Who will cut small-business taxes?

From Kim Cox, Garland Texas

The rich already pay the majority of taxes in this country. We need to stop arguing about taxes and start standing up to our government for the wrong chioces they continue to make. We need to stop holding the rich responsible, stop looking to them for more money. Let's go after the government as a people should. Let's unite and hold them responsible.

From greg

The article is based on false beliefs to hide the truth. Just recently it was reported that over 50pct of businesses don't pay taxes (because they're not making money) so of course the majority will not be taxed more because they're already paying ZERO. BUT of those who DO make a profit the percentage that would be affected will be much higher.

From Lori, shepherdstown wv

Fair share?? We work our butts off for what we have. Why should I share that with you??

From David Dagenais, Milton, DE

Either John McCain understands what Obama is saying and is lying or he does not know, which would indicate just how out of touch he is. Noe surrogates here; either McCain is honest or he is not. He is the "here" when the "buck stops here," if he wants to be our leader.

From Paul Sorensen, Minnetonka, MN

Real quickly… you make over $250000 and are in a higher tax bracket. What's the problem? You can still make $260000., then. You can still make $270000. You are extremely lucky to be able to have such a fortune. Yet, it's not enough. Why not make more? You can. You do. You make $280000. Hmmm… are you really going to be hurting if you are in a higher tax bracket? Sure, maybe you wont be able to afford both the Benz and the Cabin Cruiser and the lawn service. My heart bleeds for your suffering. NOT. Quit your moaning and suck up your fair share. Paul S.

From JimmyD

I have a small business. I am classified as an "s" corporation, one that is never mentioned in all the discussions. At the end of the year, all of my business income is put on my personal tax return. I always pay over $100,000 in taxes a year and feel like I more than pay my fair share for this great country we live in. After paying this amount, it is hard for me to save money as it is. I have 12 employees that I am responsible for and now do not want to grow the business if it means that I am only going to have to pay for more taxes. Obama has always talked about McCains tax breaks for the rich oil companies. My accountant told me that they pay over 50% of their profits to taxes as it stands today. They are paying their "fair share" in to todays economy as I am. It's the citizens who pay no taxes or very little taxes who are receiving a tax break under Obamas plan. What's wrong with this picture? If you give a small business incentive to grow, it will grow. If you take these incentives away, it will either become stagnant or die. This is really very simple and very true – why can't the DEMS understand this principal. If they did, I would support them. I would bet that there are many other "S" corporations that will be hurt in Obamas new tax plan.

From Andreas, Kennesaw, GA

I am a small business owner and just spent the last hour reading everybody's comments. Everybody makes really good points, but nobody really talks about the current state. We, as a society, have spent WAY more money than we bring in (check out Bush's last 8 years). The deficit is out of control and some how, some way, we have to keep it in check. Yes, spending less money makes sense, but since we know that won't happen (no matter who gets elected), we have to figure out a way to bring in more. Of course I do not want to get taxed more, but if I ran my business like the country (spend twice the money you actually earn), then I would have been out of business a long time ago. Does nobody understand that? Seems obvious and yes, it may hurt a bit. Maybe we should have thought of that before we DOUBLED the deficit since 2000.

From Tom Brannan, Beardstown, IL

Someone, and it will not be either of the candidates, nor our current representatives, must recognize, we as a nation are living beyond our means. Our national debt is growing expotentially. The fact is, our country is broke, and no one will admit it or fess up to the truth.

In Illinois alone, the state has Forty Four Billion ($44,000,000,000) of unfunded liability for pensions. The state does not even have the money to pay pharmacists for drugs they are providing to those on public aid or medicaid. And yet, the legislators (from both parties) want to talk about expanded "benefits"…. Who is going to pay? Right now if China sold all of the bonds it has bought from the United States the bond market would go through an upheaval, just like the housing market has, and the stock market.

Our Governments are irresponsible.

From Mike, Florida

Under Obama, I would get a small income tax reduction. However, I will pay a new carbon tax on my electricity, fuel and transportation cost. I will pay more for both US and foreign made products because of higher business tax. My investment gains will be taxed higher, health care cost will rise and quality deteriorate. I suspect that a value added tax (VAT) will appear to make up the shortfall as well. Overall, my minor income tax cut is going to cost me a LOT! I can't afford a tax cut.

From eldon reno nv

What I don't get is why people freak out whenever they hear tax increase without even knowing how much of an increase, nor how much that increase will effect them, I mean think about, your company gross's a certain amount of money, well how much of that money do you keep as your personal income tax? And also this tax increase isn't just on "small" business's it is also on people who make over 250,000 a year, but with the way taxes work it isn't a percentage of your entire income, it is only a percentage of the top portion of that tax bracket, so the 33% bracket would pay 33% of 160,000 for single and 190,000 for a couple, so if you make OVER 250,000 you still get to keep a very large portion of your money. And the whole paying more taxes the more you make doesn't just apply to the people who are considered by some to be "rich" even if you make 25,000 a year, once you move to 30,000 you have to pay more taxes, that is just how taxation works, get over it, without taxes we wouldn't be able to have freedom.

From S. Shah Brea, CA

It is not clear if Obama wants to distribute the tax money collected from one group of tax payers (the "Rich") and give to those who do not earn enough. Why does he not say that clearly? If it is true, I would like to know. The media does not want to clarify that either!

Collecting more tax is debatable. Distributing it to others is new to America!

From Lindsey, Birmingham, AL

To Michael in Kansas City, MO… Why should people who work hard to make their money have to pay more taxes… Especially when these taxes are to "redistribute the wealth" to all the people who aren't working??? Its RIDICULOUS. I don't want my hard earned money going to the lazy citizens of the US who would rather live in free housing, eat free food (thanks to food stamps), & collect a free check each month than getting their own job. The US Democrats pat the lazy on the back & hand them everything they need to survive. I must say ITS A GREAT WAY TO GET VOTES.

From Michael, Kansas city, MO

I wish my taxes were higher. You may ask why. Because I would be making more money. Hello? Anyone paying attention?
If you make more money you pay more taxes.

From Glen, Buffalo NY

The first comment was by a gentlmen who runs a small business that grossed 7 million a year. The company has 30 hardworking, talented, and loyal employess. The only ones who would see a tax increase would maybe be the top three, and then the rest of them would get a tax cut. Im guessing that most of them would spend about all there tax cut at businesses like mine. Of course we all know consumer spending drives our economy. Im planning to be one of those companys that grosses over 7 million and Obama or no one else is going to slow me down. Specialy not because of a few percent more tax. If taxes were a major concern as a business owner I wouldnt be in NY.

From Steve Yates, Charlottesville, VA

I am fed up with all the nonsense discussion about why it’s the “patriotic duty” of wealthy Americans to pay more in taxes to “spread the wealth around,” or how increasing taxes on small business owners who net more than $250k a year will somehow help the middle class.

I am a small business owner whose company nets more than $250k – not a one or two person non-employer small business owner who doesn’t create jobs and who is typically quoted as supporting Obama – but a growing, successful 30 person company grossing $7 million in revenues that I and my team of dedicated, talented, hard working and loyal employees have built from literally nothing starting nearly 20 years ago. To this day, we have not accepted even a single penny of outside investment – our entire strategy is to leave any profits in the company to provide working capital and fuel business expansion, ultimately leading to the creation of yet more jobs and an exponentially higher tax base. Even in this terrible economy, we have grown our staff 15% over the past six months, with good, high-paying jobs with a progressive benefits package.

Yes, I am one of the “wealthy Americans” and “well-off small business owners” that Obama likes to vilify and that the public seems to be making a mistaken lightning rod for their anger at this financial mess. Yet I am no Wall Street fat cat, no abusive CEO with a huge golden parachute. I am a regular guy – a mainstream small business owner who really is creating jobs and is really having positive economic impact in this terrible environment. I would rather cash in my retirement savings, mortgage my house, take out massive loans, or forego my own paycheck (for quarters at a time) than not make payroll and pay my employees everything they have earned on time. Believe me, over nearly 20 years these have all happened! I drive 10 year old cars, spend almost nothing on luxuries and live modestly. My goal is to grow my company to the point that it is an attractive acquisition target, sell it, and meaningfully share in the benefits with my incredible team.

Here’s the crux of my frustration. Everyone – the Obama camp, the media, the public – seemingly everyone is talking about how it’s a good idea to increase taxes on small business owners netting more than $250k in profits. The argument goes like this: The business owner gets to pocket $250k in profits, and how much does he really need? What harm does it do for him to forego just an extra 10% of so of that take-home for the greater good of the beleaguered middle class? He still has over $200k in his pocket after all, while the middle class gets less and less!

On the surface this is hard to argue, and if it were only true I’d happily go along too. But nothing could be further from the truth, and there is a fundamental misunderstanding that is giving rise to this entire mistaken line of reasoning. I have found in my own company that people simply haven’t been informed about the realities of a growing small business, and when they are, they see the fallacies and hollowness of the “spread the wealth” arguments.

Sure, many non-employer single person businesses (the 98% majority of “small businesses” netting under $250k that Obama is targeting for his hollow “tax benefits”) do run their companies as cash cow operations for the immediate and direct personal benefit of the owner. The owners of these companies largely do pocket the profits, as they are small service companies with no real need to build large reserves of working capital, inventory financing, new product R&D, and so on. But the US Census Bureau shows that these non-employer small businesses generate only 1/20th of the economic impact and jobs creation of the larger, growth oriented small businesses like mine.

Here’s the key point: And any small business like mine that has a goal of growth (actually creating good jobs along the way) has to leave those net profits in the company to fuel that growth and job creation. A growth oriented small business is NOT a cash cow for the immediate benefit of the owner, and the business owner does NOT “take home” the net profits the business is making. That is precisely where the “share the wealth” argument falls apart. This is a subtle, misunderstood, yet unbelievably important distinction that Obama doesn’t seem to grasp. Even Obama’s website mistakenly calls the >$250k in small business profits he is targeting “take home.”

Let me illustrate the fallacies in the “tax the small business owner” argument.

First, let’s consider a company like mine that is grossing $7M of revenues a year. That means each month we bill customers on average $583k. In today’s economy, every customer pays us late – on average 45-60 days on Net 30 terms. That means to simply float the credit I am extending to my customers, I need about $1 Million in cash (“working capital”) to pay employees and vendors who provided the goods or services sold to customers. That working capital is real cash that has to come from somewhere. The easiest and quickest way for me to raise that cash is to earn it from net profits. But under Obama (considering the 39.6% passthrough S corporation tax and limitless payroll tax he is proposing), nearly 45% of the net profits go to taxes despite the fact I don’t pocket them. That means to get $1M of working capital from the easiest source of capital I have (my own profits), I’d have to generate $1.82M of before-tax profits. Out of that $1.82M, $820k would go to Obama’s “tax the wealthy” plan and the other $1M would stay in my company.

Think about it – that $1M in working capital retained from my company’s own money cost me $820k – that’s an annual percentage rate of 45%! If I got that same working capital from a bank, it might cost me 7% APR. But if I want to do the responsible thing, avoid debt and reinvest my own profits to fund my working capital needs, Obama’s tax plan makes it OVER SIX TIMES more expensive! If a small business lender were charging 45% APR to creditworthy companies, Obama and his liberal cohorts would be investigating them for predatory lending! But this is exactly what Obama’s tax plan means to growing small businesses, and it will be our own US government taking the role of “preditory lender,” folks! With bank loans costing only 1/6th as much as the privilege of using my own profits, Obama’s plan only serves to even more deeply entrench a pattern of chronic small businesses debt – and since debt was a major factor driving the recent meltdown, is this really a good idea?

Oh, and to generate $1.82M of before-tax profits, I'd need $18M-$36M of revenues (remember, I am only at 7). Obama's fuzzy math just doesn't compute, and it makes it IMPOSSIBLE for small businesses like mine to fuel their own growth!

Second, a financially strong small business is defined as one making a net profit of 5-10% of revenues, before taxes. Obama’s plan would mean after-tax profits are around 3-5% of revenues – and this is best case, for a “strong” company. If my goal is to grow my company in a financially responsible way – funded out of my own profits – then that means I cannot grow it faster than 3-5% a year, best case. Folks, that is razor thin, and 3-5% is just one product recall, one lawsuit, one financial meltdown away from negative growth. Such a low after-tax profit caps how many new jobs I can create and how quickly I can add to the positive economic impact my company is having to 3-5% a year, best case. The whole system is stacked against the financially responsible self-funded strategy of small business growth and forces many companies to seek outside investment – from investors who are increasingly resistant and who frequently don’t act in the best long-term interests of the company or the economy as a whole.

Third, Obama’s tax arguments are based on the mistaken assumption that all of today’s >$250k small business profits would remain eligible for his highest two personal tax brackets. If Obama is elected, I will most definitely take perfectly legal and fully defendable actions to remove myself and my company from this punishing taxation level, so that I can continue responsible growth and job creation so that I can achieve my goals of a company sale down the road. Specifically, I will convert my company from an S-corporation to a C-corporation, whose profits are taxed at a much lower rate than Obama’s proposed new plan, and do not pass through to my personal 1040. What that means, folks, is that the new tax revenues Obama projects he’ll generate will never be realized. Under the current 33% top personal tax bracket, it doesn’t make sense for me to switch my company to a C-corporation with all the hassles that are involved. But under Obama’s plan, a C-corporation is by far the better choice, and I will make the switch. I’d be foolish not to. His plan simply doesn’t take this into account. Just like Canada and the EU are planning “what if” scenarios if Obama is elected, so too are US small business like mine making similar analyses right now. It won’t be pretty if it really becomes necessary to put these plans into action, folks.

Lastly, if all a healthy and dynamic growing “employer” type of small business can only generate is 3% after tax profits under Obama, some are going to ask the uncomfortable question “why bother?”. I can get 3% from a CD today, without all the huge headaches and risks of running a small business, and I could spend far more time with my wife and kids. If this option is more viable, I’d be foolish not to consider it. This is what many people don’t realize – 3% best case net profits from a small business is far less than alternative ways the owner could put the investment they have on the line to use, and simply isn’t commensurate with the hair-raising levels of risk and sacrifice they routinely subject themselves to. If it becomes not cost effective for small businesses like mine to exist, many will cease to. That will have a devastating impact on the economy.

