Obama's tax cut calculator

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Trooper_IHB

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Now, I don't know how true this is...but a friend forwarded it to me so I thought I'd post it up. It allows you to plug in your numbers and see if Barack's plan would save you $$ or not.



It showed me saving $800.00.





<a href="http://taxcut.barackobama.com/">Obama tax cut calculator</a>
 
[quote author="Trooper" date=1224465053]Now, I don't know how true this is...but a friend forwarded it to me so I thought I'd post it up. It allows you to plug in your numbers and see if Barack's plan would save you $$ or not.



It showed me saving $800.00.





<a href="http://taxcut.barackobama.com/">Obama tax cut calculator</a></blockquote>


Do you really actually believe that Obama is going to cut taxes?
 
I wish we could elect a new president every year.



That way I can flip flop based on the fact if I have capital gains or losses.
 
[quote author="skek" date=1224548683]Here's the response I got: "<em>You will probably not get a tax cut under the Obama-Biden plan.</em>"



How nice. I must not be paying my fair share. Maybe they should offer a tax increase calculator that tells me how much more they will be taking from me, and to whom they plan to "spread the wealth around?"



Sorry, I couldn't resist.</blockquote>


Probably to Joe the Plumber (average income of ?plumbers, pipefitters and steamfitters? in Ohio was $47,930).
 
[quote author="skek" date=1224548683]Here's the response I got: "<em>You will probably not get a tax cut under the Obama-Biden plan.</em>"



How nice. I must not be paying my fair share. Maybe they should offer a tax increase calculator that tells me how much more they will be taking from me, and to whom they plan to "spread the wealth around?"



Sorry, I couldn't resist.</blockquote>
At least you got a nice response.

When I did the calculator, I received the following response:



"Don't plan on getting a dime. You will have to pay more taxes."
 
[quote author="CalGal" date=1224570018][quote author="skek" date=1224548683]Here's the response I got: "<em>You will probably not get a tax cut under the Obama-Biden plan.</em>"



How nice. I must not be paying my fair share. Maybe they should offer a tax increase calculator that tells me how much more they will be taking from me, and to whom they plan to "spread the wealth around?"



Sorry, I couldn't resist.</blockquote>
At least you got a nice response.

When I did the calculator, I received the following response:



"Don't plan on getting a dime. You will have to pay more taxes."</blockquote>


If Obama was honest, it would say that for everyone!
 
[quote author="WINEX" date=1224583395][quote author="CalGal" date=1224570018][quote author="skek" date=1224548683]Here's the response I got: "<em>You will probably not get a tax cut under the Obama-Biden plan.</em>"



How nice. I must not be paying my fair share. Maybe they should offer a tax increase calculator that tells me how much more they will be taking from me, and to whom they plan to "spread the wealth around?"



Sorry, I couldn't resist.</blockquote>
At least you got a nice response.

When I did the calculator, I received the following response:



"Don't plan on getting a dime. You will have to pay more taxes."</blockquote>


If Obama was honest, it would say that for everyone!</blockquote>


I received this from an email, it simplifies the tax cut that I can understand.



<blockquote>Joe Biden wrote this:







Ahaha just got this email.. Great representation of Obamas tax plan..50,000 people go to a baseball game, but the game was rained out. A refund was then due. Originally the refunds were to be paid based on the price each person had paid for the tickets. Unfortunately that meant most of the refund money would be going to the ticket holders who had purchased the most expensive tickets. This, according to the DNC, is considered totally unfair. A decision was then made to pay out the refunds in this manner:



- People in the $10 seats will get back $15. After all, thy have less money to spend on tickets to begin with. Call it an 'Earned Income Ticket Credit.' Persons 'earn' it by having few skills, poor work habits, and low ambition, thus keeping them at entry-level wages.



- People in the $25 seats will get back $25, because it 'seems fair.'



- People in the $50 seats will get back $1 because they already make a lot of money and don't need a refund. After all, if they can afford a $50 ticket, they must not be paying enough taxes.



- People in the $75 luxury box seats will each have to pay an additional $25 because it's the 'right thing to do.'



- People walking past the stadium who couldn't afford to buy a ticket for the game each will get a $10 refund, even though they didn't pay anything for the tickets. They need the most help. Now do you understand?





</blockquote>
 
[quote author="WestparkRenter" date=1224634776][quote author="WINEX" date=1224583395][quote author="CalGal" date=1224570018][quote author="skek" date=1224548683]Here's the response I got: "<em>You will probably not get a tax cut under the Obama-Biden plan.</em>"



How nice. I must not be paying my fair share. Maybe they should offer a tax increase calculator that tells me how much more they will be taking from me, and to whom they plan to "spread the wealth around?"



Sorry, I couldn't resist.</blockquote>
At least you got a nice response.

When I did the calculator, I received the following response:



"Don't plan on getting a dime. You will have to pay more taxes."</blockquote>


If Obama was honest, it would say that for everyone!</blockquote>


I received this from an email, it simplifies the tax cut that I can understand.



<blockquote>Joe Biden wrote this:







Ahaha just got this email.. Great representation of Obamas tax plan..50,000 people go to a baseball game, but the game was rained out. A refund was then due. Originally the refunds were to be paid based on the price each person had paid for the tickets. Unfortunately that meant most of the refund money would be going to the ticket holders who had purchased the most expensive tickets. This, according to the DNC, is considered totally unfair. A decision was then made to pay out the refunds in this manner:



- People in the $10 seats will get back $15. After all, thy have less money to spend on tickets to begin with. Call it an 'Earned Income Ticket Credit.' Persons 'earn' it by having few skills, poor work habits, and low ambition, thus keeping them at entry-level wages.



