Obama and McCain Tax Proposals (vote, Iraq, security, Reagan)
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What is important to look at is how each of them will treat Capital gains and SBO. Any senior who draws off a pension or 401k plan will have their taxes doubled by Obama. College student who have a 529 plan or education 401k will as well pay twice as much in taxes. The current capital gains tax is 15% Obama plans to raise it back to 28% where it was prior to the Clinton/Bush tax cuts on capital gains. Seniors and college students would be middle to low income earners.
Obama also plans to raise taxes on SBO's. Non-S-corps. pay about 38% in taxes. Once you add in the Social Security and medicaid changes under Obama's plan your tax rate as a SBO will increase to over 50%. S-corps. will become screwed as they will be hit with over 60% taxes under Obama's plan. SBO's are in the buisness to make a profit and if they are paying over 50% in taxes they will either shelter the company overseas, lay off middle American's or go out of buisness. Reagan, Clinton, and both of the Bush's understood that SBO's carry this country thru hard or slowing economic times the reason for lowering taxes on capital gains (the US pays more in capital gains than any other country). Obama has no understanding of buisness or economics as he wants to hit SBO's hard and fast which will cause a 1930's Great Depression. I am a SBO and I will not work 14 hour days to run my company and provide for my family for less than half. If Obama is elected I will close shop after 6 years and 30 middle class American's will lose their jobs. Vote for McCain if you don't want this to happen all around the US. SBO's account for more than 75% of the new jobs on the market, if we go where will the jobs come from? SBO's have kept the economy in the black with their ability to spend and create jobs and wealth, without us America is doomed.
Small Business Owner | The Princeton Review (http://princeton.localplacement.com/Careers.aspx?cid=208 - broken link) An argument against Obama's tax plan - Grover G. Norquist - Politico.com
What is important to look at is how each of them will treat Capital gains and SBO. Any senior who draws off a pension or 401k plan will have their taxes doubled by Obama. College student who have a 529 plan or education 401k will as well pay twice as much in taxes. The current capital gains tax is 15% Obama plans to raise it back to 28% where it was prior to the Clinton/Bush tax cuts on capital gains. Seniors and college students would be middle to low income earners.
Obama also plans to raise taxes on SBO's. Non-S-corps. pay about 38% in taxes. Once you add in the Social Security and medicaid changes under Obama's plan your tax rate as a SBO will increase to over 50%. S-corps. will become screwed as they will be hit with over 60% taxes under Obama's plan. SBO's are in the buisness to make a profit and if they are paying over 50% in taxes they will either shelter the company overseas, lay off middle American's or go out of buisness. Reagan, Clinton, and both of the Bush's understood that SBO's carry this country thru hard or slowing economic times the reason for lowering taxes on capital gains (the US pays more in capital gains than any other country). Obama has no understanding of buisness or economics as he wants to hit SBO's hard and fast which will cause a 1930's Great Depression. I am a SBO and I will not work 14 hour days to run my company and provide for my family for less than half. If Obama is elected I will close shop after 6 years and 30 middle class American's will lose their jobs. Vote for McCain if you don't want this to happen all around the US. SBO's account for more than 75% of the new jobs on the market, if we go where will the jobs come from? SBO's have kept the economy in the black with their ability to spend and create jobs and wealth, without us America is doomed.
Small Business Owner | The Princeton Review (http://princeton.localplacement.com/Careers.aspx?cid=208 - broken link) An argument against Obama's tax plan - Grover G. Norquist - Politico.com
Wow! An actual informative post without slander,slurs and sarcasm
On a serious note, I do know that my parents are very worried about their income once Obama gets elected. And no, they make far far less then 600k a year, but they are seniors on a fixed (and apparently very taxable) income.
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