Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism

[Flipx99 5,000+ posts]

Well thats a matter of whether you feel you were compensated appropriately for your time and work, but I think its ridiculous that minimum wage is so low compared to the cost of living

My cost of living is low...but then again, it's just me and now my cat. I don't engage in activities that would require me to take care of others.

 

[MikeofTulsa Moderator]

My cost of living is low...but then again, it's just me and now my cat. I don't engage in activities that would require me to take care of others.

flip, these people will not understand what you are trying to explain to them.

They dont seem to understand that being "poor" is a state of mind not a representation of how much money they have.

I have been in the situation where i had 0 money, but i was not poor by any means because I saw the opportunities out there and was determined to move past that. I worked 3 jobs and lived on 3 hrs of sleep a day for a month or two untill I was out of that situation, then I concentrated on finding a job that suited my financial needs.

I have no sympathy for the "poor" there is plenty they could do to get ahead if they choose to and quit living in the poor mindset.

 

[Rashaddd 5,000+ posts]

what does minimum wage have to do with anything, thats not determined by the company.

we're talking about the rich vs the poor, I think the minimum amount we pay the poor has quite a bit to do with it. I'm not blaming a company for paying low wages...they are being a smart business

doesn't change the fact that once again...working 80 hours a week at minimum wage BARELY puts you above the poverty line, and thats assuming you are living alone and only have to support yourself.

 

[mcsoul 10+ year member]

Well thats a matter of whether you feel you were compensated appropriately for your time and work, but I think its ridiculous that minimum wage is so low compared to the cost of living

You sound like a fresh out of highschool person who thinks they should be able to get any job and afford to live on thier own. You have much to learn, get roomates.

 

[duece212 5,000+ posts]

it could potentially screw my business quite a bit.


anyone that votes for obama has to be stupid. but thats just my opinion.

what do you obama fans think of the other proposed taxes he wants to add for everyone to pay? examples of what each candidate wants below.

CAPITAL GAINS TAX

MCCAIN

0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA

28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.

DIVIDEND TAX

MCCAIN

15% (no change)

OBAMA

39.6% - (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.

INCOME TAX

MCCAIN

(no changes)

Single making 30K - tax $4,500

Single making 50K - tax $12,500

Single making 75K - tax $18,750

Married making 60K- tax $9,000

Married making 75K - tax $18,750

Married making 125K - tax $31,250

OBAMA (reversion to pre-Bush tax cuts)

Single making 30K - tax $8,400

Single making 50K - tax $14,000

Single making 75K - tax $23,250

Married making 60K - tax $16,800

Married making 75K - tax $21,000

Married making 125K - tax $38,750

Under Obama, your taxes could almost double!

INHERITANCE TAX

MCCAIN

- 0% (No change, Bush repealed this tax)

OBAMA

Restore the inheritance tax

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes. New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts. New taxes to pay for socialized medicine.

You can verify the above at the following web sites:

http://money.cnn.com/news/specials/election/2008/index.html

http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

http://elections.foxnews.com/?s=proposed+taxes

http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/

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[95ZJ 10+ year member]

I think it should be a flat 15% across the board.

 

[Chevillac 5,000+ posts]

we're talking about the rich vs the poor, I think the minimum amount we pay the poor has quite a bit to do with it. I'm not blaming a company for paying low wages...they are being a smart business
doesn't change the fact that once again...working 80 hours a week at minimum wage BARELY puts you above the poverty line, and thats assuming you are living alone and only have to support yourself.

Yup, because im going to pay a poor inexperienced person 30/hr to come do some major job at my company. Right.

