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What's Your Obama Tax Credit?

By Jeralyn, Section Elections 2008
Posted on Tue Oct 21, 2008 at 05:39:11 PM EST
Tags: Barack Obama, 2008 (all tags)
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Forget Joe the Plumber, here's Al the Shoe Salesman. Watch him calculate his tax cut under Obama and then go calculate your own.

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    What's Your Obama Tax Credit? | 14 comments (14 topical)

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    Perhaps (1.50 / 2) (#3)
    by Abdul Abulbul Amir on Tue Oct 21, 2008 at 05:53:03 PM EST

    Perhaps this guy thinks he will not pay indirect taxes.  Or perhaps he thinks a higher capital gains tax won't reduce the value of his 401k holdings.  Just about any tax policy can be called a cut if you count only a portion of the effects.

    Sorry (none / 0) (#9)
    by cal1942 on Wed Oct 22, 2008 at 12:43:14 AM EST
    Abdul.  You're just plain wrong. Capital gains do not apply to Al's 401K.

    The indirect taxes on Al and the rest of us are paid when tax cuts on the wealthy cut revenue and decrease public investment.

    Parent

    damn, you beat me to it! (none / 0) (#10)
    by cpinva on Wed Oct 22, 2008 at 12:50:19 AM EST
    any gains (ordinary or capital) made by a 401(k) are taxable to the owner, not the fund. they aren't taxed until the owner withdraws them, and then they are all taxed at ordinary rates.

    the only exception is if they're withdrawn prematurely, in which case there is a 10% penalty applied.

    Parent

    True but irrelevant (none / 0) (#14)
    by Abdul Abulbul Amir on Wed Oct 22, 2008 at 09:53:53 PM EST

    Capital gains taxes effect the price of stocks regardless of where those stocks are held.

    Parent
    Next (none / 0) (#15)
    by cal1942 on Thu Oct 23, 2008 at 03:26:09 PM EST
    you'll tell us that people who buy stocks will quit because of capital gains taxes.

    Parent
    Not at all. (none / 0) (#16)
    by Abdul Abulbul Amir on Thu Oct 23, 2008 at 10:45:01 PM EST

    Not every one will quit.  But some will buy less.   Increased cap gains taxes depress the price of all stocks.  Increased taxes on dividends depress the price of stocks that pay dividends.  

    This is Econ 101, not rocket science.

    Parent

    Who the hell is Ed? (none / 0) (#1)
    by kdog on Tue Oct 21, 2008 at 05:46:04 PM EST
    That would be the one and only Al the Shoe Salesman...Al Bundy, scored 4 touchdowns in one game for Polk High.

    my mistake, I changed it (none / 0) (#2)
    by Jeralyn on Tue Oct 21, 2008 at 05:51:46 PM EST
    to Al. Thanks!

    Parent
    Not a mistake... (none / 0) (#4)
    by kdog on Tue Oct 21, 2008 at 06:06:56 PM EST
    really, it is an Ed playing an Al:)

    Parent
    It's only (none / 0) (#5)
    by lentinel on Tue Oct 21, 2008 at 07:12:08 PM EST
    IMHO, but I don't think anybody is going to get a tax cut - no matter who is elected.

    We have the largest deficit in the history of deficits.
    How are we going to repair it? By shrinking revenues?
    I don't think so.

    I hope I'm wrong.

    Funny ad (none / 0) (#7)
    by wasabi on Tue Oct 21, 2008 at 08:36:29 PM EST
    Al Bundy, married with children, gets $1000 back under Obama's plan.  Nada from McCain.  Unfortunately, I'm sure Peggy has already spent it.

    I'm bummin' (none / 0) (#8)
    by RedJet on Tue Oct 21, 2008 at 09:28:17 PM EST
    That particular webpage is down so I can't see how much extra money I'll have to spend on shoes...

    Or food.

    Or gas.

    I think the commercial is perfect.

    just a teensy correction dark avenger: (none / 0) (#11)
    by cpinva on Wed Oct 22, 2008 at 12:54:04 AM EST
    401(k) accounts aren't subject to any taxes, period. they are a "flow-through" entity, with taxes paid by the recipient upon withdrawal, at ordinary rates, subject to the one exception noted above.

    JohnRJ08 (none / 0) (#13)
    by JohnRJ08 on Wed Oct 22, 2008 at 11:19:39 AM EST
    I've never understood the confusion over Obama's tax plan. It's very straight-forward. If you earn less than $250k, you taxes will go down. If you make more, you will be taxed on anything in excess of that figure. The so-called rich will have their George W. Bush tax-cut rolled back to what their rate was at the end of the Clinton administration. In 2000, even John McCain came out against Bush's tax cut for the wealthy, saying we couldn't afford it. This must necessarily mean that he thinks we CAN afford it now. Sarah Palin hasn't said one specific thing about the economy, even though she brings up Joe the Plumber an average of two dozen times in every speech. She doesn't know what Joe makes, otherwise she would know that McCain's plan wouldn't help one bit. Even Joe has admitted that. Perhaps the confusion about Obama's plan is that McCain and Palin have distorted it so many times, and then criticized their own distortions. I hope and pray that voters are smarter than that.

    What's Your Obama Tax Credit? | 14 comments (14 topical)

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