Bottom line, the “tax the wealthy small business owners” and “spread the wealth” arguments are just more in a long line of simple-minded answers to very complex issues that is the hallmark of the left. These hollow and misdirected arguments are supported on emotion combined with some catchy sound bytes and strung together snippets of out-of-context statistics, and are being sold to a public that is well intended but ultimately doesn’t have any real understanding small business. But when you really look at the facts, these proposals are exactly the opposite of what small businesses really need to be successful – reduction in the tax rate on net profits reinvested in the company, not massive increases.

From allan cripe, temple texas

A fundamental fact that is missing here is this….Obama's tax plan does not distinguish small business income from small business profit!!! if you gross 250000 as a small business owner, your actual income after business expenses may be SIGNIFICANTLY less!!! Tax these folks on top of this never mentioned reality and all of these previously mentioned points are prophetic….THESE PEOPLE KNOW NOTHING ABOUT BUSINESS!! THEY ARE ONLY CONSUMERS!!

From S.J Hylla Edwardsville, IL

DO WE REALLY NEED MORE WELFARE? Why do you think that more taxes will mean more to the average American who struggles day in and day out while the welfare class sits around waiting for their next check. When has an attorney ever done anything other than study the law, quote the law and debate the wonderful aspects of the law. When will people ever wake up and realize that real people need to run the country who have seen the real problems that exist in day to day life. Do people really wonder why there are 25 million illegal immigrants here? They are here to work and replace the 25 million who refuse to work and who call work tracking down their next check. Most immigrants come here for hope not welfare. We ahve allowed this welfare train to get out of control and we will head in the same direction as countries like Cuba if we dont wake up.

From Julie, Great Falls, MT

Everyone can continue to "theorize" what will or will not happen when this nation picks a new president next week. I will tell you the reality of what is happening THIS week. Our small business that employs 48 people has stopped all unnecessary spending, cancelled business trips, and have decided not to buy those 3 new trucks our sales guys desperately need. What do that mean to ALL of YOU out there? That means we are NOT spending money on airfare, hotels, restaraunts, cab rides, tips for service workers,and commission for that car salesman. We cancelled our customer Christmas baskets so we are not buying from the lady that makes that awesome fudge downtown. The reality is: If the cost of doing business goes up (increased taxes) we either raise our prices or cut spending. EITHER way it affects all of you out there. IT'S THE GREAT CIRCLE OF BUSINESS LIFE. I know other businesses are following suit and tightening up for the uncertain future. Good Luck to all of us.

From Brian Javeline, Pompano Beach, FL

Joe The Plumber needs a lot more help then any of the two presidential candidates. The majority of contractors in America run their business on pen, paper, napkin and drywall (and I am not kidding). Joe The Plumber should worry more about how to run the basics of his business using the Internet and mobile solutions so that he can get more jobs, manage them more efficiently and connect to homeowners to get paid quicker. He will not be thinking about taxes when he is making more money and taking business away from others. Send him to http://www.MyOnlineToolbox.com for the answer and do not wait on the government for what can be done today.

From Thomas

Cheryl – if obama gets elected, then enjoy your coming business failure.

Your business is not supported by poor clients, it is the rich kids and I know my daughter will not be going to gym and the cheerleading will be reduced if obama tax policies affect my company

I will lay off some people and look to economize, cuz I am no longer working for the "spread the wealth" crew

This will be the sames as in the clinton years affected me and my company. I was broke n 2004-2005, back in 2002 and starting taking hits in late 2007 after the democrats took over congress and started the credit freeze – the low income credit fiasco has been going on since 7/07. The media just caught up and obama needed cover for his radical buddies and total lack of experience.

Good luck on your continued troubles.

I hope you will remember your rosy predictions when you start blaming obama 2-4 years hence

From Thomas

I to will lay off 40% of my employees and offshore 25% and work the hell out of rest with the intention of shutting down the company as it will not be worth selling in a couple of years.

Always entertaining to see the media trying to spin obama's tax program as if it wont hurt anyone but rich, rich, rich

From d davanzo,columbus,ohio

m peterson I agree with you. I am in the same boat. My taxes go up I will simply call it a day and leave 30 more people un employed so Obama has some more inviduals to spread the wealth to. His tax plan is a joke to business owners. Many owners will do like I do and call it a day

From Hank PA

Please understand how taxes on businesses impact us all:

Will taxing businesses affect us all?

From J R, Melbourne, FL

Look at SS: No limit means a 5% each additional tax on the Corp AND the individual in all salaries above 102K. This may not seem like much to some, but ask a Corp that employs lawyers, doctors, engineers, college profs and anybody with a postgraduate education (MBA, PhD)even hard-working people that may have two jobs, moonlight or have a side consulting business… and you are taxing a LOT of people an extra 10% just on SS.It could be HUGE for large Corps and small businesses alike as well as individuals. If we continue to penalize hard-working individuals for sacrificing, delaying gratification and succeeding, we will move towards an even more mediocrity-oriented society and continue down the slippery slope we are in already.

Also, in a consumer-based economy like ours, more taxes means robbing Peter to pay Paul. Only it will hurt small businesses such as construction, lawn care, day care, cooking, cleaning and other service industries, restaurants and a slew of real small businesses that may see their customers vanish.

These are the impacts that are being minimized or not even mentioned by the media.

Joe the plumber, don't buy the business because there will be NO business…just take the $500-1000 tax cut (I don't know if he is married or not…), or maybe a welfare check…

From ocala florida

can anyone tell me what is a taxable income when it comes to the 259,000 dollars? Does it mean gross income or profit that people make. I am curious and I cannot find the answer. help me please Anna

From Steve B. Ontario, Ca.

Obama's Share the Wealth Plan —

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100.

If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.

So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve.

"Since you are all such good customers", he said, "I'm going to reduce the cost of your daily beer by $20."

Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free.
But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his "fair share"?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.

"I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!"

"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than I!"

"That's true!!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" **

"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics, University of Georgia

** For those who understand, no explanation is need

Are we really sure that OBAMA is the right person for the job. Do we want to have a job? Do we want to endorse Communism as well?

From Brett Whitmer, Washington

I do not believe No-Bama. I do believe McCain. I know how to spend my money better than the Federal Government. I do not believe in spreading the little wealth I have and do not expect anyone else's wealth to be spread on me. America will loose some of her magic if No-Bama becomes president.

From Dave, Detroit, Michigan

I think that the point everyone overlooks in the great "Who will be taxed?" debate is simply: If you expect MORE from government, it will cost MORE. That will be either higher taxes or higher prices. Wherever the money comes from it results in less money to spend (higher personal taxes) or more expensive products (higher business and goods taxes. Take your choice or decide we need less government provision and more individuals taking care of themselves which will increase money available.

From Steve, from Boston

No one has yet to explain how a 0% captial gains tax on "small business" makes a lick of sense. Since when do small businesses realize capital gains? When they go out of business?!

From Cathy

You are just not getting it if you think a tax increase on big corporations is not a tax increase on YOU. WHY doesn't the media explain this? An increase in ANY expense to a corporation results in an increase in the price they charge to the consumer. A tax increase is an incrase in the expense – and therefore will simply be passed along to the consumer when they buy whatever the company is selling! Or – if they can't increase the price… they decrease the cost, which is typically in the form of employee costs… ie job cuts/layoffs/benefit cuts.

What is a GIVEN – is that the corporation is not going to bear this cost – the CONSUMER is – and that is YOU and ME!

This is not a Democrat or Republican concept to debate – it is simple business 101. Pick up ANY basic business or economics textbook – please!

Note: The alternative to increasing the price if the expense goes up, is for the corporate to decrease other expenses – for which the typical expense to cut is EMPLOYEE expense (jobs/benefits or both). Or – if the cost is in the very high extremes, they simply move to a place where it is cheaper to function (like Ireland).

The net is that the corporation is going to continue to pursue their target profit point. The Consumer is ALWAYS the one getting scr*wed when they get taxed more.

From Mike, Ontario, Ca

Cheryl from Yucaipa, I'm sorry to tell you this but, if you could not make a decent living doing what you are doing during the previous eight years of the Bush Administration, the problem was not the economy, it is your business plan. Times are tough for everyone now and that socially responsible agenda you subscribed to is really nice but it doesn't take into account that there is a business cycle and you have to make money in the good times and save it for the bad ones. Raise your prices and make money or, find something else to do because your business is not viable or, just blame it on Bush, and then on whomever the next President is….anyone but you. Maybe you should consider a nice, safe, government job. There will be plenty of those under an Obama administration.

From Chris, Nashville TN

My biggest problem with the increase of taxes is that it will hurt both small businesses and big businesses alike. Big business will simply raise the price of their good or service and pass that along to the consumer. Small businesses can’t always to that, so they will have to pay more to the government which will slow their growth and inhibit job creation. In essence it is just a tax on everyone, not just the rich.

From John Debba Orange County, CA

"If you believe that Obama will not raise taxes unless you earn more than $250,000 ask him if he will renew the current tax bill or let its sunset provision take it out of service in 2010" [Posted By Rob , Carrollton Georgia]

Obama was asked and is on record, 2001 and 2003 tax cuts on earnings of less than $250,000 will be maintained after expiration date. As for the rest of your article, some part belongs in the national debate, because the challenges facing America cannot be placed on the shoulders of one man. Nonetheless at risk of sounding mean-spirited, most of your article belongs in the trash can. You need to find a better reason for voting against Obama, rather than attempt to convince people Franklin Roosevelt was bad for America. But since FDR wasn't on the ballot, I voted for Obama.

From Cheryl Hunter, Yucaipa, California

Small Business For Obama

My sister and I own a small acrobatic training center for youth in Calimesa, California. We have been in the business of coaching gymnastics, tumbling, circus arts, dance and cheerleading for nearly thirty years. The current manifestation of the business in our hometown has experienced many ups and downs over the past four years and the growth has been slow going.

I have lived in the Yucaipa – Calimesa area since 1965 and have seen the drastic changes that come to a small town depending on the President's economic plan. In the 1990's our little business thrived and our customers were able to take advantage of the services we offer for their children without choosing between paying for gas or paying for class. In 2004 my sister and I downsized our business because of rising costs that we could not justify passing on to our customers since it would have priced us right out of business for most of them. We have always managed to maintain an affordable, fair price for our services and still make enough of a profit to stay in business. We try to keep our prices low because we come from a background of community service and believe that children's health and happiness is more important than a higher profit margin. We did not go into this particular business to get rich, simply to provide a valuable service that is our passion while bringing in a little extra for our own family.

The Bush years have taken a real toll on both of our families. Our spouses are both independent contractors in the entertainment and construction industries and they have seen their job opportunity dry up over the past two years. We've all lost our health insurance and now my sister and I are in the process of obtaining the insurance through our small business. We also are looking at how to increase the bottom line for extra income to compensate for the loss in our husband's income. This means raising prices more than usual for our services. A normal annual price increase in the past would have simply matched the cost of living…but if we were to have done that over the past four years we would have lost all of our customers.

With wages out of synch in relationship to cost of living, jobs being cut and health care being lost because of it, my sister and I are in a difficult situation. If we raise our prices our customers will not be able to afford our services, their children will be the real losers if that happens. By not raising our prices we will not be able to afford health care for our families and our staff, nor will we make any profit to supplement our family income. We are a true small business. We fall far under that 250,000 mark and are not concerned so much about our taxes being raised, but are concerned about the wealthy corporations who get off so easily when the worker bees are making the money for them.

Bottom up economics is the only way to bring this country back to a healthy state. If there is no punch left at the bottom of the punch fountain then there will be nothing to pump to the top, leaving the small top tier to stagnate and dry up…much like our economy. I find it insulting to hear the conservative argument that the upper middle class and wealthy should not have to share the burden because "they have earned what they have through hard work." What does that mean? Are they saying that the middle and lower classes do not work hard enough? I have watched my husband work seven days a week to keep our family above water while I work nights and the cost of living has skyrocketed resulting in a grossly disproportionate standard of living for the middle class. Being middle class used to mean that you could live comfortably, simply and enjoy being a worker bee taking pride in your place in the American dream. You knew you might not be rich, but you could at least send your kids to college and give them a chance at making different choices. Now the middle class means barely keeping your head above water and struggling to save for emergencies let alone retirement or college.

My message to the upper class, wealthy and corporate fat cats is simple. While you panic at your punch drying up the last thing you should worry about is taxes, because if you do not replenish the punch bowl you will not have enough profit to be taxed…in fact, you may not have a business left. I believe that Barack Obama and Joe Biden have the only plan to get America up and running again.

From M. Newton, Jonesboro, GA

The IRS apparently has no idea the number of small businesses in the United States. According to InfoUSA and D&B, there are approximately 14+million businesses in the U.S. Then, over 90% of those have less than 10 employees that give us a total of approximately 12.6-million small businesses.

From Rob , Carrollton Georgia

If you believe that Obama will not raise taxes unless you earn more than $250,000 ask him if he will renew the current tax bill or let its sunset provision take it out of service in 2010. My definition of a tax hike is paying more than I am right now. Everyone will see about a 1-3% tax hike just from the sunset of the Bush Tax Cuts. Secondly, Obama's plan to save social security means taking the cap off of those making over $250K.. If that is all it takes to save a multi-trillion dollar boon doggle such as social security it will be the largest wealth redistribution this country has ever seen. And social security is small potatoes to Medicare/Part D boon doggle. It will take more than lifting the cap to fix an approximately $25 trillion problem. Open up your pockets middle class….classic liberalism is on the way and everyone must pay. The real issue is medical costs which is draining people's pockets and medicare. Obama's solution is to put the government in charge (I guess they've done a great job with Medicare and Social Security, why not) and McCain offers some elusive market approaches. The real devil lies in how strictly we regulate doctors that limits the number graduating, how much it cost to become one, the regulations on practicing and cost to start one, and the high malpractice rates with punatives over 4-5 times actual damages. Fix these troubles, remove government from excessive regulation and competition, local or foreign, will correct pricing. By forcing doctors to computerize charts and buy big expensive computer systems cost will go up. Add government regulation to force coverage, then government eats up its traditional $1 for $1 overhead and the politicians have another great lobbying group paying them money.
Finally, the more government regulates and taxes the market the longer it will take the market to snap back, hence the length of the great depression due to all the Roosevelt controls. Government intervention should have been on the front end of this crisis when rules were needing to be made or actually enforced, not afterwards to clean it up.