- People in the $25 seats will get back $25, because it 'seems fair.'



- People in the $50 seats will get back $1 because they already make a lot of money and don't need a refund. After all, if they can afford a $50 ticket, they must not be paying enough taxes.



- People in the $75 luxury box seats will each have to pay an additional $25 because it's the 'right thing to do.'



- People walking past the stadium who couldn't afford to buy a ticket for the game each will get a $10 refund, even though they didn't pay anything for the tickets. They need the most help. Now do you understand?





</blockquote></blockquote>


Err, no.



It's more like this:

Two guys sit in a 5000 sq foot private box which they paid 5 million for off the 30 million of proceeds they received from sales to the masses watching the game. They get no money back for their 5 million "loss". They are highly pissed and call everyone a bunch of socialist commie pigs and can't figure out how they are going to manage to survive in the world on their remaining 25 million dollars.



That five million gets used to give various refunds to the couple thousand attendees. Where did the original ticket money go? It was supposed to go into stadium upgrades and services, but the owners were drunk at the time and they might have spent some of it on drugs.. and some other stuff, like giving cash incentives to the guys in the private box to buy the private box. But maybe you noticed the new hot dog stand!



A group of day laborers outside watch the game on TVs for free and pay $5 for a hot dog. They get back $5. They promptly take the new $5 and go buy another hot dog.
 
[quote author="jefa" date=1224639097]

Two guys sit in a 5000 sq foot private box which they paid 5 million for off the 30 million of proceeds they received from sales to the masses watching the game. They get no money back for their 5 million "loss".</blockquote>


... and so they close shop and their 100 employees get laid off. and their 50 suppliers and 10000 customers wonder what will become of their own businesses. everyone suffers, but hey, at least we stuck it to those 2 rich bastards.
 
[quote author="Anonymous" date=1224639713]Obama's 95% Illusion

It depends on what the meaning of 'tax cut' is.

http://online.wsj.com/article/SB122385651698727257.html</blockquote>




I continue to (not) marvel at what a hack job the WSJ has become.



Did they even write that, or take it verbatim from the "source", which is only indicated 8 paragraphs in as "The Tax Foundation "



The accompanying chart, and much of their conclusion, is the result of making a bunch of huge assumptions, few of which are likely to be realized (but it plays better to their supporters, i'm sure).



How many families of 4 who have a household income under 40k also have one child in college and another in child care (10 yrs apart?)

and buy a 'green' car costing $25k, so that they qualify?
 
This whole graduated tax thing is such crap. Why the hell should you be taxed the more you earn. The only fair thing is to have a flat tax. It makes no sense to penalize success.



That being said I'm still voting for Obama. McCain/Palin are running the dirtiest sleaziest hateful campaign in political history. I'm anti war, pro environment, and I don't think anyone should be told they can't get married. I'll gladly pay the extra taxes to get these hate mongers out of office.
 
[quote author="skek" date=1224652890][quote author="acpme" date=1224643292][quote author="jefa" date=1224639097]

Two guys sit in a 5000 sq foot private box which they paid 5 million for off the 30 million of proceeds they received from sales to the masses watching the game. They get no money back for their 5 million "loss".</blockquote>


... and so they close shop and their 100 employees get laid off. and their 50 suppliers and 10000 customers wonder what will become of their own businesses. everyone suffers, but hey, at least we stuck it to those 2 rich bastards.</blockquote>


It's stunning how successful the Democrat Party have been at fermenting hostility towards anyone with wealth, and then misdirecting that anger towards policies that don't actually tax the people they've demonized.



First, they've managed to equate anyone making over $250k in income with the Warren Buffets and Bill Gates of the world. (See jefa's example of the two guys in the luxury box: "<em>Two guys sit in a 5000 sq foot private box which they paid 5 million for off the 30 million of proceeds they received from sales to the masses watching the game.</em>")



Second, they've managed to convince their constituents that the only way anyone can become wealthy is by stealing money from the little guy. (See blackacre's posts about rooting for fires to destroy McMansions because the owners had to have been crooks: "<em>Where did they get that kind of money anyway, flipping houses during the bubble? Underwriting bad mortgages? Cheating investors out of their money while collecting millions in bonuses?</em>")







Heck in OC 250K is lower middle class! Flat tax is the only fair solution. Eliminate the loopholes and put all the tax lawyers out of business.



Third, as I've said before, they've equated income tax rates with taxes on wealth, without acknowledging that the "super wealthy" that they've so successfully demonized actually earn most of their wealth through capital gains (not ordinary income) and are financially stable enough that they can defer taxable events or set up complex tax avoidance structures. As a result, under the guise of sticking it to the "rich bastards," you end up soaking doctors, lawyers, accountants, small business owners, and dual-income professional couples. The hedge fund managers and Fortune 500 CEOs? You aren't taxing them as much as you think you are.



Fourth, they've created a myth that tax brackets are static -- that you are born into your bracket, like a caste, and there you shall stay. But that's not the reality of the American experience. Many taxpayers spend time in all brackets -- on the way up and again on the way back down.



I understand that no one is going to have an ounce of sympathy for someone who makes in excess of $250k. But the notion that those paying the lion's share of the taxes are somehow an "other" that should be punished is a dangerous sentiment to encourage in these difficult economic times. We should encourage people to go out and start businesses and try to create wealth, not sneer at those who do.</blockquote>
 
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