How to set co-worker straight?

[MadinMo]

A co-worker stopped me today and asked where Obama stands on Capital Gains and Inheritance taxes. He says he will vote SOLELY on these issues. He also plans to advise his adult children to vote accordingly. I told him I'd check online and get back to him.

I sent him the information at factcheck.org that came out in response (and rebuttal) to the email from a week or so ago that claimed Obama is going to raise ALL of our taxes.

http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html

The factcheck.org information basically tells us that unless we make oodles and scads of money our taxes will not be raised.

Is there anything better I can show him for reference?

There are at least 6 votes at stake here, and I'd like to sway them in our direction.

[Captain Hilts]

1. Unless your friend plans on inheriting over $2million, they should ignore the inheritance issue.

The "Death" tax hits only the top .05%.

Unless they earn over $90K, they pay more in payroll taxes than income taxes.

[jobycom]

2. If his only criteria for voting is making sure rich spoiled kids can live off Daddy's hard work

even after he's dead without have to pay a fair share to the society that helped Daddy get rich in the first place, then he's not likely to make wise decisions on anything in his life. I wouldn't stand next to him while he's playing with matches.

[gratuitous]

3. Does he have an estate valued at more than $3 million?

Then he's worried about nothing, and probably not very intelligent. Why does he think the offspring of robber barons deserve to keep every penny of their ancestor's ill-gotten gains? Shouldn't they work to earn their own keep? And isn't the society that provided the fertile ground for someone to amass a huge fortune entitled to some of that accumulation? What can a rich man's son buy with $10 million that he can't buy for $5.6 million? And is it really so unfair to get along with a measly $5.6 million instead of $10 million?

[MadinMo]

4. He had heard the inheritance tax will increase to 48% under Obama.

I should have asked him where he heard that, I guess.

[Lex]

7. Isn't there an federal exemption up to 3 million dollars? Is his estate worth over

3 million?

[gratuitous]

9. An excellent place to start

Where does he get this information, and if that same source told him the moon was made of green cheese, what would his reaction be?

[firedupdem]

5. Anybody casting a vote based on ONE issue is a loon! nt

[ColbertWatcher]

6. This is an interesting question. I don't have an answer, but ...

... I do have a related question: will either the Capital Gains or Inheritance taxes be effected by a shitty economy? Especially considering what's happening today?

[MadinMo]

8. Good question.

[DainBramaged]

10. Simple

[Lex]

11. Here is a bit about Estate Taxes (also wrongly called 'death taxes' by the Rs)

http://www.smartmoney.com/estate/index.cfm?story=estatetax

[Wickerman]

12. The issue won't affect him if he is a co-worker and by some chance

if he made enough to be included in the federal inheritance tax, which is a considerable amount, and he paid all his taxes, then he should have gotten a better tax accountant.

[EC]

13. He said straight out those taxes would stay as they are and I think

they upped that to over $3 million before it even kicks in this year...so it'll remain the same...check barackobama.com to check it out yourself, but he says in every economic speech, he will not raise your income taxes, he will not raise your estate taxes nor your capitol gains....

[Tangerine LaBamba]

14. Oh, please

This guy is playing with "rich people" issues, when, my guess is that he's hardly a "rich person."

With all that's going on in our country, he's basing his vote solely on a candidate's stance on taxes?

Ask him what McPOW's stance(s) have been on capital gains and death taxes. Bet he doesn't know.

He just doesn't want to vote for Obama.

[tjwash]

15. Well, before you even go into that, where does he stand? Is he a conservative historically?

Because if he is, and he has a 3 million dollar estate (the only ones really affected on inheritance taxes), you may be wasting your time with him. At least, that's been my experience. The golden rule that I follow about republicans is that there are 2 types...those that have everything and damn well want to keep it that way, and those who have nothing and blame liberals and minorities for it.

If he's in the first group, all the pushing and prodding in the world won't help. If he's in the second group, you may be able to help.

[MadinMo]

16. My guess is that he is somewhere in between the two types you mention.

I doubt he has a huge estate, but he does notoriously like to squeeze the nickels he spends. My first guess is that he is conservative through and through.

Just the fact that he asked me about Obama I thought was good news. It may be true he just doesn't want to vote for him, but when he said he would advise his kids accordingly he said "they just may be voting Republican this time" which sort of led me to believe that his kids at least don't lean to the right.

Thanks for the comments and suggestions everyone.

[Rainngirl]

17. tax facts

A friend of mine boiled it all down into a simple, one-page inventory for even the "uninformed voters":

Tax Policy Center and the Urban Institute’s analysis of both candidates' tax proposals: Under Obama's plan, the top 2.5 percent of filers would see their tax rates return to what they were under Clinton.

Taxpayers' Income McCain Plan Obama Plan

$227,000 or more
(5% of population): Pay $15,000 less $23,000 more

$112,000-227,000
(15% of population): Pay $3,200 less $2,300 less

$66,000-112,000
(20% of population): Pay $1,009 less $1,290 less

$38,000-66,000
(20% of population): Pay $319 $1,042 less

$19,000-38,000
(20% of population): Pay $113 less $892 less

$0-19,000
(20% of population): Pay $19 less $567 less

Budget impact: Costs:$600 billion Returns:$700 billion

Does that help?