What are the Con's of Obamas Tax plan?

What is bad about obamas Tax plan other that he wants to bring socialism into our coutry?

Other than taxing the rich which everyone assumes isn't them he doesn't have a plan.
He talks of $250K of income but he doesn't say if that is gross revenues for small businesses or salary for one person or a married couple. He doesn't say if that is before any deductions like retirement savings.
He also talks of raising taxes on everyone who has capital gains or dividends so that can be everyone who owns anything. I am currently low income but have dividends and interest but only pay 5% on dividend and capital gains. He could make that 6 times as much.
I might just quit investing and use the money to pay off my house. Everyone decides what is best for themselves and losing a large part of you income can make you decide to quit working so hard so the revenue actually falls.
Also the people who have our income redistributed to them won't have to work so hard so less work will be done in the entire country.

Kiss your money goodbye.

You're very YOUNG aren't you?

You'd have to be to not understand why SOCIALISM is bad.

That's like saying: Other than GETTING MURDERED, what's so bad about messing with the mob?

simple taxes in general suck!

they'll stifle the economy
he;s a socialist

It will slow the economy and net we will as a whole all be poorer.

He is going to tax the wealthy...which is dumb. One may ask who keeps the economy booming? The answer to that question is the wealthy. So why in the world would one over tax them!? If you over tax the wealthy then they aren't spending. If they aren't spending the economy isn't booming. I don't care what class you are...noone should ever be over taxed!

He's going to tax the crap out of the middle class so that they can "spread the wealth" to the lazy bums in the poor class.

He wants to tax corporations, which sounds okay on the surface. But corporations never pay taxes; people do. Corporations pass the taxes along to the consumers in the prices of their goods and services. Therefore, you get taxed, whether you can afford it or not, on a gallon of gasoline, a gallon of milk, a sack of flour, a loaf of bread, and it goes on and on. If you cannot afford it and don't buy as much, sales fal adn people lose their jobs. In addition, corporations can put their operations out of the reach of the US tax man, by moving operations and jobs offshore. How many jobs do you want to abolish here?

Other than that one simple negative aspect?

Well, here's Obama's plan in a nutshell: The more successful you are, the more he's going to take from you. This is an absolute motivation killer.

I'll give you the names and phone numbers of the 30+ employees I'll lay off and you can ask them. Necause of the increased costs associated with his tax plan that I know will affect me. I'm not going to lose money, I'm just going to lay off good hard working americans. That's the truth, and that's what I know several other business owners are going to do. Not to mention larger corporations that will just move out of the US. Wake up people! Obama = LOST JOBS, and you heard it from the horses mouth, me, a small business owner.

He's going to go back to the tax structure we had under Clinton,,,the one that boomed the economy and created 20 million jobs.

there is no down side...Rich folks have poor folks like Joe the Plumber out there campaigning for more tax cuts for the rich

29 % tax to 39 % tax rate hit single people the most stage inflation
When he talks about only going after people that make 250,000 .00 or more this hits 90 % of Doctors who pass it on in Health care cost now that doctors visited went up 20 to 30 . Nurses Lawyers engineers
Professors .Education cost go up . Property Tax's go up
Circle example
1 Dollar
Peter takes from Paul
Paul takes from Peter
Peter takes from Paul
and Mary just wants a share
Mary takes from Peter
Peter takes from Paul
Paul out in the Cold
Seeing who to take from now
So now Paul takes from Mary
and ends up in Jail
so Peter takes from Mary
and Mary takes from Peter
now Paul just wants a share

He is wanting to tax the people that supply us with jobs. Now I don't know about you but if I owned a business and I received higher taxes I would start laying people off or paying people less.

This year has been the election of who can falsely promise the moon and stars and get you to buy into it! Neither of these candidates can afford to do half of what they are claiming.

I'm with McCain because he's the LESS socialist of the two candidates. Everyone is focused on the economy. I've got news for you: the economy is cyclical and will recover. In the meantime, how many rights are we going to strip from ourselves so that we don't have to manage the responsibilities that come with liberty? That's the fear and price of socialism, not whether the government can manage an economy.

The rich are going to have to pay more taxes.

He is misleading everyone by claiming that his tax plan will help create jobs and help the middle and lower classes. It will only help them in the very short term, but in the long term, it will lead to an even worse economy than we have now!

Tax the rich = increases expenses for companies = companies have to make cuts = layoffs, downsizing OR company closes down and outsources to overseas employees.

Tax the rich = creates a penalty for making "too much money"
Cut taxes on the poor = creates a reward for not working

Overall result = HUGE increase in the number of people being supported by government aid programs = higher tax burden = either tax the rich even MORE or start increasing taxes on other classes.

we all get to throw our money into a pot and then he'll dole it out evenly.

Regardless of if the rich are going to be taxed, over 90% of middle class families are struggling and if it is not fixed, we will see another depression. Wall street is corrupt and going down the toilet, you need to look past the fact that he's only taxing the rich, it's going to have cons, but it's also going to take this country out of the terrible economic downfall we are in, that is the point of his tax plan.

The wealthy will be taxed. Under the trickle down economic theory this is bad. Tax money, however, is what keeps the government running (and out of a $10T debt)

Well, the government just took over the banks (socialist) and bailed out private companies with public funds (socialist). These were both done under your fearless dictator Comrade Bush. It was his failed attempt at Reagan policies (Reagonomics) that lead us to this and his answer was to have every American pay the bill while the CEOs of those companies were out on the town blowing their multi-million dollar bonuses.

