Question about Obama's Plans

[Chump Change]

Looking for some input on these three questions. I posted this because there must be something I don't see about Obama's campaign. It seems like everyone is brain washed and I just don?t see it. I'll give it to Obama that he is a top-notch speaker (like Bill Clinton better), but I don?t see much substance after that. Laters.


Question 1 - Capital Gains

I'm not 100% sure what they are talking about, but I'm thinking this is when you buy a house and you make a profit. For example, if you buy a house for $100,000 and sell it for $125,000 you would have to pay a tax on the $25,000. Where as now if you live in the house for 2 years you don?t pay taxes on your primary resident (not rental properties).

Anyone know if this is correct thinking? This sucks because I have moved x 2 in the past 6 years and I would to have paid extra taxes.



Question 2 - Checks to the poor

A friend of mine told me about this and I did not believe him! If this is true it simply does not seem legal. This is definitely redistributing the wealth.



Question 3 - Lowering Taxes for 95% of Americans

I heard 33% of Americans (say 300 million so ~100 million people) don't pay taxes. How is Obama lowering taxes for people that don't pay any to start out with? It sounds like he is adding the taxes from Question 1 to everyone.

[dabbmw2002]

Originally Posted by Chump Change

Looking for some input on these three questions. I posted this because there must be something I don't see about Obama's campaign. It seems like everyone is brain washed and I just don?t see it. I'll give it to Obama that he is a top-notch speaker (like Bill Clinton better), but I don?t see much substance after that. Laters.


Question 1 - Capital Gains

I'm not 100% sure what they are talking about, but I'm thinking this is when you buy a house and you make a profit. For example, if you buy a house for $100,000 and sell it for $125,000 you would have to pay a tax on the $25,000. Where as now if you live in the house for 2 years you don?t pay taxes on your primary resident (not rental properties).

Anyone know if this is correct thinking? This sucks because I have moved x 2 in the past 6 years and I would to have paid extra taxes.



Question 2 - Checks to the poor

A friend of mine told me about this and I did not believe him! If this is true it simply does not seem legal. This is definitely redistributing the wealth.



Question 3 - Lowering Taxes for 95% of Americans

I heard 33% of Americans (say 300 million so ~100 million people) don't pay taxes. How is Obama lowering taxes for people that don't pay any to start out with? It sounds like he is adding the taxes from Question 1 to everyone.

revenue from capital gains decreases when the tax rate increases. bad idea

the tax cuts he says he is giving will actually be tax credits. Basically, you work, pay no income taxes and the government sends you a check in the mail- aka welfare. I'm sure the founding fathers would approve.

[ajn]

Originally Posted by Chump Change

Looking for some input on these three questions. I posted this because there must be something I don't see about Obama's campaign. It seems like everyone is brain washed and I just don?t see it. I'll give it to Obama that he is a top-notch speaker (like Bill Clinton better), but I don?t see much substance after that. Laters.


Question 1 - Capital Gains

I'm not 100% sure what they are talking about, but I'm thinking this is when you buy a house and you make a profit. For example, if you buy a house for $100,000 and sell it for $125,000 you would have to pay a tax on the $25,000. Where as now if you live in the house for 2 years you don?t pay taxes on your primary resident (not rental properties).

Anyone know if this is correct thinking? This sucks because I have moved x 2 in the past 6 years and I would to have paid extra taxes.



Question 2 - Checks to the poor

A friend of mine told me about this and I did not believe him! If this is true it simply does not seem legal. This is definitely redistributing the wealth.



Question 3 - Lowering Taxes for 95% of Americans

I heard 33% of Americans (say 300 million so ~100 million people) don't pay taxes. How is Obama lowering taxes for people that don't pay any to start out with? It sounds like he is adding the taxes from Question 1 to everyone.

1. A capital gain is when you sell any asset for a profit. It doesn't have to be a home/real estate, it could also include stocks, bonds, etc. Cap gains are currently taxed at 15% for the top rate. As far as Obama's plan, he has said he would consider raising the top rate to around 20% at the most. Remember this is for the top tax bracket BTW. If you aren't in the top bracket the raise won't affect you.

But as for home sales, Obama's (and McCain's) plan exempts the first $250k profit in the sale of your home from taxes. $500k for couples.

2 and 3. Yes, it's true that Obama will give a tax credit to the middle and low-class, including those who don't pay taxes. However, would you also believe if I told you that the government has been giving checks to CEOs of big corporations for the past 5-6 years?

The idea is that all that money would be of better use to the economy in the hands of the low and middle class, not in the hands of big business owners.

[dabbmw2002]

Originally Posted by ajn

1. A capital gain is when you sell any asset for a profit. It doesn't have to be a home/real estate, it could also include stocks, bonds, etc. Cap gains are currently taxed at 15% for the top rate. As far as Obama's plan, he has said he would consider raising the top rate to around 20% at the most. Remember this is for the top tax bracket BTW. If you aren't in the top bracket the raise won't affect you.

But as for home sales, Obama's (and McCain's) plan exempts the first $250k profit in the sale of your home from taxes. $500k for couples.

2 and 3. Yes, it's true that Obama will give a tax credit to the middle and low-class, including those who don't pay taxes. However, would you also believe if I told you that the government has been giving checks to CEOs of big corporations for the past 5-6 years?

The idea is that all that money would be of better use to the economy in the hands of the low and middle class, not in the hands of big business owners.

no one should be given handouts. To wrongs don't make a right.

[ajn]

Originally Posted by dabbmw2002

no one should be given handouts. To wrongs don't make a right.

How come any fiscal policy aimed at the low/middle-class is called a "handout" by conservatives? And when it's going to the upper-class, it's called "creating jobs"... spare me the BS, please

[dabbmw2002]

Originally Posted by ajn

How come any fiscal policy aimed at the low/middle-class is called a "handout" by conservatives? And when it's going to the upper-class, it's called "creating jobs"... spare me the BS, please

so you support giving tax credits to people who don't pay taxes? Where is that supported in the Constitution? Before you cry out Bush, I'm a Ron Paul supporter. You know, the guy who actually has read the constitution and follows it.