Americans love their money. But can we have our money and keep it too? Whose right is it to decide where our money goes and how much of it should be taken? This brings us to the issue of income tax and the candidates plans concerning it.
Obama's overall tax plan is to give tax cuts to the middle and lower class, with more significant cuts to the lower class. He also proposes a tax increase for upper class citizens.
McCain's overall tax plan is to give tax cuts to all citizens with larger cuts for the wealthy.
Below is a chart the gives the statistics behind these proposals.
Here is the information behind their plans, but the question is are these plans "fair"? What is "fair"? Should people who earn more be charged more for taxes?
Another thing to consider is the value of the dollar in different areas of the US. Real Estate in locations like North Carolina is significantly less than real estate in California. Therefore, a citizen who earns $300,000 in North Carolina may be considered wealthy, but in California they might be seen as middle class. Should this be a concern when deciding income tax and to what extent?
Obama's overall tax plan is to give tax cuts to the middle and lower class, with more significant cuts to the lower class. He also proposes a tax increase for upper class citizens.
McCain's overall tax plan is to give tax cuts to all citizens with larger cuts for the wealthy.
Below is a chart the gives the statistics behind these proposals.
Here is the information behind their plans, but the question is are these plans "fair"? What is "fair"? Should people who earn more be charged more for taxes?
Another thing to consider is the value of the dollar in different areas of the US. Real Estate in locations like North Carolina is significantly less than real estate in California. Therefore, a citizen who earns $300,000 in North Carolina may be considered wealthy, but in California they might be seen as middle class. Should this be a concern when deciding income tax and to what extent?
4 comments:
In my opinion, I feel as though the idea behind these tax breaks for the poorer income families and the tax increase for the extremely wealthy are fair. I feel this way because it is my opinion that when you look at how much money will be saved by the poorest of people under Obama's plan how can you not support it. Many of these people are working two jobs and still barely staying afloat currently in America, as even one minor negative event such as a doctor's appointment could put these people over the edge. Therefore, I see no problem in raising the taxes for the few wealthiest of individuals. I feel as though since they have so much money, even though they might be losing almost a third of their yearly income, they have enough to still stay afloat. In other words, they have some wiggle room as to how much they can make and spend in a year. Whereas the poorest people have no flexibility in how much they make or spend. In further analyzing this chart, I would like to know where Mccain plans to make up for the large tax cut that he seems to be giving to everyone. As our national debt is already extremely high, how does he plan to correct this? Are we going to limit our spending so much that we can make up for this loss in taxes and then further attempt to dig ourselves out of this national debt hole? I'm not a pessimist, but I simply don't see us limiting our spending that much that this can be possible.
I find it strange how Obama thinks it makes sense to tax the rich. The only thing that Obama's plan does is punish sucess in a country that used to exhalt and approve of making something of yourself. Why tack on 3/4 of a million dollars in taxes to these people. With McCain's plan everyone gets a small break. Maybe the two candidates should think about cutting some bureaucracy and stupid programs so that the problem can be fixed where the money is being wasted.
lglostdude06, I don't see how you can say that Obama is punishing those who work hard. There is clear bias in your argument and it seems as if you yourself are the Mr. Scrooge type person who does not want to help out the less fortunate people of the country. Obama providing tax cuts to lower income families makes sense. Why would you tax someone if they do not have a substantial amount of money to tax...As for the wealthy people in the country who do get taxed, I seriously doubt all of them have earned their money. What positive contributions has Paris Hilton made to society?
I believe that if you work hard your whole life and you have a job that make you a successful person you are entitled to the income that you earn. Everyone has the chance to make a life for themselves and you shouldn't punish those who put in years of schooling or hardwork at something they are good at and have large sums taken from them to compensate for those who haven't. Don't get me wrong I know that there are some exceptions yet for the majority it is true. Put higher taxes on things like sales tax or real estate tax that way if the wealthy will be willingly investing in something and willing to pay higher taxes in that manner rather than it just being taken from them while giving others a break.
Post a Comment