Author Topic: Taxes under Obama, what should I be prepared for? (Read 4713 times)

tiesto · « **on:** August 13, 2008, 11:02:25 AM »

More than ever it looks like Obama is gonna win, and being the only Democrat in my group of friends, I have to constantly get the forwarded 'scare tactic' emails from them about "OMG his middle name is Hussein!" "OMG he's gonna raise all our taxes!" etc. So yeah, I haven't been able to find much out about Obama's plan for taxes. I looked at this CNN link: http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm?postversion=2008061115 and it seems like I'll be getting a bit of a tax cut. Then I hear shit from my friends that my taxable income under Obama would raise nearly $5000, but I haven't been able to find a source. But the dividend tax policy isn't something I necessarily agree with and I wonder if it would affect my mom, who has a bit of money invested in mutual funds/life insurance/IRA.

I make ~$70k although I divert 16% (with the company matching an extra 4%) to my 401k. I don't own a house, am not married, and don't own any stock aside from the company stock in my 401k. How will Obama's tax plan affect me?

Bacon · « **Reply #1 on:** August 13, 2008, 11:05:43 AM »

You're fucked. Quit throwing money away on rent and buy a place.

And Vote McCain.

tiesto · « **Reply #2 on:** August 13, 2008, 11:08:02 AM »

Quote from: Bacon on August 13, 2008, 11:05:43 AM

You're fucked. Quit throwing money away on rent and buy a place.

And Vote McCain.

I still live with my mom and pay her rent. Saving for a place of my own but I live in an area with the second highest cost of living in the country.

MrAngryFace · « **Reply #3 on:** August 13, 2008, 11:08:47 AM »

Lol, buying property. Why bother.

Eric P · « **Reply #4 on:** August 13, 2008, 11:09:58 AM »

http://www.taxpolicycenter.org/

Bocsius · « **Reply #5 on:** August 13, 2008, 11:11:29 AM »

According to my understanding of Obama's position is that he's going to repeal part/all of the Bush tax cuts on the wealthy but leave it in place for the middle and lower class and even add to it. Good for us filthy poors, I guess. Better luck next time, Mr. Buffet.

Human Snorenado · « **Reply #6 on:** August 13, 2008, 11:12:51 AM »

Pretty much the only people who would see tax increases would be people making 200k or more per year, and at MOST they'd get a tax hike of about six to seven percent. (from 32-33ish to about 39) That doesn't take into account the tax increases he's proposing for capital gains, which would go up from about 12.5 to somewhere in the lower 20s if I'm not mistaken.

Basically, YOU aren't getting your taxes hiked. You'll probably get a modest cut. Conservatives have a pathological fear of taxes. Well, that and two dudes kissing, despite the fact that a lot of them are, in fact, gay. Weird crowd.

GilloD · « **Reply #7 on:** August 13, 2008, 11:31:32 AM »

OBAMA is going to TAKE MONEY AWAY from YOU AND YOUR GRANDMA to pay for TERRORIST ATTACKS.

On the serious end: You will save money because the rich will pay more. Hells yeah.

MrAngryFace · « **Reply #8 on:** August 13, 2008, 11:32:54 AM »

The promise of lowering taxes is so lame anyway. A country needs money.

Bocsius · « **Reply #9 on:** August 13, 2008, 11:45:50 AM »

Quote from: Shell Beach on August 13, 2008, 11:32:54 AM

The promise of lowering taxes is so lame anyway. A country needs money.

As does its citizens.

MrAngryFace · « **Reply #10 on:** August 13, 2008, 11:46:32 AM »

Nah, its good times and everyone is living great. I havent seen a poor person for blocks

MrAngryFace · « **Reply #11 on:** August 13, 2008, 11:51:48 AM »

Rich get the most outta society, time 4 payback

Human Snorenado · « **Reply #12 on:** August 13, 2008, 12:04:52 PM »

Quote from: Shell Beach on August 13, 2008, 11:51:48 AM

Rich get the most outta society, time 4 payback

It's funny how they cry so much about it, too. Bunch of feckin whiners. Someone should explain to them what could happen if they don't, maybe show them the guillotines used in the French Revolution that were used to behead all of the useless aristocrats.

Eric P · « **Reply #13 on:** August 13, 2008, 12:07:22 PM »

i love taxation threads on gaf.

Human Snorenado · « **Reply #14 on:** August 13, 2008, 12:11:47 PM »

Quote from: Eric P on August 13, 2008, 12:07:22 PM

i love taxation threads on gaf.

