taxes, and not saying i dont want to. But why is it that now you have some people who wont get tax returns anymore, its really not fair. They want EVERYBODY to pay taxes which is fine but not everybody gets anything back either just some people. They say its because you make X amount, well the problem is that technically you dont make that amount, they of course take the amount you make before taxes to determine who gets a return and who doesn't. Maybe they should look at the fact that if you make $75k for example, not like you come home with that amount so who is to say they dont also need something back.

And on top of that you get taxed sooo much more when you make more. So they are giving alot, those who make $75k and higher but now will get nothing back.

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Posted by nifheim

I realize there are extreme's and yes it ***** living on LI/NY but hey you have a choice to leave, like dh and I are going to have to leave because we can't afford a home even in a not so great neighborhood because of taxes. Do we complain when more gets taken out of our checks, yes and I understand we all complain and it is unfair.

But really has anyone begged for food have no steady shelter and had a job? If anyone has walked that path you know your not the one complaining about paying a bit more. Dh and I both worked hard all of our lives, I went to college but still we struggle. We both have had to go to food banks when we were single and worked one or two jobs and couldn't afford to eat. This isn't the case now but we are still considreed poor in some people's eyes. We have seen older people who have worked all their lives and gave everything to their children to have their children abandon them and now they are left eating cat food and they are dishing out high taxes so your kids can go to school. Should they have the right to stop paying taxes?

Not saying it is unfair for someone living in manhattan to have to deal with high taxes, high cost of living to have to pay more but hey sacrifice your cable, new car or something. I am not slamming people on here but I think it is sad that as American's that we constantly complain about giving to people who are less fortunate but yet that is what this country was based on. Hard working people earning a home (maybe not in the best school district or having 1 acre of land but a house that functions) and being able to put food on the table. Do they deserve a tax break over someone who has a petty damn nice house, two new cars, a boat and earns 250k a year i think so.

I do agree i think it does blow that some people cranking out kids get more in tax breaks when they can't afford it but i think in general people who make more should give me and people who make less pay less. If you work off the books your a criminal and people who crank out kids for $$$ are bastards.

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the problem i have is with the way our tax money is being spent. Yes it goes to good which that of course I dont mind but ALOT of it goes to things that it shouldn't go to or things that dont benefit those less fortunate.

I watched this special on 20/20 and they showed some of the things our taxes go to. About 4 million in taxes a year goes to the wine industry, just to do studies and see how they can improve their wine, not that theres a need for it or people are asking for this but of course government will give to the rich and powerful, its the whole 'you scratch our backs, we'll scratch your backs'. Another couple million goes to the cat food industry, again they say its to see how they can improve cat food, is there really a need for this? are cats complaining lol. In NYC millions of dollars were used to re-do certain buildings or places such as radio city music hall, not bc it needed it but bc they wanted to change the style of it. With so many starving people out there, so many families that need this money, are those things really necessary? and that is just 3 things i listed, the list goes on with unnecessary things our tax money is paying for.

This is what I get annoyed, when someone can have lets say $15k taken out of their paycheck a year or more but meanwhile get back $2k or less. If it was going somewhere good then great but it goes towards things I feel there is no need for and just making the rich even richer.

Not having kids, or not owning a home, or living in a HCOL area that prevents you from owning a home are all CHOICES. Your tax burden is directly related to what you want. If you want your tax burden lowered, it is almost entirely in your power to do so. Note - we're talking federal income tax, not the absurd property taxes LI is famous for.

Deductions for homeowners and parents happened because A) those were choices the government wanted to encourage to maintain local stability, and B) they make financial sense in the context of income tax.

People get the refunds that they get not because of what their taxes are, but because of what they've paid in over the course of the year. If you want a bigger tax refund, pay more.

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Posted by bonniejd

I am sure this will not be the popular opinion, but I don't really like the idea of tax cuts that help certain groups and not others. I think that those who pay a ton in taxes should not be forced to support the choices of others if they do not go down the same path.

