Joined: 27 Nov 2004 {Posts: 1466 } Location: Hudson Valley, NY
Posted: Wed 29 Oct 2008 14:09 Post subject: Now it's families earning over 150K
Quote:
BIDEN BLOWS FUZZY TAX MATH
UNDERCUTS O ON $$ BENEFIT
Gaffe-prone Joe Biden put his foot in his mouth again yesterday, mistakenly excluding millions of Americans from his running mate's tax-cut proposal.
The Delaware senator's latest blunder came while discussing Republican tax policies during a television interview in his hometown of Scranton, Pa.
"What we're saying is, that $87 billion tax break doesn't need to go to people making an average of $1.4 million," Biden said.
"It should go to middle-class people, people who make $150,000 a year."
Actually, Barack Obama has promised to cut taxes on households earning less than $200,000 a year while raising taxes on those who make more than $250,000 annually.
John McCain quickly cashed in on the slip.
During a rally in Hershey, Pa., McCain told supporters the gaffe revealed the Democrats' true tax-and-spend intentions.
"It's interesting how their definition of 'rich' has a way of creeping down," McCain said.
"Senator Obama has made a lot of promises. First, he said people making less than $250,000 would benefit from his plan.
"Then, this weekend, he announced in an ad that if you're a family making less than $200,000 you'll benefit - but yesterday right here in Pennsylvania, Senator Biden said tax relief should only go to 'middle-class people' - people making under $150,000 a year.
"At this rate, it won't be long before Senator Obama is right back to his vote that Americans making just $42,000 a year should get a tax increase.
"We can't let that happen," McCain added.
The Republican nominee has pounded Obama on taxes recently as economic woes have come to dominate the political debate.
Biden's tax faux pas provided a new distraction for Obama as he tried to focus on broad, uplifting themes, like "change" and "hope," in the final week of swing-state stumping.
Obama campaign spokesman Tommy Vietor issued a statement that corrected the vice-presidential candidate without explicitly saying so.
"No family making less than $250,000 will see their tax increases one cent," Vietor said. "And if your family makes less than $200,000 - as 95 percent of workers and their families do - you'll get a tax cut."
Vietor went on to call McCain's attack on Biden "desperate."
"Maybe the McCain campaign keeps lying about Obama's tax plan because with seven days left in this election, voters are rejecting McCain's plan to give billions more in tax giveaways to big corporations and the wealthiest Americans," he said.
Also during the stop in Hershey, McCain took a moment to shrug off reports of discord between his campaign staff and his running mate, Sarah Palin.
"By the way, when two mavericks join up, we don't agree on everything," McCain said. "But that's a lot of fun! It's wonderful to fool the pundits." With Post Wire Services
Not a slip of the tongue, but their true intentions. If they are elected, that number will be 50K.
"It's interesting how their definition of 'rich' has a way of creeping down," McCain said.
Quote:
Vietor went on to call McCain's attack on Biden "desperate."
"Maybe the McCain campaign keeps lying about Obama's tax plan because with seven days left in this election, voters are rejecting McCain's plan to give billions more in tax giveaways to big corporations and the wealthiest Americans," he said.
A desperate, bald-faced lie from a desperate bald-faced liar.
Joe Biden said "middle-class."
The Obama tax plan is out there for everyone to see the truth: No tax increase for families under $250K, individuals under $200K...Adjusted gross income, not income. Makes a huge difference.
Joined: 27 Nov 2004 {Posts: 1466 } Location: Hudson Valley, NY
Posted: Fri 31 Oct 2008 12:32 Post subject:
sagascend wrote:
John McCain wrote:
"It's interesting how their definition of 'rich' has a way of creeping down," McCain said.
Quote:
Vietor went on to call McCain's attack on Biden "desperate."
"Maybe the McCain campaign keeps lying about Obama's tax plan because with seven days left in this election, voters are rejecting McCain's plan to give billions more in tax giveaways to big corporations and the wealthiest Americans," he said.
A desperate, bald-faced lie from a desperate bald-faced liar.
Joe Biden said "middle-class."
The Obama tax plan is out there for everyone to see the truth: No tax increase for families under $250K, individuals under $200K...Adjusted gross income, not income. Makes a huge difference.
Raising taxes on anyone in an economic climate such as this will come back to haunt the taxmen. The 5% will find ways to move their money around to avoid the extra tax as they always do. Tax revenues will decrease. Even JFK understood in the early '60s that if you cut the rate for everyone, the tax revenues will increase because people will have more money to spend. The people the taxmen want to come after spend and invest a lot of money. Why take it away from them?
I can almost assure you that Obama's tax plan, even with a Democratic Congress, will not be implemented as planned once the massive spending increases are considered. Hell, even if they aren't considered!!!
If you are referring to the Laffer Effect, the new marginal tax rates would be still be too low to bring about a decrease in revenue. This effect is theorized at tax rates in excess of 50%.
Yay! This is fun! It's like doing the Limbo - "How low can you go?"
Quote:
Obama's Tax Threshold Slips, Again
By Mark Impomeni
Oct 31st 2008 9:30PM
Speaking for the Obama campaign today on KOA-AM in New Mexico, former presidential candidate and Obama surrogate Governor Bill Richardson (D-NM) said that people making under $120,000 could expect a tax cut under Sen. Obama's tax plan. This is the fourth number to come out of the Obama campaign just this week, each one successively lower, pegging the income level at which Americans can expect to see tax cuts under a potential Obama administration.
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