The funny thing is that I could pretty much write all of the libertarians' replies for them. They don't even really have a brain capable of thinking, just the libertarian party position on everything. It would be funny if it wasn't so sad.

Howard Alan Treesong · « **Reply #15 on:** August 13, 2008, 12:26:02 PM »

Quote from: Bocsius on August 13, 2008, 11:11:29 AM

According to my understanding of Obama's position is that he's going to repeal part/all of the Bush tax cuts on the wealthy but leave it in place for the middle and lower class and even add to it. Good for us filthy poors, I guess. Better luck next time, Mr. Buffet.

Buffet's in favor of repealing the tax cuts for the rich, he's on record for saying how stupid it is he gets $600 back.

Flannel Boy · « **Reply #16 on:** August 13, 2008, 12:35:46 PM »

Quote from: The Card Cheat on August 13, 2008, 12:04:52 PM

It's funny how they cry so much about it, too. Bunch of feckin whiners. Someone should explain to them what could happen if they don't, maybe show them the guillotines used in the French Revolution that were used to behead all of the useless aristocrats.

This is an odd example because the tax burden in pre-revolutionary France was overwhelmingly placed on the lower classes, while the clergy and nobles, for the most part, were exempt from taxation. In the United States, in contrast, the tax burden is not placed on the lower classes--and rightfully so. So unfair taxation would not be a reason for the poor to start a violent revolt.

Eric P · « **Reply #17 on:** August 13, 2008, 12:39:51 PM »

Quote from: Malek: King of Kings on August 13, 2008, 12:35:46 PM

Quote from: The Card Cheat on August 13, 2008, 12:04:52 PM
It's funny how they cry so much about it, too. Bunch of feckin whiners. Someone should explain to them what could happen if they don't, maybe show them the guillotines used in the French Revolution that were used to behead all of the useless aristocrats.

This is an odd example because the tax burden in pre-revolutionary France was overwhelmingly placed on the lower classes, while the clergy and nobles, for the most part, were exempt from taxation. In the United States, in contrast, the tax burden is not placed on the lower classes--and rightfully so. So unfair taxation would not be a reason for the poor to start a violent revolt.

the only way to start a revolution is to somehow have the detroit pistons win every athletic competition ever.

Tauntaun · « **Reply #18 on:** August 13, 2008, 12:42:25 PM »

Quote from: GilloD on August 13, 2008, 11:31:32 AM

OBAMA is going to TAKE MONEY AWAY from YOU AND YOUR GRANDMA to pay for TERRORIST ATTACKS.

On the serious end: You will save money because the rich will pay more. Hells yeah.

this

Flannel Boy · « **Reply #19 on:** August 13, 2008, 12:43:53 PM »

Quote from: Eric P on August 13, 2008, 12:39:51 PM

the only way to start a revolution is to somehow have the detroit pistons win every athletic competition ever.

I think we might see violent riots when Canada finally wins a medal.

I mean if, not when.

Bocsius · « **Reply #20 on:** August 13, 2008, 12:50:07 PM »

If the Pistons win the Super Bowl, I'm taking up arms.

Flannel Boy · « **Reply #21 on:** August 13, 2008, 12:52:10 PM »

Quote from: Bocsius on August 13, 2008, 12:50:07 PM

If the Pistons win the Super Bowl, I'm taking up arms.

They have about the same chance of winning the Super Bowl as the Detroit Lions.

(though both teams have a better chance than the Falcons!)

siamesedreamer · « **Reply #22 on:** August 13, 2008, 01:00:26 PM »

Quote from: Bocsius on August 13, 2008, 11:11:29 AM

According to my understanding of Obama's position is that he's going to repeal part/all of the Bush tax cuts on the wealthy but leave it in place for the middle and lower class and even add to it. Good for us filthy poors, I guess. Better luck next time, Mr. Buffet.

They expire in 2010 anyway.

So, basically taxes on the rich will go up no matter who wins. Obama won't extend them and Congress won't let McCain extend them either. My disagreement is with where the cut off point starts - $200k is way too low. Should be at least double.

Bocsius · « **Reply #23 on:** August 13, 2008, 01:03:38 PM »

The CNN table says taxes would go up for people earning $227K-$603K an average of $12. I think $200K earners will manage.

Fragamemnon · « **Reply #24 on:** August 13, 2008, 01:26:32 PM »

Your overall federal taxation load will actually decrease if you make that much. Obama's been VERY SMART and made very clear the exact income level where your federal tax load will actually go up, instead of being a stupid booger and using meaningless, not-understood terms like "top 1% of earners".

