It's Funny-Doesn't Matter if We're Democrats or Republicans-NOBODY is happy with that bailout billSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

It's Funny-Doesn't Matter if We're Democrats or Republicans-NOBODY is happy with that bailout bill
 


4 October 2008 at 9:32:46 PM
salon

I was talking with a lady today who started in on how she wasn't happy with either candidate, doesn't consider herself a Democrat or a Republican and doesn't want to vote for either one. I told her SOMEBODY is going to be president and if she ought to look at who most shared her values. For me, tha'ts Obama, even though I disagree with a number of his platforms... but I absolutely do not share McCain's values (I'm not a cheater, I don't lie continually, I think some government regulation to oversee greedy guts who want to ream the innocent is a necessity.. and I don't like all the money being spent in places like Iraq which had nothing to do with 9/11 terrorism, anyway. Anyway, it was funny on how much we did agree on, although she, being a Rush Limbaugh and Glen Beck listener, was, I knew, going to have other diametrically opposed views than mine.

On Obama. She said she didn't like it that Obama was going to raise taxes on the middle class and thought that it would do so on all small business owners. I hadn't paid much attention to that so I looked it up when I got home.  Turns out that's a misleading charge that McCain has made against Obama that doesn't have substance, since most small business owners make less than $250.000 per year. I mean, c'mon, the small business owners include THIS (from factcheck.org)

The actual number of business owners who would be affected turns out to be well under a million, and the number of employers would be even less. Based on the number of taxpayers who now report any sort of business income on their returns, the Urban-Brookings Tax Policy Center projects that 663,608 taxpayers with business income, or business losses, will fall into the top two tax brackets in 2009, when any Obama tax changes would first take effect. Not all of those can properly be called "small-business owners," however. Some are farmers. Many are lawyers, accountants or other professionals who get some of their income in the form of partnership distributions. Others may be passive investors in real-estate partnerships or similar investment arrangements and not really persons who own and manage a business.

It is also not clear how many who report business income actually employ any workers. In 2004, the Tax Policy Center
found that hundreds of thousands of individual taxpayers who had business income from partnerships or subchapter-S corporations (whose owners pay taxes as individuals) did not claim any tax deductions for employee expenses. For all these reasons we judge that the actual number of small-business employers who would face higher tax rates under Obama is probably far below 663,608, and certainly a far cry from McCain's ridiculously inflated 23 million figure.

Lower Taxes for Many


While Obama's plan would raise rates at the top, it also would grant what he calls a “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. Since this credit would not begin to phase down for couples making less than $150,000, we judge it likely that many, if not most of the 23 million that McCain counts as "small-business owners" would likely get tax reductions. 
 
An Echo of Bush


McCain's claim struck us as wildly improbable the first time we heard it because
we debunked a much less expansive claim that President Bush made about John Kerry in 2004. Bush ran a TV ad saying that Kerry's proposal to raise taxes on persons making more than $200,000 a year would affect 900,000 small-business owners. We found Bush's number to be far too high. We noted that Bush was counting as a "small-business owner" anyone who reported even $1 of business or partnership income, regardless of how the taxpayer made their living. At that time, the Urban-Brookings Tax Policy Center estimated that a total of 471,000 small-business employers could be affected.

Not much, eh?

I forgot to mention to her that John McCain, despite all his protestations to the contrary that he wasn't going to vote for that bailout bill, did it anyway. So did Obama. I don't like it that either one of them voted for it, primarly because it was LOADED with Christmas tree crapola that had nothing to do with fixing any kind of financial emergency.

She also agreed with me that McCain has been acting very erratically. I can't figure out if he is lying constantly because That's Just What He Does or if he's maybe going senile. Who knows? I know it's a lack of moral character. She didn't like him either, but she wasn't an Obama voter, either. For me,I'm voting for Obama.


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Comments

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