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Originally Posted by cobra de capell
There is simply not sufficient people or families making $250K and up to pay for all of BO's programs - you had better hold onto your wallet....according to moneycentral - 75% of the households in the U.S. do not make $57,343 a year.
Given your thought procss, wouldn't you be happier is Venezula?
Also, some input from Larry Kudlow.....
"The Obama spend-o-meter is now up around $800 billion. And tax hikes on the rich won’t pay for it. It’s the middle class that will ultimately shoulder this fiscal burden in terms of higher taxes and lower growth.
This isn’t free enterprise. It’s old-fashioned-liberal tax, spend, and regulate. It’s plain ol’ big government. The only people who will benefit are the central planners in Washington.
Obama would like voters to believe that he’s the second coming of JFK. But with his unbelievable spending and new-government-agency proposals he’s looking more and more like Jimmy Carter. His is a “Grow the Government Bureaucracy Plan,” and it’s totally at odds with investment and business.
Obama says he wants U.S. corporations to stop “shipping jobs overseas” and bring their cash back home. But if he really wanted U.S. companies to keep more of their profits in the states he’d be calling for a reduction in the corporate tax rate. Why isn’t he demanding an end to the double-taxation of corporate earnings? It’s simple: He wants higher taxes, too.
The Wall Street Journal’s Steve Moore has done the math on Obama’s tax plan. He says it will add up to a 39.6 percent personal income tax, a 52.2 percent combined income and payroll tax, a 28 percent capital-gains tax, a 39.6 percent dividends tax, and a 55 percent estate tax.
Not only is Obama the big-spending candidate, he’s also the very-high-tax candidate. And what he wants to tax is capital."
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The majority of families making under 250K would get a tax cut under Obamas tax plan. Some of those over 250K would also get a tax cut, some would stay the same, and most would go up.
McCains tax plan would also cut taxes for those under 250K, but not by anywhere near as much as Obamas plan. McCains plan would cut more taxes for those over 250K.
Putting more money back in peoples pockets is a good thing. I would rather put money back in the pockets of 95% than 5%. If 5% of the country goes and buys a Ford GT it is not going to be as big a boost to the economy as 95 % of the country going and buying a Focus. And the the 5% would get additional money from profits from stocks of companies doing well by selling the Focus to that 95%. It also can't be completely one sided, though, and Obama and McCain are two opposite ends. Both of their plans would add trillions to the deficit in order to pay for their respective pet projects.
Steve