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StumbleLETTER TO THE EDITOR:
McCain is wrong about taxes’ effect
Monday, Oct. 13, 2008 | 2:04 a.m.
John McCain just doesn’t get it. He opposes Barack Obama’s plan to reinstate the income tax rate for those earning over $250,000 per year to what it was prior to George W. Bush. His reasoning is that it will hurt small businesses and cause layoffs.
I was a small-businessman for 20 years and unfortunately never made the $250,000 level, but had I made that much, I wouldn’t suddenly say to myself, “Now that I have made $250,000 I can hire more people.”
Any good businessperson will hire people only if they are needed to properly handle the existing business or if adding personnel will result in more business and profit. It is called “return on investment” and will dictate the hiring of people whether the owner makes $25,000 or $2.5 million.
McCain mentions only that returning to the prior tax rate will hurt small business. He fails to include basketball players who earn $10,000 a game, golfers who make $1 million per tournament, actors who earn $20 million a picture and, most important, Wall Street financiers and corporate executives who earn millions a year and then ask for help from the government.
Returning to 2000 tax rates for those making over $250,000 will not cost jobs and will give the federal treasury much-needed billions of dollars. Tax cuts don’t make more jobs. Proof of this is in the last eight years. Although the labor force has gone up, it has not kept pace with the population increases.
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Obama has a cheeseburger plan.
He is offering $1.95 more a day in middle class tax cuts than McCain's plan.
The $1.95 is like when Caesar would throw bread to the mobs of citizens to keep them happy.
I guess Obama is throwing happy meals at the mobs of citizens.
At the same time, Obama will increase taxes on job creation capital investments.
He will move money from a productivity pool to a consumption pool.
McCain will reduce taxes on job creation capital investments.
If you want more McDonald jobs then vote for Obama.
If you want more Boeing jobs then vote for McCain.
Must read on the financial mess:
http://online.wsj.com/article/SB12221294...
When you want less of something, tax it. When you want more of something, cut the taxes on it. Let's see what Obama wants less of , higher energy taxes is less energy, higher taxes on employment is less jobs, higher taxes on people doing well is less people doing well. This all makes good policy except who is going to be there to provide the rest of us with our subsidy checks.
Thanks Mr. Maw. Please send some of your Mesquite teachers here, as many people in Las Vegas cannot seem to think hard enough to understand such simple concepts. p.s. Vote Ron Taylor for district B.
Well said, Mr. Neiman. We've spent the last eight years cutting the taxes of the wealthy and they have prospered as never before. The wealthiest 1 percent of families owns roughly 34.3% of the nation's net worth, the top 10% of families owns over 71%, and the bottom 40% of the population owns way less than 1%. The bottom 60% of the population - that's over half the country - holds less than 5% of the nation's assets. The share of the nation's total wealth held by the richest few has been increasing over time, as well.
I'm glad you see the justice in this. I look forward to more of your missives calling for keeping taxes on the rich as low as possible.
I guess by your logic, if we raise taxes on the poor there will be fewer poor people as it will no longer be so profitable.
Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.
Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama-Biden plan, 27 million American seniors will also not need to file an income tax return.
Simplify Tax Filings for Middle Class Americans: Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
Support Small Business
Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama and Joe Biden will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama and Biden will also support small business owners by providing a $500 "Making Work Pay" tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.
Create a National Network of Public-Private Business Incubators: Barack Obama and Joe Biden will support entrepreneurship and spur job growth by creating a national network of public-private business incubators. Business incubators facilitate the critical work of entrepreneurs in creating start-up companies. Obama and Biden will invest $250 million per year to increase the number and size of incubators in disadvantaged communities throughout the country.
Why is everyone so afraid of Obama? Is it because he talks about change and helping middle-class Americans? Or is it that he dare challenge the rich on soft taxes?
Creating a new Obama "Making Work Pay" tax credit of up to $500 per person, or $1,000 per family, is what it is for those 44% of American who do not pay Federal income taxes.
A welfare check of $1.37 per day for a working 20 year old, or $2.74 per day for a working family of four.
Not enough for a happy meal.
But this is enough based on years of ACORN studies to bribe someone to vote for Obama.
Obama changes his tax plan every month.
He is attempting to buy the election.
That is like Ceaser throwing bread to the mob.
I hope voters will not sell their vote for a couple of bucks a day.
He keeps throwing out new spending or tax cuts like it is candy.
If he is elected then most likely he will be the trillion dollar man in budget deficits.
hey nance what if i don't like cheeseburgers,
can i have like, a chili-dog?