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Obama supporters: How will Obama's tax plan benefit me?

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posted on Oct, 18 2008 @ 09:33 PM
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My research on this has led me nowhere. I'm still not 100% final as to who i'm going to vote for (although I am 99% sure).

Since some of you know every aspect of Obama's plan, Im curious how it will benefit me?

I am a student and work part time. I pay rent, pay bills and have little money as it is. I live with my mother and by the government's standards we are very much under the poverty level. (meaning i get financial aid)


How will voting Obama help me?
Will Obama's redistribution of wealth help me?

I know very well how McCains plan will benefit me. Not much will change which is ok with me seeing how I don't fall under the income bracket to really benefit from it.

I am being completely honest about this, I am not politcal trolling/baint and would appreciate real answers. I must add that ive read Obama's blue print for a new america and it fails to really detail anything.



[edit on 10/18/2008 by AndrewTB]

[edit on 10/18/2008 by AndrewTB]




posted on Oct, 18 2008 @ 09:42 PM
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The Obama plan has bits and pieces of different plans, but at the core is socialism. What the idea is, is to improve the lives of those who have not by taking (as Biden puts it) money from those who have more of it and giving it to the ones who don't in order to equalize society by "spreading the wealth around". So if you are a person who has worked very hard to earn your wealth, you will give some of it to Obama, who will decide to whom it should go. This is not like the Capitalist plan which says that you keep what you earn, and with that is a duty to help others by one's desire to do so, in doing the same through hard work and effort. So when you jump into the voting booth, the choice is a simple one. Do you want to keep what you earn, or, would you rather have Obama spread it around.



posted on Oct, 18 2008 @ 09:51 PM
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have you tried this calculator. Looks like it is from Obama site. I know it is just a rough estimate.

I plugged in 30,000 single 2 dependents and it showed McCain would save me more.



"Senator Obama's new and expanded tax credits for low-income taxpayers will certainly cut taxes for low-income people," explains Carroll, "but the credits are mostly recaptured from middle-income taxpayers. During this phase-out range, marginal tax rates shoot up, causing economically damaging side effects. As a result, for example, a family of four in the $30,000-to-$43,000 range would discover that for every additional dollar they earn, they pay more than 50 cents in income tax."


source

If you are a low income taxpayer his plan may help you. But if the past is an indication, it usually helps low income family with kids more.

By the way not an Obama supporter but sure is plan will benefit some people but not everyone he claims.



posted on Oct, 18 2008 @ 09:54 PM
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I'd like to know how my daughter, single mother of three, is going to get a tax cut. Last year she received a "free" check of over 5,000 dollars at tax time. Wow, if she gets more, then more power to her under Obama's plan.
Meanwhile, since she knows I paid for her "tax cut" with my tax dollars, she reimbursed me for my tax bill. Now, that is really spreading around the wealth, God bless her! Under Obama's plan it looks like I will get a real tax cut and then my daughter won't need to reimburse me. Wow! God bless us both! God bless America!



posted on Oct, 18 2008 @ 09:57 PM
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Google is your friend people. Look these things up instead of settling for Ponderosa booth chit chat.



posted on Oct, 18 2008 @ 10:10 PM
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Originally posted by stikkinikki
Google is your friend people. Look these things up instead of settling for Ponderosa booth chit chat.

Its 17 days before election day, you actually think google is going to work with the trillion's of biased articles? At least I can get clear answers (usually with sources) on here.



posted on Oct, 18 2008 @ 10:20 PM
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The way the Obama tax plan will help you is that your children and grandchildren will not be debt slaves.

The only way McCain will be able to keep us in Iraq is to borrow money. It's costing us 10 billion dollars a month that he has to keep borrowing.

McCain has plans like the 5,000 dollar healthcare tax credit. He will borrow us into oblivion seeing we have over 10 trillion dollars in debt with a 13 trillion dollar GDP.

We have to spread the wealth when the top 1% has more than 50% of the country and we have a 10 trillion dollar debt.

Before the great depression we had this massive concentration of wealth then everything collapsed.

Sadly, McCain will continue to borrow and spend and we are tapped out as a country.