 

[allout13 10+ year member]

How does this make any sense?
So you're saying currently, rich people hire people because they have enough money to? Umm...last I heard, people usually hire people because they will BENEFIT from hiring them...

wrong. what Im saying is that because they already make x amount of money, what reason is there for them to suddenly make less money. take a factory with an assembly line for example. losing one person will only make it so the other people will have to work a little bit harder to achieve the same output.

maybe there will be a little less product produced, but because we are in a recession not as much product needs to be produced because there is not as great of a demand

 

[MikeofTulsa Moderator]

we're talking about the rich vs the poor, I think the minimum amount we pay the poor has quite a bit to do with it. I'm not blaming a company for paying low wages...they are being a smart business
doesn't change the fact that once again...working 80 hours a week at minimum wage BARELY puts you above the poverty line, and thats assuming you are living alone and only have to support yourself.

and again, those are choices that people make. You apparantly have no concept of personal responsibility.

Yup, because im going to pay a poor experienced person 30/hr to come do some major job at my company. Right.

I do it all the time. I love hiring people and paying them more than they are qualified for just for the hell of it. Heck, most of them dont know how to turn a computer on let alone build one.

//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[duece212 5,000+ posts]

and again, those are choices that people make. You apparantly have no concept of personal responsibility.

You just hit on one of my biggest pet peeves, a severe lack of pesonal responsibility in alot of people in this nation.

 

[Flipx99 5,000+ posts]

we're talking about the rich vs the poor, I think the minimum amount we pay the poor has quite a bit to do with it. I'm not blaming a company for paying low wages...they are being a smart business
doesn't change the fact that once again...working 80 hours a week at minimum wage BARELY puts you above the poverty line, and thats assuming you are living alone and only have to support yourself.

Are you saying that people should be guarenteed a wage that will allow them to only work one job? I am not sure what you want to happen.

 

[Chevillac 5,000+ posts]

and again, those are choices that people make. You apparantly have no concept of personal responsibility.


I do it all the time. I love hiring people and paying them more than they are qualified for just for the hell of it. Heck, most of them dont know how to turn a computer on let alone build one.

//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

I meant inexperienced. Oops

Are you saying that people should be guarenteed a wage that will allow them to only work one job? I am not sure what you want to happen.

Everyone wants a fix, but they dont know what.

 

[jco1385 5,000+ posts]

rich folks won't be affected by a higher tax. but poor folks are strapped for cash and the rep.s wanna make them moAr broker.

go dem or GTFO

 

[quest51210 10+ year member]

no, the wealthy would only have less money to invest in lobbyist. this is not only a system of equality, but it takes away part of the major issue today that lies within the lobbyist system employed at all levels of government.

BTW 250K a year is not wealthy.

tax the rich business owners and theyll fire people until they make the money that they made before the government raised taxes...
great idea

 

[MikeofTulsa Moderator]

it could potentially screw my business quite a bit.


anyone that votes for obama has to be stupid. but thats just my opinion.

what do you obama fans think of the other proposed taxes he wants to add for everyone to pay? examples of what each candidate wants below.

CAPITAL GAINS TAX

MCCAIN

0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA

28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.

DIVIDEND TAX

MCCAIN

15% (no change)

OBAMA

39.6% - (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.

INCOME TAX

MCCAIN

(no changes)

Single making 30K - tax $4,500

Single making 50K - tax $12,500

Single making 75K - tax $18,750

Married making 60K- tax $9,000

Married making 75K - tax $18,750

Married making 125K - tax $31,250

OBAMA (reversion to pre-Bush tax cuts)

Single making 30K - tax $8,400

Single making 50K - tax $14,000

Single making 75K - tax $23,250

Married making 60K - tax $16,800

Married making 75K - tax $21,000

Married making 125K - tax $38,750

Under Obama, your taxes could almost double!

INHERITANCE TAX

MCCAIN

- 0% (No change, Bush repealed this tax)

OBAMA

Restore the inheritance tax

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes. New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts. New taxes to pay for socialized medicine.

You can verify the above at the following web sites:

http://money.cnn.com/news/specials/election/2008/index.html

http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

http://elections.foxnews.com/?s=proposed+taxes

http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/

so none of you democrats have anything to say about this?