Posted on 10/04/2008 6:33:07 AM PDT by Always Right
In the recent debates, both Obama and Biden have told us that under their tax plan is about ‘fairness’ and that no one will pay ‘no more than they did under Ronald Reagan’. These are boldface lies which we can not let stand. Karl Rove pointed this out after the VP debate on Fox, but even the well informed Rove only got it part right. Reagan’s top tax rate was 28%, and social security and Medicare were capped. Under Obama’s plan, the top rate would go up to 39.6%, much higher than Obama and Biden are telling us. But that is not the whole story. That does not include the 15.3% tax on social security and Medicare which Obama has proposed a doughnut hole approach, exempting some incomes, but lifting the cap off for incomes over $200K/$250K. Obama has backed from making this a specific proposal, but Obama did mention this several times during his campaign back in May and June of this year. This tax will really be horrible for small business owners who have to pay both halves of the payroll tax, creating a rate of 55%. Tax rates not seen since the Carter era.
Americans are all for a fair and simpler tax policy, but Obama’s plan is neither. Obama plans adds in numerous phase outs for deductions and exemptions creating pockets of income which will even see much higher rate than the 55%. While under Obama’s plan, tax rates at the top end are skyrocketing, millions of families who pay no taxes will now be getting government checks. That is not a tax cut that is welfare.
Reagan implemented the best tax plan in modern history, with two simple low rates, very few loopholes, and none of these phase outs and AMT that plague our current tax system. That is they system we need to get back to. McCain needs to specifically attack Obama’s plan and point out these outrageous rates that small businesses will see. Small businesses are the backbone of America’s job creation machine and Obama’s plan targets them the most. If McCain can effectively make this point, he will win. If not, say hello to President Obama.
Oh, no. Another one.
INBTNV
In before the next vanity!
LOL. Good one. A new anagram for the FR lexicon.
McCain has to nail Obama on specifics.
Let’s just have a 15% fair tax and get it over with.
I had an uncle that lived in Taxes
Yeah, but who is making these points? McCain lets Obama get away with it.
ITSTHETAXESSTUPID.COM is already taken
What makes you think McCain has the ability to fight back? It's his campaign.
I would ask Obama or any of his supporters: if Obama must lie about himself—to such an extent that he is presented as opposite his real self—in order to win, doesn’t it mean the real Obama is vastly inferior?
Not sure what a "fair tax" is. I DO believe that every person in the country should have 15% taken from their paycheck. Period. Other than the first 20K tax-free, there should be NO deductions, NO rebates, NO EIC, NO exceptions.
AND the US should NEVER be allowed to spend more than they have. NO projections. 15% flows into the coffers, what's IN the coffers is all you can spend! Don't come to me crying about your pet project, I don't care.
Out of those coffers, the first thing you pay for is defense. Period. Not childcare, not welfare, not medicare, not someone's mortgage payment, not AIDS in Africa, not the UN, not world poverty. After that you can fund infrastructure, let's not have any more bridges falling down, please.
Can anyone explain to me why they passed this "bailout" without cutting expenses? Cut ALL funds going overseas (except the war) and pay for the dem follies, quit RAPING my wallet!
Someone needs to start screaming about property taxes. Tie them to the government-out-of-control theme. They are killing suburban residents everywhere in the Northeast.
Biden used slippery language. Typical. But if top tax rates under Reagan were 69% (1st year), 50% (5 years) and 38.5% (1 year) and then for the last year dropped down to 28% I don’t know what you would call the Reagan tax rate, especially given that 28% only lasted 3 years.
Property taxes are out of control, especially when based on bubble real estate. Do you think there should be a federal fix for this?
True, but that is only because it took Reagan time to get the rates down. Reagan’s rates were 28/15, and trying to use the name of Reagan for the rates inherited from the Carter years is just wrong.
Reagan was on the right track, but it did take him a while to get there, and then Bush/Clinton gave it back :-(. To say your taxes will be the same as under Reagan is very open to interpertition, including 69%. Oh great Joe, I’ll be paying 69%—same as my tax bill under RR. LOL.
Bump
What percentage of people does not pay income tax? Sources? If Obama says he will cut 95%, I know 95% do not pay taxes.
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