From B. Johnson Atlanta, GA

A tax is a tax. It means that government at some level takes what is yours and gives it to someone that has not earned it. PERIOD! The writer of this column is a good example of why females should stay home with the kids.

From John Debba Orange County, CA

"I’m not against paying taxes but I am against paying what I consider to be excessive taxes" [Posted By Mike, Des Moines, IA]

Frankly excessive taxes is relative to each individual; for a man trying to feed or keep his family warm a $100 tax bill is excessive. I'm retired, my SS and pension are 100% taxable because of other income. My wife and I will pay more in taxes under Obama's plan than McCain's; but this election is about more than just us. McCain's plan to freeze SS increases is my immediate concern; it's a tax by any name you call it. I'm one of the lucky ones and can take the hit, but too many retirees are living near the edge. My long term and most important concern is the future of my grandchildren, and I see nothing good coming from the something-for-nothing economics of Reaganism, Bushism and perhaps McCainism. Like many Democratic that voted for Reagan, I was suckered by his "Grow ourselves out of the national debt" Although I did not vote for Bush, I felt assured by Alan Greenspan's statement, the proposed tax cuts would leave the federal budget with adequate surplus: Only to come to realization I was hood-winked by a political hack. Financialization and trickle-down tax cuts is nothing more than "Grandchild Tax" The selling of America's economic sovereignty and future of my grandchildren to immediately benefit some more than others. Obama is not a savior nor McCain an elder wisdom nor is there such thing as 100% fairness for all taxpayers. My vote went for Obama because he can see further ahead, and there is where my grandchildren will live.

From Jim, NJ

Lets keep this real. Obama is not proposing a small tax increase as so many think.He is proposing an approximate 15.4% tax increase (3% income and 12.4% Payroll) on small business owners on all income over $250k once he creates his payroll tax doughnut hole between $102k and $250k.

From Mike, Des Moines, IA

I agree with John (from Medford) that the press is missing the mark on how taxes are really being calculated for small businesses. My wife and I have been running our biz for nine years now and last year was the absolute worst from a tax perspective do to the AMT. We aren't making 250k on our w-2's but since we have to lump our personal income with the retained earnings of the business on our 1040 we cross-over that $$$ level. The resulting tax that has to get paid is completely out of line since we're paying taxes on money we don't/can't even touch. And since the AMT comes into play, most deductions/credits are negated. The US Tax structure is broken and with the AMT still in play things aren't going to get any better.

Whether it's Obama or McCain, small business is going to take it on the chin at a time when they should be getting incented to grow their business through hiring and capital improvements. Who wants to hire or invest more when it only leads to more of a tax burden. The $3k tax deduction that Obama proposes for a new hire isn't really much help in the long run. I'm not against paying taxes but I am against paying what I consider to be excessive taxes.

From John Debba Orange County, CA

"… result in far less disposable income, less spending and a greatly slowing economy. Revenues to the federal treasury, which have gone up dramatically in the past 5 or 6 years because of the tax cuts, will go down dramatically, increasing the deficit" [Posted By Rollin Lofdahl, Woodland Hills]

You threw out alot which appears to be nothing more political speak points. To accept your argument I would have to ignore people like Warren Buffett; doubling of national debt under Bush; decline in real-income (only disputed by political hacks); federal revenue "dramatically" increase is/was the result of baby-boomers in prime earning years (hence, flood of social security tax receipts); persistent poverty; an expensive broken healthcare system. Reaganomics and Bushism is the economics of something for nothing, and to where Republicans should be shouting "socialism"

From John Debba Orange county, CA

I admire people who have dreams and work hard to make them a reality; for certain this includes Mr Wurzelbacher. However Mr Wurzelbacher should realize most small businesses hope to achieve the kind of financial success to afford worrying about taxes. In reality Obama's tax plan gets Mr Wurzelbacher closer to his goal than McCain's. My best wishes to Mr Wurzelbacher and may his dream come to pass, but he's putting the cart before the horse.

From Jessica, San Francisco, CA

You are absolutely right! I own a business that generates $50M in gross sales and $5M in revenue. I employ 30 people and share the profits with them. There IS such a thing as "enough" and I do realize I neither can nor want to spend it all. I'd prefer that the people who work hard for me enjoy the fruits of their labor.

Frankly, I don't care if I have to pay a nominal amount more in taxes with Obama's plan. He's a far better choice for our country. It amazes me how people can be so easily swayed by the right-wing rhetoric and how McCain's policies will be detrimental to these "true believers." This column really spelled it out…if only they could read and understand it.

From John, Medford, NY

MsCint3: You are correct when you say: "Taxes are needed for schools, roads, public buildings, etc.". But that's not what Obama wants to do with the extra taxes he extracts from my business. In his words, he wants to "spread the wealth around". Giving someone a check who doesn't pay any income taxes to begin isn't going to get roads built or build schools. If I knew for sure the extra taxes were going to be used for the infrastructure things that you suggest I would probably feel differntly about his proposal. But taking it out of my business' pocket and putting it in someone else's is just socialism. Let me keep the money in the business and then I can hire that same person and they can then contribute thorugh their income taxes to our society.

Give a man a fish and he eats for a day, teach him to fish and he eats for a lifetime.

From Pat, Kankakee, IL

As a small business owner for the past 10 years and with 30+ years working for large and small businesses, I am confident that whatever the tax rate, a small business will always manage the business profitability to minimize taxes. McCain is all wrong, Obama's plan will not have material impact on small businesses.

From Brien Stears, League City, TX

Ms. Cint3

If you want to call someone a racist, don't use innuendo like "say the real reason why they will not vote for Obama".

I won't because he is a democrat and will raise taxes and the size of government.

Apparently you are voting for him because of his race – making you the racist and not "Joe".

Please don't hide your words or your hate and skepticism – it does not help any fruitful discussion.

From Anonymous

You are missing the point and the other post as well. It's not a matter of how much you pay, its who you pay it too. I fix the combination of taxes and charities I will pay into. When my taxes go up under Obama, I will contribute the equal amount less to charities. The difference – I believe I am a better arbiter of where these $ go and not the government.

It's especially disconcerting that its the Federal government as our system was intended to let localities govern – this increases the central gov't authority.

Feel free to send in extra, no one is stopping you

From Gwen, Marietta, GA

Mccain complains that Obama's plan is equal to "welfare" for the middle class. Uncle Sam gave McCain $84 million to run his campaign. Why isn't Uncle Sam's gift to McCain considered "welfare"?

From MsCint 3, Conyers, GA

I truly believe that "Joe" knows that he would not be affected by higher taxes if he brought the plumbing business from his boss.
I just wish that Joe and others like him would be honest with us and themselves and say the real reason why they will not vote for Obama.
Taxes are needed for schools, roads, public buildings, etc.
Greed is amazing, do people realize that you realy can't take this stuff with you? Do they realize that no one is immortal, or would you want to live forever? When is enough enough?
Come on folks vote for the better plan. The plan that was endorsed by Warren Buffet. Do the right thing for yourselves and America. Don't cut off your noses to spite your face.

From Jan Price Peabody, MA

I think it is time we stop with Joe the Plumber and really listen to what the facts are about the tax plan. It shows me that "Joe" really does not know what he is talking about, and neither does McCain. Let's get on with what's important America.

From ICE Tampa FL

Ernest, you must have a fantastic accountant. How can he/she SHOW you how you will pay more under anyone's plan without knowing details WHICH HAVE NOT BEEN PUBLISHED. Even the numbers in this article are speculative. This is part of the problem of peolple talking out their ….

From T. H. McElroy

The vast majority of those who fall within Obama's definition of "rich" did not become prosperous through inheritance, theft or even magic. They achieved prosperity through years of hard work, sacrifice and commitment. Who is greedier; those who want to keep and share, as they see fit, their hard-earned rewards, or those who do not work hard and sacrifice and yet believe, socialistically, that they are entitled to the hard-earned prosperity of the former group? Individuals who espouse the "fairness" of increasing taxation on the "rich" in order to "share the wealth" conveniently omit or forget that the "rich" are already paying taxes at a higher rate, see less ability to take tax credits and deductions, e.g. charitable contributions and child care, as they phase out, did not get tax rebates and have to worry about the even higher Alternative Minimum Tax. "Wealth Redistribution" is a popular catch phrase, but wealth redistribution is nothing new. Wealth redistribution takes two forms; 1) individuals are free to (and do) choose to share their prosperity electively, through charitable giving and through consumerism, which helps businesses to succeed and enables people to have jobs and income, or 2) government can forcibly take an individual's wealth and disperse it as entitlements. While the latter form through taxation is justifiable to a point, it was via the first form, not the second, that this nation became great. Americans have always been caring and compassionate people. People helped other people of less fortunate circumstance not because they were forced to, but because it was the right and humane thing to do, and they freely chose to do so. At the same time, individuals knew that through hard work and commitment they could achieve greater prosperity that was theirs to have and use and share as they, not government, saw fit. As government continues to usurp the rewards of hard work and commitment, individuals will be less motivated to devote the time, effort and commitment needed to achieve prosperity. Many of those who continue to work and prosper will be less motivated to share their post-taxation prosperity electively. As a government becomes more socialistic, some individuals will lose all motivation, since they are convinced of their entitlement to the wealth of others and that government will be there to give it to them. Some will lose motivation, or at the least lose incentive, when they understand that their hard work and years of dedication will be rewarded by having their hard-earned and deserved wealth taken from them by the government to give to those who are unwilling to work and contribute. Do we really want to continue in this direction? I prefer to share my hard-earned prosperity, redistribute my wealth, as I see fit. I give freely to charitable causes and I consume, which helps businesses to succeed and people to have jobs and income. For those who feel that the government is entitled to more tax revenue, by all means, please feel free to send more than your required amount. Just do not tell me that I have to do the same.

From Rollin Lofdahl, Woodland Hills, CA.

Funny, but the wealthy types who make the case you just did have had all these years to send that extra $1,000 or as much as they want to the federal treasury. Do they? No, they take every deduction they can to pay less, then whine that people aren't paying enough and taxes are too low. Hypocrasy knows no bounds. If they want to do more, stop taking deductions and pay a few more grand every year. Don't cry and say you can't do that unless the big bad fed says you have to. Oh, you're just to weak to do it on your own, so they have to make you do it with higher rates. What a load.

"What is wrong with people nowadays. Even those affected would only see a tax increase of a tad more than a grand. Coming the position I hold, I’d be more than happy to pay the extra tax if I went over the $250,000 threshold. It’d be un-American of me to not put that much into the system which enabled me to reach that point.

It’s interesting to note that Clinton actually gave a larger % decrease in taxation of the wealthiest than Bush has in his last 8 years. So to hear the idea of taxes on the wealthy close to being as they were in the Clinton era, I find myself in full support.

It’s time for those of us that have the money to stop being so greedy, because each and every person falling in this tax bracket knows, life ain’t hard for them with or without that cash.

Posted By Warren, Portland OR : October 20, 2008 4:05 pm"

From Rollin Lofdahl, Woodland Hills, CA.

This article is very deceptive. Regardless of the validity of the claims made, what is ignored is the fact that Obama claims he will pay for nearly $1,000,000,000,000 in new spending on the backs of 5% of American income earners. Talk about fuzzy math! The middle class will get killed with new taxes, as well as all business owners. This will result in far less disposable income, less spending and a greatly slowing economy. Revenues to the federal treasury, which have gone up dramatically in the past 5 or 6 years because of the tax cuts, will go down dramatically, increasing the deficit.

From Eric, Boyne City, MI

What about the millions of small businesses in this country that employ 50 -100 people? These businesses are going to get hammered by Obama's tax plans. These are the businesses that are creating jobs, providing families with health insurance, and keeping this economy going. These are not the villains of the economy but the heroes. These firms invest in people and are responsible for much innovation. More taxation on theses types of “small” businesses is crazy. I bet many of you are employed by just such a firm. I believe these small businesses need just as much help as the sole proprietor and the Wall Street conglomerate.

From Peter, San Angelo, TX

Neither candidate has any idea what he is talking about.

From Ernest, Phoenix, AZ

I find this article to be extremely false, since my accountant has shown me how my consulting business will be taxed at a higher rate under Obama.

Second, I am now having to reconsider taking on a second employee (part-time) because of the loss of $14,000.

From J R, Melbourne, FL

Nobody seems to be talking about the OTHER taxes. For example, it seems that there will be no limits on SS taxable income. THAT would hurt small businesses and working people to the tune of 7-15% depending on their employment status. Of course, no impact if you do not work…

From Bob, Minneapolis, MN

Could you please write a story on how each candidate plans to curtail spending? In my opinion, the candidate that can best control spending will be able to guide us out of the recession.

Is this done best with a "scalpel" or by "freezing" the spending?

From John, Medford, NY

As a small biz owner for 25 years here's how it works. You make a salary being employed by the biz and your spouse makes a salary from some other job. They get put onto your 1040 as income. Now the business itself makes a profit (after expenses are deducted) too. That profit gets put on top of the two salaries and gets reported on the 1040 through one of the schedules (E, C, etc.). From the 1040's view it's all personal income in calculating the tax due at that point. If you and your spouse make $200K total, no problem. If your business has another $150K profit you get taxed on $350K. $100K of that will now be taxed at a higher rate under Obama and the cash to pay the additional tax comes straight out the biz. And tax credits won't work because they get disallowed under the AMT test. The business owner's salary and the business's profit are two different things that get lumped together on the 1040. Of course, this is never explained in the press.