As an added bonus, one of the things that Obama's team is really keen to do is to streamline the tax submission process for people like you ( standard deduction takers) so that filling out taxes would take about five minutes from opening the envelope, copying some info from your W-2, and sending it back in.

Fragamemnon · « **Reply #25 on:** August 13, 2008, 01:36:49 PM »

If the decadent wealthy scum really want to talk about the contraversial part of Obama's tax plan, they should look at Obama's talk regarding raising the current income cap on payroll taxes (LLOOONNG overude, it's the most regressive tax we have). That's the thing that will really get them riled up-not only will they pay more taxes, but it will go to FDR's evil Socialist Security plan.

siamesedreamer · « **Reply #26 on:** August 13, 2008, 01:43:18 PM »

Yeah, his SS proposal is a big deal. I don't think that's something he'll mess with during his first term though.

Saw this a while back on Sullivan:

Howard Alan Treesong · « **Reply #27 on:** August 13, 2008, 01:45:23 PM »

god, how can you just give rich people more money!

Eric P · « **Reply #28 on:** August 13, 2008, 01:47:00 PM »

Quote from: Synthesizer Patel on August 13, 2008, 01:45:23 PM

god, how can you just give rich people more money!

well seeing that the people we elect tend to be rich, i shouldn't really be that surprising

Howard Alan Treesong · « **Reply #29 on:** August 13, 2008, 01:48:09 PM »

that's not true, McCain is a man of the people, I saw it on his teevee ad

Eric P · « **Reply #30 on:** August 13, 2008, 01:49:13 PM »

Quote from: Synthesizer Patel on August 13, 2008, 01:48:09 PM

that's not true, McCain is a man of the people, I saw it on his teevee ad

i am too rich to own a tv, so i can't confirm nor deny

Bocsius · « **Reply #31 on:** August 13, 2008, 01:53:48 PM »

To be fair, it's hard to reduce the tax burden on the filthiest of the filthy poors without cutting the payroll tax.

Of course, it always irks me that it's called a payroll tax and not another part of the income tax. Almost sounds like it's a flat fee, which is certainly is not. (Well, unless you're a top earner, in which case it is.)

FlameOfCallandor · « **Reply #32 on:** August 13, 2008, 01:56:38 PM »

Those crack babies and hobbos won't feed themselves! I suggest a 100% increase in taxes to help all the working class and all the homeowners who bought houses they couldn't afford. I mean, its our duty as socialist democrats to redistribute wealth! I can't wait.

Howard Alan Treesong · « **Reply #33 on:** August 13, 2008, 01:59:14 PM »

I don't understand what that means.

Fragamemnon · « **Reply #34 on:** August 13, 2008, 02:02:02 PM »

Quote from: FlameOfCallandor on August 13, 2008, 01:56:38 PM

Those crack babies and hobbos won't feed themselves! I suggest a 100% increase in taxes to help all the working class and all the homeowners who bought houses they couldn't afford. I mean, its our duty as socialist democrats to redistribute wealth! I can't wait.

You could at least post the comic, the one that Drinky made an avatar out of for a while.

Howard Alan Treesong · « **Reply #35 on:** August 13, 2008, 02:29:40 PM »

Quote from: Fragamemnon on August 13, 2008, 02:02:02 PM

Quote from: FlameOfCallandor on August 13, 2008, 01:56:38 PM
Those crack babies and hobbos won't feed themselves! I suggest a 100% increase in taxes to help all the working class and all the homeowners who bought houses they couldn't afford. I mean, its our duty as socialist democrats to redistribute wealth! I can't wait.

You could at least post the comic, the one that Drinky made an avatar out of for a while.

GilloD · « **Reply #36 on:** August 13, 2008, 02:31:03 PM »

Quote from: FlameOfCallandor on August 13, 2008, 01:56:38 PM

Those crack babies and hobbos won't feed themselves! I suggest a 100% increase in taxes to help all the working class and all the homeowners who bought houses they couldn't afford. I mean, its our duty as socialist democrats to redistribute wealth! I can't wait.

I'm like 90% sure you actually mean this.

Human Snorenado · « **Reply #37 on:** August 13, 2008, 02:48:58 PM »

Quote from: Synthesizer Patel on August 13, 2008, 01:59:14 PM

I don't understand what that means.

