Here is a link to Obama's plan (I couldn't even find McCain's on his site, so I couldn't post a link):
I espcially like the expansion of the EITC to "increase the benefits available to noncustodial parents who fulfill thier child support obligations, increase benefits for families with three children or more, and reduce the EITC 'marriage penalty', which hurts low income families". What the h*ll is the EITC marriage penalty? Oh, the fact that your boyfriend/girlfriend doesn't qualifiy you for more of my money!
Also, the Messiah is going to "simplify tax system so 40 million Americans can do their taxes in less than five minutes" by "consolidating several credits and giving taxpayers the option of pre-filled tax forms to verify, sign and return". Let me get this straight, the IRS doesn't know the basis in my stock transactions but wants to calculate my liability.
Eliminating "manufacturing deductions for oil and gas firms" cause those rich a** oil executives are making too many "excessvie" profits. First, define an "excessive" profit, since the profit margin and ROA of Google, IBM and my own tax practice are greating than that of ExxonMobile, and then tell my clients who are holding gas and oil exploration investments in their IRA's that they are making "excessive" profits.
Obama's top economic policy director, Jason Furman, was asked by Tom Herman at the Wall Street Journal exactly what Obama means when he says that "no family making less than $250,000 will see their taxes increase". Specifically, Mr. Furman was asked whether the change in tax rates would be effective for those with total incomes above $250k or those with AGI's above $250k. Furman responded that the increased taxes would be on those with AGI's above $250k. http://online.wsj.com/article/SB1221...googlenews_wsj
Wait!!! You're not taxed on your AGI, you're taxed on your TAXABLE INCOME. I can have an AGI of $250,001 and have a taxable income of $125,000. How do you raise my taxes based upon my AGI??? Do these guys even know what they are talking about?
I espcially like the expansion of the EITC to "increase the benefits available to noncustodial parents who fulfill thier child support obligations, increase benefits for families with three children or more, and reduce the EITC 'marriage penalty', which hurts low income families". What the h*ll is the EITC marriage penalty? Oh, the fact that your boyfriend/girlfriend doesn't qualifiy you for more of my money!
Also, the Messiah is going to "simplify tax system so 40 million Americans can do their taxes in less than five minutes" by "consolidating several credits and giving taxpayers the option of pre-filled tax forms to verify, sign and return". Let me get this straight, the IRS doesn't know the basis in my stock transactions but wants to calculate my liability.
Eliminating "manufacturing deductions for oil and gas firms" cause those rich a** oil executives are making too many "excessvie" profits. First, define an "excessive" profit, since the profit margin and ROA of Google, IBM and my own tax practice are greating than that of ExxonMobile, and then tell my clients who are holding gas and oil exploration investments in their IRA's that they are making "excessive" profits.
Obama's top economic policy director, Jason Furman, was asked by Tom Herman at the Wall Street Journal exactly what Obama means when he says that "no family making less than $250,000 will see their taxes increase". Specifically, Mr. Furman was asked whether the change in tax rates would be effective for those with total incomes above $250k or those with AGI's above $250k. Furman responded that the increased taxes would be on those with AGI's above $250k. http://online.wsj.com/article/SB1221...googlenews_wsj
Wait!!! You're not taxed on your AGI, you're taxed on your TAXABLE INCOME. I can have an AGI of $250,001 and have a taxable income of $125,000. How do you raise my taxes based upon my AGI??? Do these guys even know what they are talking about?
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