From Warren, Portland OR

What is wrong with people nowadays. Even those affected would only see a tax increase of a tad more than a grand. Coming the position I hold, I'd be more than happy to pay the extra tax if I went over the $250,000 threshold. It'd be un-American of me to not put that much into the system which enabled me to reach that point.

It's interesting to note that Clinton actually gave a larger % decrease in taxation of the wealthiest than Bush has in his last 8 years. So to hear the idea of taxes on the wealthy close to being as they were in the Clinton era, I find myself in full support.

It's time for those of us that have the money to stop being so greedy, because each and every person falling in this tax bracket knows, life ain't hard for them with or without that cash.

From Alan, Boston, MA

Obama supporters seem to conveniently forget that the Dems want to let the Bush tax cuts expire. So with BO we will be getting an immediate tax hike on all tax brackets because the Bush tax cuts will expire…

From Anonymous

The disconnect is how Obama would pay for his social programs by only raising taxes on the wealthest 2 percent. national health care, his plans for social security and other social spending will require a much broader tax base.

From Involved, Centreville MD

If you depend on the government for anything other than protection for our sovranty or protection of our freedoms than you depend on the government for too much. As I am the government, or at least the wealth of the government, then you depend too heavily on me. We have become a nation of "the government will fix it" dependants. Only GOD can fix it. The government simply takes our money.

From John, Chester MD

All of this has been goodreading. There have been many excellent points made on both sides. Our government (not just president) has not worked hard enough to safeguard the wealth of its nation and as a result has taxed mercilessly. Both parties are guilty of this. So look at the candidates and determine which of the 2 has a record of fighting immoral spending. We have become a society of the have and the have-nots. Most of the have-nots bitch about not being given enough. Most of the haves bitch about having to foot the bill. As a republic and a democracy (look it up, they are not the same), we began with a pluralistic approach. The government was devised to protect us from mother England. Where we have arrived today is a far cry from that place, with government involved in avery aspect of our lives. Do any of us believe that this is the vision of our forefathers? We are not free as they perceived freedom, but bound by the inequities of a system that no longer allow men to rise above their meager beginnings and realize the fruits of their labors. Our government has unleashed con men unto us to rape us stealing our wages. And we in our apathy have allowed this to occur over 200 years. What I would say to each of you is to vote your conscience first. But let us not lay down the gauntlet to one another, because we all fight for the same cause. Let us, instead, charge our government with fixing a broken system that pits the working man against one another. It does not end with our president, it merely begins there. Let us focus on the political machine and challenge our representatives (senators. congressmen, delegates, mayors, commissioners, and etc.) to fix the problems of our nations at the lowest levels. Do not be apathetic. The right to vote means so little today because we have become less involved. Know your neighbor and your community. Get involved and be a part of the solution, not just a part of the problem. Roll up your sleeves. It will take all of us to fix the mess that we now find ourselves in. Most importantly, put GOD back in your lives and in our country.

From John, Howell, NJ

Anu wrote, "Taxes is (sic) the main fuel to run a country." I'm sorry, Anu, but taxes drain the economy. Businesses fuel the economy. Higher taxes rob people of what they work hard to earn. Yes, the government needs tax revenue to run government services that we all depend on, but no one should be so foolish as to think that taxes are "fuel" for the economy.

From rp, Clarcksville, MD

My business is very small and I am extremely skeptical when it comes to Mr. Obama's proposed tax shell game.

At the end of the day only working people shoulder the tax burden. Proclaiming that the tax burden on working people will be alleviated by increasing taxes on corporations is at best creative misrepresentation and at worst blatant lying. Will this plan be a tax cut once it finally gets reduced to a real tax law with all of the necessary provisions, exclusions, loopholes, earmarks and generalized garbage that a tax/borrow-and-spend congress is likely to attach to it. I suspect that the bottom line impact will be an increased economic burden on every working person and I feel fairly certain that taxes on most businesses, both small and large, will go up.

The increased tax burden on businesses will make it easier to move overseas where taxes are already lower. So much for jobs. So much for rewarding the risk taking that is essential for making a brighter future for everyone.

I'm tired of hearing about an elaborate tax shell game that insults everyone's intelligence with pandering bovine scatology. What I want to hear from Mr. Obama is that government spending will be reduced under his administration. Notice that he isn't saying anything remotely like this. In fact it sounds like he intends to spend more even on top of the additional stimulus package already in the works.

The basic plan being proposed by Mr. Obama, once the eloquence and creative misrepresentation are stripped away is to
1. Directly and indirectly increase the tax burden on everyone by increasing taxes on corporations and "wealthy people" .
2. Increase government spending on new social programs.
3. Increase government spending to generate the illusion of redistributing wealth.
4. Increase government spending to "stimulate" the economy.

From John Hauprich, Chester MD

All of this sounds way to good to be true. That is to say with the current financial fallout and the babyboomers coming into retirement, it occurs to me that taxes will have to go up for someone. Who is it that will be footing the bill? And better yet, the President of the United States does not make the laws, so although these promises sound wonderful, Congress and Senate will enact the laws. If we tax only the people making money and providing jobs, what is their incentive not to move the jobs abroad?

From Anu, Denver, CO

I don't understand why "taxes" have become such a negative issue. Taxes is the main fuel to run a country. Paying taxes is probably one of the most patriotic things to do. Since when has taxes become bad and why is McCain working so hard to be part of the "goverment", and in his speeches, he seems to hate the very "government". The very meaning of "goverment" is to "GOVERN" the country's activities, his argument and making government look like some monster is just self-contradicting.

I think raising taxes in small level like Obama suggests is the perfect balance. We have to pay for the things we need to like the American life. Are we willing to give up the granted great life for a mere 3% reduction in taxes?? Or are we prepared to better our lives for a small cost to pay and that too only by a small fraction of us?

From A.de Boer Coloardo Springs, CO

An interesting method that you have used to describe what is and what is not a small business. I would think that things like liquor store owners, car wash owners, builders, plumbers, window washers, hotel and motel owners, car dealers, small restaurants or anyone for that matter that has more then 5 employees is screwed. I see no reason for large business to continue to move to Mexico, South America, India, China as their costs continue to be increased. esponsibility to advance themselves through hard work and education the concept that someone can make a career by working the counter at McDonals and be supported by social programs is a disservice to people. The educational system cont

From KevinTMcGing, Chicago, IL

The argument that only the ‘super-rich’ will pay additional taxes under Obama’s plan conveniently overlooks the fact that it will be impossible to raise the amount of revenue that Obama needs for his social spending plans from such a small number of taxpayers. So, shortly after Obama takes office he will come on television as Bill Clinton did in the early ‘90s and ask for more Americans (the middle-class) to ‘step-up’ and ‘increase their contributions’ for the good of the country. Been there, done that.

From April Garlow, Franklinville,New York

Obama's whole plan seems to be,.It encourages people to stay just under that 250,000 dollar threshold, to keep middle class Americans from climbing the ladder.Many professionals like Doctors, who have spent countless hours in school and residency, will be punished for their 80 hour work weeks instead of being rewarded.

From Mike,Hickory, NC

All business owners will need to buckle up for a hard time ahead if Barack gets elected.

From mike, potosi, mo

It's simple, vote for obama and you will have higher taxes, so he can have more welfare and voting block with less employment, vote for McCain you will have lower taxes more employment and less welfare. You make the call.

From Willie Richmond, Va

Why is not pointed out that tax is an expense and any tax increase put on any business from Exxon to Joe the plumber's future business is an increase in the costs of that business and those costs are passed on to their customers. So, when Obama raises taxes on Exxon, Exxon will charge consumers more for gas….nobody, who puts gas in their car, escapes the tax increase.

From alon elkin, New York, NY

For those who are not in the skilled trades who question whether it is possible for plumber,can really net $250000, I would like to add that this figure is quite possible for a plumbing contractor during a building boom. I have a close relative who is a master electrician and he was making over $125,000 per year before the current down turn. His employer who employs several other electricians also made a profit of over $275,000 two years ago. My experience is that many white collar workers and professionals tend to look down on those of us who are blue-collar. Next time you need a plumber or and electrician on a weekend or evening emergency just look at the hourly rate you are charged.

From Confused; Maryville, IL

By today's standards, $250k gross income is not that much money when you factor in self-employment tax, unemployment tax, insurance, payroll, income taxes, workers comp, expenses and overhead. If a small business owner makes $250k in a given year, almost 50% of that goes into overhead. So I understand why most small businesses may not be affected by the Obama small bix tax plan. However, what I didn't see or may have overlooked is whether or not the spouse's income also comes into play. Is the small business owners going to be allowed to make $250k before s/he sees a jump in taxes or will the spouse's income be included as part of that $250k and possibly kick them into that higher tax bracet? Help me out here. Maybe I'm just not reading it right or don't understand it correctly.

From M. Baker, Ft. Collins, Colorado

As a small business owner I find this discussion mildly amusing. Most small businesses are lucky to net 10% of their gross as a taxable income. Joes hypothetical business would need to be about a 2.5million dollar grossing business to put him in th 250,000 net category – unlikely for a small plumbing business – particularly for a guy who does not yet have a license – probably does ot have the wherewithall to purchase a 2.5 million dollar business. I've been building my business for years and am not even near that mark.

From Mike, Ontario, CA

Dena from Florida, forget about it. A consumption, sales tax or "fair" tax policy will NEVER happen…..ever. The government likes the ability to take money from targeted groups and give it to other targeted groups. A national sales tax would take that power away thus, it will never happen. The Republicans blew their chance when they held both houses of congress and the Democrats have different ideas on the taxation issue. The simple fact is, under an Obama administration, taxes are going up for a specific targeted group (the alleged rich) and will be transferred to the middle class through tax breaks & government programs. What many in the middle class fail to understand is the unintended consequences of this policy, especially in difficult times. Change for changes sake is dangerous, but it seems America is sufficiently upset enough to throw the baby out with the bathwater. Obama’s analogous tool for fixing the economy is a scalpel but in this business owner’s opinion, it looks a lot more like a mallet. I say, give the tax break to the middle class and cut or restructure poor performing government programs to make up for the shortfall. Drawing down our forces in Iraq would help as well or, at least require the Iraqi government pay us for our continued presence.

From Kool Aid Hater

If Obama wants to help those who are "behind" those who have earned their success through hard work and thrift, perhaps he can fork over a few of his millions.

Oh that's right, he's got them tied up in municipal bonds. How nice that when he cashes them in, he won't have to pay ANY taxes on the gains.

He doesn't want to help with HIS money, he wants to help by taking YOUR money.

If I call Obama a hypocrite, will he send his Truth Squads after me? File a lawsuit for hate speech?

Come and get me.

From Kitty, BC, NV

Obama's promises of change will go the way that Clinton's went after he won/was inaugurated.

Given the state of the economy right now,it would be irresponsible to increase spending (remember Bush did this and see where we are?), create new programs or increase taxes.

It will only drive business out of business or overseas, dry up the jobs that do exist, limit domestic job creation, and hurt the very people Obama and his liberal fascist friends claim they want to help.

From Michael, Orlando, Flordia

The simple fact is that our politicans use Taxes as a carrot to get votes. With this we are hearing promises and negative comments.

I just hope that we have a day when our elected leaders will actually stop Tax speak and tell the truth about what is going on.

From Charlotte, Tallahassee, FL

Obama's plan will severly tax small businesses that provide jobs for the "middle class" he says he wants to help. Higher taxes will result in loss of jobs and with the significant role small business plays in job creation our economy will decline even more and unemployment will rise. Small business is responsible for 93.5 percent of net new jobs since 1989.

As for the $250k threshold, a significant number of small businesses that employ people will be impacted. On behalf of the National Small Business Association, Public Opinion Strategies conducted a national Internet survey of 500 small and mid-sized business owners from February 15-25, 2008. To ensure results represented a proper distribution by company size for the small and midsized business market, the results were weighted by 2004 U.S. Census Bureau of the Census data. The sample of businesses surveyed is diverse and representative of the entire U.S. small business community

Below is a profile of the respondents. As indicated under the "Revenues for Most Recent Year" 38% made more than $500k, 26% made between $100k and $500k.

What you must remember is the distinction between nonemployers and employers. Nonemployers outnumber employers by about 3 to 1. Most nonemployers are part-time operations. In terms of economic impact, employer firms dominate; their total receipts are over 20 times the size of nonemployers’ receipts. In 2002, U.S. Census Bureau data counted 5.7 million
employers with $22 trillion in annual receipts and 17.6 million nonemployers with $770 billion in receipts. Although employers are a much smaller percentage of the U.S. Small Business Administration's definition of small businesses they create the revenues and jobs that keep our economy going.

Unfortunately, the majority of Americans only hear Obama's soundbite and don't realize he most likely is putting their job at risk. What good is a tax cut for the middle class if you don't have a job.

Profile of Respondents
Number of Personnel
0 7%
1–4 54%
5–19 28%
20–99 9%
100–499 2%

Number of Years in Business
Less than 1 year 5%
1–3 years 11%
4–6 yeears 16%
7–10years 18%
11–15 years 13%
More than 16 years 38%

Revenues for Most Recent Fiscal Year
Less than $100K 35%
$100K–$500K 26%
$500K–$1M 14%
$1M–$5M 16%
$5M–$25M 5%
$25M–$75M 1%
$75M–150M 1%
More than $150M 1%

Location of Business
Northeast 23%
Midwest 22%
South 31%
West 24%

The entire survey can be viewed at http://www.nsba.biz/docs/2008bizsurvey.pdf

From Dave, Flagstaff Az.

