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It's no mystery that both men running in this election have money.
Barack Obama, along with being a senator who draws a decent salary, is also a best selling author. His two books have pushed him well into a high tax bracket.
John McCain and his wife have a net worth of somewhere in the neighborhood of 120 Million dollars (Close to 5 times what Obama would have on his richest day).
And here's the telling part.
Barack Obama the man would not benefit from President Obama's tax plan. He would pay about $140,000 more in taxes. His economic Advisor Warren Buffet would be hit equally as hard. And they both still think it's better for the country to such a degree that it would be worth it..
ON THE OTHER HAND
John McCain's Tax plan would benefit..Guess Who?... Well it sure isn't Joe The Plumber.
----------- Last week, Sen. John McCain (R-AZ) proposed temporarily cutting the capital gains tax from 15 percent to 7.5 percent. On Friday, the McCain campaign released Cindy McCain's 2007 tax returns, which show that the McCains made $746,395 in capitals gains last year. A new analysis by Michael Ettlinger, Vice President for Economic Policy at the Center for American Progress Action Fund, reveals that McCain's capital gains cut would have reduced the McCains' taxes by $55,980 in 2007. This is on top of the more than $350,000 that the McCains would have saved due to the Senator's other tax proposals. ------------
What a surprise!
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That Fertilizer that McCain has been spreading about "Socialism" (Eeek!) is really a big smoke screen to distract from the fact that his tax plan is built on making sure that the middle class never gets a strong foothold and cannot give the ruling class a serious challenge. McCain's tax plan is socialism for the rich to protect them from the unwashed masses.
Cops, Firemen, schools, street lights, the national guard, a standing army, medicare, the national weather system, the FDA, CDC, SEC..all fall well within the definition of socialism. Socialism as we practice it in this country is essentially Collective Bargaining! We get together as citizens because none of could afford our own police force and we realize that murder, theft, rape and assault are damaging to everyone. That's the kind of socialism we practice in this country and people like "Joe the Plumber" bitch about it until their house catches fire.
McCain is ALL ABOUT the redistribution of wealth... but Upwards! The Bush tax cuts were made on the backs of the Middle and working class.
To be taxed at a higher rate under Obama's tax plan you have to NET(!)$250,000 in profit as a small business! NET! and you only pay taxes on the amount OVER $250,000! after you pay out all your costs. There is NO WAY. That somebody in "Joe The Plumber's" situation would make that much money!
Obama's tax plan brings the taxes back to what they were under Clinton. Back when we had a balanced budget and a surplus! "Why should the government get a surplus?" I hear you say? One word - KATRINA. The government should have a surplus for emergencies just a like any household! That way we..the money earns interest until it is used which benefits the citizenry and when we need it we don't have TO BORROW IT FROM THE CHINESE or the SAUDIS!
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Bottom line -
Obama's tax plan is about the betterment of the country in a very difficult time.
McCain's tax plan is all about... The McCains
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UPDATE - A few people have been wanting to post comments saying that Obama's plan will be bad for "Small Businesses" and ironically when you ask them what their business is they fall into the category where they will NEVER make over $250,000 dollars a year in PROFIT. It's crazy. It's like they are afraid they will be taxed on their fantasy! "Dude, My Ebay business pulls in like $27,000..if I ever hit it big I don't wanna be taxed! Fuck those poor welfare bastards!" "What about veterans?" "Them too! Get a job!"
The other reason they give is that people won't be motivated to succeed if it will make them pay more taxes! WHAT? Are you out of your mind??!?! First of all whatever happened to succeeding out of a personal sense of value? And second...Anybody who would pass up the chance to make a million dollars so that they wouldn't have to give an extra THREE PERCENT of it away is in fact AN IDIOT and probably incapable of that kind of success. REALLY? a %3 change in your taxes would eliminate your motivation to succeed? then you are a loser and you will always be a loser. "Boo hoo! I don't wanna try any more! an extra %3 percent of my income is going to roads in W. Virginia that I'll never drive on..so I quit!" That's just Crazy.
And my favorite reason is that Small businesses will somehow have their taxes raised, pass on their expenses to the consumer and will lose business and therefore have to layoff workers and this will ruin the economy... Okay... if a 3% raise in your price will drive away consumers in mass... your service or your business either sucks or is easily replaced or undersold by a competitor (but then what motivation do you have to make it better? you'd only have to pay more taxes!)... secondly if the idea of more middle class people being able to AFFORD your service therefore giving you a larger customer base, doesn't give you hope then you must sell caviar spoons or Yacht Wax.
God save us from people who memorize the dust flap of Atlas Shrugged and think they are the inventor of Rearden metal.
4:56 AM
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