Posts tagged as:

McCain

I’ve received a flurry of last minute emails about me about the differences between the presidential candidates’ tax strategies. I don’t have anything new to add (though look for more political blogging later tonight) but I did want to point you to some prior taxgirl posts on the candidates and their economic and tax policies:

  • Ask the taxgirl: How much will Obama’s tax plan cost me?
  • Debate? What Debate?
  • How Much Does it Cost to Keep America Healthy?
  • Comparisons of Obama and McCain Tax Proposals
  • Who Wants to Raise Taxes? Bueller…? Bueller…?
  • Fix the Tax Code Friday: Presidential Economic Plans

    Be informed. And vote!

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  • It’s Fix the Tax Code Friday!

    We know what Joe the Plumber thinks about the economic plans as proposed by the candidates… But what do you think? Here’s your last chance before the elections to state your case for economic change. Today’s Fix the Tax Code Friday question is:

    If you could ask either candidate a question or state a concern about that candidate’s proposed economic plan, what would you say?

    Psst, don’t forget to say which candidate you’d ask!

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    It turns out that “Joe the Plumber” has more tax issues than were spotlighted during the final presidential debate. He doesn’t just not like taxes, he apparently doesn’t like to pay them. He owes the State of Ohio nearly $1200 in back taxes; Ohio has filed a lien against him to recover amounts due.

    “Joe the Plumber” is really named Samuel J. Wurzelbacher and before moving to Ohio, he lived in John McCain’s home state of Arizona. He became a household name when he told Senator Obama during the debates that he was worried about Obama’s tax proposal. McCain used the opportunity to criticize Obama’s tax plan, saying, “what you want to do to ‘Joe the plumber’ and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.”

    Wurzelbacher has said in an interview on “Good Morning America” that high earners shouldn’t be “penalized for being successful.” Apparently, he believes that includes paying his taxes. Under Obama’s tax proposal, Wurzelbacher’s tax bill would be an additional $900 if he netted, not grossed, $280,000 of income.

    Interestingly, though Wurzelbacher talked about wanting to buy a plumbing business, he doesn’t have a plumber’s license. According to the State of Ohio, where the business is located, he is not registered as a plumber.

    [Author's note: While I do enjoy spirited debate, I will not tolerate those commenters that spam by posting numerous versions of the same comments under different names. That's not commenting, it's spamming and it's rude. I realize that "Joe the Plumber" is a political topic and you want to get your point across. But posting the same comment under different names ten times in a row, as has happened on this post, doesn't add anything to the same conversation. Comments are in moderation: if you post spam, it will be marked as such and your comment will not appear. For more about my comment policy, click here.]

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    Taxpayer asks:

    My wife and I make a combined annual income in the ballpark of $270-280K/year. We work hard, and are saving for a home in order to start a family. I need someone to explain something to me …. I understand that Barak Obama’s proposed tax plan uses the $250K mark as the line separating the middle class from the ‘rich’ … but I am trying desperately to find a grid that can show me how much of an increase in taxes that my wife and I can expect. Does anyone know a good website that can help me apply this proposed tax information to my actual income figures? Thanks in advance.

    Taxgirl says:

    There are some really good resources out there that can help you understand what both candidates propose.

    For one, I highly recommend going to the source – the candidates. Many web sites will politicize the plans – so why not read the actual plans first? Click here for the McCain plan and here for the Obama plan.

    My quick summaries of the tax plans can be found here.

    If you’re looking for a side by side comparison, Deloitte put out a great one – I’ve published it here on my site. It’s a one page chart showing the results of proposals at differing income levels and differing familial situations. You’ll find a link to the WSJ article with further details in the comments – there’s also a link to another blog with some good stuff.

    I’ve also posted some information from the nonpartisan Tax Policy Center. The full reports from the Tax Policy Center, along with the links, are available at that post.

    I hope that points you in the right direction!

    It seemed appropriate to post this question today, immediately following the debates last night. In case you missed the debates, Maddy liveblogged them at One Vote Matters; you can click over and see what you missed.

    I’d love to hear your thoughts on the candidates and their plans. Which presidential tax plan works best for you?

    Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.

    Have a question? Ask the taxgirl!

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    Debate? What Debate?

    3 October 2008

    Did you see the vice presidential debate last night?
    I’ll admit that I didn’t watch the whole thing. For one, the Phillies were busy taking Game 2 of their series against the Brewers (go Phillies!). But also because I’m not a big fan of political debates. Rarely do you discover anything significant because [...]

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    How Much Does it Cost to Keep America Healthy?

    30 September 2008

    Wednesday will not be just any day. It is the day that I take my four year old daughter to Children’s Hospital of Philadelphia where she will see a pediatric cardiologist. If all goes well, and I am hopeful that it does, they will tell us that she has an “innocent murmur” and [...]

    11 comments Read the full article →

    Comparisons of Obama and McCain Tax Proposals

    25 September 2008

    Here’s a quick and dirty chart that further breaks down the Obama and McCain tax proposals, as prepared by Deloitte:

    It is worth noting that following this week’s information that an economic “crisis” has been looming for some time, I don’t believe that most of these proposals will stand “as is.” I don’t know that [...]

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    Obama and McCain Speak Out on AIG

    17 September 2008

    You already know what I think.
    McCain says:
    We should never again allow the United States to be in this position. We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America.
    Obama says:
    This crisis serves as a stark reminder of the failures of crony [...]

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    More Phony Tax Emails… It Must Be Election Season!

    2 September 2008

    This morning, I received this email from a friend:

    Time to consider your pocketbook:
    C A PIT A L G A INS T A X
    MCC A IN:
    0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
    OB A M A:
    28% on profit from [...]

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    More Than Half of US Companies Pay No Income Tax

    12 August 2008

    According to the Government Accountability Office, in any given year, at least 60% of US corporations surveyed paid no federal income tax liability for 1998 to 2005 (the years studied). That statistic includes corporations of varied sizes.
    If the trends in the survey are accurate, nearly one quarter of large US corporations don’t pay any [...]

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