Comments on: Obama vs. McCain – Economy(II) http://waternoice.com/2008/09/08/obama-vs-mccain-economyii/ Online magazine for Indian Americans in the Bay Area Mon, 21 May 2012 15:29:36 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: katty http://waternoice.com/2008/09/08/obama-vs-mccain-economyii/comment-page-1/#comment-1973 katty Thu, 06 Nov 2008 18:28:47 +0000 http://waternoice.com/?p=768#comment-1973 No, the only difference between the two plans is not that one will not raise taxes while the other will do so on the top 5%. An important difference is that the bottom 40% that do not pay taxes will still get a tax "refund," or more aptly defined, a welfare check. It is income redistribution for no other reason than to put $500-$1000 in the pockets of the lower class. Maybe the Obama administration believes that this will stimulate the economy? Hard to imagine. No, the only difference between the two plans is not that one will not raise taxes while the other will do so on the top 5%. An important difference is that the bottom 40% that do not pay taxes will still get a tax “refund,” or more aptly defined, a welfare check. It is income redistribution for no other reason than to put $500-$1000 in the pockets of the lower class. Maybe the Obama administration believes that this will stimulate the economy? Hard to imagine.

]]> By: Vidya Pradhan http://waternoice.com/2008/09/08/obama-vs-mccain-economyii/comment-page-1/#comment-1364 Vidya Pradhan Mon, 06 Oct 2008 01:49:24 +0000 http://waternoice.com/?p=768#comment-1364 Taxation in the United States is an incredibly complicated and messy thing and I would not presume to understand all the ramifications of the candidates' plans fully. However, if I understand the basics correctly, the difference between the two candidates is that one proposes no increase in taxes and the other proposes increasing the taxes on people earning more than $250000 a year. To you, and many others in higher tax brackets, it smacks on unfairness and in a time of prosperity and lower levels of income inequality, I would agree with you. But these are no ordinary times. The country is deep in debt, funding is at risk for things like education( believe me, I can see it happening right before my eyes in the schools my kids go to). Think of it as an emergency measure to rescue the US from the incredible profligacy of the last 8 years. On a side note, if you really believe that John McCain will honor his promise to not increase taxes, then either your candidate has no understanding of the dire situation the country is in, or you are going to be pretty disappointed next year. I seem to remember another politician saying a while ago -"Read my lips, no new taxes" and look how that turned out. Taxation in the United States is an incredibly complicated and messy thing and I would not presume to understand all the ramifications of the candidates’ plans fully. However, if I understand the basics correctly, the difference between the two candidates is that one proposes no increase in taxes and the other proposes increasing the taxes on people earning more than $250000 a year.

To you, and many others in higher tax brackets, it smacks on unfairness and in a time of prosperity and lower levels of income inequality, I would agree with you. But these are no ordinary times. The country is deep in debt, funding is at risk for things like education( believe me, I can see it happening right before my eyes in the schools my kids go to). Think of it as an emergency measure to rescue the US from the incredible profligacy of the last 8 years.

On a side note, if you really believe that John McCain will honor his promise to not increase taxes, then either your candidate has no understanding of the dire situation the country is in, or you are going to be pretty disappointed next year. I seem to remember another politician saying a while ago -”Read my lips, no new taxes” and look how that turned out.

]]> By: Doug http://waternoice.com/2008/09/08/obama-vs-mccain-economyii/comment-page-1/#comment-1354 Doug Sun, 05 Oct 2008 20:27:49 +0000 http://waternoice.com/?p=768#comment-1354 Facts are a stubborn thing. The bottom 50% of American income earners pay less than 5% of the income tax. If you do not believe me here is one link that will give the details http://www.american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes . The only way that Obama can cut taxes for 95% of Americans is to cut them a check to supplement to subsidize their income. Actually Obama has mentioned this in interviews. By lifting the caps on Social Security, he will fundamentally change it from retirement savings into a vehicle for income redistribution. What is strange is that this will cause revenue from income tax to drop. Remember we do not pay income tax on the money taken for Social Security. As Americans we have to ask ourselves why we have a tax system. If you believe it should not hinder economic growth and generate revenue then vote for McCain. If you believe it is suppose to force fairness then vote for Obama. Just remember it is easier to be generous with another person’s money. Facts are a stubborn thing. The bottom 50% of American income earners pay less than 5% of the income tax. If you do not believe me here is one link that will give the details http://www.american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes . The only way that Obama can cut taxes for 95% of Americans is to cut them a check to supplement to subsidize their income. Actually Obama has mentioned this in interviews.
By lifting the caps on Social Security, he will fundamentally change it from retirement savings into a vehicle for income redistribution. What is strange is that this will cause revenue from income tax to drop. Remember we do not pay income tax on the money taken for Social Security.
As Americans we have to ask ourselves why we have a tax system. If you believe it should not hinder economic growth and generate revenue then vote for McCain. If you believe it is suppose to force fairness then vote for Obama. Just remember it is easier to be generous with another person’s money.

]]> By: Ben http://waternoice.com/2008/09/08/obama-vs-mccain-economyii/comment-page-1/#comment-1276 Ben Tue, 16 Sep 2008 22:33:02 +0000 http://waternoice.com/?p=768#comment-1276 Obama keeps crying about how bad the economy is, but if Americans are hurting so bad, how come they were able to send Obama 66 million dollars last month? ... And, tonight Obama is asking Americans to give him $28,500.00 each for the Obama/Streisand fund raiser dinner. Two faced Obama has no credibility. No Wright, no Farrakhan, no Pfleger, no Rezko, no Ayers, no mean Michelle, and, NOBAMA !!! Obama keeps crying about how bad the economy is,
but if Americans are hurting so bad, how come they
were able to send Obama 66 million dollars last month?
… And, tonight Obama is asking Americans to give him
$28,500.00 each for the Obama/Streisand fund
raiser dinner. Two faced Obama has no credibility.
No Wright, no Farrakhan, no Pfleger, no Rezko,
no Ayers, no mean Michelle, and, NOBAMA !!!

]]>