General Question

jvgr's avatar

Do you KNOW what affect each candidate will have on your income taxes?

Asked by jvgr (1940points) November 3rd, 2008

Seems to be a lot of misinformation floating around. Here is an analysis by the Tax Policy Center – a CONSERVATIVE site.
Income Tax

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26 Answers

PupnTaco's avatar

Obama’s plan will effect my income taxes by reducing them dramatically. McCain’s – not so much.

EmpressPixie's avatar

Yep, tells me what I already knew: I save, save, save with Obama.

Nimis's avatar

Jvgr: Effect.
PupnTaco: Affect.

[Back by request?]

EmpressPixie's avatar

Nimis: 7 statistical courses, high school english quizzes out the wazoo, and a very strict history teacher and I still get those mixed up all the time. That’s why I avoided saying either. :)

Nimis's avatar

I only mentioned it because I found it ironic that PupnTaco was correcting Jvgr.
Though maybe that was supposed to be ironic and I totally missed that.
Gah. Hate being a nit-picker though, so I edited it.
But you’re too quick with the lurve. Doh!

La_chica_gomela's avatar

It’s impossible to know anyway. Each of them would have to get his plan passed by Congress. It doesn’t just automatically take effect because they propose it. So no, I don’t know but neither do you.

Nimis, don’t edit it out! It’s confusing to people who join the thread later! Don’t worry about being the nitpicker! I saw ironic humor in it too.

jvgr's avatar

@La_chica_gomela: Get a grip…and, duh, thanks for the civics lesson. Using your logic, or lack thereof, there is no basis for voting for either candidate since virtually everything they propose will have to go through congress.

laureth's avatar

Exactly what La Chica Gomela said. At this point, these are just PLANS and HOPES (or dreams, if you will) that have to be refined, and passed into law by the branch of government that is supposed to be holding the purse. Until then, the tax plans are just “vote for me” happy talk with no bearing on reality.

Skaggfacemutt's avatar

I know what effect each would LIKE to have, but again, it has to be passed by Congress. It is my opinion that the Republicans benefit the rich and the Democrats benefit the poor, so I guess it depends on if you feel rich or if you feel poor. Right now we are all feeling pretty poverty-stricken, so I think Obama’s going to win.

mstar80888's avatar

Hahahahahahahaha….gasps for breath…Hahahahahahaha. Really, as the astute people before me have stated, you can never know for sure. Traditionally, the dems = higher taxes. The past 8 years were an anomoly due to the war on terrorism. I foresee that we will win the war on terrorism sooner than later, because most decent humans will eventually come together and stop the mayhem, the economy will have already jumped back, and Obama will start his redistribution of wealth plan. Another thing, if Obama does not get elected, there will be rioting in the streets and a lot of people will get hurt. America will suffer either way.

laureth's avatar

@mstar: Well, traditionally the Republicans are for smaller government, fiscal reponsibility, and legislating for the people only that which they can’t do for themselves – and those haven’t happened lately either.

Heck – the Republicans started out as a single-issue party advocating an end to slavery. Now, the Republicans seem to be advocating low minimum wage and less regulation on big companies (to whom they redistribute wealth), which is the closest thing we have to slavery in the country today. Quite an about-face, Republicans!

mstar80888's avatar

I disagree with your point that big companies get redistributed wealth. The big difference is, that wealth came from those companies in the first place. So if I paid $100k in taxes last year, and I get 5%, $5k, back that is redistributing the wealth? And someone who did not pay any taxes, $0 dollars, gets $2000? This kind of social model has been shown to stagnate growth, initiative and creativity in the people who practice it. The republicans traditionally make healthy business which equals lots of paying jobs which equals everyone is happy and striving to better themselves.

Mizuki's avatar

Laureth—good point. Lurve to ya—the largest redistribution of wealth in the history of planet earth has occured over the last 8 years. Just don’t blame republicans, just because they controlled all 3 branches of Gov…It’s gotta be Clinton’s fault in some parellel twisted bizarro world.

and mstar—cameraobscure, is that you? mstar——all the growth and economic health we have right now really proves that the repubican model works well, huh?

Even Alan Greenspan said in front of Congress last week that his lifelong idealogy has been proved incorrect…

but for sure mstar know’s better….

laureth's avatar

mstar – all taxation is redistributed wealth. I’m surprised that more people don’t understand that. Anybody (or any company) that receives subsidies, or that benefits from public works, is on the receiving end of some kind of “socialistic” plan.

