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  • June 12, 2008 at 12:18 AM #13020
    TheBreeze
    Participant

    Here ’tis:

    Len Berman, a former Treasury tax official who is now a senior fellow at the Urban Institute, says if Obama’s proposals—which include plans to rescind the Bush tax cuts on couples making more than $250,000, close corporate tax loopholes, and tax private equity earnings known as “carried interest” as ordinary income—were adopted in 2009, for example, married couples with earnings in the lowest quintile of the population would see their aftertax income rise 5.8%. Those in the next quintile would see an increase of 4%. Those breaks would be paid for by those with high incomes: the top 1% of taxpayers would see aftertax income fall 8.4%.

    Under McCain’s proposals, by contrast—including an extension of the Bush tax cuts for all taxpayers, a corporate tax cut, and a larger reduction in estate taxes than Obama would support—far more of the benefits would go to the top. If his plans went into effect in 2009, married couples in the bottom fifth of the population would see aftertax income go up just 0.2%, while those in the next quintile would see a 0.7% hike. But those in the top quintile would see a bump up in aftertax income of 2.7%.

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    http://www.businessweek.com/bwdaily/dnflash/content/jun2008/db20080611_220050.htm?chan=top+news_top+news+index_news+%2B+analysis

    Do we really want to give CEOs with their illegal back-dated options, bank and hedge fund managers with their fraudulent bank loans, and other overpaid crooks more of the pie? I say HELL NO! Let’s end the President Chimpy policies and get back to a rational tax system.

    June 12, 2008 at 8:58 AM #221711
    Aecetia
    Participant

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    I guess it depends on your definition of people. And indirectly taxes on the rich are passed on to the poor. So everyone pays when taxes are raised. If Obama really wants to be even handed then he should propose a flat tax.

    June 12, 2008 at 8:58 AM #221814
    Aecetia
    Participant

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    I guess it depends on your definition of people. And indirectly taxes on the rich are passed on to the poor. So everyone pays when taxes are raised. If Obama really wants to be even handed then he should propose a flat tax.

    June 12, 2008 at 8:58 AM #221828
    Aecetia
    Participant

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    I guess it depends on your definition of people. And indirectly taxes on the rich are passed on to the poor. So everyone pays when taxes are raised. If Obama really wants to be even handed then he should propose a flat tax.

    June 12, 2008 at 8:58 AM #221860
    Aecetia
    Participant

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    I guess it depends on your definition of people. And indirectly taxes on the rich are passed on to the poor. So everyone pays when taxes are raised. If Obama really wants to be even handed then he should propose a flat tax.

    June 12, 2008 at 8:58 AM #221879
    Aecetia
    Participant

    “It’s just flat wrong” to say people would do worse under Obama, says Berman. “Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain.”

    I guess it depends on your definition of people. And indirectly taxes on the rich are passed on to the poor. So everyone pays when taxes are raised. If Obama really wants to be even handed then he should propose a flat tax.

    June 12, 2008 at 10:06 AM #221731
    Eugene
    Participant

    When taxes are lowered across the board in the period of record-breaking budget deficits, it means even higher deficits and debasement of currency. Everyone pays when taxes are lowered.

    Here’s an idea – how about we abolish income tax and finance government budget entirely with freshly printed money from the Fed? Wouldn’t it be great to pay $0.00 to the IRS at the end of the year.

    June 12, 2008 at 10:06 AM #221832
    Eugene
    Participant

    When taxes are lowered across the board in the period of record-breaking budget deficits, it means even higher deficits and debasement of currency. Everyone pays when taxes are lowered.

    Here’s an idea – how about we abolish income tax and finance government budget entirely with freshly printed money from the Fed? Wouldn’t it be great to pay $0.00 to the IRS at the end of the year.

    June 12, 2008 at 10:06 AM #221847
    Eugene
    Participant

    When taxes are lowered across the board in the period of record-breaking budget deficits, it means even higher deficits and debasement of currency. Everyone pays when taxes are lowered.

    Here’s an idea – how about we abolish income tax and finance government budget entirely with freshly printed money from the Fed? Wouldn’t it be great to pay $0.00 to the IRS at the end of the year.

    June 12, 2008 at 10:06 AM #221880
    Eugene
    Participant

    When taxes are lowered across the board in the period of record-breaking budget deficits, it means even higher deficits and debasement of currency. Everyone pays when taxes are lowered.

    Here’s an idea – how about we abolish income tax and finance government budget entirely with freshly printed money from the Fed? Wouldn’t it be great to pay $0.00 to the IRS at the end of the year.

    June 12, 2008 at 10:06 AM #221897
    Eugene
    Participant

    When taxes are lowered across the board in the period of record-breaking budget deficits, it means even higher deficits and debasement of currency. Everyone pays when taxes are lowered.

    Here’s an idea – how about we abolish income tax and finance government budget entirely with freshly printed money from the Fed? Wouldn’t it be great to pay $0.00 to the IRS at the end of the year.

    June 12, 2008 at 10:10 AM #221736
    surveyor
    Participant

    $0.00

    It’s very possible to pay $0.00 to the IRS using the rules in place now. You don’t have to wait for Congress to do anything. We all have the ability to do this.

    June 12, 2008 at 10:10 AM #221838
    surveyor
    Participant

    $0.00

    It’s very possible to pay $0.00 to the IRS using the rules in place now. You don’t have to wait for Congress to do anything. We all have the ability to do this.

    June 12, 2008 at 10:10 AM #221852
    surveyor
    Participant

    $0.00

    It’s very possible to pay $0.00 to the IRS using the rules in place now. You don’t have to wait for Congress to do anything. We all have the ability to do this.

    June 12, 2008 at 10:10 AM #221885
    surveyor
    Participant

    $0.00

    It’s very possible to pay $0.00 to the IRS using the rules in place now. You don’t have to wait for Congress to do anything. We all have the ability to do this.

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