|
Users viewing this topic:
none
|
|
Login  | |
|
McCain's tax plan - Will it help or hurt? - 10/25/2008 12:35:13 PM
|
|
|
Evangel70
Posts: 550
Joined: 10/28/2006
Status: offline
|
McCain spends a lot of time FALSELY claiming that Obama plans to tax the middle class (those earning LESS than $250K a year) out of existance and that HIS tax plan rewarding corporations and the top 5% will help the middle class.
How will McCain's tax plan help YOU. (Be specific please)
_____________________________
May the God who gives endurance and encouragement give you a spirit of unity among yourselves as you follow Christ Jesus, so that with one heart and mouth you may glorify the God and Father of our Lord Jesus Christ.
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/25/2008 5:45:39 PM
|
|
|
steph381
Posts: 141
Joined: 10/16/2008
Status: offline
|
quote:
ORIGINAL: Evangel70
McCain spends a lot of time FALSELY claiming that Obama plans to tax the middle class (those earning LESS than $250K a year) out of existance and that HIS tax plan rewarding corporations and the top 5% will help the middle class.
How will McCain's tax plan help YOU. (Be specific please)
I think that this is a good post. No matter who people are voting for, I think that everybody should be aware of the pros and cons of both candidates tax plans. I think there's an Obama thread referring to his tax plan and I'm going to ask the same questions in that thread. Thanks!
I would like to know how McCain's plan can help or hurt my family? I'm a teacher and my husband works for an insurance company. We are a middle class couple with no children.
How would McCain's plan help me?
How would McCain's plan hurt me?
I appreciate your replies!
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/25/2008 6:44:03 PM
|
|
|
zamdad
Posts: 1755
Joined: 4/8/2005
Status: offline
|
quote:
Evangel70
McCain spends a lot of time FALSELY claiming that Obama plans to tax the middle class (those earning LESS than $250K a year) out of existance and that HIS tax plan rewarding corporations and the top 5% will help the middle class.
How will McCain's tax plan help YOU. (Be specific please )
The big difference I see in their plans is that Obama's plan will kill business. Most of the jobs are created by people who operate small businesses. MOst of these small business owners are not rich. The business may generate $250,000 in income, but that does not mean that is the income of the business owner.
McCain's plan will generate growth in that it will punish success with prohibitive taxes. If more people are able to work, the government can generate more revenue as there are more workers.
The governments desire to eliminate poverty has developed a new class of citizens in that we have generations of welfare recipients. My concern about Obama's wealth redistribution is that it will encourage the "welfare mentality," killing the desire/drive to work hard and achieve.
_____________________________
The two hardest things to handle: failure and success.
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/25/2008 6:51:05 PM
|
|
|
iluvatar
Posts: 2022
Joined: 4/12/2005
Status: online
|
quote:
ORIGINAL: zamdad
quote:
Evangel70
McCain spends a lot of time FALSELY claiming that Obama plans to tax the middle class (those earning LESS than $250K a year) out of existance and that HIS tax plan rewarding corporations and the top 5% will help the middle class.
How will McCain's tax plan help YOU. (Be specific please )
The big difference I see in their plans is that Obama's plan will kill business. Most of the jobs are created by people who operate small businesses. MOst of these small business owners are not rich. The business may generate $250,000 in income, but that does not mean that is the income of the business owner.
Are businesses taxed on revenue or profit?
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/25/2008 7:34:13 PM
|
|
|
steph381
Posts: 141
Joined: 10/16/2008
Status: offline
|
quote:
ORIGINAL: zamdad
quote:
Evangel70
McCain spends a lot of time FALSELY claiming that Obama plans to tax the middle class (those earning LESS than $250K a year) out of existance and that HIS tax plan rewarding corporations and the top 5% will help the middle class.
How will McCain's tax plan help YOU. (Be specific please )
The big difference I see in their plans is that Obama's plan will kill business. Most of the jobs are created by people who operate small businesses. MOst of these small business owners are not rich. The business may generate $250,000 in income, but that does not mean that is the income of the business owner.
McCain's plan will generate growth in that it will punish success with prohibitive taxes. If more people are able to work, the government can generate more revenue as there are more workers.
