What is "The Bush Doctrine"?

[Khairan]

sixpakistan said

I think she's gonna get crucified in those debates. I'm sure they're prepping her hard, but as she showed on ABC, they can't prepare canned answers for everything under the sun. Biden is on another level from Sarah Palin, who at this point is a cardboard cutout whose main drawing point is that she was female and she looks like she might've been attractive in the 1980s.

I have to say that I think Biden was an excellent choice for Obama. I believe Biden to be relatively moderate and more mainstream and I think he balances out the ticket very well. He certainly increases my confidence in an Obama presidency if he were to win the White House.

[FMROMMEL]

dreamdeferred said

I feel your pain bro



Well to be clear....Obama is actually proposing more substantial cuts for 95% of the population than McCain is...while raising the taxes somewhat on the highest earners. I'm not sure I see the problem with taxing folks in the 600k-2mil at the same rate?

No he is not. Obama's plan is wealth distribution. 40% of people pay no taxes at all. Are you aware tha the top 5% of wage earners pay over 70% of the taxes already?

He wants to tax people who make over $250,000. Well that group happens to contain most of the nations small business owners. Small businesses are where to majority of the jobs are in the US. As a small business owner as myself I can tell you straight up If my taxes go up by 10% I will have to get rid of an employee. This will cause small businesses to lay people off.

[Timbit]

She has a celebrity cult-like following.
I'm starting to become seriously concerned about you guys in Amreeka now.

Not as concerned as I am about Harper winning again over here, but still.

[dreamdeferred]

FMROMMEL said

No he is not. Obama's plan is wealth distribution. 40% of people pay no taxes at all. Are you aware tha the top 5% of wage earners pay over 70% of the taxes already?

He wants to tax people who make over $250,000. Well that group happens to contain most of the nations small business owners. Small businesses are where to majority of the jobs are in the US. As a small business owner as myself I can tell you straight up If my taxes go up by 10% I will have to get rid of an employee. This will cause small businesses to lay people off.

Right......yeah I've heard those talking points.....here are the facts.

Obama vs McCain on Small Business

Obama

• Increase the minimum wage and index the rate to inflation so that it goes up every year
• Wants to eliminate all capital gains taxes for new business start-ups
• Give a $500 credit to business owners to offset the self-employment tax
• Proposes making the R&D tax credit system permanent
• Give a 50% refundable credit for employee health insurance premiums that are paid by the employer
• Suggests that entrepreneurship in rural America is critical - his solution? Create a small-business and microenterprise initiative where investors can get a 20 percent tax credit for $50,000 investments in small businesses
• Require all employers to automatically enroll workers in 401(k)s or IRAs
• Keep the estate tax rate at 45% and increase the exemption limit to $3.5 million
• Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation.” (omitted from original source.....added it)
  

McCain

• Lower the corporate tax rate from 35% to 25%
• Wants to reduce the chances of taxes going up by requiring a three-fifths majority vote in Congress necessary to raise taxes
• Allow small business owners to expense new equipment and technology purchases in their first year
• Proposes creating a permanent ban on Internet taxes (states like New York and Texas are trying to push forward an Internet sales tax initiative)
• Make the R&D tax credit system permanent, but change the formula
• Wants to ban cellphone taxes (federal tax code states business people can only write off the portion of their cell phone bill that applies to business and not personal use)
• Create a tax credit system to allow people to buy personal health insurance that they can take with them from job to job
• Reduce the estate tax rate to 15% and increase the exemption limit to $5-10 million

source: YoungEntrepreneur.com Blog » Obama or McCain - Who is More Small Business Friendly?

McCain's small business bunk
FactCheck.org: McCain's Small-Business Bunk

Obama's plan for small business
http://www.barackobama.com/pdf/SmallBusinessFINAL.pdf

The health care tax credit alone is a game changer.


McCain's plan will definitely be good for corporations.....as it reduces their tax rates by 10%. It's also thoroughly unrealistic as his vision for the economy doesn't include any way too pay for the tax cuts he proposes. Alan Greenspan recently commented on exactly this.....the tax plan McCain proposes coupled with the massive spending he intends to pursue is a recipe for economic disaster (well...more like a continuation of an economic disaster ...as Republicans are largely responsible for putting us here.)


Hey.....I understand that you have very real concerns as a small business owner and the reality is that your taxes may go up but where did you get the 10% figure you mentioned earlier?

EDIT: Never mind.....I thought you were talking about the 250-600k bracket.......to reiterate......the vast majority of small business owners are actually in this category and will see a 0% increase in tax rates.....those in the 600k-2million bracket will see an increase of roughly 8-11%.

[MrZ]

I guess this link is also relevant here: YouTube - Hockey Moms Against Sarah Palin

[sally]

The Bush Doctrine is prickly.

[FMROMMEL]

dreamdeferred said

Right......yeah I've heard those talking points.....here are the facts.

