Enough Palin. Lets get back to Obama's tax cut. one of the most important issues of our time

[FogerRox]

With all the bru hahah since the Sara Palin pick, its seems that Obamas comment in the speech at Mile High about giving a tax cut to 95% of working families, has gotten the short end of the stick.

On June 30th, 2008, THe Chicago Sun Times wrote:

( Raising taxes on the Uber Wealthy )

Obama says he would hike several taxes on people making more than $250,000, including the amount they pay on capital gains. Currently, the top income tax rate is 35 percent. Under Obama, that would go back up to 39 percent. Obama's staff told the Urban-Brookings Tax Policy Center he would raise the rates for people in the top two brackets -- about 2.5 million filers out of 100 million-plus. People in those high tax brackets would see the tax rate on their capital gains hiked from the current 15 percent to 20-28 percent.

IIRC President CLinton had raised the top rate to to 39%. Clinton also had some small business tax breaks that were good. Out next President takes a similar tact.

Obama will also eliminate the capital gains taxation of star up businesses..... ..... reducing the self employment tax for small businesses....

I heard an economic adviser to Barrack Obama on the radio, he said that President Obama will give a a tax break of 50% of the health insurance cost to businesses that give health insurance to employees. A link to the WSJ has the same information here.

Now to be fair, FDR raised the top tax rate to 70% around 1936, and as high as 91% soon after. My parents worked thier way out of the Depression and won WW2 with a progressive tax, When I was born in 1958 the top rate was 91%, from the 1960's thru to 1981 the top rate had settled at 70%. Then in 1981 Reagan cut the top tax tax rate to 28%. The start of full spectrum class warfare on working people, the plan was to take your jobs away, and later your homes.

So Clinton just reduced the regressivity of the Reagan & Bush Sr's tax rates, by raising the top rate to 39% In a worse case scenario, in a year or 2 our economy may need shock therapy, a $10 an hour minimum wage, 70% top tax rate, and a freeze on foreclosing family homes. My enthusiasm is dampened a bit by Obamas plan, never the less it is a good solid plan. To rebuild our Middle class requires Strong Labor rights, Education rights and a progressive income tax. Throw in a good does of Keynesian economics, deficit spending to create jobs to build infrastructure, and we should be OK. Our existing infrastructure is in dire need of replacement. Those people on that bridge in Minnesota will likely agree.

On the death tax

The two candidates differ widely in their approach to the estate tax, which the Republicans call the "death tax." McCain would set it at 15 percent for estates above $5 million. Obama would set it at 45 percent for estates above $3.5 million.

Eliminate Income Taxes for Seniors Making Less than $50,000.

End Tax Breaks for Companies that Send Jobs Overseas.


The Washington Post has a wonderful graphic, a McCain Obama comparison chart is here.

Obamataxcut.com has a tax break calculator here.


This conversation never really happened, though seeing the press actually writing that Palin was lying about the bridge to nowhere (WSJ), was very pleasing, but Obamas economic plan deserves coverage, and I hope everyone talks it up a little more.

[Greyskye]

1. I've used that Washington Post graphic with great results

I have it posted outside my office cube, with a large heading over it that reads:

WHICH TAX BRACKET ARE YOU?

Most people who stop and read it are amazed, as they bought into the right-wing spin that McCain has a more advantageous tax plan. It's a great conversation starter, and at least one person has made a copy of it to take home and share.

:woohoo:

[FogerRox]

2. Its a great graphic.