ObaTaxman

Man the middle class is dumb. They really won't get it until it hits them in their wallet.

Sharing the wealth? Last time I checked that's socialism ... oh, sorry, it's "fairness."

Actually, it's BS, as this video makes clear. Here's an article, too. Robin in da Hood - oh yeah!

Comments

[hdtv]

Obama is up by 8 and McCain has been issuing statements with aggressive language indicating he will beat Obama in this next debate. He is trying to increase the size of the audience. He knows its over and only political diehards are looking forward to tuning in. The rest have had enough political talk. Perhaps a desperate man will do desperate things during the debate. I think that would backfire. Unless Obama has a serious gaffe, and it would have to be huge and probably unlikely at this point, McCain will be unable to change the field. That said, it may not matter because nobody will be watching.

[Soulblighter]

Gee, maybe the "dumb middle class" found the Obama Tax Calculator.

http://taxcut.barackobama.com/

Are you pulling down 250 G's, Dan? If not, what exactly are you ranting about? Obama's going to cut your taxes more than McCain. By the only metric conservatives seem to use these days, that should win him your vote.

Am I missing something here?

[chris]

It's not even the 250K. There is no additional tax between 98-250. It just kicks in again at 250. So, you'd have to be making significantly more in WAGES than 250K for this to matter much at all.

[Fred Beloit]

Yeah, bligh-y (are you from the UK?), but perhaps you have heard of the capital gains tax?
"Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth." (From Wiki)
Obamamamama wants to raise, can you hear me Bligh-y, RAISE taxes two and three.

Tax one: Corporations pay taxes on profits
Tax two: Owners pay taxes on profits left over (dividends)
Tax three: Owners pay taxes on any gains when they sell stock.

Do re mi mi mi. They're once, twice, three times a rip off....

[Fred Beloit]

Easy for you to say there, Al Capone: "So, you'd have to be making significantly more in WAGES than 250K for this to matter much at all." It isn't your damn money.

[chris]

Fred, you clearly don't know a thing about business or how the tax system works. This may explain the trailer living on the redneck riviera. In any case, you don't get it.

[templar knight]

No, chris, apparently YOU don't get it. Taxes are just another cost of doing business. If taxes increase for business, the business just passes the cost on to the consumers of its products or services. The consumer pays the tax in higher costs. You ought to take a class in Business 101. Or perhaps you did, at a place similar to the University of Illinois, which produces more propaganda than end results. That might be the reason it has people like Ayers on its payroll.

[Fred Beloit]

chris, which part of one, two, three do you disagree with and why? Your geographical bigotry is already well established. We have all heard it a million times. Now please show me how I erred.

[Fred Beloit]

Temp, let us not forget the prestigious Northwestern School of Law, where Ms Ayers pontificates on the glories of lawless revolution.

[Fred Beloit]

Tax one: "High corporate tax rates are undermining U.S. international competitiveness. The global economy demands that companies be flexible and swift in order to remain competitive. High tax rates deprive companies of both the means and the incentive to take advantage of new market opportunities or technological changes that can improve productivity."
http://www.heritage.org/RESEARCH/TRADEANDFOREIGNAID/wm2065.cfm

[Lala]

Obama was going to tax the oil companies for their "windfall". Now that oil is down (and Chavez is crying) will he give them "corporate welfare"?

[Fred Beloit]

Tax two: "The dividend tax has been called a "double tax" since corporations sometimes* pay an income tax, and then if/when the profits are distributed in the form of dividends to stockholders, they are sometimes** taxed as income.
*Note that many corporations do not pay taxes due to shelters, loopholes, tax breaks, etc. See below.
**Note that dividends paid on stocks in 401k plans are not taxed as regular income."

http://www.argmax.com/mt_blog/archive/2003_01_double_taxation.php

[North Dallas Thirty]

Perhaps Chris can explain how you give a "tax cut" to people who pay no income tax, as Obama insists on doing.

Furthermore, given that the leftist Obama did not and has never contributed on his own taxes of his own free will the additional amount he is demanding everyone else pay, it should be obvious that Obama is a hypocrite. If he were truly principled, he would have paid extra taxes as his "patriotic duty".

But then again, he rails against overpaid healthcare executives while being married to one whose salary tripled upon his election and subsequent granting of earmarks to her hospital.

[Worst President Ever]

NEW YORK (CNNMoney.com) -- Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday.

http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/

[Lala]

Misleading headline, as usual

"But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

"Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center."

