Thursday, October 16, 2008

Morning Tax Brief

I don't have time to do a complete debate roundup from last night until this evening. I do feel McCain won the debate, but not by enough to matter in the polls. According to polls it seems Obama won his 3rd debate in a row. I don't believe in polls.

Anyway I will have more later, for now let's talk taxes.

Feel free to comment on the debate now, or wait for the write-up later.


Larry said...

I wish I could get that picture to go bigger. Anyway, I don't think it will be a game changer either. Obama is going to win this election. I think McCain gave Obama that ass whooping though.. and the "Senator Obama, I am not President Bush. If you wanted to run against President Bush, you should have run four years ago" won him this one. I think Obama stumbled for answers and was on the defensive.

Too bad taxes are just part of the equation. Looks like most Americans will save $22.50 or $64-$66 a month with Obama instead of McCain (the difference between them). Do you know if those figures are for singles/married couples? There could be a lot of couples making over that $111,000 mark where they would save more on taxes.

So Obama would pay for my prepaid cell phone or my air card monthly bill compared to McCain. Looks good, but I really need about $3,000 a year in tax savings. Can we get him to up that a bit? $1000/year aint gonna help me hardly. It is still better than nothing though, so I can't complain. When do you think it will take affect?

I really want another tax rebate. If he came out with that one, I may change my vote.

Jack said...

I do give props to McCain for finally taking the ball! it's too bad he failed to take the shot once he had it. I thought the tone, the in ur face 'I AM NOT GEORGE BUSH' rocked the debate, however, it would have been more to his advantage to then tell us WHO he is, not just who is not.
I am not discounting his record, I believe he has done some really good things, those things just haven't done anything good for the economy or me personally.
I would have liked to see John take this last opportunity to do more than once again tell me why he doesn't like Obama. (I think we get that part )and how he wants millionaire plumber Joe to NOT pay more taxes.
And while $65 dollars a month isn't thousands, it is a tank of gas, and well I will take it.

RedWing said...

I don't think McCain throwing a $20 bill at the average receptionist, starbucks worker, waiter/waitress is a good economic plan. It's a slap in the face to struggling Americans by John McCain.

I'm glad you brought up that extra $1000 Larry. Obama has proposed an economic stimulus plan that will give $1000 to families and $500 for individuals. You can see that here.

The tax benefits I just showed can be seen here

RedWing said...

Click here for another Tax Calculator for Obama's plan.

Larry said...

ok, but I think you may have taken my questions/comments as sarcasm since I have been that way recently, but I was actually serious. I would be appreciative of $1000 tax cut, don't get me wrong, but I think people my income and under need more relief. Granted for our own stupidity maybe, but gas prices are crazy and hurting us too, which isn't our fault.

When do you think the tax cuts will take affect, and is that single income or married? I still can't find it out. I heard in the past Obama wanted this extra $1000 rebate, but haven't heard much lately about it, so I thought it went away.

AntiSocialism said...
This comment has been removed by the author.
AntiSocialism said...

Considering the current economy and all of the bailout money that's been handed out and will be handed out in the near future, neither candidate will be able to deliver on their tax "promises". Regardless of who is elected, your taxes are going to increase. Might as well prepare yourself for that.

Larry said...

So I still can't figure out about the original post you made, so I looked at the one site and it referenced the site. According to Tax Policy 1 the numbers don't match really, so maybe they are averaging, especially since everybody's data is different.

Tax Policy shows that AGI is used, which is adjusted gross income. This is basically your w2 wages, with a few additions/subtractions, but is not after the standard deductions/child tax credits/personal exemptions. Your w2 wages are after any pre-tax deductions like health insurance/401k, etc..

So I don't know if the tax policy site isn't updated (I would assume it was), but you can see there are some instances where McCain's plan will produce more refund than Obama's for the middle class.

Am I misunderstanding this?

RedWing said...

You're the tax guy bro, so you tell me...I just use this link now. It's very likely updated with the correct information.

Also, don't you think McCain would have used the words "Middle Class" at least once in the last 3 debates if he was providing them with a tax cut?

So my guess is you're's just not updated. I got that from Jesus at La Caretta that he got from the Winston-Salem Journal Sunday Parade section.