http://i42.photobucket.com/albums/e335/420benz2008/TrueorFalse.jpg

"The hardest thing in the world to understand is the income tax."

It takes some serious work to figure out what they are actually getting at. Neither candidate has laid out an actual plan, with specific numbers, to bring America's fiscal house into order. They do, however, offer plans that differ strikingly from each other.

McCain's tax plan benefits mostly those in higher income brackets, while Obama's plan benefits mostly those in lower- and middle-income tax brackets.

McCain wants a tax cut for corporate profits, while Obama has proposed a whole host of tax cuts that will benefit those in the middle-income brackets.

Both candidates have new spending programs, though Obama appears to have more. And both candidates say they will cut spending elsewhere, though they fail to provide many specifics about how.

I don't know, but looking at all the different ways and rates at which income is taxed, depending on whether it's a dividend, capital gain, earned income, etc, I think the system needs to be simplified.

I like the idea of a tax on consumption only.

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Whoever said there's nothing more expensive than a cheap Mercedes never had a cheap Jaguar.

83 300D Turbo with manual conversion, early W126 vented front rotors and H4 headlights 400,xxx miles
08 Suzuki GSX-R600 M4 Slip-on 22,xxx miles
88 Jaguar XJS V12 94,xxx miles. Work in progress.

Amen, bruthuh.

Makes too much sense. We'll have none of that!

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

That looks like the same tax analysis discussed here: Hot off the email

I believe the analysis to be untrue, but would be happy to hear comments from people who know more about taxes than I do, which is most people, I think.

I worry about capital gains taxes. My wife and I live well BENEATH our means now, so that we might enjoy a comfortable lifestyle after retirement. It irks me that O, or anyone else for that matter, might decide for us that we need to be taxed at a higher rate when we finally cash in. It double-irks me that the folks who are making these decisions for us already have theirs. These folks aren't poor by any stretch. I am saving as much as I can just to live comfortably after retirement -- don't raid my savings to bail out those who have made bad life-choices.

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1992 300D 2.5T
1980 Euro 300D (sadly, sold)
1998 Jetta TDI, 132K "Rudy"
1974 Triumph TR6
1999 Saab 9-5 wagon (wife's)

Amen to that, too.

Hey, we agree on something. I thought I should make a note of that.

I don't know what the capital gains tax rate should be, but I agree that Congress should not change the rules in the middle of the game.

EDIT: I should say that Congress should try real hard to not change the rules in the middle of the game. Sometimes rule changes can't be avoided.

A bit off topic, but:

http://www.politico.com/news/stories/0808/12237.html

According to this article, O's "stimulus package" will be in part funded by a windfall tax on big oil. I am still struggling to understand his logic on this one. “Obama simply asks that big oil companies contribute a reasonable share of the windfall profits they receive from high oil prices over the next five years to pay for emergency assistance for families right now,” the campaign says. A "reasonable share" according to whom? Should companies with higher profit margins also contribute to this stimulus package?

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1992 300D 2.5T
1980 Euro 300D (sadly, sold)
1998 Jetta TDI, 132K "Rudy"
1974 Triumph TR6
1999 Saab 9-5 wagon (wife's)