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post #1 of 62 (permalink) Old 10-05-2008, 04:33 PM Thread Starter
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You Obama guys help me out

I read an editorial today that claimed O's tax plan would give folks who pay no tax a $1k tax rebate or credit. I just read his tax plan on his website, and it appears to be true, unless I'm missing something. What's your take on this? Convince me this isn't purely undisguised socialism.

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post #2 of 62 (permalink) Old 10-05-2008, 04:48 PM
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It sounds as if you would be happier with a McCarthy than a McCain.

Even if color blindness is tough,at least try to see the world in shades of gray.

"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Seneca
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post #3 of 62 (permalink) Old 10-05-2008, 05:51 PM Thread Starter
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Originally Posted by dope View Post
It sounds as if you would be happier with a McCarthy than a McCain.

Even if color blindness is tough,at least try to see the world in shades of gray.
Wouldn't be happy with either, and if you are attempting the ole racism charge, it won't stick. Nonetheless, I would like to understand this plan. The text is:

A $1,000 “Making Work Pay” Tax Credit. For 95 percent of workers and their families—150 million
workers overall—the “Making Work Pay” credit will provide a refundable tax cut of $500 for workers or
$1,000 for working couples. This credit will benefit over 15 million self employed workers and for 10
million low-income Americans, will completely eliminate their federal income taxes.

According to the editorial I read, refundable means that if your income tax owed under current circumstances (the total tax, not the net between withholding and what you owe) is nothing, you'll get a $500 (single) or $1000 (married) refund in addition to what you'd already be owed. That particular editor leans way GOP, so I'm really just wanting to take some spin off.

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post #4 of 62 (permalink) Old 10-05-2008, 06:01 PM
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Dammit, I wasn't ready for homework this evening. I can see, however that the phrasing "rebate" for folks who don't pay taxes being a flag.

Do we know the genesis of this?

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post #5 of 62 (permalink) Old 10-05-2008, 06:17 PM Thread Starter
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Dammit, I wasn't ready for homework this evening. I can see, however that the phrasing "rebate" for folks who don't pay taxes being a flag.

Do we know the genesis of this?
Sorry, Bear, didn't mean to ruin your evening. Thus far, I've found this:

Obama Tax Plan: Back To Welfare? - Yahoo! News

But the author isn't named. Other news articles don't seem to discuss the details of how the "tax credits" work when they are greater than the tax owed. I'm still Googling myself. I'll figure out how to put up the editorial that I read.

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post #6 of 62 (permalink) Old 10-05-2008, 06:18 PM
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Looks to me, reading the comprehensive plan on the site is that is is a tax credit or cut, not a giveaway. Reading that section, on page 2 [that you posted above] and reading the syntax on other sections suggest it is a credit. I don't see the "giveaway" part.

Is it possible the editor interpreted "refundable" to an extreme definition IF he wasa trying to suggest that "some folks get to work for free".

Another way to do this simply would be to adjust the tax table thresholds. If that were done, most people would not even notice. But by providing an amount and a target group, it is getting additional scrutineering.

Since all this has to wander through the halls of Congress anyway, the "meat" on either side is pretty moot. Only the broad strokes really count at this point.

http://www.barackobama.com/pdf/taxes...Plan_FINAL.pdf

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post #7 of 62 (permalink) Old 10-05-2008, 06:20 PM
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Originally Posted by edfreeman View Post
Sorry, Bear, didn't mean to ruin your evening. Thus far, I've found this:

Obama Tax Plan: Back To Welfare? - Yahoo! News

But the author isn't named. Other news articles don't seem to discuss the details of how the "tax credits" work when they are greater than the tax owed. I'm still Googling myself. I'll figure out how to put up the editorial that I read.
Not a problem, just finished packing a bit ago so I am ready for the 0: Dark:30 flight out tomorrow morning.

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post #8 of 62 (permalink) Old 10-05-2008, 06:24 PM Thread Starter
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Here's one, but from a righty source. Resembles the editorial I read:

Obama's Tax Plan Is Really a Welfare Plan - WSJ.com

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post #9 of 62 (permalink) Old 10-05-2008, 06:25 PM
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Wouldn't be happy with either, and if you are attempting the ole racism charge, it won't stick.
No accusation of racism,I wasn't clear. I meant the world isn't just in black,white or red. The word 'socialist' is a very broad term.

"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Seneca
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post #10 of 62 (permalink) Old 10-05-2008, 06:29 PM
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You know the self employed, could use a break. We are Just trying to make a living. KY's self employed are Yosey, Bear, and Al Franken. Give us a break.
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