The bad part of Obamas tax plan is that if you are rich, you actually pay your fair share.

honestly there isnt anything bad about it. because it will actually work. he is repealing the bush tax cuts as in tax cuts president bush added . that means a tax rate that was there during clintons presidency. did the economy become socialist during the 90s?. look at it this way . obama wants 95 people who could use the money to get it. mccain wants 5 rich people to get the money. who do you think will go to more places shopping and thereby aiding our economy 95 people or 5 people. they will also tell you that it will cause us to lose jobs,not true. 2 % of small business will be effected. plus business are more likely to add more people if they have more business. like 95 people coming there with money.

if you make 1/4 mill your taxes go up 3%
frankly I know like 3 people who make that much and I know they can afford 3%.

There are no cons he is simply adding another tax bracket for those who make over 250k and lowering taxes for the middle class. How is that socialism??

cons the rich get taxed
pros everyone else gets a bit of a brake for once

McCain is more socialist than Obama via the non-declared war he supports and how much is spent on it. He is spreading the wealth to Iraq.

There are none.

First of all the word "socialism" is a lie spread by the republicans to make dumb people afraid. Socialism is not communism but dumb people think it is. SOME socialism is good. We have medicare, social security and unemployment benefits. That is all Socialistic. They are good things that act as a safety net.

NOW UNDER STAND THIS, OBAMA IS NOT CHANGING ANYTHING!

SINCE 1910 THE USA HAS HAD A PROCRESSIVE TAX SCHEDULE. That means the more you make the more percentage tax you pay. THAT IS THE SAME AS EVER.

The idea is if you are a family of 4 scraping by on $40,000, you have a little less ability to pay tax and be able to live as say some one who CLEARS (that is after deductions) $250,000 and is single or married with one kid. Can you call that socialistic. OK fine. I think 95% of America working tax payers who are sinking would disagree. The idea you give money only to the rich and corporations and it will TRICKLE down because they will create wealth is a thoeory, one in which has come and gone. No one wants to HURT the rich or penalize success or ambition but we are talking 3% more for money over 1/4 million. I feel sorry for the person only making 1/2 million, verses 20 million. Tax has to top out some where and if you have ambition go for making millions not a lousy $250,000 net after deductions.

Joe The Plumber is a lie. Only a SMALL percentage of small business will be taxedmore. MOST small business, like 90% make less than $250,000. Remember there are LOTS of write offs that business use to pay less tax and show less profit by deductions.

50% of large corporations PAY NO TAX! We in fact give oil companies billions of TAX PAYER MONEY (you and me) to subsidize them, while CEO's are making 100's of millions and the companies are making (profit after TAX) $40 BILLION!

I guess you could have a FLAT TAX (rate). Some people call for that. No deductions nothing, just a flat rate. No one is calling for that. That means there would be one tax rate for everyone and no deductions for ANYTHING, home, kid, expensies other tax (state). I would like it because it would favor me. It seems fair but not even the Republicans want that because the dirty secret is the TAX laws allow the rich and corporations to legally CHEAT. They get good tax attorneys and hid their money. THEY don't share it or create wealth for you and me, they hoard it and stash it. THEY ARE GREEDY!!!!!!

Bush and the Republicans got us into a war/invasion occupation, IRAQ, that will end up when it said and done, costing 2 to 3 TRILLION DOLLARS! It will take 40 or more years to pay it off and we have borrowed from China to pay for it! Iraq & Afgan is costing us about 4 BILLION a WEEK. The money we spent we could fix all the roads, bridges and give some health care reform. (Even conservative pundits that normally support Republicans have said McCain's ideas are bad.)

SOME ONE HAS TO BE THE ADULT AND PAY FOR THE 10 TRILLION BUDGET DEFICIT THAT BUSH HAS GOT US INTO.

McCain a few years ago said that giving the most wealthy top 2% wage earners a tax cut was irresponsible! (what happened John McCain you changed your mind now you are for it? Well the special interest and the curropt got to McCain and said if you want to win SELL YOUR SOUL. He did, but thank God it looks like Obama will win and reverse this bad policy that in part got our economy in such bad shape. You can't have two wars for 6 years and CUT taxes.)

Obama tax schedule will be the same as Clinton's when the economy was booming.

So what you hear as BS. Obama is winning because he as better ideas, is smarter, calm, cool, deliberate and more Presidental.
The GOP is desperate and throwing the kitchen sink at Obama with dirty lies. Go to Fight the Smears org. You can fact check.

BOTTOM LINE, repealing the tax cut for the most rich under bush (welfare for rich) and giving the tax cut to 95% of WORKING TAX PAYERS is not socialistic it is FAIR! The Bush economy did not work and McCain will do the same (he sold out to the GOP).

PS
FOR EVERY ONE THAT SAYS ITS A MODIVATION KILLER, THEY ARE LOSERS THAT WILL NEVER BE IN THE TOP TAX BRACKET. SO YOU MAKE $70,000 A YEAR AND YOU WOULD NOT WANT TO MAKE $300,000/YR BECAUSE OF 3% MORE TAX? YOU ARE TOO DUMB TO MAKE MORE THAN 10 CENTS A YEAR IF YOU SAY YES.

I don't want to just make $250,000 net income, I want to may WAY OVER THAT. So why be at the bottom of the top bracket; go for the top of the top bracket and MAKE millions. $250,000 is more than 98% of what the population makes. I make about half that and I am wealthy and successful. I WOULD TRADE MY CURRENT INCOME FOR $250,000 NET (about $300,000 gross) AND PAY 3% MORE! WOULD YOU NOT? It is like being able to afford a 10 car garage full of exotic cars and than whine about the gas milage! IT IS A DUMB ARGUMENT MADE MOSTLY BY PEOPLE MAKING $30,0000, no where near the top tax bracket. People who net over $250,000 are too embarrassed to complain; they know they have money and 3% is penuts to them. Nothing wrong with being rich but OBAMA is not stopping YOU!

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