I'm amazed that people buy into the rhetoric of Barack Obama when he says he'll bring us universal health care (Socialized medicine) without tax increases for the little guy. All you need to do is look at every other country with socialized medicine to know what a liar this guy is. They pay far higher taxes than we do as a direct result of their socialist system. Why can't people check their facts before falling all over themselves for this socialist? I guess the dumbing down of America has worked it's magic (Thanks to the friendly folks at your local branch of the NEA)

From Kingsley Fernando, New Zealand

It is interesting to watch your election campaign from afar. It seems that Mr Mccain wants to win the election by discrediting his opponent, Mr Obama. A far more attractive option would for Mr Mccain to promote his own policies to the American voting public and convince them that his policies are the best for the country. Perhaps he has not succeeded in doing that? If his policies are the most suitable at this time, why has was he SO unsuccessful?

From Dena W. Davie, FL

I apologize for a second post, but I am just excited about what I am reading about this FAIRTAX plan!

I suppose we haven't heard about it because it is fair and transparent, and there is no way for those who cheat taxes, to get out of it…but that's the beauty of it in my opinion. We share the wealth according to our spending habits. Seems like something Obama "Robinhood" would have proposed to share the wealth, but then again, I haven't really heard anything I like about their tax reform measures. They are so evasive that I think their idea of taxes go along the same lines as the bailout bill..whatever they can pull over on U.S.
I certainly don't believe that if one of the candidates said they would give tax breaks to small business, that it would be on any type of a fair and just basis!!!!

The FairTax:

-Enables workers to keep their entire paychecks
-Enables retirees to keep their entire pensions
-Refunds in advance the tax on purchases of basic necessities
-Allows American products to compete fairly
-Brings transparency and accountability to tax policy
-Ensures Social Security and Medicare funding
-Closes all loopholes and brings fairness to taxation
-Abolishes the IRS
(April 15, just another spring day!)

The Web site offers a library of information throughout about the features and benefits of the FairTax plan. Please explore! I think "Joe Plumber" would stand behind it!
I know I would!

I also know that I would like to have heard about this through mainstream media, or as part of our bailout plan!

One more note, I also read today, that IRS spent $2Billion on new computers with defective systems, containing Known Issues With Privacy And Security-Treasury Inspector General Says.
The article went on to say that these systems have been being hacked globally! Yikes! Great, I want the whole world to access my identity! NO MORE IRS!!

From Dena W. Davie, FL

Why haven't we heard about The Fair Tax plan bill? This sounds like exactly what we need to stabilize and rebuild America's economy! It would benefit all of us to get on this bandwagon!

The FairTax Plan is just that!
"We hold these truths to be self-evident, that all men are created equal"
- but they aren't taxed that way? That doesn't make sense.
The Fair Tax is the only way to go.

The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on NEW goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
-Americans For Fair Taxation-
http://www.fairtax.org

Is this our answer??
Why is it that neither candidate has supported this??
Spread the word!
IF our voices, votes and petitions count, we should be able to get this enacted!
This plan equalizes our share burden of taxes paid, those who have lots of money can pay taxes on their spending, [ie AIG at their $500K party after bailing out!], while those who are frugal will save money by only buying what they truly need!

Face it, Big Business and wealthy people never pay taxes, they find deductions and loopholes, and owe nothing, people such as criminals,drug dealers, prostitutes or other non-working people with incomes, don't pay taxes either. Across the board, this would fairly collect taxes from ALL people according to their spending habits, and eliminate billions of dollars wasted yearly in filing taxes, as well as tax evaders.

The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

What is Americans For Fair Taxation (FairTax.org)?
FairTax.org is a nonprofit, nonpartisan, grassroots organization solely dedicated to replacing the current tax system. The organization has hundreds of thousands of members and volunteers nationwide.
For more information visit the Web page: http://www.FairTax.org or call 1-800-FAIRTAX.

From Judi

the persons voting for "Change", the same old speech Obama gave with most likely a few differences, is the one he used when he was an organizer, those persons may get more change than they want, & it wont be a good change. Obamas change is bigger government, socialism & more handouts. What about Sen Dodd, Barney Frank & some of the other persons that benefited & caused the problems?

From vic st petersburg florida

if i have to spread the wealth with my money(which is socialism & a poverty country) then i would not work as hard & not do as much for others. If you want to move up, then i beleive you should work for it, not expect others or the government to support you. in the old wpa system people worked. We should not give handoouts topeople, it kills their incentive to work for the money.

From riddy d

Was this article written by Obama's PR agent? CNN, your a joke posing as serious journalism

From Fustrated

I have been in school for over 15 years and close 350,000 in debt!!! I will take home less than 40% of what I earn after taxes ( take 40%) and school loan repayments ( take another 10-20%). There will be no incentive to workhard if you tax the guys that actually work!!!

From R. B. Hull I owa

The change that Obama wants is control of what I have worked all my life for, Isay enough of his fancy words no socialism

From B.B Hull IOwa

I have worked for 40 years and you think I have to help that poor misfortunate guy who does'nt want to work. Go work at a fast food place anywhere. At least FDR put the WPA in I worked for not so much pay but was not a welfare person. Save your money as I did, now don't take it from me for that poor guyunwilling to help hisself Obama's plan, socialism

From Bert,HullIowa

obama will raise our taxes , how dumb do you think yhe average Joe is in the midwest, we have seen it over and over again

From Anonymous

Beware of the enemy within

From Forsyth, GA

Most of the comments on this page are an embarrassment; a testament to the dismal state of our education system. I can't recall the last time I have seen so many misspelled words or misapplications of case not to mention a complete lack of knowledge of history or of an understanding of economics.

There is not a single person posting to this page that has ever been hired by a poor person. If you have a job, then the person that gave you that opportunity worked his butt off to make it available. The great thing about this nation has been the spirit of those willing to replicate that success. Those who harp about their miserable state or think you are being exploited by your employer should go out and teach the world a lesson by starting your own business so that you can be as generous and magnanimous as you wish. As one poster commented regarding Warren Buffet, you can raise taxes all by yourself. You don't have to wait for some Savior to come down and raise them for you.

The ignorance displayed here is the consequence of an education system that utterly devoid of its original mission and that has become, instead, a haven for teachers' union layabouts looking for job security rather than dedicated individuals to fill a need in their communities and be fairly compensated for their time and efforts.

The average school system in this country spends about $8,000 per year per student. The average homeschooling parent spends less than 1/5 of that and achieves a result that exceeds that of the average prep school.

In the school district where Obama resides, the school system has one of the highest costs per student in the nation and the lowest test results in the nation. Yet that same school system has the most entrenched Teacher's Union with some of the best salary and benefits packages in the nation.

Yet we hear endless complaints about how corporate executives get big bonuses when they are fired from their failing companies. At least those executives are paid with stockholder dollars and not with taxpayer funds. The stockholder actually have some say in what happens in that regard.

And the Joe the Plumbers of the world have to draw from this labor pool to build their businesses.

Bon chance

From Georgia Martin, Durham, NC

The tax laws on the books need to be wiped out and we need to start all over again. I was in the mortgage business for many years and reviewed hundreds of tax returns. The deductions allowed are constantly abused and way too liberal. 90% of the "small business" and Corporate returns contain deductions for the spouse's car, items for their homes, cell phones for family and on and on ….
Also, NEVER write a check to an individual or pay cash for services. They will not pay taxes on that money. I have had tree people, yard maintenance companies, maid services, etc. say "just make it out to me." No no no. They are trying to avoid taxes on their income.
That is why the subprime lenders started allowing bank statements to document income. These folks were not declaring income for tax purposes and inflating expenses, so tax returns would not work; however, the deposits showed the money rolling in.
Secondly, it was terribly annoying to have folks come for home loans driving new SUVs and wearing designer clothes and when the credit report was pulled, they never paid the Dentist, Doctor, Hospital, Best Buy (for their new HDTV) or any other credit card company. I had several who had defaulted on student loans and were upset that it was on the credit report. There was always a "insurance was supposed to pay that" or "I disputed that charge". One lady said about her student loan "I had no intention of paying it but then Reagan was elected and they came after me." Excuses galore. However, you can be sure that they always paid the car loan. And in addition, when you got their bank statements, there were often debits for dinner out three or more times a week.
Some people just don't have any integrity. I, personally, became pretty unsympathetic – as you can tell!

From ron paul revolution

I feel that tax raises on succesful small business, will discourage people in striving to be succesful. If a small business is succesful it will open up jobs for others, who will have more money to spend in stores and pay thier bills. Due to taxes the american people are being held down and punished for the abuse of are money by the goverment. They both should be talking about ways to cut taxes, reform our ways of spending huges amount of money and stop trying to squeeze the american for more.

From Kenton Pike

McCain will raise taxes and he has promised todo so strting with your health care benefits, remember. Then to fund his and Bushs' war he will neeed to raise even more taxes, unlees of you're very rich…

Obama is not suggesting to spread the wealth merely to share the responsibility amd if you make more it is only reasonable that, yes, your should pay more. simple economics.

From Forsyth, GA

Hey Maggy, Regarding your statement: "Joe not even having a license(which is required) we just found out that Robert Wurzelbacher, Joe the Plumber’s father, was an executive of American Continental Corporation, the parent company of Charles Keating’s Lincoln Savings"

Even if it is true,just exactly WHAT does any of that have to do with Joe? If Joe's Father has such a relationship with Charles Keating then what about Joe's Mom? After all, she married the lout, right? And I bet Joe's dog has fleas and maybe even ticks. How low can one go?

And if his father is so rich and powerful, why is Joe working as a plumber for wages? As for the licensing issue, if he is employed by a licensed plumber he isn't required to have a license himself. He is covered by his employer's license. When he buys out his employer THEN he will have to get the license but until then he is covered.

But to a larger issue: If the alleged nefarious connections of Joe's father, an accident of Joe's birth, are so critical to Joe's competence and credibility, shouldn't we apply a somewhat higher standard to one's voluntary associations such as admitted, un-repentant terrorists and other criminal types?

From Robert Puget Sound, WA

McCain sure knows how to pick 'em!!! Maybe since Palin has impaled herself on her own petard, McCain should have this 'plumber' as his new VP….every bit as qualified as his last pick, no??

From John Sullivan, Slidell Lousisana

I have never heard of a wealthy person stating that they have too many deductions and want to give the middle class a tax break rather than keep the lower taxes for themselves. "Joe the plumber" is a joke, he is all Mccain has to try to "con" the public. McCain intends to tax health care benefits. How does this fit into helping the "average Joe"???? Wake up America!!!!

From Mark, Columbus Ohio

This proves why we need change and get rid of people like McCain. He just does not get what is going on. I would love to make more then 250,000. You could call me Joe, I would not care. You could raise my taxes, I would not care. Most do not make that much. Try to live off of 45,000 McCain. This is the group of people that is crazy to vote for you. We need change and you gone.

From Charles, Atlanta GA.

TO MICHAEL MAAS. What you believe in is pure SOCIALISM. You could have gone to college without anyone giving you anything, I DID IT by working hard and no one giving me anything. Stop depending on government. The difference is that people like you, believe the government should pay for everything, take from some and give to others. I worked my butt off to own my own business, I will be taxed more under the Obama plan. The reason big companies get tax breaks is because they ACTUALLY PAY TAXES, we should give additional tax breaks for companies who stay in the US and create jobs. Why are democrats trying to penalize companies who create jobs… It's easy for you to criticize being that schools can't really relocate to other countries, but how about workers who are employed by these companies?… Do you think they won't be affected? If you are a public school teacher (I'm assuming, if I'm wrong then accept my apology) These rich companies that receive tax breaks, actually pay a big portion of YOUR salary with their taxes, how ridiculous is that…

Also what you say about obama utilizing a fair tax system is ridiculous, the people you and Obama want to give taxes back to… DON"T PAY TAXES… and you dare to call this a fair tax plan?. What is so fair about taxing the people who pay and not taxing people who don't pay. Everyone should pay an equal percentage of taxes, that is a fair tax plan, regardless of how much one makes. Why is this so hard for you and democrats to understand… Why do you want to become a socialist country…. Let's have everyone pay their portion of the taxes… not take from some who pay and give to people who do not.

From marla b, venice, florida

It is amazing how blinded some people are into who benefits off the Republicans tax policies and who fars better under the Democrats. The help the rich strategy and they will help the middle and lower income does not work. Trickle down economics is what puts the country in the shape it is in. Reagans' philosophy ended with Bush Sr dealing with a recession and back in the great depression times Hoover thought giving to charites would help. I am also sick of hearing the "socialism" comment. Most people I have personally heard say it do not have much to worry about getting taxed for. Most of those people do not fall into the 5% category. And the same people who see their incomes fall and unemployment rise do not equate the impact that catering to people who are well off does not build incomes or jobs. Too many good jobs have been eliminated or outsourced not because of people who will not work but because of bottom lines and reporting to wall street. Yet look at the waste and greed (salaries) of the people making these decisions. You cannot sell cars, appliances or homes if the majority of the country does not make the wages to buy it. It is upside down the fairness in taxes or wages and there is no way I want 4 more years of the disastorious policies of a Republican philosophy which glorifies being wealthy as successful, while the rest of the country is holding a bucket waiting for the trickle to come. I think over 7 years is long enough to wait for that imaginary trickle.

From Cornelius, Salinas, CA

I believe that Senator Obama’s definition of small business is naïve. For most small businesses, $250,000 doesn’t even cover the payroll unless, they pay the minimum wage.

From Mike, Mount Pleasant, Sc

Covetous Democrats don't get it. Who cares if most Americans don't earn $250,000/yr.? Maybe some we would like to – but Democrats and their supporters scoff at that "fantasy" or notion, because only greedy Republicans make that much or only the well-heeled and anointed liberal intellectual is capable of such compensation.

The notion that higher taxes won't affect most Americans just feeds the class warfare that keeps most Democrats in office.

The party of Democrats is the party of slackers and ne'er do-wells – if only the Republicans had not stolen my piece of the pie, I coulda been somebody!

