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HELP - Please explain Obama's tax plan to me - thanks!

Okay for the 250k cut off on taxes.....

is that the "take home pay" for small businesses, or is it the gross income, like before they pay for their utilities, equipment, etc etc etc.

THANKS!

Answer Question
 
Anonymous

Asked by Anonymous at 10:34 AM on Nov. 3, 2008 in Politics & Current Events

Answers (10)
  • He has not changed the numbers.

    If your small business makes less tthan 250,000 you WILL get a tax cut. If you make over 250,000 your taxes will go up but you will also get a 50% tax deduction for offering health insurance to your employees. 98% of small businesses make less than 250,000/ year so most will have nothing to worry about.

    Also, I would assume it is gross income. Just like your payroll tax is taken before all of your expenses are taken out.
    Anonymous

    Answer by Anonymous at 10:49 AM on Nov. 3, 2008

  • http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf
    Anonymous

    Answer by Anonymous at 10:55 AM on Nov. 3, 2008

  • http://www.barackobama.com/pdf/taxes/Tax_Plan_Comparison_FINAL.pdf
    Anonymous

    Answer by Anonymous at 10:56 AM on Nov. 3, 2008

  • I want to know where he gets the figures of 98% of small business won't be taxed? I really think the number is alot higher. Its the huge corporations that make up the small percentage at the top. I really think that most small businesses are making more than that but still are struggling and will struggle more when he taxes them more.
    Anonymous

    Answer by Anonymous at 11:01 AM on Nov. 3, 2008

  • Obama
    http://www.barackobama.com/pdf/taxes/Tax_Plan_Comparison_FINAL.pdf

    McCain
    http://www.johnmccain.com/Issues/JobsforAmerica/taxes.htm

    Comparsion:
    http://www.johnmccain.com/undecided/compare.htm
    heavenschild99

    Answer by heavenschild99 at 11:05 AM on Nov. 3, 2008

  • To anon 10:49. He numbers have changed. I just heard an Obama ad that was for Obama and it came out of Obama's own mouth that no one who make under 200, 000 would have a tax increase.

    slick05

    Answer by slick05 at 11:27 AM on Nov. 3, 2008

  • Slick's right...in Obama's own infomercial, the "magic number" suddenly went from 250K to 200K.
    Anonymous

    Answer by Anonymous at 11:39 AM on Nov. 3, 2008

  • ladies look i don't think theres that many of us on here that have to worry weather it's 250 or 200k do any of us actually earn that much? he (obama) is trying to help ppl in "our" income bracket, so unless you make in between those magic #'s you don't have anything to worry about!

    Anonymous

    Answer by Anonymous at 12:09 PM on Nov. 3, 2008

  • It is NOT take home, it's gross... HOWEVER, if you gross more than $250k, that's what you will be taxed on. Yes... it DOES have to do with many of us, b/c many people own small businesses who gross over $250k, and these people may only bring home $50k, yet they will be taxed on their GROSS. That makes NO sense!
    Luvmylilmonkies

    Answer by Luvmylilmonkies at 12:19 PM on Nov. 3, 2008

  • I  think that it effects more people than you realize, but I do wonder if the number is going to keep dropping because if it drops another 50k it will effect my family.

    slick05

    Answer by slick05 at 1:10 PM on Nov. 3, 2008

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