Jack Welch, former CEO of GE was on the news this morning.
Tax policies and business climate in the state of Rhode Island depict what would happen in the United States if the Obama tax plan takes hold.

Rhode Island has the highest business taxes in the nation, and as such no business wants to be in Rhode Island. M

Who’s going to create jobs? McCain or Obama?

Perhaps the grocer, the baker, or the blacksmith needs some help.

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More like abomination. Obama wants to write checks for tax cuts, and give them to people who don’t pay taxes.

He says McCain has it wrong. People pay all kinds of taxes and may not pay federal income taxes.

Technically true but; What kinds of taxes is he talking about? Sales Tax? Isn’t that a local tax. Used to support State and Local programs. How can the federal government refund those taxes?

Easy: They can’t.

So where will Obama get the money to give tax cuts to people who don’t pay taxes. Well from those who do, of course.

Obama funds his programs...

Obama funds his programs...

Barack Obama consistently votes for, or votes present, on issues relating to increasing taxes and transferring wealth from those who have worked for it to those who do not. This is not an issue of having empathy for those in need. I can’t think of many people who don’t. What is at issue is how do we help those in need? Do we make them forever dependent on the state or is the help temporary until they can support themselves?

Sure, sure, Barack Obamas ‘PLAN’ says is lowers taxes on everyone except the rich, and the rich is defined as anyone earning over 250k. Now that the dollar has been devalued so much, what will 250k be equivalent to a few years from now? How is rich defined?
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The George Bush tax cuts, you know, those tax cuts for the ‘rich’ (democratic code word for anyone earning a salary) are not permanent. They are set to expire in the next presidents term. If they expire income taxes will go up for everyone, the tax credit on children will go back down, estate tax (death tax) maximum will go back up to 60%, marriage penalty will be revived, and capital gains taxes will increase. So if you’re married, or have children, or own a house, or have a retirement plan, UNDER AND OBAMA PRESIDENCY YOU ARE SCREWED.

Obama voted against extending the current tax rates in all of these areas.

If Obama wins:

The Bush tax cuts that have played such an integral role in our emergence from the last recession and our admirable growth over the last six years will expire at the end of 2010. That event, if allowed to occur, will represent the largest tax increase in American history-as much as $2 trillion over 10 years by some estimates. This compares with the Clinton tax increase that was scored at $240 billion over five years.

From “Ticking Tax Time Bombs” by Dr. Martin Regalia

Under an Obama presidency, when you sell your home and make a profit, you will pay 28% of your gain on taxes. Under an Obama presidency, if you are looking toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. The elderly, whose home is their biggest investment, GET SCREWED.

Under a McCain tax plan, you will pay zero taxes on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

Under an Obama presidency, If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes.

Under a McCain tax plan, the that tax rate stays the same at %15.

Obama doesn’t have to do anything to raise taxes, he doesn’t even have to mention it in his plan, all he has to do is vote present. that’s because its the Congress that decides what plan gets passed. If his doesn’t pass, and they do nothing. Like magic, taxes will increase.

You may also want to research and understand the Alternative Minimum Tax or AMT.

The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax.

The AMT threshold is not indexed for inflation so that over time, the real income threshold declines and the fraction of taxpayers subject to the AMT rises over time. This is known as fiscal drag or bracket creep.
–Wikipedia

Oh yeah… John McCain will permanently repeal the Alternative Minimum Tax (AMT) — a tax that will be paid nearly exclusively by 25 million middle class families.

Perhaps we should ask Barack his position on taxes.