Monday, June 23, 2008

Barack Obama's Economic Policy...

will CRUSH us.

And here's why:

We are considered "rich". (We make over $50,000.00).
Social Security will no longer be capped. So we will now be supporting others who aren't putting anything into it.
Our income will be taxed an extra 5%.
All of his tax incentives don't include us...we make too much money. So, if he becomes president and they pass his economic policies, our take home income will decrease by nearly $10,000.00.

The Wall Street Journal’s Steve Moore has done the math on Obama’s tax plan. He
says it will add up to a 39.6 percent personal income tax, a 52.2 percent
combined income and payroll tax, a 28 percent capital-gains tax, a 39.6 percent
dividends tax, and a 55 percent estate tax.

We live in a very expensive part of the country. Our cost of living is high, and we have salaries that are commensurate with this area. We worked very hard to get to where we are today. We started with very low salaries and worked our way up. We are NOT the "large corporation" or "the very wealthy". So why are we going to get penalized???


HS @ Our Debt Blog said...

Hate to tell you this but he's going to win, Bush ruined the republican party, conservative values, and any hope of recapturing the House or the Senate.

Iraq is a joke, I can't believe we continue to spend so much money over there, while my local school district here is forced to cut their budget:

"It is beyond dispute that Humble ISD currently is facing a budget crisis. If we continue current operations without change, Humble is faced with a projected shortfall of $25 million for the 2008-09 school year. The district has made budget cuts totaling over $17.5 million over the last seven years while at the same time educating an additional 8,000 students, but these previous cuts were targeted to limit the impact on education and how the district operates"

Also look around, every one wants change, something different, whether you like it or not Obama will win, people are ready for that change.

Keep in mind I'm also republican!! we just have to face the reality of things.


Sharon said...

It's too bad we don't have a choice this year in candidates....
I'm INDEPENDENT, and I want a rematch!!!!

Grace. said...

Sharon, I'm just NOT feeling your pain. Right now, the government stops taking out FICA around $98,000 in income. Up to that point, you and your family have been living on a net monthly income that included a FICA deduction. It isn't going to kill you (and it just might save the whole Social Security system)to just keep on having it taken out with no $98,000 cap. It's a pretty painless way to fund a system that is crucial to this country's economic well-being. Surprisingly, my sister with the near 7 figure income is the one who first pointed this out to me--she's always thought it would be a good idea.

Sharon said...

I'm a big believer in charity, however, I would like to be the one to choose who I give MY money to. The social security system was set up for the individual to set aside money for their own retirement, not subsidize those that don't put into the system. Although we only put in up to $98000, that is all we are entitled to once we retire. The social security system is in a sorry state for sure, but I'm not sure a Robinhood approach is the answer. My problem with Obama is that he will get government so involved in everyone's lives, it borders marxism for sure. Please read his economic policy because you will be paying MORE in taxes based on your salary. To him, you are rich!

Maggie said...

Sharon,I agree with you. I am so sick of increasing taxes. Every new tax hurts someone.