The governments desire to eliminate poverty has developed a new class of citizens in that we have generations of welfare recipients. My concern about Obama's wealth redistribution is that it will encourage the "welfare mentality," killing the desire/drive to work hard and achieve.
Thanks for your reply. You gave me a very general overview. Can you please be more specific? I still do not understand how I will benefit. On, the plus side, you didn't point out how I would be hurt either.
Under McCain's plan, will there be less taxes taken out of my check, so I can bring home more net pay?
I do not work for a small business neither does my husband. So, therefore, how will I benefit under McCain's plan? As I said before I'm a teacher and my husband works for a large health insurance company. Under McCain's plan will I save money? We are middle class with no children and we don't get an income tax check back. We always end up owning money at the end of the year. I just hate that, we pay all year and still have to pay more. Taxes suck! Will McCain's plan stop us from having to pay extra at the end of the year?
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/25/2008 9:06:30 PM
|
|
|
relady
Posts: 1216
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
|
quote:
Will McCain's plan stop us from having to pay extra at the end of the year? His plan is to extend the Bush tax cuts permanently, so if whatever your tax bill is now will probably not change. He wants to LOWER taxes on big business. But if you're middle class, not much is going to change.
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 12:14:45 AM
|
|
|
SonInMe1
Posts: 3143
Joined: 4/16/2005
From: my mom by God
Status: offline
|
quote:
He wants to LOWER taxes on big business
I say...eliminate them
_____________________________
You adulterous people, don't you know that friendship with the world is hatred toward God? Anyone who chooses to be a friend of the world becomes an enemy of God.
James 4:4
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 6:57:48 AM
|
|
|
iluvatar
Posts: 2022
Joined: 4/12/2005
Status: online
|
quote:
ORIGINAL: SonInMe1
quote:
He wants to LOWER taxes on big business
I say...eliminate them
Why should taxes on businesses be eliminated when businesses enjoy many of the benefits of government?
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 10:52:11 AM
|
|
|
steph381
Posts: 141
Joined: 10/16/2008
Status: offline
|
So far, its seems as if McCain tax plan will not really help or hurt me. I feel left out. Why can't my family get a tax cut? We are hardworking but it seems like all we do is pay more and more taxes. Nobody has explained to me how McCain's plan will help me. So is it safe to say that McCain's plan won't benefit my working,middle class family?
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 12:33:12 PM
|
|
|
litfire2000
Posts: 267
Joined: 7/6/2008
Status: offline
|
quote:
ORIGINAL: steph381
So far, its seems as if McCain tax plan will not really help or hurt me. I feel left out. Why can't my family get a tax cut? We are hardworking but it seems like all we do is pay more and more taxes. Nobody has explained to me how McCain's plan will help me. So is it safe to say that McCain's plan won't benefit my working,middle class family?
yes, it would be safe to say that. but it would also be safe to say that it would not hurt you.
_____________________________
Ps. 122:6 Pray for the peace of Jerusalem
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 12:46:49 PM
|
|
|
Random
Posts: 974
Joined: 4/18/2005
From: Zipperhead
Status: offline
|
quote:
ORIGINAL: iluvatar
Why should taxes on businesses be eliminated when businesses enjoy many of the benefits of government?
-Dan.
Because businesses don't pay taxes now. All taxes are ultimately paid by people, not businesses. Businesses merely collect taxes, they don't actually pay them.
If a business can't charge enough to cover all of its costs, including taxes, it goes out of business. That means either the customers are paying the taxes, or the investors are.
In addition, corporations are subject to double taxation, as the corp pays taxes, then the investors have to also pay taxes on the dividend or capital gains from owning the stock.
_____________________________
"That which has always been accepted by everyone, everywhere, is almost certain to be false." -- Valery
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 12:49:44 PM
|
|
|
Random
Posts: 974
Joined: 4/18/2005
From: Zipperhead
Status: offline
|
McCain's plan will help me in several ways:
1. He will extend the "Bush tax cuts" for all taxpayers, which would otherwise mean a huge tax increase on everyone.
2. He will eliminate/phaseout the AMT which is a convoluted, unfair and wrong tax system.
3. He will enable people to purchase health insurance with a refundable tax credit.
Obama's plan may do some of these same things, but I am comparing to current law, not what someone else might do.