PROOF!

laesperanzapaz · « **Reply #38 on:** August 13, 2008, 06:14:02 PM »

Quote from: Synthesizer Patel on August 13, 2008, 02:29:40 PM

Quote from: Fragamemnon on August 13, 2008, 02:02:02 PM
Quote from: FlameOfCallandor on August 13, 2008, 01:56:38 PM
Those crack babies and hobbos won't feed themselves! I suggest a 100% increase in taxes to help all the working class and all the homeowners who bought houses they couldn't afford. I mean, its our duty as socialist democrats to redistribute wealth! I can't wait.

You could at least post the comic, the one that Drinky made an avatar out of for a while.

(Image removed from quote.)

lol the onion

Nanosoft · « **Reply #39 on:** August 13, 2008, 11:14:10 PM »

What do Obama and McCain plan on doing to pay of national debt?

Does it even matter? Or have I been had by media produced fear-mongering in regards to national debt?

Flannel Boy · « **Reply #40 on:** August 13, 2008, 11:22:39 PM »

Quote from: Nanosoft on August 13, 2008, 11:14:10 PM

What do Obama and McCain plan on doing to pay of national debt?

Does it even matter? Or have I been had by media produced fear-mongering in regards to national debt?

Since the debt is nearing ten trillion dollars, they won't do much.

Flannel Boy · « **Reply #41 on:** August 13, 2008, 11:35:58 PM »

Quote from: Green Shinobi on August 13, 2008, 11:30:52 PM

Does anyone have that Lucky Ducky comic where the dirt-poor duck keeps getting benefits from the state while some rich guy is getting increasingly angry? The one that ends with Lucky Ducky dying and his funeral getting paid for by the state.

laesperanzapaz · « **Reply #42 on:** August 13, 2008, 11:37:33 PM »

OP,

what makes you think Obama win is so assured? have you looked at polls recently?

you give american intelligence far too much credit

Bocsius · « **Reply #43 on:** August 13, 2008, 11:39:52 PM »

Every time you post in green text, the national debt goes up. Just saying.

Remember when we were running surplusses at the end of the Clinton years? Well, then the Bush tax cuts happened, which we should have theoretically been able to pull off and still keep a surplus. Except the economy also happened to start taking a dive in late 2000 into 2001. The internet bubble burst. 9-11. War in Afghanistan. War in Iraq. Gah.

Oh well, let's cheer ourselves up by bombing somebody else.

siamesedreamer · « **Reply #44 on:** August 13, 2008, 11:49:58 PM »

The national debt increases roughly $1 billion every day.

Bocsius · « **Reply #45 on:** August 14, 2008, 12:03:44 AM »

Only a billion? Buy a few more war planes! Point a few more missiles towards Iran. We've only got one leg of the axis of evil, er, taken care of, after all.

tiesto · « **Reply #46 on:** August 14, 2008, 10:06:43 AM »

Quote from: laesperanzapaz on August 13, 2008, 11:37:33 PM

OP,

what makes you think Obama win is so assured? have you looked at polls recently?

you give american intelligence far too much credit

Well truthfully, I'm not 100% sure but Obama seems to be ahead in polls, and 99.9% of the internet is convinced he is gonna win. I know a number of Republicans and even they aren't all that enthused about McCain.

GilloD · « **Reply #47 on:** August 14, 2008, 10:56:04 AM »

Quote from: tiesto on August 14, 2008, 10:06:43 AM

Quote from: laesperanzapaz on August 13, 2008, 11:37:33 PM
OP,

what makes you think Obama win is so assured? have you looked at polls recently?

you give american intelligence far too much credit

Well truthfully, I'm not 100% sure but Obama seems to be ahead in polls, and 99.9% of the internet is convinced he is gonna win. I know a number of Republicans and even they aren't all that enthused about McCain.

How quickly we forget Ron Paul.

That said, McCain looks more and more like an absolutely unelectable nutjob every day.

Tauntaun · « **Reply #48 on:** August 14, 2008, 11:02:00 AM »

Quote from: GilloD on August 14, 2008, 10:56:04 AM

Quote from: tiesto on August 14, 2008, 10:06:43 AM
Quote from: laesperanzapaz on August 13, 2008, 11:37:33 PM
OP,

what makes you think Obama win is so assured? have you looked at polls recently?

you give american intelligence far too much credit

Well truthfully, I'm not 100% sure but Obama seems to be ahead in polls, and 99.9% of the internet is convinced he is gonna win. I know a number of Republicans and even they aren't all that enthused about McCain.

How quickly we forget Ron Paul.

That said, McCain looks more and more like an absolutely unelectable nutjob every day.

News:

Author Topic: Taxes under Obama, what should I be prepared for? (Read 4713 times)