From Mark Charleston sc

You can't cut taxes on 95% of people because 40% DONT PAY TAX TO BEGIN WITH. The lower 40% pay no tax and actually get the Earned Income Credit. What is that? It is a REBATE (called by Democrats) on your taxes. But since they pay no income tax, the "REBATE" is actually socialist wealth redistribution. The rich are GIVING FREE MONEY to the not rich. Its called SOCIALISM and has destroyed europe's economies that is why the DEMOCRATS wants socialism here…to destroy the hardworking american and turn us into lazy french people.

From Brenda Savannah Ga

The Democrats want to put a "Glass Ceiling" on success. You can be as successful as possible, but at a glass ceiling we are going to tax the pants off you so you will NEVER want to be successful because the extra work is not worth it. People don't realize that with the small percentage of increase income tax over $250k PLUS payroll tax (Soc Sec/Medicaid) this is about 15% more tax. That makes me want to stop hiring and building my business and be "satisfied" with mediocrity.

From TheModerate PGH PA

McCain was a good moderate, it's unfortunate he threw that image under the bus for far-right support.

A good read:

http://moderate-right.blogspot.com/2008/10/why-mccain-why.html

From Dwight Florida

Obama's plan is an incentive to not work hard. When you hit 250,000 just go on vacation. By the way I work for a 22 billion dollar company, if they are taxed more they will pass it on and I would get a pay cut or no merit increase. The Candidates don't mention that most of us work for companies that are over 250,000. 250,000 in a business is not very much.

From Julia,Irvine,CA

By the way, scary Russia has now 13% FLAT!!! Personal Income Tax rate. (24% -corporate rate.) If you want to know more how lowering and simplifying tax rate can help to propel business and economy read: Russia’s Flat-Tax Miracle by Daniel J. Mitchell, Ph.D. on
http://www.heritage.org/press/commentary/ed032403.cfm
And consider this; you don’t have to hire an accountant! Every 5th grader can calculate 13% from the salary. It’s that simple!

Mr. Obama, if you want real equality, maybe you should copy Russian model and make equal tax rate for everybody!

From Poor Russian, Irvine,CA

AGAINST OBAMA 08’

Wake Up America! Taking money from smartest most entrepreneurial and most hard working successful individuals (and companies) and giving it to the laziest and stupidest? That is going to save the country? Only 5% will be affected? It is absolute Marx-Lenin’s communist’s idea. Believe me, I know it first hand. I am from Russia and recently become citizen of the USA. Communists ruined my country; don’t think they can’t ruin yours. Russia was 5th most prosperous country in the world before communists came to the power. And many people were naïve and believed Lenin when he promised the same thing: “take money from the rich and give it to the poor.” You all know the result.
Do not let comrade Obama ruin America. God save this country!

From Hank PGH PA

Who of us benefits from the these tax plans is really irrelevant. When you say “I'll raise taxes for…” everyone gets jumpy.

Getting over that initial sticker shock takes a lot of trust in the politician making the promise, and trust is not something I have in either candidate. Throw in the likely-hood of “plans” changing and the situation worsens.

Bearing in mind that I'm *not* a McCain supporter:

@Michael Maas, though I'm glad to hear gov loans helped improve your situation and agree we need more programs like this, your current predicament is an example of what's wrong with Americans today:

“Don’t tell me the rich deserve to be richer when I can’t afford to pay my kid’s insurance”

“I became a teacher, bought a house, bought two cars, and bought enough toys to fill my garage”

It sounds like you bought a house, two cars, and toys you can't afford, likely because you felt entitled to them (“other people have nice things, why not me?”). Just like you feel entitled to money from the rich to help make up for your poor financial decisions.

Your story sums up what's wrong with our country today; *entitlement* – it's what keeps people from improving there situation, and it's what drove the current sub-prime debacle.

From Julia Pimshteyn, Irvine,CA

What Obama’s tax increase for “richest” 5% really means:

PART ONE:

1. Many businesses will die or not expand.
2. Many “regular Joes” will loose their jobs or will not get their raise.
3. Businesses that survive will pass their increased costs to the customers-“regular Joes.”
4. Really rich (not the 5% but about 1%) will hire expensive financial advisers and hide their money anyway.
5. The additional money from tax hike (not that much) will go to Washington and will be spent mostly on increased government.

PART TWO:

When shaking money out of “top 5%” will not help, who will be the next?
Everybody!

From Poor Russian

“Take from the rich and give to the poor”…Seems that I’ve heard it so many times, but so long ago, like in a dream or maybe nightmare…Of course, it is from my childhood! I came to America or, better say, run from USSR, because if you take from the rich and give to the poor, then everybody gets poor. What incentives hardworking doctor or engineer or small business owner or even “big evil” corporation has if government takes all their hard earned money? And then people just stop working hard, and businesses die along with regular folk’s jobs. And, funny thing, that money intended for regular folks end up in the pockets of government officials. And then you just have to pack your bags and run to more civilized country…Congratulations, America! You look more than ever like my Motherland  …Afraid of greedy evil corporations? Try greedy evil government! The difference – absolute neglect for human and other recourses and corruption (of course, government doesn’t even have to earn its money, only take) I’ve seen how socialist government ran to the ground one of the richest countries on Earth. That is why when I hear that old song: “Take from the rich and give to the poor” I just want to pack my bags.

My regards to comrade Obama,
Poor Russian.

From Julia Pimshteyn, Irvine, CA

Right to the point! And also right for west coast. I am from Orange County, California. The OC :) $250,000 is middle class income here. 2-bedroom condo costs $500,000; new 4-bedroom house around 2,000sq.ft.- $1,000,000. People work 60-70-80 hour week without weekends and vacations to pay their bills. And comrade Obama talks about us like we are filthy rich spoiled brats.

From RAZ Phila, PA

Jimmy, we are all Americans in spite of our differing political views. I enjoy the vigor of an election and the campaigning, but I also bear in mind when the election is over we all must be together or it will not matter who gets in there. On a higher plane I realize that I and all my fellow Americans each know very little for we all are human. I say it is name calling and attitudes like yours that create and encourage divisiveness in our country. We all need to work together and support each other, but during a campaign and election there is no need to harbor the hate and malice toward each other that we now see. I am a Democrat and I have great respect for John McCain and his Republican Party members. Although I support Barack Obama after the election no matter who wins we all should be on the same side as in fact we should be now. None of us knows everything and to take the position that we do know what's best for every situation and everyone is insane and immature. In my opinion that's why this great country is becoming less great in relation to the rest of the world. When will we wake up before it is too late?

From Tristan

*sigh* And to think that all the Republicans will die embittered and uneducated because they refuse to understand that socialism is the next logical step in humanity's path towards unity and peace.

I'm all for Democracy, don't get me wrong, but Republicans, you need to understand that it was in fact not US that took out so many loans, it was not US that spent so much on credit cards. It was YOU. The senators and representatives who took out loans to build tanks and guns and planes for a war that cannot be won. And how did they pay that off? That's right, they used credit. They said, "We'll pay you back, trust us!" and screwed us over. THEN they bailed their asses out with our money.

Democrats pushed for STRICT regulation on banks. True, we did want all people to be able to get loans. BUT, it was you republicans that had to add into the bill your own little piece: only in the case of business loans could the government interfere. In personal loans the government was powerless, and THAT is why our economy is in the tank. None of YOU could just sit back and FOR ONCE say "huh, well we disagree completely with this, and we totally think it's wrong and will fail. So instead of sitting back and waiting for it to fail so we can say we told ya so, lets EFF it up". Not that it would fail anyways, because nothing the Democrats have EVER done has failed until you republicans got your grimy hands on it.

So shove off. Grow up. And stop trying to make me pay for shit I don't need.

From Mike Peterson

I AM one of the so called 2% who WILL pay more taxes under the Obama tax plan. I guarantee you I will not work harder, hire more people and build my business to pay more taxes! Obama=Socialism

Extremely sad to say that Obama will probably win because we have so many of his people who want ME to take care of them.

Figure it out before it is too late America.

M. Peterson

From donna keizer oregon

How many times have the parties came together, only to be veto'd by the replubican president, whose rating is 23%. McMain comes back to a disabled wife, from a car accident, and he has a affair and divorces her, to marry the Budweiser Queen. What a Maverick. His running mate has been shown to abuse her power and violated the ethics of her position. She uses her family as a political tool, even stops at wal-mart to get diapers because no one remembered he didn't have any. The McCain ticket have shown that they will abuse there power, will sling as much mud as they can, true or not, and there family values are weak. If you don't believe in abortion, then at least educate your children so they never have to make that choice. Funny how everything these two do are honorable, but feel they need to have the guilt by association card played at every stop they make. Obama 08'

From Jimmy C-NJ

Wake Up ! Democrats have bankrupted this economy-that means YOU. Democrats are the ones back in 1999 started forcing banks to give mortgages to people who proved they don't deserve or could pay a mortgage. Then more democrts-YOU ! decided you should move to a McMansion and democrats like YOU ! decided that you should now take a home equity loan on you inflated home value so you could pay for the mortgage you couldn't afford in the first place, buy a new car and take a vacation to Disney. Then you took more money to buy a tv, cell phone, dvd, IPOD and every other device for your kid so you wouldn't actually have to be a parent. All while you charged everything on your credit cards. All the while you never actually worked at your job since you were too busy spending money and avoiding reality. WOW ! When the economy finally tanked you were so surprised that you were in financial trouble.
YOU are the problem. No wonder you want to elect obama-a socialist who will take care of you.

From Jimmy C-NJ

I guess this is just a forum for democrats for obama. I thought there was some intellignet conversation going on here.

From Michael Maas, St. Louis, Missouri

Education is plummeting in the US. Nobody wants to invest in a country run by dummies. Invest in people, and they'll invest in our economy. After receiving a loan from the government, I became a teacher, bought a house, bought two cars, and bought enough toys to fill my garage. If people like Obama didn't exist, I would still be making minimum wage and not contributing to the economy.

From Michael Maas, St. Louis, Missouri

What you're referring to is trickle down economics. If it hasn't worked over the last eight years, what makes you think it will work under McCain?

From Matt, la, ca

Stacey Cowley is some financial specialisit!! haha! She can't even get Baracks tax rates (wich are quoted on his website) right. So, i guess cnn is distorting the truth? Or maybe Stacey needs to go to Baracks website to re-check the facts.

From Michael Maas, St. Louis, Missouri

And Obama's plan has three times as much tax relief for the middle class as McCain's. Obama's plan gives the tax cut where it will stimulate the economy, not McCain's.

From Michael Maas, St. Louis, Missouri

I really don't care about Iraq. They have a 79 BILLION dollar SURPLUS, a small percentage of which they're using to build a ferris wheel in downtown Baghdad. Let them use the rest to buy an army. I want my kids to have affordable healthcare. How about we have a president that puts Americans first?

Vote Obama!

From Michael Maas, St. Louis, Missouri

Other than McCain distorting the truth, who said anything about spreading the wealth? What Obama proposes is a fair tax system, unlike the one in place which rewards greedy companies who ship jobs overseas and have armies of lawyers to get them out of paying thier fair share. Why would Exxon receive a $4 billion dollar tax break when they're still recording record profits? Don't tell me the rich deserve to be richer when I can't afford to pay my kid's insurance. When are you obtuse Republicans going to realize trickle down economics don't work. They didn't work for Bush part I (remember we had a recesssion when he was in office, too) and, as everyone knows, it hasn't worked under our current administration either.

From Dave, Roswell, GA

Bottom line…Not just small business but all business would be negatively impacted by an Obama/Biden ticket. Their pro-labor stance would hurt small business and at the end of the day, jobs.

From Michael Maas, St. Louis, Missouri

Are you a financial specialist? Because the people who wrote the report are. We've had eight years of Republicans distoring the truth, and look what it's gotten us. Enough is enought.

From Michael Maas, St. Louis, Missouri

You've got to be kidding me. It's Obama's honesty which draws most people to him. He embraced his ties to Wright despite his destructive comments. The Ayers and ACORN issues are distorted and exaggereated by the Republican party because if they talk about what really matters, like how their policies reward the super wealthy and destroy the middle class, they'll lose. You can't honestly believe eight more years of the same policies will change anything. Which America were you living in, by the way, when Clinton was in office? Under Clinton, America prospered. Under Bush, America is bankrupted and hated worldwide.

From Matt, Los Angeles, CA

Whoever wrote that last article is extremely uninformed. Subprime lending has been a Democrat issue that was passed and supported by democrats like Barak Obama, Barney Frank and Chris Dodd and was created in order to help the underprivileged get subprime loans without credit, income verification, no money, etc. Republicans tried very hard to regulate this ridiculous lending practice but were out voted by the Dems. In fact all three (Obama, Frank, Dodd) were the top recipients of the Fannie and Freddie kick back money and Franklin Raines (former CEO of Fannie Mae and who cooked the books for Fannie) is an economic advisor of Barack and has been heavily supported by the dems who refused to regulate Fannie while he was its CEO.

Also, taxing business or individual's that make more than 250,000 per year is taxing the tax payers that make up 95% of the tax revenue in the US. Baracks tax strategy really is just a smoke and mirrors game as business's will just turn around and pass through these new high taxes direct to the consumer through higher prices on its products. That means everything will just get more expensive….i can't wait. Good luck everyone with Baracks bogus tax cut!!

From Tom Peters Newport Beach, California

What small business owner, with net taxable income, anywhere near $200,000, is filing a schedule C ? The reality is, this business owner is paying himself a $52,000 a year salary from his/her C-Corp (tax cut for me) and running legitimate expenses, misc., and pension plans etc., through that same liability safe C-Corp. The key questions regarding taxation and a successful small business is in the corporate tax law venue not in a personal, April 15th tax filing!

From old school

I guess if you own 14 cars and 7 homes, you are in a better position to give back to good causes. If you give tideings to your church, it is based on your income not your faith. So whether your replublican or democrat you will pay taxes, do the people who make 250-500,000 pay fairly to there church's or do they look at 10% of there income extreme. I don't own a home, but my taxes are going to the mortgage bail out. Maybe we should label that the rich people welfare, we didn't over extend our credit, we don't have any-but we are American's. This problem comes from the rich, if the poor were the problem, you can bet it would not cost 700billion to fix it.

