Highest corporate taxes in the world...Obama is going to save this country using magic?

what are the numbers?
will he be increasing income taxes? what will be the highest tax bracket? what will be the percentage for the highest tax bracket?

As far as I understand, Obama is planning on eliminating the threshold on the "payroll tax". So..

The payroll tax is FICA, essentially, comprised of both medicare and social security taxes. FICA is withheld by your employer at 6.2% for social security and 1.45% for medicare. These figures are also matched by the employer (12.4% and 2.9% respectively). Now, the 1.45% is paid on your income indefinitely, while the 6.2% of social security tax is withheld up to $105,000 and is not withheld thereafter. So, what Obama wants to do is eliminate that $105,000 threshold and have your entire income sum be liable for 6.2% of social security tax withholding.

So...If that's the case, it's a relatively efficient way to raise revenue, BUT it's a substantial burden to the employee nonetheless (if you're even in jeopardy of making that much money).

If anyone can confirm this, that would be great because I don't feel that either candidate has really made it very clear what they plan on doing with taxes. One just accuses the other of raising them, and the other of cutting them, but who really knows what the numbers are??

Another point regarding what I believe is part of Obama's greater scheme: He is planning on increasing the capital gains tax (currently maxed at 15%). Historically, anytime the government has increased this tax, investors have pulled their money out of the market because it was not worth the burden. So, the percentage taxed has been greater, but the revenue collected ultimately is lower, because not enough capital gains were earned.

As as aside, Obama > McCain for president (in my humble opinion). So don't let these facts turn you away from our homeboy. I would be ripping McCain a new one but he's been limited in his ability to expalin..i mean explain, his own policies.

tNt

Obama wants to:
Raise the top bracket of income taxation to at least 39.6% (family income of $200,000 or more), Impose FICA tax on ALL income, raise capital gains tax from 15 to 28%, double dividend taxes from 15 to 30%, and end the planned elimination of estate taxes, amoung other things...

Obama will kill the economy with his plans for wealth redistribution, by taxing both the people and all businesses during a time when money is tight. Investments will be driven out of the United State. The USA will, in almost all aspects, be driven to a FAR left (virtually socialist) country... If we see all of Obama's plans carried through, which with a Democratic House and Senate is completely probable, the US will witness true class warfare... He'll be out in 4 years, and then a Republican will have to come in and try to fix everything that went down the shitter under Obama's administration.

We can all agree that Bush was not a great president, but the pain this country is feeling has just begun if Obama gets elected. To not vote for McCain because he represents the same party as Bush is completely illogical. Every president is different and McCain represents a more moderate candidate who has worked with both aisles...

And for a site that is dedicated to bankers and Wall Street, I am shocked by the amount of Obama supporters on this site. If anyone should be frightened it should be the capitalists (aka people who work on the street)

If Obama is elected, our country will never be the same. We will have so much new legislation, etc. that completely takes away from what this country is based on. We're right on our way to socialism.

Makes me sick.

I'm going to put aside the fact that both McCain and Palin are idiots for a moment.

I hope you guys realize that if you look at an actuary table, theres greater than a 1/3 chance that McCain doesn't make it alive (literally) through his first term. And then you've got Sarah "hockey mom" Palin as the U.S. President.... Don't you think that is a little scary?

Unless you earn more than 600K.

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST20080609...

One question I have for McCain is... how is he going to get rid of the deficit while giving tax cuts to everybody? I mean, you gotta get the money somehow.... (and I don't believe that "no pork-barrel" bull...

Have you even heard of what McCain's policies are? He doesn't even understand the economy. His idea is to put a freeze on government spending, because that is his only solution to getting our way out of this mess. He is an idiot, and it makes me angry that people think taxes are the sole driving force of the economy.

Yeah, Obama is our hero that hopefully will fix the economy, he is taking this opportunity to reach out to all suffered Americans and he will do whatever it takes to improve our lives and to fix the health care system, and to make us independent of the middle eastern oil.

Sarah Palin is using racist terms when she mentions "Hockey Mom" or " Joe six-pack" because she's only referring to White Americans and ignoring the rest. Americans are changing and it is the most diverse country...On the other hand the Republican party is not changing.... when I saw their convention. I thought they are going back in time.

FWIW, Obama backed off of the 28% cap gains tax stance when everybody started flipping out. Now he says he'll keep it somewhere closer 20%. The FICA thing blows though...got to love the Robin Hood mentality of the Democrats.

IMO, I really think this election makes the US look like a joke. Obama stands a good chance of assassination by some redneck, McCain could kick the bucket any day. Palin vs. Biden...hmmm.... Are those seriously the best people to run this country? No, because any body in their right mind will never run for Pres.

What exactly did the rich do to deserve all their money? For every person you show me making > $200,000, I can show you 100 people who work harder than him, are smarter than him, but haven't sold themselves out, and make < $100,000

aachimp...and that means their wealth should be distributed then? Please...

Anyway, Obama will move to the center once in power...I'm almost confident.

And there is no way in hell I will ever vote to put that moron Palin in office.