We pay an excessive amount in taxes, but rarely get the benefit of any government program. For example, the new economic stimulus plan (not even mentioning the rebate checks) included an incentive for first time homeowners in the form of a rebate. However, if you make over a certain amount of money, you are not eligible for this refund. We fall in the later category and I find it very frustrating. Yes, we are lucky enough to be able afford a certain type of home, but it doesn't mean that we couldn't use the help. We pay a lot of money in taxes to help others, but are usually phased out of whatever program is currently in place. I have a ton of student loans from law school and I cant deduct a penny of teh exorbinant interest that I pay because of my salary. That seems ridiculous to me as well.

JMHO. Please be gentle.

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I agree with you. I am not in the same financial situation as you from what you say, but I hope to one day be! And I dont think its fair for people who work very hard and make a good salary to just not get any of the benefits of programs from the government.

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Posted by Licee15

I just got this e-mail, please do not berade me, I am just showing an e-mail that was sent to me....I am in no way forcing my political views on anyone or anything..So please NO Drama here...I am just sharing an e-mail that I recieved.

Time to consider your pocketbook:

CAPITAL GAINS TAX

MCCAIN:
0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA:
28% on profit from ALL home sales

How does this affect you?

If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.


DIVIDEND TAX
MCCAIN : 15% (no change)

OBAMA : 39.6%

How will this affect you?

If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.'

INCOME TAX (find your bracket)
MCCAIN (no changes)

Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250

OBAMA (reverse all tax cuts)

Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750

Under Obama, your taxes will more than double!

How does this affect you? No explanation needed. This is pretty straight
forward.


INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA &nb sp; Restore the inheritance tax

How does this affect you?

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES BEING PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet.

New gasoline taxes (as if gas weren't high enough already)

New taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts, and last but not least....

New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

So please none of this

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Im going to have to research some of this of course, but if the tax hing as per salary is true, unfortunitly if Obama becomes president, DH and I will have to move out of our apartment as we will have to find somewhere else to live that is cheaper. Especially since they will prolly try to raise our rent in may by like $50 a month. its a shame because until I read this I was leaning towards voting for him- but if these numbers check out and we have to move out of our apartment as a result, I dont know if I will be able to vote for him.

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Posted by GinaZ

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Posted by Licee15

I just got this e-mail, please do not berade me, I am just showing an e-mail that was sent to me....I am in no way forcing my political views on anyone or anything..So please NO Drama here...I am just sharing an e-mail that I recieved.

Time to consider your pocketbook:

CAPITAL GAINS TAX

MCCAIN:
0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA:
28% on profit from ALL home sales

How does this affect you?

If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.


DIVIDEND TAX
MCCAIN : 15% (no change)

OBAMA : 39.6%

How will this affect you?

If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.'

INCOME TAX (find your bracket)
MCCAIN (no changes)

Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250

OBAMA (reverse all tax cuts)

Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750

Under Obama, your taxes will more than double!

How does this affect you? No explanation needed. This is pretty straight
forward.


INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA &nb sp; Restore the inheritance tax

How does this affect you?

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES BEING PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet.

New gasoline taxes (as if gas weren't high enough already)

New taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts, and last but not least....

New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

So please none of this

---

Im going to have to research some of this of course, but if the tax hing as per salary is true, unfortunitly if Obama becomes president, DH and I will have to move out of our apartment as we will have to find somewhere else to live that is cheaper. Especially since they will prolly try to raise our rent in may by like $50 a month. its a shame because until I read this I was leaning towards voting for him- but if these numbers check out and we have to move out of our apartment as a result, I dont know if I will be able to vote for him.

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It isnt true. On page one I put a link to a site that dissects that email.