From Michael Maas, St. Louis, Missouri

If McCain is nothing like Bush, then it must be safe to assume that Obama is nothing like other Democrats. Or would that make too much sense? And Obama talks about the issues, while McCain is running a smear campaign. I don't really know what he wants for this country. All he seems to be concerned with is Acorn, Ayers, and anything else unimportant.

OBAMA/BIDEN 08!

From S. White Westchester County, NY

Living in Westchester County, NY, I am sick and tired of having to listen to the empty promises of all politicians that say they will lower taxes. Obama states that he will increase taxes on the wealthy….those making $250,000 per year or more. You could have two teachers living and teaching in Westchester/Fairfield Counties making close to $250,000 per year. Obama considers these folks wealthy. If you live in the midwest and make $250,000 you are wealthy…..live in the Northeast in Westchester County NY or Fairchild County, CT and make $250,000 per year and you can barely survive. What is more representative of a typical American family then two hard working educators….though according to Obama they are considered wealthy. Let's try and index for the area people live in as $250,000 per year is not the same in every town in the USA. People are struggling in the Northeast and all Washington can do is continue to tax us to death. We don't all work on Wall Street!!

From old school

I wonder if these McCain huggers remember where there wealth came from, the working class thats where. They live on credit cards and use there status to get what they want, if they get fin chgs or are late on there bills they just have to explain they have the money so they shouldn't pay fines or fees. They didn't care about the high costs of living or wages or the economy, until it hit them via stocks, 401k's, and ability to increase there credit limits. When these people make in a month what we make in a year, there is not much sympathy. If you are not willing to help bail out the economy when it is in trouble, maybe when your local stores close, the gas station has no gas, the resturants and fitness centers close, you will get the message.It effects everyone, and thats who should help support the service's they enjoy.

From Whatever, Orange County, CA

There will be taxes folks. Get used to it. If you are making 250K per year you're doing just fine. That is A LOT of money per year, even in Orange County. There are people who make that that live on the waterfront in Newport Beach, CA. If you are worried about people who make 250K a year "making ends meet" because of a few extra % points in taxes you are way out of touch with reality.

To all those who blame the economy crubling because of too many regulations, you deserve to be the one who pays for the 700 … er … 840 billion dollar bailout. Anybody ever learn from history. I remember a story about us taxpayers paying to bail out the savings and loans at the end of the 80s. What could have caused that mess. Oh yeah, that's the guy who the republicans nominated for president this year.

So it goes like this. Republicans deregulate. The econmomy breifly surges, and then implodes on itself when their funny money games (i.e. Subprime mortgages) stop working. A Democrat is elected because people temporarily hate Republicans. Federal government makes taxpayers pay to put things back the way they were. Republicans blame the Democrats for high taxes. We elect another Republican.

Repeat as necessary. OK. I get it.

From Jim, Sellersville Pa

“But this is typical Democrat tax policy”. They pick out a small group of high revenue individuals and target them to fund their immoral vote-buying schemes. Their contempt for the individuals and the spirit that built this country into the greatest economic engine in history knows no bounds.”
This last sentence is the essence of what I believe is the difference between Conservative Republicans and Liberal Democrats.
Liberals, like me, believe that our country is the greatest economic engine because of the dedication, sweat, and toil of the American labor force and I don’t believe they are the individuals you are referring to.
The Empire State building, America’s railroads, the millions of Fords, Chevys and Chryslers, and the Steel produced to build them by the workers at Pittsburg and US Steel would never have come together without the sweat equity of the American worker.
The Greatest Generation built this country after the greed of Venture Capitalist caused the Great Depression. The Great Depression was stoked by World War I
World War I was won with the blood of the American working class. We came out of the Great Depression on the backs of the American worker and massive federally funded public works projects such as the Hover Dam, TVA, Golden Gate Bridge and the beautiful buildings and Monuments that grace our Nations Capital. Are they the type of vote buying schemes you are referring to?
After the middle class was finished pulling us out of the Great Depression, they were off to World War II to rescue the world from Right wing conservative fascism and building a war machine to defeat fascism like the world had never seen. After they won World War II they went about to build the great American Middle Class, buying homes, cars, and appliances that stoked the greatest middle class prosperity in history, while paying their share of taxes which built our highways, school systems, our transportation control system and Space program, again the largest middle class boom the world has ever seen.
That “typical democratic tax policy” paid for the American infrastructure, our roads, our education system, our airports and our Military power. That “typical democratic tax policy” also funded the medical and technological research that your “high revenue individuals” take advantage of to operate their “small business”
Mr. High Worth, Small Business individual, stop winning and pay your fair share of taxes and give the middle class a break for a short while so we can catch our breath and then continue to support your enterprises and your wealth.

From Jimmy C-NJ

It's amazing that obama says he wants to increase so many programs and give handouts to everybody and nobody can see that to do this he will have to raise tax's on everybody. This article basically says that 95% of small business' will no t have their tax's increased. Then how will he pay for all of the handouts ? Wake UP ! Je's a LIAR. He will say anything that sounds good and basically there are a lot of stupid people who believe him. We need to downsize government, not increase it.
Even when a bill gets passed, there are 10x as many concessions to special interest groups than it originally costs. we just saw that with the TARP bailout.
WAKE UP ! !! !

From Rhope

What I would like to know and think would be good to make clear is:

Is the tax increase on small businesses on the revenue or profit?

I'm not thinking of the small business that is really a husband and wife but more the small business that has arms-length employees.

If the tax increase is on the profit then there would be no reason for an employer to lay off or reduce staff.

If the tax increase is on revenue then there could be an incentive to reduce non-revenue-generating staff.

From Anonymous

Its funny how the democrats keep saying that the Bush administration bankrupt our economy. Last I checked, democrats have held the majority since Jan. 2007 and had to vote for those same policies to pass them. Wake up!!!!!!! This is all Rhetoric. Stop pointing fingers and find solutions. Look at the facts. When Obama took office the democrats put a plan together to have him ready to hit his peak for the 2008 election. In that plan they made him stay away from controversial topics and to not vote on laws that would hinder him in the race. Do you want a politician or a leader? I believe God has a plan for all of us in life and he has spared Mccain's life many times. We need someone with experience who has shown that they will go across party lines to find solutions.

From Dusted Eagle

WAKE UP! The issue is not about how much money you make. It is about TAXES! Example: I own a small business. The profits are taxed on my 1040, as my personal income. PERIOD! END OF DISCUSSION. Now for a reality check. If I have just one employee, and I pay that employee $10 per hour, I also pay payroll taxes to the IRS of $10 per hour (not counting what I pay to the state in worker's comp and unemployment insurance), making the cost for just that one $10 per hour employee, now $20 per hour. THIS MONEY THAT I PAY HIM/HER COMES OUT OF MY BACK POCKET!!!!! It REDUCES my INCOME, ON MY 1040 so I have less money to buy butter for my dining room table! But, by being in business under OB, I will now be FORCED to take more $$ out of my back pocket, to buy my employee(s) HEALTH INSURANCE!! I don't have the money for my own family for health insurance, BUT NOW I WILL BE FORCED TO PAY FOR MY EMPLOYEES? Wake up! Less money on my 1040 means less money in the HOR's coffers to pay for researchers to find out what kind of sex lives tsi-tsi flies have. What that means, is that my taxes, my personal income taxes (because there is no such thing as "business" taxes unless you call payroll, business taxes) WILL GO UP, JUST LIKE YOUR'S WILL AS AN EMPLOYEE OF MINE OR ANYBODY ELSE'S WITH A 1040! You think the government is stupid? If I have extra money from my business, it goes to me and my family, not to one of my employees! So, by forcing me to buy you, the employee, health coverage, you are cutting down the amount of butter I put on my table. IT WILL NOT HAPPEN. Not because I am not a good guy, but because my family comes first. How do you think we got in the mess we are now in? It is from corporations who refuse to spend their money, because their investors don't want them to! They want their dividends. Who are these bad-guy investrors? YOU ARE! By putting money into a bank account, like a savings or interest bearing checking account, or a college savings plan, etc., you are an investor. Do you want .25% return on your money so the janitor at your bank can have health insurance? No, you want a 10% return on your money, just like me. I'd rather take the 5K from McCain, and use it any way I want. In reality, I would like to write off, from my GROSS INCOME, every penny I pay the doctor, dentist, optometrist, etc., like the dems said they would do 8 years ago, thereby reducing my AGI, so I would pay less taxes ALTOGETHER. But, folks, it ain't gonna happen. Uncle Sam wants your money, and will continue to dumb you up until they get every penny out of you that you have ever earned in your lifetime! Clinton was correct. The avcerage American is an idiot! I can't believe that you believe this stuff that is rammed down your throats by a socialistic democratic party. Give yourself a history lesson. Read about the Russsian revolution, 1930's Germany, and Karl Marx. Communism will be in America come January, 2009. And, all who have voted for the Democrats will have made that dream come true! WE WILL TURN INTO NORTH KOREA, CUBA AND CHINA! Start saving your pennies. You'll need them! The US Government is not a business. They do not earn any income from any of their activities. Except maybe entrance fees to national parks. We, the American taxpayer, is who and where they get their money from. NO WHERE ELSE! They, Uncle Sam, needs to stop spending money (our taxes) that they do not have. When they go into the red in their check book, they don't just start printing up new money, they just start raising our taxes to get the money them need. Less government = Less Taxes. WAKE UP AND GROW UP! Stop being stupid!

From Matt, Santa Monica, CA

This article is misleading. The two top tax rates under Obama's plan will return to 36 and 39.6% per his website barackobama.com/taxes. Other increases in taxes include the following:
1. 12.4% hike in Payroll tax for bus. and individuals that own business that make more than 250,000.
2. Marginal tax rate will increase to over 55% with the inclusion of state and local taxes.
3. personal exemptions and deductions will be phased out for those making over 250,000.
4. Social security tax cap at $102,000 will be eliminated for those making 250,000. These individuals face a rate of 15.65% from payroll taxes combined with the top income tax rate of 39.6% for a combined rate of 56% on each additional dollar earned.

What this article fails to also talk about is the fact that 95% of Capital gains revenue in the united states comes from individuals and business's that make more than 250,000. That equates a tax increase to 95% of those tax payers.

From Alex, Redmond WA

Anonymus,

The need of tax increase is in part due the new programs, but most is to repay the debt the republicans built up with the WAR, tax cut, etc. and the bail out (that is the right wing version of socialism for the wealthy). If the super-rich do well they cut their taxes to promote job creation, if they screwup they are bail out. Isn’t this crisis the proof that the republican ideology does not work? After eight years shouldn’t us be by now with less debt and enjoying prosperity? do you want to continue with the same policies? and may be prey for a miracle of a different outcome? get back to reality!
Tax increase is needed and Obama's tax plan is the best to increase the revenue without impacting the economy.

From jjw,braidwood , ill

bush administration has bankrupted the country and people have the audasicity to say OBAMA will "tax and spend" look what going on , or buy yourself a calulator.

From Alex, Redmond WA

Anonymus,
Part is the new programs, but most is to repay the debt the republicans built up with the WAR, tax cut, etc. and the bail out that is the right wing version of socialism for the wealthy. If the super-rich do well they cut their taxes to promote job creation, if they screwup they are bail out. Isn't this crisis the proof that the republican ideology does not work? After eight years shouldn't be by now with less debt and enjoying prosperity? do you want to continue with the same policies? and may be prey for a miracle of a different outcome? get back to reality!

From Dana, Aptos, California

I think Mccain is so out of touch with
the actual "average Joe" that he thinks
anyone making 250 a year is average.
Get real Mccain…not everyone married
a multi millionaire or it it billionaire spouse. For most average
people …to make 250K a year is rich.

From Anonymous

Someone please explain to me how and why you would raise taxes on anybody in this snail pace economy we are currently in. Did you know that states are running out of employment benefits and that business will have to start paying more employment benefits to build up the reserves. The only reason Obama is raising taxes is to offset all the spending he plans on adding to the gov't. My uncle is a die hard obama fan because he said that he has never made so much money except when a democrat was in office. The reason being is because he rents out mobile homes to low income, gov't assisted individuals. Our Gov't spending is out of control and the last thing we need to for a bigger gov't. You people need to wake up. Mccain's entire family has been giving their entire lives. They all serve the people. Obama is running a PR campaign and if he wins he will take him his full first term to just figure out how everything works.

From Diva, Jersey City

Another thing welfare is a stepping stone there to help those in need to get on their feet and better themselves. So if that is what Obama is doing it will make things better. But people like you who are stuck in this fantasy land with McCain wouldnt know that becuase you have so much crap shoved in your cavities you cant even think straight.

From LMK Charlotte NC

Your comments are so true. When will Democrats admit that raising taxes of the rich will result in higher prices for all consumers. Why don't some lazy, selfish, greedy, dishonest people be true? I'm gonna be a success with or without those who want to steal from me.

From Ray Memphis, TN

Every small business will pay more if for nothing more than Obama's

MANDATED HEALTH PLAN

let alone any other tax plan that he is able to conjure up!

From MJ Turpin

Has CNN registered as an arm of the Democratic party?
Interesting that you have to redefine"small business" along the lines you want so you can reach the conclusion you want to reach. Your bias is showing.

From Steve Orr, Findlay Ohio

The best way to accelerate the economy would be to immediately RAISE the age of eligibility of both Medicare and Social Security to age 75. This keeps more experienced people in the workforce, maintains a stronger tax base and lessons the burden of retirees on the government. The second way to improve productivity would be to raise the workweek to 48 hours a week enabling people to work 4 12 hour days rather than 5 eight hour days per week. More people working more hours per week with less gasoline being consumed – this would improve productivity and reduce gasoline prices by reducing commuting. An immediate tax on imported oil with the proceeds going to a combination of more drilling and more renewable energy (all kinds) would also boost the economy, force people to pay more for imported oil and develop domestic jobs. A fourth area of economic growth would be to place people who are unemployed in workgroups to begin rebuilding broken down bridges, roads and dams and levees in exchange for otherwise sitting around receiving an unemployment check.

