Posted on 08/23/2008 10:20:21 PM PDT by FocusNexus
With the U.S. suffering from low GDP growth, job losses, a credit crunch and weak housing activity, Barack Obama's tax plan would help or hurt, depending on which economist you ask.
Obama would boost the tax burden over current policy, shift the tax burden to higher earners, and result in higher marginal rates for the top earners and for some in the middle class.
His plan would raise taxes by $627 billion over 10 years, based on likely assumptions, according to an analysis by the Tax Policy Center, a joint project of the liberal Urban Institute and the Brookings Institution. Alan Viard, resident scholar at the conservative American Enterprise Institute, claims the Obama plan would jar growth.
Even with lower overall tax takes, higher marginal rates could reduce the incentive to work or improve skills to seek higher-paying jobs.
(Excerpt) Read more at investors.com ...
How ‘bout we just “shift” it to Obama, DU, MoveOn and George Soros.
Forced collectivism and wealth redistribution-Karl Marx would be proud. Unfortunately, once Obamamessiah starts taxing the “rich,” who also could be dubbed, the job creators, they will start laying off the same downtrodden people this dipshit claims he’s going to help. Stupid is, as stupid does.
If you want to see a depression, wait until this assface gets his hands in our pockets.
I thought the rich were already paying them.
http://www.taxpolicycenter.org/
Published:August 18, 2008
Abstract
Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.
It all depends on what the meaning of “rich” is. For Obambi, looks like about 31K/yr.
Note that he is talking about “taxing the rich”, as the graph shows, that is from the article, (in post 1) shows that Obama’s tax plan increases the marginal tax rates on even people making over $30,000/year, hardly can be considered “rich”.
Obama IS a clear and present danger to the country and all Americans.
You first, Hussein.
the burden of taxation is on the middle class paying to support the destitute and illegal aliens.
So then according to the Obama graph published by Reuters, Obama says a family making $31K a year is middle-class and those making $110K a year are rich?
Of course he would exempt himself, family and friends.
The dhimmiecrat’s definition of “Da Rich” is everyone besides themselves who makes enough money to not qualify for the “Earned Income” tax credit.
What a bunch of shiite!
News flassh to Sen. Obama:The rich already pay the lion’s share of taxes.
From the chart it looks like all of the middle class is getting hit. If he is raising marginal rates on those making $30K he is starting at the lower edge of the middle class and working his way up.
This shows that his goal is to raise taxes on everybody not just the rich.
The top 50% of wage earners pay 97% of Federal Income Taxes, so how much more should the rich pay?
Obama=snake oil salesman
This tax center, and liberals are idiots. Bush cut taxes and federal revenues went up - as we knew they would. A budget deficit in part due to 9/11 and two wars is another thing. (Along with questionable monies for things like Aids in Africa, No Child Left Behind, etc.
The “rich” should perhaps in many/most cases be called “job creators” or “wealth builders”. Not much incentive to grow your business/wealth if it will just get taxed more.
Of course that requires the concept that “wealth” is not some set number that needs to be evenly divided. A concept most liberals don’t get.
Don’t even think about wandering over to the “sister org” Urban Institute w/out a barf bag.
Here is my plan. Every individual should receive a personal exemption of $50,000. So, an unmarried individual would only pay taxes on income over $50,000. A family of four would only pay taxes on income over $200,000.
All income above the personal exemption would be taxed at 10 percent. There would be no other exemptions for mortgages, state taxes, medical expenses, etc.
If you make more than his half brother, then you are rich . Hut Sweet Hut.
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