If the Republicans make healthy business, I’d like to see it happen. They’ve had 8 years, and now we’re seeing massive layoffs every day. I know lots of people that could use well-paying jobs. Sadly, I think too few of the businesses are TOO healthy (think Halliburton). I’m pro-more healthy business, but I just don’t see the Republicans doing that lately.

laureth's avatar

@Mizuki: you say, “It’s gotta be Clinton’s fault in some parellel twisted bizarro world.”

Heh. When we had a long period of peace and prosperity under Clinton, I was told that it was Reaganomics finally “trickling down,” too.

mstar80888's avatar

Well, I guess if you do not read my statements clearly you could in some way think that I said it was the republican model I was referring to. What I was refering to was Capitalism vs. communism/socialism. Big difference between that and what you are talking about. I agree, the government has screwed up big time. I blame both parties and politicians in general. I am not a republican just because I do not believe in the Democratic political machine. The logic displayed is lacking.

laureth's avatar

@mstar: “The republicans traditionally make healthy business which equals lots of paying jobs which equals everyone is happy and striving to better themselves.” Sorry, I thought that was what you said.

Mizuki's avatar

mstar—and the Gov. buying Banks and Insurance companies is not Socialism, initiated by Conservative Republican administration? 25 Billion to GM and Chrystler is not Socialism? 12 Billion dollars in tax credit to Exxon, is not Socialism?

These folks don’t object to socialism for the rich, but give a poor kid a plate of beans, and OH MY God—Marxism! Socialist! Commie Pinko Momma!

I just threw up in my mouth a little….uh….

I agree that your logic is lacking.

Mizuki's avatar

laur——go girl!

mstar80888's avatar

You would never understand what it is like to have only a plate of beans as your only meal a day. Watch out with those kinds of analogies, it hits me very close to home. Yet, my family has never taken a handout and we made it just fine. I do not want any money except what I already put in. That is what the companies get, they get back a portion of what they put in. That is way different than the types of handouts that are planned.

BronxLens's avatar

By the way @mstar, welcome to Fluther!

AlfredaPrufrock's avatar

The legislation will have to come out of the House of Representatives.

laureth's avatar

@mstar, Actually, I would. Sometimes we only had ramen or potatoes for dinner when I was growing up. That is why I look with a critical eye on the large subsidies that some big corporations are given.

[In agriculture, for example, it’s the very large corporate megafarms that recieve the vast majority of farm subsidies. (These are the farmers of commodity corn and soy that go into making almost all the junk food and that goes to fatten up cattle, which is why junk food is cheaper than healthy food and helps poor people get fat.) Meanwhile, farms that grow healthy food like fruits and vegetables don’t get nearly as much in subsidies, if any at all. These subsidies come from tax payers like you and me, or, more likely, from adding to the national debt, and are a great example of what I’m calling a “redistribution of wealth” to the richest tier at the expense of small business and the People.]

And oh yeah, welcome to Fluther. I hadn’t noticed you were that new. :)

mstar80888's avatar

Oh? One meal a day? No breakfast or nothing huh? I doubt that seriously with all the school programs we have, but it is possible. As for big corporations getting large subsidies, the way I look at it, they paid a lot of taxes and provide a lot of jobs. If I paid a lot in taxes and provided for my community in some way I would expect something in return also. It is called incentives. It makes investors happy, making money go around. I worked hard and went to school and now I make good money. My reward is to give my hard earned money to politicians who I do not trust at all. We have all heard the nightmare stories of how politicians waste our money. It will only get worse before it gets better.

augustlan's avatar

@mstar: I grew up very, very poor. Born in 1967, we had no breakfast or dinner programs at school, but I did qualify for free lunch. One winter the only shoes I had were my summer sandals, and I had no gloves at all. A kind teacher gave me shoes and gloves from the lost and found. My mother was a single mother, who worked her entire life, and yet we did have to go on welfare for a short period of time. We frequently had no phone, and almost as frequently had no electricity. So, believe me when I say I know about being poor.

As an adult, I have also lived on the other side of things, being the first in my family to live a privileged life as a stay-at-home mom with a big house and 2 cars in the suburbs. I am still a Democrat…just because I got mine, it doesn’t mean I should forget all those who strive and work and do their level best, but can’t get there.

La_chica_gomela's avatar

JGVG, You’re welcome for the civics lesson. I’m glad I could help you understand.

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