JOHN MCCAIN AND BARACK OBAMA - THE COMPARISON
There are several issues that remain at the top of the list for many when considering who they will support for President. Many of these issue are considered talking points as political pundits include them in nearly every interview that either side gives in promoting their candidate.
Following are the facts about many of the talking point issues for both campaigns.
2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS ISSUES
JOHN McCAIN - JM BARAK OBAMA - BO
Favors new drilling offshore US
Yes - JM
No - BO
Will appoint judges who interpret the law not make it
Yes - JM
No - BO
Served in the US Armed Forces
Yes - JM
No - BO
Amount of time served in the US Senate
22 YEARS - JM
3 YEARS - BO
Will institute a socialized national health care plan
No - JM
Yes - BO
Supports abortion throughout the pregnancy
No - JM
Yes - BO
Would pull troops out of Iraq beginning immediately
No - JM
Yes - BO
Supports homosexual marriage
No - JM
Yes - BO
Proposed programs will mean a huge tax increase
No - JM
Yes - BO
Voted against making English the official language
No - JM
Yes - BO
Voted to give Social Security benefits to illegal's
No - JM
Yes - BO
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
Wll raise overall Captial Gains tax from 15% to 25%
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 (as if gas weren't high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least....New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries.
Ken Taylor
Following are the facts about many of the talking point issues for both campaigns.
2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS ISSUES
JOHN McCAIN - JM BARAK OBAMA - BO
Favors new drilling offshore US
Yes - JM
No - BO
Will appoint judges who interpret the law not make it
Yes - JM
No - BO
Served in the US Armed Forces
Yes - JM
No - BO
Amount of time served in the US Senate
22 YEARS - JM
3 YEARS - BO
Will institute a socialized national health care plan
No - JM
Yes - BO
Supports abortion throughout the pregnancy
No - JM
Yes - BO
Would pull troops out of Iraq beginning immediately
No - JM
Yes - BO
Supports homosexual marriage
No - JM
Yes - BO
Proposed programs will mean a huge tax increase
No - JM
Yes - BO
Voted against making English the official language
No - JM
Yes - BO
Voted to give Social Security benefits to illegal's
No - JM
Yes - BO
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
Wll raise overall Captial Gains tax from 15% to 25%
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 (as if gas weren't high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least....New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries.
Ken Taylor
posted by The Liberal Lie The Conservative Truth | 10:09 AM
7 Comments:
Ken, there are just so many errors I don't know where to begin. I'll just mention a couple.
First, Obama won his Senate seat in 2004. You need to recalculate your experience number.
Second, Obama is not against off-shore drilling. He can accept it as part of a comprehensive energy plan.
Third, you are so far off on the tax plan I just have to shrug my shoulders and shake my head in disbelief. For anyone who is actually interested in Obama's tax plan you can read about it on his website.
I don't think you actually understand what a dividend tax or capital gains tax is. And if you do, it is not clear to me why you think they are unfair.
If the CEO of ExxonMobil makes millions of dollars on stock price gains and dividends, what is fair about having him pay 15% on the income, when his employees who actually did the work have to pay 30% on their income?
You say that Obama "Wll raise overall Captial Gains tax from 5% to 25%" First of all, the capital gains tax is set at 15%. Under Obama's plan it will go to 20% which is back in line with the rate under Clinton and for most of Reagan's term. I don't remember there being problems with investments into new businesses during the 1980s and 1990s.
In fact, you can look it up, after Reagan cut the rate to 20% in 1981, the federal budget deficit exploded. In 1986, Reagan specifically worked with Congress to raise the rate to 28%.
So Obama's rate is lower than Reagan's capital gains tax rate and is consistent with the 1990s when jobs were plentiful and we actually had budget SURPLUSES.
The non-partisan Tax Policy Center has analyzed the McCain and Obama plans and has found that Obama's plan provides three times as much tax relief for middle
class families as the McCain plan.
Look, there are significant policy differences between the two candidates. It is critical for Americans to consider the issues carefully, but at the very least if you are going to post up the differences you should get the facts correct.
Let me point out a couple of other points. Under Obama's plan, the Bush tax cuts remain in place for all people making less than $250,000/year. The only thing that changes is that people making more than that have to go back to the tax rate under Clinton.
Taxes are completely eliminated for seniors making under $50,000/year.
There are new deductions for college expenses (up to $4000/year), child care ($500), and a $500 universal mortage credit that helps all Americans, but especially working families.
There is also a one time $1000 energy rebate that is going to go in place for his first year.
As for the estate tax, there is no estate tax on any inheritance up to $7 million. So it really affects very few people. I can tell you from experience, that people who go above the taxable estate tax amount hire certified planners who put monies into trusts and keep their money anyway. I have no idea what you are worried about with respect to the estate tax issue.
Rob, all of the figures came from CNN, The Washington Post , Fox News and a scattering of other sources and BTW Obama took office in January of 2005 which is more than 173 days. A typo that has been corrected.
Also the Capital Gain tax figure is 15% not 5% also a typo corrected.
As far as the tax relief. Nowhere is Obama's 95% tax cut figuring in the large tax increase that will take place with the reversal of the Bush tax cuts. All of the figures are based on the affect ofhis, "cut," has AFTER the Bush tax cuts are already reversed.
When you take the net bottom line based on tax figures as they are now with the Bush cuts in place and then add to it the figures after the Bush cuts are reversed and then take into account the Obama, "cuts," the net bottom line across the board is an INCREASE!
You are just plain incorrect about the lapsing of Bush tax cuts for people making under $250K. Both McCain and Obama are keeping those in place for everyone making under $250K. The only difference is that Obama lets them lapse on people making over $250K.
You can read Obama's plan and see that you are incorrect. That said, just give me a link to CNN, Fox, etc. that shows otherwise if you think that is true.
There is a reason that every independent tax policy institute that has looked at the two plans agree that McCain's plan disproportionately helps the very wealthy and Obama's plan will give more dollars to middle class folks. Even the National Review showed that to be true. Their objection is that they believe in trickle down economics so they think rich folks should continue to get the tax break.
I am one of the rich folks who would face higher tax rates. I am willing to pay that to help close the deficit problem that is growing ever wider.
Frankly, I'd like to try to understand what your issue is with shifting the capital gains tax up to 20% (not 25% - just look at the Obama plan online).
If I sell my home for $800,000 five years after buying it for $750,000 the capital gains tax is essentially negligible whether the capital gains tax is 15% or 20%. I'm curious - how much tax do you think I would pay? What is your calculation of the difference?
This site is as laughable as the Republican ticket is this election. You must be proud to buy the ruse that McCain is a "maverick reformer" (laugh!) while he hides Palin from people discovering what a dunce she is, and seemingly not being able to do more than one thing at a time (like debate and legislate).
Ha ha ha!!! Hey, Ken, way to be totally owned by Rob! I can feel the bitch-slap sting from here!
Rob, where is it that you find the time to actually find out the actual facts pertaning to these issues? Perhaps you can share some time management tips with Ken and the rest of the barnyard yahoos that frequent this site. They could use it.
I read and take time to understand issues. Frankly, most Americans (left and right) simply do not have fiscal literacy or a real understanding of what is happening. They are easily moved by bulleted talking points.
All the while our country is being taken out from under us.
What I think is unfortunate is Republican "leaders" who question liberals' other Americans' patriotism, while at the same time allowing the fire sale of American assets to foreign governments and foreign corporate interests. It is absolutely pathetic.
I'm always happy to discuss the actual fiscal performance of our government, but rarely do I have takers.
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