Financial Shakeup this weekend

[emayer]

Wellardmac wrote:

emayer wrote:

I'll see if I can source this infomation, it was provided to me in an email from an employee. Looking at the numbers and from what I have read elsewhere the projections seem to primarily follow the repeal/ expiration of the Bush tax cuts.

Well, that's my main problem with the numbers. They have said that they would only repeal the tax cuts for those earning over $250K. The numbers quoted don't makes sense from what I've read from both candidates.

Here's a summary of their proposals from CNN and the Brookings Institute.

http://money.cnn.com/2008/02/04/pf/taxes...eck_taxes/

http://www.taxpolicycenter.org/taxtopics...matrix.cfm

I think you've been punk'd. The numbers you're quoting are just not credible.

I particularly like the second link as it looks at the tax impact of the candidate topic by topic and then sources the information at the bottom of the page.

I would say partially punk'd! I just found the following link myself and would submit that Obama's projections (not Hillary's) are more in line with what I submitted:

http://www.taxpolicycenter.org/tpcconten...rix15a.pdf

I would also go so far as to say that Hillary will not be able to cover her spending proposals with her existing tax plan especially if healthcare is factored into the equation.

As for the turbotax calculation, what I mean to say is whether anyone has gone through the process of calculating an individual's entire tax burden eg. federal, state, local, gas, sales, etc. to determine what the percentage of income would be. In other words, if we lumped all the individual taxes together it would not suprise me if this represented at least 50-60% total income. I'd have a few more Porsches in the stable if my tax rate were a mere 18%!!

You're right that most do not have the inclination, time or financial savy to piece this together which is why our politicians continue to pull the wool over our eyes...