[seekeronos]

"--- "Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center." ---"

Which is why Obama's idea to crush small business owners with the 250k cap is (inexplicably) such a boon to him and his owners: crush the competition, and the mega-cap corporations proceed with business as usual, hardly contributing any more to the tax coffers.

Instead we get:

Tax one: Corporate income tax - directly passed along to consumers by higher prices
Tax two: Sales taxes - states and municipalities take their "rake" - taxes paid directly by consumer
Tax three: Capital Gains on dividends
Tax four: Capital Gains on sale of securities realizing an increase in value
Tax five: Inflation by irresponsible printing of money to cover bad government and corporate debt.

Obama's tax plan hurts the most crucial segemt of the American economy: the 65% of receipts that are generated by small-cap businesses, especially those organized as partnerships or LLCs/LLPs with options to distribute income to partners as income liable to personal income tax.

It will also hurt the consumer downrange as inflation takes its sure bite, and businesses are forced to pass along some or all of that tax increase to consumers.

[seekeronos]

And for what its worth... "wealth redistribution" or whatever other sugar coated euphemism we want to use for the ugly truth Obama is preaching... is all about SOCIALISM.

Something to think about next October when you nip into McD's for a $15 "Big Mac Value Meal", served up to you by a high school kid making $20/hour -- not that much less than what you make to slave off that college debt and make your monthly nut after the substantial hike in the "inflation tax" passed to you from businesses getting whacked by Obama's "progressive" taxes.

[Showmethemoney]

He needs to pay more taxes. If he can afford to buy that business, then he can afford to give the rest of us some of it. I can’t believe My man Obama isn’t raising taxes on anyone making over $50,000. I’m sure he will wise up once he gets in the White house. And if the dumbass is stupid enough to work 10-12 hours a day, then its his own damn fault. I think most of you dumbasses should work more.

A smart man can figure out how not to work, and let some other dumbass work for him. This country is getting better all the time, and I can’t wait to start getting some more of your rich asses money once we take control of this selfish country.

And who cares if they raise the cost of their products, they will have to give me more food stamps, and a bigger tax refund.

[Worst President Ever]

The study showed that 28% of foreign companies and 25% of U.S. corporations with more than $250 million in assets or $50 million in sales paid no federal income taxes in 2005. Those companies totaled a combined $372 billion in sales for the largest foreign companies and $1.1 trillion in revenue for the biggest U.S. companies.

[seekeronos]

"--- The study showed that 28% of foreign companies... ---"

Nothing that some *mild* tariffs won't fix.

"--- and 25% of U.S. corporations with more than $250 million in assets or $50 million in sales paid no federal income taxes in 2005. ---"

Check to see what loopholes need closing, but determine that the US businesses are paying less tax/tariffs than foreign companies.

[w3bgrrl]

Capital gains tax has nothing to do with your income. If he raises capital gains so everybody feels good and life is fair and flowers and sunshine and rainbows, even a family who earns $50K a year but has a capital gain on the sale of an asset will pay taxes.

Obama is an evil man. He's a liar. He's a socialist. Government isn't instituted to make sure your cookie is the same size as mine. You want to live in a society where everyone gets the same crappy cookie? Move to Venezuela.

[Worst President Ever]

"Capital gains tax has nothing to do with your income. "

Really? That will certainly come as news to all those folks living off their investment income.

**********

The effective corporate tax rate of the US - what corporations actually pay after their accountants dig out every deduction - is one of the lowest in the world for industrialized nations.

[seekeronos]

"---

"Capital gains tax has nothing to do with your income. "

Really? That will certainly come as news to all those folks living off their investment income.

---"

...

I think she means that capital gains income has nothing to do with wage income that is taxed along various income brackets - it is typically taxed at either 28% or 15% depending upon the how the security realizes a profit (sales vs. dividends) and how long it is held.

[Fred Beloit]

Mr Ever say: "The effective corporate tax rate of the US - what corporations actually pay after their accountants dig out every deduction - is one of the lowest in the world for industrialized nations."

You know why this mutt is one of the worst commenters ever? He almost never provides a link to back up his so-called facts. The link below says the U.S. is third highest. Mr Ever is full of crap, as usual.
http://worthwhile.typepad.com/worthwhile_canadian_initi/2008/08/statutory-and-effective-corporate-tax-rates-across-countries.html