Tuesday, October 14, 2008

Taxes. A political story

These bullet points are taken from an email that I received recently, discussing the difference between the tax cuts offered by each party. I found some points very interesting. The bolded bullet points are the unedited points in the email (which I would be happy to share with you if you like); the non-bold sentences are the thoughts that I could not contain.

· Currently, 30 percent of all Americans who file a tax return pay no federal income tax but receive credits, handouts and deductions.

"...credits, handouts and deductions" such as child tax credits and tax free income for the men and women currently serving their country in the Middle East.


· The percentage of tax filers who do not pay any income tax under Obama would rise from 30 percent to roughly 44 percent.

Due to the increase in the child tax credit that Obama proposed, presumably. In fairness, both candidates recommended an increase in the tax credit, so I guess this statement would also work against McCain.


· Riding for free, nearly half of America will consume a majority of government handouts and services, while the other half foots the entire bill and covers the entire cost of government.

"...riding for free..." I can't get past this statment! People who work and make less than $40K *do not* ride for free. They work hard, they pay taxes, and the receive tax credits which fairly reduce the amount of federal taxes they pay. We are not talking about welfare recipients here; we are talking about the people who literally provide your bread and butter.


· He seeks to punish our most enterprising and successful citizens – those who create companies, hire workers and pay benefits – by making them pay for everything else too, while 44 percent of Americans use the government’s benefits and services for free.

· The wealthiest 1 percent of our population generates 19 percent of our country’s total income, but they pay 39 percent of all income taxes.

Help me with this one; does it not make sense that someone who makes $225,000 pays more taxes than someone who makes $25,000?


· The wealthiest 1 percent of our population generates 19 percent of our country’s total income, but they pay 39 percent of all income taxes. The top 10 percent pay 68 percent of the tab. By contrast, the bottom half of wage earners bring in 13 percent of total income, but pay only 3 percent of all income taxes. It is this last group that Obama thinks pays too much and deserves a bigger break.

To whom much is given much is expected. We can safely say that the "wealthiest 1 percent of our population" make millions of dollars a year ... I fully expect them to pay more in taxes than someone whose earnings are in the bottom half. My argument is made for me - "the bottom half of wage earners bring in 13% of the income." Meaning that half of the people with jobs are making 87% of our country's total income.

3 comments:

  1. I think the biggest problem with taxes in general is that everything is so convoluted. Politicians on both sides can twist things to look however they want, and we have no clue. I think the best thing would be to go to some kind of flat tax or consumption tax--something people can actually have some control over themselves.

    I don't know a whole lot of details about Obama's tax plan (or McCain's, either, for that matter), but the tax increase on small businesses making over $250,000 worries me. I don't think people realize how many businesses that would include (I do not in any way believe it is just 5%), and I think a lot of jobs will be lost if this happens. Instead of trickle down, it is going to be a flood, with the workers getting hit the hardest.

    I don't have a problem with paying more if I make more (well, let's be realistic--I haven't had anything to pay taxes on in 4 years hehe), and I agree that "to whom much is given much is expected"--my problem is that I am not sure that so much should be expected by the government. Especially a government that cannot control itself. It is easy for me to say that someone making $5 million can stand to give up some for the common good, but what happens when the government decides that it is too much if you make $1 million, or $500,000, or $100,000? I think that at some point personal responsibility comes into play and if people are taxed more there is less to give to charitable organizations and less incentive to excel. Why should my husband want to open his own practice if he is going to be taxed to the eyeballs? Why not just do some lower level job? And in the mean time, people complain about access to care...

    OK I am jumping off my soapbox now and going to go draw up plans for my compound. hahaha I have certainly become a nerd in my old age. : )

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  2. Jen, I agree with you! :) It's a crazy, convoluted system. I just hate when one side tries to "na-na-na-boo-boo" the other side and they twist the "facts" to make them look better when all sides have problems. That's when I drag out my soapbox.

    Small business owners definitely have it hard enough (I think they should be given breaks like people earning under $100k/year should be), and I believe that there should be a percentage that doesn't waver - be it 10% or what have you. I think the government is bloated and they need to put a cap on federal salaries to get all of those in office earning under $100k (hello, public servant anyone?). And I think that there should be a way to tax large corporations fairly that prevents them from passing the costs on to the consumers.
    (I'm Mari Farthing and I approved this message - HA!)

    The government really riles me up. I'm not a republican; I'm not a democrat. I'm a "seriously, can't we find a way to do this without lying, cheating, and manipulating?" kind of girl!!

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  3. And don't you think that they should only be able to vote on one thing at a time?? I am so sick of this "He voted for/against this" and it was because it was stuck on some other thing (or 3 or 4 things) that had nothing to do with it.

    Would you like me to let you know when the lady across the street puts her land on the market? We can make our own little country! haha

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