Barack Obama Elected President!

[Greg's GL]

His position on business specifically is that he will provide tax relief (eliminate all captial gains) to small business and start-ups that create jobs. And a $500 tax credit "Making Work Pay" for small business owners. This is clearly stated on BarackObama.com

There are a couple of policies that are very intriguing:

What do you think of these policies? Do you feel that companies doing alot of offshore hiring should not be penalized in any way? Especially when they are getting huge tax breaks in this country?

[Roman]

I don't understand.

I know all about him and his personal life. What was this about? I truly don't mean anything by this, I'm just wondering.

[wiccachick_1]

Immigration is probably one of the most complex ethical issues out there right now. You know, my instinct just wants to say ship them out and be done but there's so much more involved. The labor force they provide is a needed commodity but then the reason they are so needed is because businesses avert the system to hire them and therefore aren't obligated to give them the minimum wage or any other employment benefit. I don't know how exactly I feel. I think immigrants get screwed because they have no employment protection but at the same time they can receive social program benefits even though there is no revenue from them to pay for it. Employers are fleecing the system. The workers are fleecing the system and consumers reap the benefits of it.

I guess bottom line is that I do not think criminal acts should be rewarded and illegal immigration is by definition a criminal act. Solving that is a whole other ball game. I can't criticize candidates for mixed messages here because I'm in the same boat with them.

[Greg's GL]

Roman - I think the beef with him is that he's endorsed Democrats before, mostly because of social issues. He is pretty much right in line with the Republicans on other matters - fiscal, military, welfare. But he argues that the Republican party has shifted too much focus to social matters like gay marriage and abortion.

If someone feels differently, please jump in.

[Greg's GL]

Very well said. ICAM. The impact to the economy if we were to ship out these 12 million people would be (IMO) large. But is that a reason to keep them? Like you said, they are - by definition - criminals.

Hmmmm

[George008]

Yeah, I've seen and heard the statements about the capital gains tax. It is very misleading in that small business do not usually pay capital gains taxes. They do however, pay income and payroll taxes, which Obama will increase on those that bring in $250,000 or more, which many of them do.

That's exactly where I feel the double talk stands (the $500 tax credit/ per worker). How will that even make sense when he is going to raise income and corporate tax on business?

Personally, I dont feel that any American business should be punished. The intent of the tax breaks is to bring them back. Obama's plan (to raise their taxes) IMO will drive them further out.

[wiccachick_1]

Crap. Now I have to go and look up the website where I saw these figures. Crap crap crap. Please excuse me because I'm going on memory here and I may have some of my information a little bit off. I have a brain like a steel sieve sometimes. UGH!

From one website the name of which I cannot remember it says that an analysis of McCain's voting record shows that the notorious 90% is a little bit misleading. If unanimous senate votes are discarded (which means items where not only McCain voted "with Bush" so did Biden, Clinton, Obama and everyone else in the Chamber) there is a 45% agreement rate. McCain and Bush disagree on immigration, campaign reform, judge appointments, budgetary items, and there were some other ones that are just not popping in my mind right now.

Aging is a horrible thing. I'll try to think of it to get the actual truth over here and you don't have to go on my word and piss-poor memory.

[George008]

I saw that site too! I cant remember which one it is though. I'll look with ya...

[Roman]

That is how I feel. Obama has said that he will reward tax breaks to companies that either stay in the States or return to the States. The only businesses, from his word, that he said would get taxed are those that shut down and leave the U.S.

If that is the case, and your business outsourced your job.......why do they deserve a tax break?

[George008]

With all due respect, I dont believe only businesses that outsource are going to be taxed under Obama's plan.

Washington Post: Obama's tax plan and small business

[Roman]

But Greg, yous ee how I feel. That won't change.

How do you feel on the subject?

[George008]

Great article on Obama's tax plan

"The big trick behind the Obama tax plan is that his refundable tax credits would primarily go precisely to those who pay little or nothing in federal income taxes. The latest CBO data shows the bottom 40% of income earners already pay no federal income taxes. Indeed, they receive a net payment from the federal income tax system, meaning from the taxpayers, equal to 3.8% of all federal income taxes, because of the refundable tax credits under current law. The middle 20% of income earners, the true middle class, pays 4.4% of federal income taxes. Overall, the bottom 60% of income earners pay less than 1% of federal income taxes on net."

"REPUBLICANS AND CONSERVATIVES should be trumpeting the fact that the results of Reaganomics over the past 30 years has been to abolish federal income taxes on the poor and the working class, and almost abolish them on the middle class. They should be emphasizing as well that another result of those tax policies is that the top 1% of income earners now pay 40% of all federal income taxes, and the top 10% now pay 71%, contrary to the foolish political propaganda of the neo-socialist class warriors. When Obama spouts that the rich need to pay their fair share, he should be asked what the heck is their fair share? 100%? 150%?"

[Roman]

Very interesting. Thanks for posting this, Wicca.

May have to do some rethinking on this subject. Hmmmm.....

[wiccachick_1]

Oh please don't rethink it until I find the backup for that. I'd rather have the facts straight for you first.

[Roman]

Oh. Ok.

It's just that if this is true, it will give me pause and I'll have to change my thinking on it.

But thanks for looking this up in the first place.

BTW, what is McCain's stance on taxing small businesses and corporations? Will he give tax breaks to all, even if they shut down and ship jobs overseas or out of the country, or will he tax certain bussinesses?