So, your kids and grandkids will be born debt slaves because we can't pay for these things by borrowing.



posted on Oct, 18 2008 @ 10:33 PM
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Obama plans on closing the loopholes that those who make over $250,000 per year. For many years, tax breaks and loopholes have been given to those that are wealthy, while those of us on the lower end have seen no real tax relief. His tax proposals are aimed to make the wealthy pay their fair share. Basically, the more you make, the more you pay. Someone in your (and my) position would tend to benefit from this. Personally, I'm in favor of a straight percentage with no deductions for everyone, but that's never gonna happen. So between the two, I'd rather have the loopholes closed for the rich. Since I've read your results on the issues thread, and you are a Constitutionalist, you need to look very closely who the Republican party really panders to on the issues of taxes. Trickle down just doesn't work and it's just unfair to those on who's backs the rich became rich. If your big issue is taxes this election cycle, McCain is not your man! There is no perfect party or perfect candidate, you just have to figure out who's the best candidate for that time. Overall, Democrats are good for the economy and Republicans are good for foreign policy. I say that as someone who has been through almost 30 years of voting. I voted for Reagan because he was the right candidate for that time. Right now, we need a good candidate for the economy. It's never good to keep one party in power for too long, and it's time for a change. Four to eight years from now, I might feel a little more to the right, but right now, I'm feeling a little more to the left.



posted on Oct, 18 2008 @ 10:46 PM
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reply to post by JaxonRoberts
 


I see where your coming from but I don't see it happening. First of all most of Congress and their friends they hang around with are freaking rich. I can't see them slamming themselves the way Obama speaks. Furthermore the wealthy have the resources to get the best accountants and find the gray areas that Congress always seem to leave in place. I could see Congress writing a tax the wealthy bill and alerting the wealthy what to do with their money before the bill even ever becomes law. Which leads to this. Once the wealthy figure out that the tax system has them beat they will transfer their wealth to other places where they aren't hit as bad. This latter part would be bad for our economy. Point blank, the wealthy have resources to avoid paying taxes they don't want to pay. They also have the resources to continue to get richer.



posted on Oct, 18 2008 @ 10:52 PM
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reply to post by jam321
 


In that case, we are doomed and nothing is ever going to change. I refuse to believe that.



posted on Oct, 19 2008 @ 10:37 AM
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reply to post by jam321
 


Thanks for the calculator link... that's cool...

I plugged in my stats, and Obama's plan will save me ~$1400 while McCain's saves me 0.

Interestingly enough, when I changed the input to say I have two kids (I have 0), then McCain's plan did save me some, but still less than Obama's.

This is one of my pet peeves with politicans... that they are always going on about tax breaks for breeders, as if there aren't too many people in the world already.

And those of us who chose not to contribute to the overpopulation end up on the short end of the stick.

But Obama's plan as demonstrated by this calculator does not do that.

Another reason to support Obama.

(Edit to fix spelling)

[edit on 19-10-2008 by Open_Minded Skeptic]



posted on Oct, 19 2008 @ 04:54 PM
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It's also worth noting that since you're involved in financial aid that Obama plans to make the process in getting financial aid easier, and plans to instate an "American Opportunity Tax Credit", so if you do 100 hours of community service you get a good chunk of your tuition paid for, or even get it all paid for depending on where you're attending. If he's elected who knows how that stuff will turn out, but it's worth considering.

I don't really know if that would affect you since you're already in college and paying for it, and I don't know how viable it is to volunteer somewhere if you already have a job, but anything to get you out of college debt faster is good in my book haha.

[edit on 19-10-2008 by davion]



posted on Oct, 19 2008 @ 05:13 PM
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Originally posted by AndrewTB
How will voting Obama help me?


This chart is from Source



It only shows your income and doesn't take financial aid or schooling into account. You would be more accurate to get the number from the calculator above. That's pretty cool.

OMS, right on about breeders! I'm tired of not getting advantages just because I'm not breeding!



posted on Oct, 19 2008 @ 05:47 PM
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reply to post by AndrewTB
 


I suggest you inform youself.

Not trying to be snide in anyway,if you go to the Obama website all the info about his taxplan is there,if you like what you read then you should consider a vote for him. If you can find the information you need, then too bad for Obama for not been specific about his plan.

The thing is that different people have different needs and ideals, a person in your situation might feel great about getting a tax refund of some sort, some other in your very situation might not like it on the grounds that is "money redistribution" it all depends what you call a benefit also.

So the only way you are going to know for sure is by look it up yourself and make an informed decision.



posted on Oct, 19 2008 @ 05:51 PM
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reply to post by Fromabove
 


Try the look for information about keynesian economics and the trickle-down economic concepts, is really not that hard, and you should get an idea about what the two candidates propose in terms of the economy neither of which is socialism, but BOTH are far away from what an ideal capitalist society should be headed towards.



posted on Nov, 5 2008 @ 10:20 AM
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reply to post by Wise Dome
 


Do you know that this "$10 Billion" borrowing is going someplace. Its not as if America is losing this amount everymonth. It goes to pay soldiers salarys (helping mom's take care of kids), it pays for US workers to make equipment and munitions for the military. This spending isn't just burning money, it is "spreading the wealth". The war isn't costing us money, in fact it is keeping more US money in our economy.






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