08
May
08

Obama’s Tax Code

Baracka wants to make it easier for you to file taxes.  In fact, he’s proposing something that lets the Federal Government calculate your taxes for you!

Here’s the synopsis:

(1) Create a new “Making Work Pay” tax credit of up to $1,000 for America’s working families
(2) Create a new universal mortgage interest credit that will benefit low and middle-income
homeowners
(3) Honor America’s seniors by eliminating income taxes for those making less than $50,000 per year
(4) Simplify tax filings so millions of Americans can do their taxes in less than 5 minutes
(5) Eliminate special interest loopholes and tax breaks and crack down on international tax
havens

The “making work pay” idea is OK, but it rewards two-working parent families, and barely assists single-income families.  The $1000 isn’t going to cover much day care.
The “new, universal mortgage interest credit” is a boondoggle.  His policy states “The current mortgage interest deduction excludes nearly two-thirds of Americans who do not itemize their taxes.”  Who owns a home and doesn’t itemize their deductions? Effectively he wants to give a 10% mortgage credit to people who earn less than $50,000 a year.  People who earn that little aren’t typical homeowners, especially on the West and East Coasts.  And if you do own a home and itemize deductions, odds are you’ll be passing 10% if you earn $50,000 a year in deductions.  Bear in mind this is a tax deduction, so you don’t get any credit from the government.  This just bottoms out at 0 tax owed, and most families I know that earn under $50K hit that every tax cycle.

3)  Eliminating the need for seniors to pay income tax.  Fine.  That was Clinton’s idea anyway.  But we’ve had 3 tax credit programs.  Where is that money going to come from?  Notice how that magic number is always $50,000?  Well, guess what happens when you earn more than $50,000 a year?  That’s right.  You’ll be paying the difference, middle class.

4).  Simplify tax filings.  Let the government do it for you!  What a BRAINDEAD STUPID IDEA.  Seriously, I want the IRS determining how much I owe?  No thanks.

5)  Tax the rich!  Hey, someone’s got to pay for all these new tax incentives he’s throwing at voters.

Obama’s tax code proposal states, right near the top, this:

Barack Obama will stand up to the special interests and restore fairness to the tax code. Obama’s tax fairness plan will reward work and provided needed tax cuts to America’s workers. His five-part plan will provide a tax cut to over 150 million workers and their families.

Remember– when a politician starts asking for fairness, he/she realyl wants to be as unfair as possible.  150 million may get a break, but the other 150 million are going to have to cough up to balance this “cut”.


2 Responses to “Obama’s Tax Code”


  1. 1 Glenn
    May 12, 2008 at 11:38 pm

    I agree with you about the Democratic Presidential candidates having a continuously changing platform and presenting us with their seriously flawed and convoluted ideas. Most Americans don’t realize that personal taxes were 10-40% higher (depending on your bracket) while 61% of U.S. corporations paid no taxes AT ALL during Bill Clinton’s watch. You just have had to scratch your head the past seven years or so when Democrats whined about how they wished “Bill” was back and therefore the economy booming again. Indeed, the “change” you will have with Obama or Hillary as President is the few coins left in your pocket where large denomination bills used to be. Obviously, those of us who have worked for years and through our perspiration, competence and success now earn over 50K a year deserve to be Obama’s tax whipping child for being too good at what we do. Hell, I have now been declared a wealthy but still working for wages and aged environmental chemist by the Democrats. I have long had a problem with what the party of Jimmy Carter considers to be a “wealthy” citizen.

    I understand that Mr. Obama also has proposed wage and price controls. Does it seem strange to anyone else that Mr. Obama is touting wage and price controls (plus huge tax increases) as part of his great economic plan for America? I do believe that a Republican, Richard M. Nixon, last imposed wage and price controls here in America. That is a socialistic voodoo approach to economics, which like huge tax increases failed miserably when tried in this great nation, so why won’t these policies fail again? If Obama is going to use past Republican tactics for his “bold, new economic changes”, make mine trickle down, ala Ronald Reagan. It’s the economy, stupid.

    I hope everyone enjoys their economic stimulus payment. If a Democrat wins the Presidential election in November, you’ll be at least four years away from your next one. For those who say that the tax rebates are a bad idea, I will be happy to accept your endorsed check
    for the Aging Chemist’s Retirement Fund.

  2. 2 docattheautopsy
    May 13, 2008 at 9:17 am

    *laughs* If you’re sending one to Glenn, send one my way as well.

    Unfortunately, as wonderful an idea as a flat & loophole-free tax system is, it would require seminal change in the US Congress, every State Senate & Assembly, and even down the local level. 😦


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My name is Doc. Welcome to my blog. If you're visiting from another blog, add me to your blogroll (and I'll happily reciprocate). I have a Ph.D. in Chemistry and live in Wisconsin. If you have any questions, feel free to email me. My email is docattheautopsy at gmail. (No linking to deflate the incredible spam monsters).

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