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Posted by DrWho

Not having kids, or not owning a home, or living in a HCOL area that prevents you from owning a home are all CHOICES. Your tax burden is directly related to what you want. If you want your tax burden lowered, it is almost entirely in your power to do so. Note - we're talking federal income tax, not the absurd property taxes LI is famous for.

Deductions for homeowners and parents happened because A) those were choices the government wanted to encourage to maintain local stability, and B) they make financial sense in the context of income tax.

People get the refunds that they get not because of what their taxes are, but because of what they've paid in over the course of the year. If you want a bigger tax refund, pay more.

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Thank you. Hopefully people read what you wrote and dont bypass it.

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Posted by Songstress

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Posted by GinaZ

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Posted by Licee15

I just got this e-mail, please do not berade me, I am just showing an e-mail that was sent to me....I am in no way forcing my political views on anyone or anything..So please NO Drama here...I am just sharing an e-mail that I recieved.

Time to consider your pocketbook:

CAPITAL GAINS TAX

MCCAIN:
0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA:
28% on profit from ALL home sales

How does this affect you?

If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.


DIVIDEND TAX
MCCAIN : 15% (no change)

OBAMA : 39.6%

How will this affect you?

If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.'

INCOME TAX (find your bracket)
MCCAIN (no changes)

Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250

OBAMA (reverse all tax cuts)

Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750

Under Obama, your taxes will more than double!

How does this affect you? No explanation needed. This is pretty straight
forward.


INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA &nb sp; Restore the inheritance tax

How does this affect you?

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES BEING PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet.

New gasoline taxes (as if gas weren't high enough already)

New taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts, and last but not least....

New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

So please none of this

---

Im going to have to research some of this of course, but if the tax hing as per salary is true, unfortunitly if Obama becomes president, DH and I will have to move out of our apartment as we will have to find somewhere else to live that is cheaper. Especially since they will prolly try to raise our rent in may by like $50 a month. its a shame because until I read this I was leaning towards voting for him- but if these numbers check out and we have to move out of our apartment as a result, I dont know if I will be able to vote for him.

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It isnt true. On page one I put a link to a site that dissects that email.

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Thanks! I must have missed it. Glad to hear it is false! I also just found some info that contradicts it as well.

Link

I thought some of those seemed incredibly high!!!! YAY- I can keep my apartment!

Sorry to all...I didn't get to research until today...Lea thanks for posting and sorry I posted if all was not entirely 'true' I will be deleting the post

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Posted by Licee15

Sorry to all...I didn't get to research until today...Lea thanks for posting and sorry I posted if all was not entirely 'true' I will be deleting the post

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thats okay!!!! All the emails going around about the election, who knows what the heck is true anymore!!

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Posted by Licee15

Sorry to all...I didn't get to research until today...Lea thanks for posting and sorry I posted if all was not entirely 'true' I will be deleting the post

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Its okay that email isnt entirely true but in general Obama supports taxing more of a person's income if he is elected president. But at the same time mentioned lifting the cap on the amount of income that is taxed to provide monthly Social Security checks but to me doesnt really make sense since it might not exist eventually at all for younger people. The majority of who will be effected by the tax increase the most he implies will be the middle-class, but then sometimes implies they will be safe, so it will be the really poor who will have to pay more taxes and the very wealthy. Instead of discussing which group to tax more he should be talking about cutting some of the excess spending.

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Posted by Songstress

Its easy to talk about how Obama wants to raise taxes but it seems as if everyone forgot what Bush has done to this economy and what Obama will have to do to fix it, if he is elected. Yes excess spending has to stop but theres a huge deficit he has to make up for. Also if everyone has to be taxed more so everyone can have health insurance is that such a bad thing. I know the health insurance issue is far from being solved but if this can help fix it, Im all for it.

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I think a huge issue in the debates will be what they are going to do to fix the economy. And while McCain cant exactly say it, (but Obamacan) I do think they both equally realize Bush put us in a bit of a mess. I just hope whichever one can fix it better is the one elected!