Obama vs McCain on Small Business

Obama

• Increase the minimum wage and index the rate to inflation so that it goes up every year
• Wants to eliminate all capital gains taxes for new business start-ups
• Give a $500 credit to business owners to offset the self-employment tax
• Proposes making the R&D tax credit system permanent
• Give a 50% refundable credit for employee health insurance premiums that are paid by the employer
• Suggests that entrepreneurship in rural America is critical - his solution? Create a small-business and microenterprise initiative where investors can get a 20 percent tax credit for $50,000 investments in small businesses
• Require all employers to automatically enroll workers in 401(k)s or IRAs
• Keep the estate tax rate at 45% and increase the exemption limit to $3.5 million
• Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation.” (omitted from original source.....added it)
  

McCain

• Lower the corporate tax rate from 35% to 25%
• Wants to reduce the chances of taxes going up by requiring a three-fifths majority vote in Congress necessary to raise taxes
• Allow small business owners to expense new equipment and technology purchases in their first year
• Proposes creating a permanent ban on Internet taxes (states like New York and Texas are trying to push forward an Internet sales tax initiative)
• Make the R&D tax credit system permanent, but change the formula
• Wants to ban cellphone taxes (federal tax code states business people can only write off the portion of their cell phone bill that applies to business and not personal use)
• Create a tax credit system to allow people to buy personal health insurance that they can take with them from job to job
• Reduce the estate tax rate to 15% and increase the exemption limit to $5-10 million

source: YoungEntrepreneur.com Blog » Obama or McCain - Who is More Small Business Friendly?

McCain's small business bunk
FactCheck.org: McCain's Small-Business Bunk

Obama's plan for small business
http://www.barackobama.com/pdf/SmallBusinessFINAL.pdf

The health care tax credit alone is a game changer.


McCain's plan will definitely be good for corporations.....as it reduces their tax rates by 10%. It's also thoroughly unrealistic as his vision for the economy doesn't include any way too pay for the tax cuts he proposes. Alan Greenspan recently commented on exactly this.....the tax plan McCain proposes coupled with the massive spending he intends to pursue is a recipe for economic disaster (well...more like a continuation of an economic disaster ...as Republicans are largely responsible for putting us here.)


Hey.....I understand that you have very real concerns as a small business owner and the reality is that your taxes may go up but where did you get the 10% figure you mentioned earlier?

EDIT: Never mind.....I thought you were talking about the 250-600k bracket.......to reiterate......the vast majority of small business owners are actually in this category and will see a 0% increase in tax rates.....those in the 600k-2million bracket will see an increase of roughly 8-11%.

In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more — the very same households that Obama wants to increase taxes on.

The Obama campaign maintains that the number of small-business owners is what’s important. Economists know what matters is the tax rate that’s applied to the bulk of small-business income. Make no mistake about it: Obama’s plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America.

What type of tax rate are we talking about? Currently, S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent (since they’re responsible for paying both income tax and the Medicare component of the payroll tax).

Under Obama’s plan to let the scheduled 2011 tax rate hikes occur, and his plan to raise the self-employment tax on those making more than $250,000, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to a staggering 50.3 percent. Many Democrats in Congress have proposed making all small businesses (including S corporations) pay this 50-plus percent rate. A small business tax rate that high would be the highest marginal rate faced by them in nearly a quarter-century.

I haved checked into this quite a bit. Small businesses will be hit hard by Obama's Plan. I am a sole proprietor and I can tell you I am already so taxed it is insane. I live in New Jersey and between Obamas Plan and NJ 's highest taxes in the country, I will be paying close to 65% of my income to taxes. I am not kidding either. I am not in the $250,000 bracket yet either.

[dreamdeferred]

FMROMMEL said

In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more — the very same households that Obama wants to increase taxes on.

The Obama campaign maintains that the number of small-business owners is what’s important. Economists know what matters is the tax rate that’s applied to the bulk of small-business income. Make no mistake about it: Obama’s plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America.

What type of tax rate are we talking about? Currently, S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent (since they’re responsible for paying both income tax and the Medicare component of the payroll tax).

Under Obama’s plan to let the scheduled 2011 tax rate hikes occur, and his plan to raise the self-employment tax on those making more than $250,000, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to a staggering 50.3 percent. Many Democrats in Congress have proposed making all small businesses (including S corporations) pay this 50-plus percent rate. A small business tax rate that high would be the highest marginal rate faced by them in nearly a quarter-century.

I haved checked into this quite a bit. Small businesses will be hit hard by Obama's Plan. I am a sole proprietor and I can tell you I am already so taxed it is insane. I live in New Jersey and between Obamas Plan and NJ 's highest taxes in the country, I will be paying close to 65% of my income to taxes. I am not kidding either. I am not in the $250,000 bracket yet either.

I've never heard about these plans to raise the sole proprietor and partner tax rate by 12% across the board.....lemme look into that....thanks for the info.

Meanwhile consider this.......all this esoteric talk about taxes aside, McCain has articulated an economic vision for the country the doesn't seem to make a whole lot of sense. No attention to creating and capitalizing on a Green economy, continuation of massive spending (10billion+ a month in Iraq alone), even more tax cuts for the oil industry. Crazy stuff.

At the end of the day any we slice it.....I can't imagine how McCain is a serious contender given the catastrophic failure of the Republicans over the last two terms. And let's face it, "maverick" or not, McCain's philosophy is essentially indistinguishable from Bush's.