Hockey Moms and Joe Six Pack are racial terms? Please tell me you are kidding? Let me guess, you watched the Factor and saw what that professor from Temple had to say... To think that Palin is targeting only white Americans with those terms is just so sad. I think it takes more of a racist mindset to look that far into a simple statement and come out with an accusation that it is racist.

And why would Obama move more to the center once he gets in. With Democratic control over congress, he can pass as many radical bills as he wants and the left will love it and go along with it.

The point is, Obama wants to take this country dangerously to the left. McCain might be like Bush in several ways, and may not be the brightest when it comes to economics, BUT it is better than the alternative. Wealth redistribution and socialized health care (in which our taxes will go to insure the millions of illegal immigrants in this country), is not what America was founded on. All the freebies the Democrats want to give out are sickening. Why should the people on this site, who worked hard, went to great schools, got great paying jobs working 100 hours a week, pay up to 50% or more of their income to provide for those who didnt do shit with their lives. Remember those jackoffs in high school that never went to college and are now working in retail somewhere? You went to Ivy's and bust your ass 100 hours a week to make sure that screw off has health care, or is compensated "fairly"? Hell no. Aachimp you said that you can show us people who work harder and are smarter making 100k or less than ones making 200K, but just didnt sell out? WTF? I cant help they didnt take a more prosperous path in life. So why should my money be redistributed to them? They didnt want/work for it, so why should they get it. Because I did? What a joke.

I know Obama will most likely win the election, mostly because people do not educate themselves on each candidate but rather are infatuated with the idea of voting against Bush (whos not running might I remind you), and for someone who has charisma and is a good speaker with a celebrity like character. Too bad they do not listen to what he actually has to say... Its sad because sa4hire is right. Obama starts doing all that he wants to do, and you might see the first assassination in decades, and then there will not only be a political war but a race war on top of that. This country is heading for a rough four years, so buckle up.

of course it's racist, why the hell she always brings up the term hockey moms rather than American moms?

you just mentioned that McCain most likely will be like another term of Bush. All investment banks, which this popular forum is built on, are gone in one week and that had to due with bush's polices and de-regulations which were supported McCain.

go To different parts of the world and you will find out that The world hates our administration and our policies.

Its not racist at all man. She is using a part of her life to connect with any American woman who has a child that partakes in sports. If she had children who played soccer she would be saying soccer moms. If she had children that played basketball she would be saying basketball moms. But then again people would probably make up some bullshit saying that she would then be singling out black folk. Seriously, its not racist, its just something she uses to connect to any mother through her own experiences. To think otherwise is pathetic.

And no, a term of McCain will not be a term of Bush. Yes, they have SOME similarities but they are not the same. And the root of all of the banks problems came when the Clinton Administration pushed the Community Reinvestment Act upon the lenders. The lenders were practically forced to give out loans to people who they knew couldnt afford them in the first place. Yes, we can blame the Bush Administration for the de-regulation, but at the same time you have to blame the Democrats for getting us into this mess on top of Barney Frank and Dodd for not doing their jobs and misleading the American people... Once again, another freebie system the Democrats wanted that F'ed this country up... Can wait to see what Obama implements that blows up down the road...

And I understand most of the world hates us right now. In no ways am I saying that Bush was a good president, I know he wasnt. But to think Obama is going to fix that is crazy. Obama gets elected and then what, Venezuela, Cuba, and Iran might like us better? I can do without their approval of our country.

of course Venezuela, Cuba, and Iran are terrible countries and I was not referring to them. I am talking about our allies especially in Euopre. John McCain recently said that he would not meet with the leader of Spain?!!! Which happens to be a member in the NATO and a strong US allie who sent troops to Iraq and Afghanistan to help us in the war..... I mean that's even that Bush.

History will blame Bush's polices supported by McCain causing our worst financial crises since the Great Depression. Leadership was missing during this crisis and had we have a profound leadership that really cares about the economy, we would not have at least been in this calamity.

I still think Palin's was very disastrous..... She couldn't answer simple questions during interviews. how in earth would she be able to lead a superpower country with these poor credentials

Look at this interview

http://www.youtube.com/watch?v=txfqWzGMgmY

Do you really want her to lead our country???

They are the same fucking candidate. Republicans are the party of big socialist government, and Democrats are the party of bigger (yet maybe better financed) socialist government. (Don't think the Republicans are socialists as well? Maybe you missed the $1T+ the Bush administration wants to spend to socialize our banking system?)

Our country is more than $10T in debt; we have troops in 180 countries around the world and embrace an interventionist foreign policy that has never done any good for anyone, ever; we have a failing educational system directed by the federal government and focused on teaching kids how to read by the 10th grade; a political system that would rather spend time conducting in-depth investigations of steroid use in professional baseball and video-taping in professional football than work on, oh, I don't know, any number of thousands of more pressing problems; some of the most dangerous inner cities in the world and a federal government hellbent on wasting billions of dollars fighting an unwinnable "war on drugs;" and two presidential candidates that think "predatory lenders" (and not the scumbags borrowing money and not paying it back) are the sole cause of our current predicament.

