McCain/Obama Tax Plans Examined

[Jhhnn]

Thank you, naddicott- your link is a keeper...

 

[Zebo]

The funny thing about these tax debates is deductions arnt even being factored in to illustrate the regressive nature of taxation in America.

Lets just put it this way.... know someone...president of a corporation...w/ $600 in gas a month deduction, 'Business trip' to Eagle Lake Canada $2500 deduction. Golf, laptops, cars, computers, and on and on ...totally legal and changes your basis while getting to enjoy these perks without levy. W2 employees don't - Depending on bracket they have to make $3200 to take that same Canada trip since SS and fed taxes take $700 off the top.

 

[PokerGuy]

Originally posted by: blackangst1

Is there a study to back this up?

I'm sure there have been plenty of studies on the matter, but I haven't done the searching.... that's why I said it's just my opinion, not fact.

 

[CADsortaGUY]

Originally posted by: Jhhnn
Obama's plan also increases EIC payouts, which supplement extremely low working family incomes. They're also an indirect subsidy to low paying employers, as well.

I hadn't heard his plan increased payouts via EIC. Is there a link to that somewhere?


But I guess regardless of the specifics - EIC should be a net zero item. As it sits now, people can and do get more back from Uncle Sam than they paid in all year. Yes, even if you include SS(which they are still credited for). That is wrong. NO ONE should get more Federal Income Tax back than they paid in for the year.