Tax Facts

The following information was published by Parade Magazine in its October 12 issue.  The below covers income from less that $19,000.00 (the bottom 20% of earners) to $111,600.00.  I think everyone will agree those brackets cover the "middle class" that both candidates talk about.  The readers can judge for themselves just what plan helps the "middle class" the most.

  Obama's Plan:

 

If you make:                                                 Your average tax savings would be:

Less than $19,000.00                                                                            $567.00

$19,000.00 - $37,600.00                                                                         892.00

$37, 600.00 - $66,400.00                                                                       1118.00

$66,400.00 - 111,600.00                                                                        1264.00

 

McCain's Plan:

 

Less than $19,000.00                                                                               $21.00

$19,000.00 - $37,600.00                                                                           118.00

$37,600.00 - $66,400.00                                                                           325.00

$66,400.00 - $111,600.00                                                                         994.00

Obama's Not Muslim, But So What If He Was?

A Must Watch Video: Gen. Colin Powell

Obama's September Fundraising

Another short post, but this is another absolute shocker that's coming out this morning.  In the month of September, in one month, Barack Obama raised $150 million.  This unprecedented fundraising haul came from 632,000 NEW donors plus old donors returning to support Barack.  And to demonstrate the extent to which the Obama campaign is truly a campaign of the people and not one run by the rich and well-connected, the average donation was under $100.  Great job Democrats and other Obama contributors, keep up the tireless work so that come November 5, we have a President-elect who cares about the Middle Class and will bring true change to all of our lives.  

(John McCain, in comparison, has just $84 million to spend from September to November since he took public financing.) 

O M G: Powell Endorses Obama

Today on Meet the Press, Former Secretary of State and Chairman of the Joint Chiefs will endorse Senator Barack Obama for President.  Sure, a Powell endorsement of Obama was always rumored, but I never thought that it would actually come to fruition. Powell, a long time Republican, I though, was sure to either stay neutral or endorse his party's candidate, John McCain.  And while Powell no doubt deserves some blame for the Iraq War, politically, this endorsement is huge for Obama and an even bigger embarrassment for John McCain.  

A Picture is Worth a Thousand Words

Actually, make that 100,000 words....

Republicans May Censure Their Own

In a story carried by the New Orleans Times Picayune, Roger Villere, the state GOP chairman, and the Louisiana Republican Party is considering ways to discipline more than two dozen prominent Republicans publicly backing incumbent Democratic Senator Mary Landrieu over her GOP opponent, Treasurer John Kennedy.

 

Villere was quoted as saying, "When high-profiled elected Republicans endorse Democrats, it sends the message that we are not united and confuses the Republican message."  In other words, party comes first and the country comes second, and if you are a Republican official you should not have a right to endorse the candidate of your choice or that candidate you think is best qualified to serve the people.  As extreme as that sounds, that is the exact message of Villere and the Republican Party.

 

As a Democrat, I don't get particularly concerned when Democrats disagree with their party on certain issues; I would rather have Democrats have their own independent thoughts rather than just follow the party line.  Republicans meet every day, come up with talking points, and repeat the message over and over like robots; Democrats don't have that problem.

 

The most embarrassing episode for the GOP in this intense Senate race is that four major Republican officials from St. Tammany Parish (where Kennedy lives) are supporting Senator Landrieu.  The real story here is that Senator Landrieu is doing her job representing the people she serves, and even Republicans are aware of her bipartisanship and importance as a senior senator.

The Wealth Parade Continues

Because of what is happening on Wall Street and in the financing industry, lets take a look back at the May 5 issue of Forbes Magazine where Forbes ran a story on the top 20 individual earners of hedge and private equity funds.  Those top 20 earned a combined total of $18.7 billion last year, up 43% from 2006.  Part of the headline reads, "crumbling home prices and $100 oil helped wall street's highest earners to pull in $19 billion last year."  If you averaged out what those 20 earners made, their average earnings would be $935 million each in 2007.  

 

T. Boone Pickens was one of the 20, earning $1.2 billion.  His hedge fund, BP Capital Equity, grew 24% while his commodity fund grew 40% due to large positions in Suncor Energy, Exxon-Mobil, and Occidental Petroleum.  This is the same T. Boone Pickens who now wants to replace gasoline with natural gas as the fuel for automobiles.  

 

Those 20 earners are only a drop in the bucket of the wealthy; their power is so great as to be able to manipulate the financial markets for their own personal gain.  When the market loses 700 points, and price shares are dropping, they are the ones with the financial resources to scoop up those shares.  There is nothing wrong with being wealthy, but when 1% of the people own 50% of stocks, that's called a monopoly.

 

To make matters worse for Americans, the following headline appeared in a major newspaper on September 30.  "Three institutions have been gobbling up financial giants as fast as they fall, building unprecedented market power."  The three to which the headline referred were Bank of America, Citigroup, and J.P. Morgan Chase --- just what the average American needs, another powerful monopoly to control money and wealth and to stick it to the average working American. 

 

If ever our country needed people power, middle class people power at that, it is now.  We have the votes to change things this November, and it is our duty to do so.

The Truth About Taxes

Parade magazine recently ran an article that examined the tax plans of Senators Barack Obama and John McCain. Tax policy expert Alan Viard of the Conservative American Enterprise Institute said the following:

 

While the aggregate tax cut is bigger for McCain, a larger number of voters get more money under Obama's plan.  Obama is choosing to emphasize tax cuts for the middle class, whereas McCain's strategy is to keep rates lower at the top as a way to facilitate long-run growth.  For example, a person with an income of $1 million could see his taxes increase under Obama by $94,000, whereas under McCain's plan he could save $48,000.. 

 

For those who follow the economy and past tax plans of Republicans, one can quickly see McCain's tax plan represents the failed ideology of trickle down economics.  As recent as seven years ago, President Bush pushed his tax plan that benefited the wealthy and said that his tax plan would create a sustained economy, new job creation, and investments by the business community.  So far, those objectives have never been reached, and instead we have had two recessions, Wall Street and financial market melt downs, and the use of billions of dollars of taxpayers money to bail out corporate America.

 

The country can no longer afford this Republican tax give away at the expense of the average American. Where is the long-run growth that Republicans promised?  Nowhere to be found, and now it's time for the middle class to have the benefit of tax relief.

Think About It