Now for a few specific replies:

So what did the poor do to deserve the rich's money? Why is it "greedy" for me to want to keep the money I earn but not greedy for someone else to want to steal it from me?

The problem with your line of thinking is that you basically assume that the government owns 100% of your income, and can give you back whatever percentage of it they decide is "right" and "fair."

And how the hell are McCain's policies any different than Bush's, exactly? Oh, right, he wants to "find efficiencies" in the government. Specifically, what would go? What would make a McCain budget different than a Bush budget? That's right, he doesn't really have any idea. But, let's not forget that he is a "maverick."

72 Year Old McCain with a history of cancer lost any chance of getting my vote once he put that imbecile on his ticket.

This is what happens when you allow the ultra-right wing social conservative lunatics to take the Republican Party hostage.

Rather than get socially moderate fiscal conservatives, we are stuck with Falwell & Co.'s protege.

Ether. The Federal Government needs to be purged of the socially conservative retards.

McCain lost my vote when he put Sarah Palin on his ticket. Her lack of intelligence is embarrassing. Event if your are a staunch Republican, you can't possibly defend this woman.

I agree completly. I'm a centrist but do have some Republican ideals, and the thought of Sarah Palin in the White House sends a shiver down my spine. I can't believe that McCain actually picked her there were so many better people (Ridge, Romney, Pawlenty); I mean she's gonna get hammered by Putin if she's in office not to mention that she knows didly on the economy. Anyway, back to Obama to be fair Wall Street has had a free ride for a long time a lot of deregulation in the market. Don't get me wrong I'm fiscally conservative/capitalist but not to the extent where people can do whatever they want without reprcussions. Also, if you're middle class you'd be stupid not to vote for Obama unless you're in the bible belt. It irks me that people are making the same mistake again by voting for McCain who's basically offering the same ideas as President Bush. If McCain were to win the election which he probably won't, but if he does I'd guess that he'd drift away from the conservatives and head more towards the moderate with conservative bents which I can agree more with than a liberal/centrist with liberal bents. Really, really really hope that he becomes the old Maverick that went above partisan politics.

I almost made it through reading all of this post I just felt the tick to responds.

ST2008, your thoughts on Palins "racial" comments make you sound almost as stupid as your 122 stupid new threads you created asking the same thing. Note the keyword is ALMOST. You sound like a liberal baby whining and complaining ST2008.

i beg to differ on the "works harder than him"...a lot of the people in long term "middle class" careers i know work 9-5. that means at 60 hours a week i work 50% more than them. at 80 i work 100% more...and at 100 i work 150% more.

and that's not even counting the lunch breaks or other large amounts of time that go wasted in corporate america (though im not claiming my job is completely devoid of that either).

122 threads.. lol, you need to take math lessons so you can learn how to read numbers and count.

It's not about being a liberal or a conservative.,. The good thing is that the American people are responding and Obama has a double eight lead in national polls. People are looking for change and something new and different...

In my opinion, McCain is not serious about this election and looks like he has given up even though he still has a chance.

The major complaint against McCain is "4 more years of Bush." Palin aside (I agree she is an incompetent fool), I would much rather have 4 more years of bush than the possibility of 4 more years of a clinton-esque regime where the government promotes these bullshit socialist ideals like making every american a home owner and exacerbates the real estate bubble. Democrats do not know anything about economics: that is why in 2004 when freddie/fannie came under fire that the democrats ardently defended their practices and even extended their acquisitions of subprime mortgages while the republicans we advocating a shorter leash for the organizations. And what does Obama do? he fucking takes the ceo who was fired after these hearings for accounting irregularities and appoints him as his chief economic adviser. Honestly, how can you vote for a guy whose economic adviser played an instrumental role in the current disaster? and the democrats want to blame this on Bush. I say HA HA HA because anyone who says that is a fucking idiot! (though I do not deny he probably made things no better and most likely slightly worse)

By the same token, McCain's top economic advisor Phil Gramm said back in the summer when things weren't bad as now that America is a "nation of whiner" and we are suffering from a "mental rescission"

http://www.youtube.com/watch?v=2NVjq2py7BA

and now America is suffering from the greatest financial crisis since the Great Depression.

McGyver,

The assertion that Raines is a key economic adviser to Obama was proven to be false.

You cannot believe all the crap McCain is spewing...

Also, about the Palin being a racist by using joe-six pack and hockey mom, its not racist at all. The biggest problem with her is that she can't relate to anyone but hockey moms who are in general white. I bet even the GOP were scratching their head when thinking what the hell was McCain thinking. I mean no offense Senator McCain made a horrible horrible idea picking her. To this day, I have no idea what he was thinking I mean I can't comprehend how he picked Sarah Palin. I wished he had taken Pawlenty who seemed pretty good. Also, to a lot of right wing bankers Obama obviously will be hated cause he's taking their money. To middle class people, I'd vote Obama seems more fair and equal to them but anyway to each their own.

Like others on this thread, I was also going for McCain until Palin turned out to be a colossal idiot.
I can't bring myself to vote for socialists - so not voting at all.

Why do people treat Obama like he's a god? He isn't "that one" but people think he is "THE ONE".