14 days left!
400-408 – (:51) BF3-1, Barney Frank on CNBC yesterday (10/20): "We need to tax and spend."
• About.com, 2008 Tax Rate Schedules.
413-423 – How will making the rich poor, make the poor rich?
(:38) SP12-1, "Since he can't reduce taxes on those who pay zero, he wants the government to send them a check that's called a tax credit. And where is he gonna get the money for all those checks that he will cut? By raising taxes on America's hard-working families and our small businesses and a lot of folks just like Joe the Plumber and Ed the Dairyman out there, right there, Ed the Dairyman." Or as Karl Marx said, "From each according to his ability, to each according to his need."
"When you spread the wealth around, it's good for everybody," Barack told Joe the Plumber.
Rasmussen called Americans to see if they agreed with Obama, YES–44%, NO–42%.
Party Affiliation: 69% of Democrats agreed with Obama, and 78% of Republicans disagreed.
Age: 63% of those under-30 agreed, a plurality of those over-30 disagree.
Income: 50% of those earning less than $40K say Obama understands their reality better than others.
52% of those earning more than $100K say Obama understands their reality better than others.
But, those earning between $40–$100K, 58% say Joe the Plumber or McCain understands better.
428-437 – Calls
443-452 – Calls
• CNSNews.com (10/15/08) Obama's Tax Cut is Actually a Spending Increase, Says Non-Partisan Group. According to the Tax Policy Center:
Obama's "tax cuts" are tax credits to all tax payers – even those who pay no federal income tax.
The 60.7 million people who pay no federal income tax will get an Obama refund, while just 33.8 million who owe taxes will get a refund. The upper 20% of tax payers will actually see their after-tax decline.
Obama claims to give "95%" of households a "tax cut," yet only 62% pay any federal income taxes, 38% don't.
Obama's plan will increase by 15 million those who pay no federal taxes, from 37.8% to 48.1%
• Making Work Pay: $500-$1000 to everyone making less than $200-250K and more than $8,100 a year (cost = $323B first term).
• 10% Universal Mortgage Interest Credit: a refund of 10%, up to $800, for those who don't itemize (cost = $13B).
• American Opportunity Credit: $4,000 in refunds to cover college tuition (cost = $58B).
• Expansion of Child Care: makes it refundable and would cover up to 50% of child care up to $3K per year ($10B).
• Saver's Credit: will match 50% of the first $1,000 of savings for families earning less than $75K per year.
• Obama's plan benefits the bottom 40% who pay 0% of the nation's income taxes.
• The 40% of Americans who earn more than $75,000 will see their refunds decrease by this "phasing out."
• Those earning between $20-50,000 will see their effective tax rates increase on average.
• Most households making $30,000-$75,000 will not see a reduction in their taxes under Obama's plan relative to current law, according to the Center. In fact, the only strata that will see a majority of its effective tax burden reduced under Obama are those making less than $30,000 per year and those making $75,000-$200,000 per year."
From the story:
"Most of the benefits of Obama's plan would go to the bottom 40 percent of wage earners, a group that, according to the Congressional Budget Office and the Tax Policy Center, pays zero percent of the nation's income taxes.
In fact, Obama's refunds get smaller as tax burdens get larger, which means that while it is true that 95 percent of workers will receive some form of tax refund from Obama, they will not all receive a full refund, because Obama relies on phase-in and phase-out proposals to target his refunds toward the lowest-earning tax brackets.
It is these phase-out requirements that result in a general decrease of the refunds for people earning over $75,000 per year, according to the Center. This bracket includes nearly 40 percent of all Americans and nearly 20 percent of total income taxes.
When compared with current law, people earning $20,000-$50,000 a year will see their effective tax rates -- the amount of money the taxpayer actually ends up paying the government -- increase on average under Obama's plan, according to Tax Policy Center figures.
Most households making $30,000-$75,000 will not see a reduction in their taxes under Obama's plan relative to current law, according to the Center. In fact, the only strata that will see a majority of its effective tax burden reduced under Obama are those making less than $30,000 per year and those making $75,000-$200,000 per year."
(:25) JB3-1, Biden: Presidency not ready for on-the-job training. This is a John McCain ad using that now powerful quote, which has even greater meaning given Biden's prediction from Saturday.
458-508 – Obama wants to: increase the tax on dividends from 15% to 40%, raise the death tax to 55% on the first $1M, raise the tax on those self-employed from 37.9% to 54.9%, raise the tax on Subchapter S corporations from 35% to 50.3%. What is the ideal top individual tax rate? 28% (Reagan), 38% (Clinton), 55% (Obama), 60% (Hoover), 70% (LBJ), 90% (Carter).
512-523 – Derek McCoy with Yes on 8 and protectmarriage.com.
528-539 – Calls
Obama wants to: increase the tax on dividends from 15% to 40%, raise the death tax to 55% on the first $1M, raise the tax on those self-employed from 37.9% to 54.9%, raise the tax on Subchapter S corporations from 35% to 50.3%. What is the ideal top individual tax rate? 28% (Reagan), 38% (Clinton), 55% (Obama), 60% (Hoover), 70% (LBJ), 90% (Carter).
544-554 – Calls
558-608 – Calls
555 – [1:30] "Your Independent, Unbiased, Advisors: The Money Guys" Robert Micone/Bill O'Connor at Applied Financial, 866-SEEK-COUNSEL, and online at appliedfinancialplanning.com.
612-623 – Calls
628-639 – Calls
644-655 – Calls
• IBD Editorial Series, The Audacity of Socialism.
• Fox News (10/21/08) Poll Suggests U.S. Troops Support McCain 3-1. A Military Times poll indicates landslide support for John McCain, who captures 68 percent of the military vote to Barack Obama's 23 percent.
• Joel Rosenberg (10/21/08) How Much Time Do We Have Before A New War In The Epicenter?
• Fox News (10/21/08) OPEC Pushing to Cut Production, Drive Up Oil and Gasoline Prices.
• AP (10/21/08) McCain reminds Biden he's been tested in crisis.
• Dick Morris (10/21/08) Obama's Money Won't Be Key Factor.
• Breitbart (10/21/08) San Francisco weighs decriminalizing prostitution.
