Yes, we can.

[Morrigoon]

Originally Posted by Alex

Here's a decent comparison of McCain and Obama's Estate Tax proposals.

If you're opposed philosophically to an estate tax at all then you won't be happy with either because they both support continuing them.

Obama at the current 45% rate with a $7 million exemption (currently it is $3.5 million).

McCain at 15% with a $10 million exemption.

Those sounds hugely different to me but per the articles figures I didn't see a big difference in impact on small businesses. Small businesses are the bugaboo of estate taxes since heirs potentially have to sell or close the business to afford or avoid the taxes, creating economic collateral damage.

Isn't this what living trusts are for?

[scaeagles]

Back to Obama income tax policies.....Obama started with 250,000 as his threshhold. At least once after that, and I am willing to grant this could quite possibly be a misstatement, he said 200,000. I have never brought that up, but do now, because in an interview yesterday, Biden said 150,000.

Because I am already immensely suspicious of them and their tax policies, I wonder if they are slipping because they talk about other numbers - as in lowering the 250,000 that they've widely campaigned on.

[Alex]

I don't know what Biden said today but Obama has always been pretty clear:

If you make less than $250,000 you won't see any increase in tax burden. If you make less than $200,000 you will see at least some decrease in tax burden. Meaning that if you make between $200,000 and $250,000 your total taxes will remain unchanged (individual taxes may see tweaks).

For example, and again payroll tax adjustments in addition to income tax changes are a big part of his plan, if you make less than $150,000 you will receive a full $500 or $1000 (single vs. married) payroll tax credit. If you earn $150,000-$200,000 you will get some portion of that. If you earn more than $200,000 you will receive no payroll tax credit and income over $250,000 will be subject to new payroll taxes (note, this is ONLY the portion over $250,000, not the entire income if you make more than $250,000).

So there are all kinds of platform amounts in the proposal. Tax policy, surprisingly enough, is complex. Sound bites don't work well as representation of proposals and opportunities for misunderstanding (whether unintentional or intentional) are plentiful.

The Obama web site lays out his tax proposals in significant detail if you want to go look at them directly (as does McCain's).

[Alex]

The Biden comment yesterday is on YouTube so I can't watch it from work to judge context for myself. (I don't know which Scranton TV station it was one to see if their web site has it.)

But per this article on McCain's comments in response, Biden did not give $150,000 as the threshold amount for receiving tax benefits but rather simply as an amount that would (and in comparison with someone making $1.4 million who would not).

If that is not an accurate representation of what is in the video I can't currently watch, I'm sure someone will say so.

[Ghoulish Delight]

He started with, "For example you have right now, this year, under the old tax policy that was put in by George Bush, people making an average of $1.4 million a year, good people, decent people, patriotic, they're going to get an $87 billion tax break."

Then he says, "[the tax breaks] should go, like it used it, it should go to middle class people, people making under $150,000 a year."

So it was either a misphrasing, where he just was using the $150,000 as an example, just as the $1.4 million was an example not a threshold. Or he simply said the wrong number.

[Ghoulish Delight]

Set those DVRs, Obama will be on the Daily Show tomorrow.

[Gemini Cricket]

The weather kinda helped Obama out. His broadcast is going to be in front of one of the World Series games tomorrow. If Philly had won and it was all over, there would be less of an audience, I think.

[Strangler Lewis]

But with Florida and Pennsylvania both in play, is it really a good idea for him to push the World Series back half an hour?

[scaeagles]

Yeah....I think most fans will be bit annoyed.

[Gn2Dlnd]