Well, Obama has unveiled his “new” economic plan. There is the forgoing of penalty for early withdrawal of up to 15% of one’s 401(k). McCain first proposed that several days ago. Then he comes up with a 90 day moratorium on foreclosures for homeowners “acting in good faith”. Obama criticized this plan when Hillary Clinton suggested it during the primary. Then he is going to “lend” funds to state and local governments. No mention of repaying the loan, I guess the state repays the loan by raising state taxes. Finally he offers a temporary tax credit to firms creating new American jobs. No details about what is “temporary” or the amount of the tax credit. Estimated cost? $60B. This on top of a $150B stimulous program being hatched by Pelosi and himself. What does this guy think we are made of? Money?
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Of course John McCain has no plan
Where's McCain's plan? That's right, he doesn't have a plan. His plan is to continue George Bush's tax cuts for the rich,. McCain is going to give $4 billion in tax credits to Big Oil and hope it will "trickle down".
And the figures you mentioned are not even so much as a pittance compared to the largess we've showered on Halliburton, Blackwell, and the Carlyle Group, and will continue to shower on them as long as the Vietnam War I mean the Iraq War goes on. You're worried about $150 billion? That's chump change, pal, compared to the sacks of money we dump out the window every day to prop up our puppet government in Iraq. McSame is ready for 100 years of it.
So let's review: Obama has a plan to help homeowners, the middle class, cities, and states, and McCain has no plan other than to continue Bush's trickle-down tax cuts for the rich.
Thanks for pointing out that Obama actually has a plan.
Plan
Well, let's eee; he plans to lower the corporate income tax from 35% (one of the highest in the world) to 25% in order to make it more attractive to do business in the U.S., he will extend the 2002-2003 tax cuts beyond 2010, he will eliminate the tax break workers enjoy for job supplied health insurance and replace it with a flat $2,500 refundable credit for each individual, or $5,000 per family, he proposes to double the dependents deduction, he proposes to freeze all federal spending except that which is essential (defense, social security, infrastructure), eliminate earmarks, eliminate all Federal programs which are not being effective, eliminate income tax on unemployment payments, he proposes to use $300B of the $700B "bailout" funds to purchase the unfair sub-prime variable rate mortgages and replace them with managable fixed rate mortgages, he proposes to suspend tax rules on IRA and 401(k) plans and ease the income tax burden on withdrawals, So McCain does have an economic plan and while you may nt like it, that's o.k., I don't like Obama's either, so I guess we are even.
How much...
in taxes do you really think those corporations pay currently? If you think that they honestly pay 35% of the money they make, I have a bridge to sell ya in Alaska. If you want to make business more attractive in America, you penalize those companies that are moving abroad. Like those multi-billion corporations that moved their headquarters to the Caymen Islands and actually have a one room office with not much in it so they don't have to pay their taxes here in the US. Or the auto manufacturers who move their plants to Mexico to take advantage of the cheap labor there. It's all about money and and other countries (like China) do the same thing.
His healthcare plan is a joke, my wife and I pay about 6,000 a year for health insurance, then we have to pay another 1000 a year in deductibles before we get to the 80/20 split. What a lot of people don't know, is that our jobs pay 2/3 of our healthcare. So while we're paying 6,000, our companies are paying 12,000. So we're gonna pay taxes on 18,000 and we're gonna get a 5,000 credit so we can take our 5,000 bucks where ever we want to? What kind of health insurance am I going to be able to afford for 5,000 a year when my current plan is 18,000?
The rest of the items you mentioned I don't have much information on so I can't comment too much on them other than I would like to know who gets to decide which Federal programs aren't working. I would also like to know who gets to decide which programs are essential and what the definition of essential is.
35% tax
This tax you all are so upset about is not eliminated for companies that locate overseas. It is deferred for as long as the company uses the funds in the overseas operation. If the funds are not used in the operation, or the firm closes the branch, the deferred taxes come due. There are loop holes aplenty in the corporate tax structure that apply to both domestic and foreign operations. You hit the nail on the head with your reference ro cheap labor. That is the real reason for locating in foreign counties, not the mythical tax break.
The healthcare I can't comment on. I've been retired so long that I am not current on what deal a company can get for group health insurance. I do know that my wife and I pay less than $5,000 for ours. How that compares to the world I have no idea.
Who decides on what is essential or what's not working? Usually a committee within the House and/or Senate. So the final decision on that would come from your beloved Democratic controlled congress.
I agree with most of what U said
But the problem is we are going to, under the Dems plan,
bring about 1/3 of the population into college education, healthcare, lets buy a home group…
when they haven’t worked for it…
like U did..
They just want it and Obama thinks they should have it..
I guess if this local group in KC could quit shootin each other long enough to go to school,
it would be cost effective…
but who is going to pay for it…
u my friend…
not me, I collect a pension, civil is retired,
U are the payroll, so for everything Obama gets going remember U are going to pay for it,
in the long run…
the rich will just sell out and retire, buss will go over seas, unemployment will go up and who ever is left working will pay the freight…
Do U really think the Acorn group, that is out helping Obama get elected, are going to turn two and get into the work force to pay for what he’s promising to do??
If so, I can get U another Bridge in San Francisco, half off…this week only…
Yeah, then he's going to tax
Yeah, then he's going to tax your health care benefits. In the words of Sarah Failin', "Thanks, but no thanks."
The article I read...
Said that for the next 2 years people could pull up to 10,000 dollars of their 401k without penalty and that he would give businesses a credit for creating jobs for the next 2 years.
All the other things that you mentioned I haven't read anything about yet so won't comment on.
Good
Good photo. Friend of yours?