_____________________________
"That which has always been accepted by everyone, everywhere, is almost certain to be false." -- Valery
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 1:31:24 PM
|
|
|
rlj
Posts: 2351
Joined: 4/14/2005
Status: offline
|
quote:
2. He will eliminate/phaseout the AMT which is a convoluted, unfair and wrong tax system.
I don't mind this one being totally done away with and a significant reduction in the estate tax.
quote:
3. He will enable people to purchase health insurance with a refundable tax credit.
If you purchase your own insurance is it different then when your employer does and you pay part? For example the money I pay for my health insurance at the end of the year I can deduct off of my gross to make a new lower gross. Example if I made $20,000 and I paid $2000 for health insurance my new adjusted gross would be $18,000. If I paid $2000 for a seperate plan on my own would I currently get any kind of a break like that?
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 2:16:41 PM
|
|
|
Psalms274
Posts: 2246
Joined: 8/13/2005
From: Georgia
Status: offline
|
quote:
Example if I made $20,000 and I paid $2000 for health insurance my new adjusted gross would be $18,000. If I paid $2000 for a seperate plan on my own would I currently get any kind of a break like that?
To clarify ...
You can currently deduct health expenses, including medical insurance, over 7% of you income. So you take 7% of that 20,000 income, which comes to $1,400. For that $2000 medical insurance, you can deduct the balance of 2000 minus 1400, which comes to $600. Then you subtract 600 from 20000 and you get 19,400 of which is taxed. A deduction is an amount of money that is deducted from your income. If you pay 10% of your income on taxes, your total bill is $1,940.
A tax credit (which is what McCain is proposing) means you subtract that amount form the amount of taxes you owe. So you take 10% of the $20,000 income and owe $2,000. If you have a tax credit up to $5,000, you can take the $2,000 you spent on insurance and subtract that from the $2,000 you owe. Now your bill is $0, because 2000 - 2000 = 0.
So for the current law, you would owe $1,940
and for McCain's tax credit proposal the amount is $0
Note .. for this illustration it is assumed that:
$20,000 is the Net income ... meaning the income after deductions
The $2000 is the amount of health insurance expense ... and in the case of the deduction, it has not been deducted yet to show what a deduction is.
I am assuming a 10% tax bracket to keep it simple.
_____________________________
I pray that you, being rooted and established in love, may have power, together with all the saints, to grasp how wide and long and high and deep is the love of Christ.
Linus, my dog, little Kaleigh and Sally!
http://piswa.blogspot.com/
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 2:30:34 PM
|
|
|
Random
Posts: 974
Joined: 4/18/2005
From: Zipperhead
Status: offline
|
I believe it is 7.5%, not 7%, but otherwise I agree.
_____________________________
"That which has always been accepted by everyone, everywhere, is almost certain to be false." -- Valery
|
|
|
|
|
RE: McCain's tax plan - Will it help or hurt? - 10/26/2008 2:41:25 PM
|
|
|
rhippie
Posts: 557
Joined: 4/13/2005
From: Rich The Hippie
Status: offline
|
quote:
ORIGINAL: Psalms274
quote:
Example if I made $20,000 and I paid $2000 for health insurance my new adjusted gross would be $18,000. If I paid $2000 for a seperate plan on my own would I currently get any kind of a break like that?
To clarify ...
You can currently deduct health expenses, including medical insurance, over 7% of you income. So you take 7% of that 20,000 income, which comes to $1,400. For that $2000 medical insurance, you can deduct the balance of 2000 minus 1400, which comes to $600. Then you subtract 600 from 20000 and you get 19,400 of which is taxed. A deduction is an amount of money that is deducted from your income. If you pay 10% of your income on taxes, your total bill is $1,940.
BAD ADVICE WARNNG!!! You can only deduct the $600 excess medical expense if you itemize your deductions. I would venture to say that unless you have a mortgage then you are not itemizing.
_____________________________
Stand up for what's right....even if you're standing alone
|
|
|
|
 New Messages |
 No New Messages |
 Hot Topic w/ New Messages |
 Hot Topic w/o New Messages |
 Locked w/ New Messages |
 Locked w/o New Messages |
|
 Post New Thread
Reply to Message
Post New Poll
Submit Vote
Delete My Own Post
Delete My Own Thread
Rate Posts |
|
|
Forum Tools
Printable Version