Slight shifts in tax policy would pale in comparison to the effects on productivity and investment in the US that the above interventions could deliver.

From Diva, Jersey City

Well I rather take a handout then be on my rear in the streets because of people(McCain) that doesnt know anthing about helping or trying to help make a better economy and is just focused on getting in the chairn just to look stupid like others(Bush).

From Diva, Jersey City

The money comes from that which exsist and is now being used to support a war that is meaningless and other countries besides our own which needs it and also taxes. But of course if you dont have reality you wouldnt know that. (Common Sense Duh)

From A, San Francisco, CA

33% of Americans do not pay taxes today. Under Obama's plan, that will increase to 44%. Almost half of America on welfare…great plan O!

From Diva, Jersey City

Ok your questioning a tax hike that effects those making a great deal of money to better our economy,but I bet you did not question the education level or common sense of Bush before you voted and look at the mess he caused!! Now you tell me are you willing to let Mc Cain in to finish fouling up our economy and leaving the rich poor and the poor dead?

From Diva, Jersey City

I totally agree

From Diva, Jersey City

You dont know what your taking about because not having o not being on public assistance does not make you rich but when you are being taxed the same as someone with ten times the amount you make you will never gat anywhere. But its people like you republicans who want to control where the money goes that make it difficult for the economy to get better becuase you all are doing what Bush has doen taking the money and blowing it on crap like fake wars and make-believe oil trades to pocket money instead of using it for a greater cause.

From Diva, Jersey City

well most likely those buisnesses will not be effected and it is saud that all is looked into and the hike is not high at all you wont even really feel it if your making a certain amount of money. So for you to sit there and complain it comes with the territory and you take it as it comes and if thats not what you want then you should get a job paying good money and buy what you want.

From Matt Phoenix, AZ

JOBS! JOBS! JOBS! Obama's plan is definite economic suicide! The tax burden that small businesses will suffer, will have further negative impact on future employment. Under Obama's plan, What is the incentive for businesses to hire more employees and expand their operations and hire more employees if they are going to see an increase in their taxes? Vote McCain/Palin there plan is more job friendly to encourage small buinesses to expand and they know higher employment numbers will generate a larger tax revenue base then Obama's wealth distribution plan. We saw how well the government handled FannieMae, FreddieMac, Medicare, you really now want them to have a tax finger in your business and how to distribute your wealth or would you rather get a tax credit for hiring employees and make additional capital expenditures to expand your business, we all benefit from an expanding economy. Taxing the top working class based upon income is only going to slow the economy further and unemployment to increase dramatically! Jobs and entreprenuership should be the number one focus, the mid-late 90's it was the internet craze until bust in 2000, 2000-2007 Real Estate Boom and now Gloom! Obama is the one who wanted to tax the oil companies, but we all know that the oil companies will pass this through to the consumer. So who ends up paying the taxes that Obama imposes? We all do. Obama's plans all fall short of their target and we will continue to pay for his error in judgement if he is elected. Just ask yourself another question. If our country was to be attacked, Who would you trust as Commander in Chief and why? I can't think of one reason for Obama. And if we go to war we can't afford to lose!

From Dawn, Jersey City

I think that Obamas' tax hike is fair and it will not effect any of the tiny buisnesses. McCain is using mud slinging as his campaing tactic because he doesnt know anything about how to help make our economy better and his running mate knows just as much as he does.

From John, Long Island, NY

Dear Joe Ker,

If Democrats really work for the good of the community then why is it the studies show the Republicans give more to charities than Democrats. If Democrats really work for the good of the community then why is it Barack tax returns show 1-2% to charity and McCain's show 15%?

From Tom Cleveland, TN

Right on!!

Enable the masses to steal from the wealthy, the downfall of every democracy (and yes I know the US is not a pure Democracy).

From Scott, Greenville, SC

Sometimes I like to read CNN's web sites just to see what type of fiction they can think up. This writer should let Obama defend himself. Report the facts on the conversation in Joe's driveway and let the people decide for themselves what it tells them about Obama.

I question the impartiality of the writer, who obviously is pulling out the stops to defend Obama after Joe the Plumber shined the flashlight on his Socialist/Marxist agenda.

As for me, I appreciate Obama being straight with Joe. What a rare moment it was. I wish more liberals would tell us what their real agenda is. Then again, if they did, then wouldn't get elected, would they?

From Tom, Cleveland, TN

Small businesses are in shambles because of gross overregulation and interference by the Federal Government.

From adoptivefather

They both suck. obama's "make work pay" is nothing but stealing from productive people to give free money to unproductive ones. McCains plan to buy up mortgages and renegotiate with individual homeowners? Oh really?? How many government workers will you have to hire to investigate the $$$$ kickbacks after the negotiators lower the amount owed.

From Tom, Cleveland, TN

Raising taxes right on anybody now is insane.

Taking money from the rich and giving it to the poor is no different than taking body parts from healthy bodies and giving them to transplant candidates.

From Kim Jackson, Austin, Texas

The real heros of this country are the small business entreprenuers who dared to create a business. Small business is the heart of this country and it must be preserved and encouraged. Even though I may not have a business of my own, I recognize the importance of having the option to pursue a business in this country. Many voters have forgotten the spirit of past generations of small business owners. As small businesses disappear, the average voter can only visualize working for someone else and is one of many sheep. John McCain has the only platform that protects small business.

From Alex, Chicago, IL

I make over $250 thousand per year, and I spend a great deal of it. In other words, I am spreading it around to pay for goods, services, etc. I think I am patriotic to purchase products, such as a car made in America. I don't think it is patriotic to set taxes on people who make more than a certain amount. Those people should want to buy American products, not be forced to pay money so that government can choose how it is spent.

From Bring It, Concord, CA

Small businesses are struggling becase the economy is in shambles, not because of taxes. If you want the economy to continue to suck, vote for McCain so we can have for more years of an economy that literally sucks money out of everything that exists. Go ahead … I DARE YOU!

From Liz, Los Angeles, CA

The article fails to mention the payroll and capital gains tax increases tht Obama proposes. Both will have a direct impact on small businesses, even those earning less than $250K per year.

From Forsyth, GA

One is tempted to say that those who are either too stupid, or too lazy to start a business should stick to just writing about entrepreneurs but that would be unkind and impolitic so I won't even suggest such a thing. Another tempting suggestion is to pose the question that if only 2% of small business fall into the group that would be taxed, then why bother. After all, how much tax revenue could they possibly produce? But that answer is all too obvious. It is exactly like Biden's joke about the two hikers that encounter the bear. While one stoops to lace and tie his shoe laces the other asks why waste time, we can't outrun the bear. To which the other replies, I only have to outrun YOU.

The Dems want to pick off the top performers while telling the remainder that they won't be affected or even that they will get some of the benefits hoping that those that make less than the targeted amount will aid and abet them in their larcenous plans.

But this is typical Democrat tax policy. They pick out a small group of high revenue individuals and target them to fund their immoral vote-buying schemes. Their contempt for the individuals and the spirit that built this country into the greatest economic engine in history knows no bounds.

From Jon, Charlotte NC

Unfortunately, most people do not understand what really happens to those of us small business owners that make over $250k. Rarely do we ever see that money, and we are typically taking home only a small portion, yet taxed on the entire pie. Let me provide you with an example… Let’s assume you have a 15% net profit margin. In order to make $250K be year end, you will need to post sales of $1.67M annually or roughly $140k per month. Since your profit is 15%, or $21K per month your cost to run your business for the month is $119k. Now, if you are in the Service industry, 90% of your costs are fixed, so even if sales are down, you are still on the hook for $107k for the month. What do you do???? You leave as much money as possible in the company to offset down months, provide for expansion (that’s job creation), etc… The goal for companies is not any different than individuals. Have 6 months worth of working capital. Well, in this example that’s $714,000! Hard to get there when you are taxed on money that you are reinvesting in the company, not taking home to live in a big house or drive a fancy car. This is realty, instead of hiring another person I will be cutting back to find a way to pay yet another ever increasing tax bill.

From Tommy, Seattle, WA

I am amazed at what I'll term the relative financial ignorance I see in many of these comments. As an ex-small business owner, I can tell you one of the first things I did when money got tight was to consider (and in many cases implement) lay-offs. I had an expectation relative to what I needed to support my family, and that is what came first. I'm sure my personal principles would apply to many business owners and under Obama's plan, people would lose jobs. The same basic analogy applies to corporations. Their stock holders have earnings expectations that need to be met. Take away more money via taxes, and they will lower their overhead by, among other things, cutting positions. Additionally they'll just up the prices of their goods and services to cover the losses. Everyone using those goods and services then gets to share in "spreading the wealth around" as Mr. Obama likes to say. It isn't rocket science folks — just common sense if you take the time to think about it.

From charles, jax fl

'distribute the wealth' = socialism. Any questions? It isn't that 'Republicans' are greedy – we just want to be the one's determining were are money goes. The form of government control that Obama defends should scare everybody. Keep the govt out of our lives as much as possible! Because someone is rich (which seems to have been defined as anyone not on government assistance) they should be punished? Don't we have that backwards for a country that is trying to progress?

From David – Houston TX

Obama's plan will only raise taxes on business that earn more than 250K. Those are the only small businesses that are hiring people! These businesses have enough worries right now without Barrack Obama's socialist plans. Business owners spread the wealth when they expand their operations, hire new employees and reward productive ones with raises and promotions. The middle class tax cut he is promising will never happen. He tell everyone after the election that we need to prioritize socialist health care and that Bush lied about the deficit. Clinton did it in 1993 and pulled it off. Remember his "middle class tax cut in 92?? The democrats haven't lowered taxes since JFK. Pelosi and Reid will never pass a tax cut for anyone! Wake up America before it's too late!!

From John Q. Public, Chicago IL

It simply amazes me how many people in this country associate paying taxes with communism. Everyone should pay their fair share, rich and poor. I often wonder on what roads these people drive, over what bridges these people cross, and which public servants keep them safe at night and put out fires in their houses. All paid for with public taxes. Get over it. Republicans are always so "not in my backyard". Certainly – let everyone else pay taxes (the democrats), because it's certainly not MY responsibility to pay for the common facilities every American uses and enjoys. Repubs – get a brain. This isn't communism, it's common sense.

From eric mansfield ohio

Just Remember businesses dont pay taxes consumers do – so taxes go up prices go up or services go down (layoffs)

From Michael, Orange, CA

People who run a small business are NOT experts in economics, and some aren't even good at running a small business. I think this fierce partisan garbage has to stop, particularly when the levity and breadth of the subject is more than most can really undersand. Being short sighted and greedy doesn't help either.

Both candidates have strengths and flaws, but you should not let emotions and fears of being taxed make your decision about who is best for the country. Check the facts in multiple places. Don't look at the media, talk radio or propagandists to do the fact checking for you. Do it yourself. Both candidates will increase the national debt and the budget deficit. How will we pay that money back. If you've got another idea other than taxes I bet both candidates would be all ears.

If you pay more in income tax because you make a lot more money then other folks, you are still making a lot more money than other folks. So what's the problem? Seem like you are just greedy and want to keep that extra few hundred dollars while the country that allowed you to make it falls down around you. accumulating wealth doesn't do anything for you when you're bank fails and you're government is bankrupt. That is, unless you keep gold in a shoebox under you're bed and plan to defend it with you're own personal militia. Someone has to pay for the society that has allowed some people to succeed. Doesn't it make sense that those who succeeded the most have the largest debt of gratitude and should pay more?

Wealth is just fine, but greed is not good. Giving begins the receiving process. Not surprising that those who complain about taxation are not wealthy at all. i.e. "Joe the not really a Plumber" who has no plumbing license, is in tax default, makes approx $40K a year and lied through his teeth about it on television. But don't just believe me, check your facts.

Vote for who you think is best for the country, not for pop culture propaganda.

From Dirk Toledo Ohio

I have a simple question that I think everyone should ask themselves. All we hear is how Obama's plan won't effect the majority of people. Well, if it is not going to raise taxes on most people then why bother raising them at all on anyone? My guess is that it will affect many more than advertised but you'll never hear or realize that until after he is in office when it is too late. And no one including the media is really smart enough to recognize it.

From tim huntingdon valley,pa

If 95% american get tax cut, meantime,look at Obama's health plan, 2nd stimulus tax rebate proposal, invest in alernative energy, put money in "no child left behing, economic aid to some ex-soviet republic, and the liost can be on and on. Where is the money from?

From Tony, Sacramento, Ca

First let's start with the assumption that 50% of something is greater than 100% of nothing. In other words supply side economics or "trickle-down" economics never trickles down and always leads to recession. Plenty of business owners would love to pay higher taxes instead of going bankrupt.

From LB, Phoenix AZ

I am also surprised by the authors statements. I think that this article and comments made by some individuals are misleading. First off let's set the record straight, there is a major difference between personal and business income taxes. Most businesses even small ones have to file quarterly taxes. Then if you are an owner and are paid a salary you must file a personal income tax! Yes I understand that there are individuals who file different schedules and do not file corporate income taxes. However, if you are an L.L.C., like most small businesses are, you will most likely be filing as a business and not as individual. I would like the author to research how many L.L.C. make over 250K! I think that she would be extremely surprised to find that most successfull small businesses exceed this.
I am sorry to have to say this, but anyone who believes that the they will not receive a tax increase over the next fours years under McCain or Obama is delusional! This country's debt is out of control and it is not mathmatically possible to give tax cuts to the middle class. On top of that, I would like to see Senator Obama and this author ask General Motors, Ford and Chrysler what will happen to them if they increase their taxes. Better yet, ask the thousands of American employees they will layoff if they would rather have a job or a tax break!

From RE Chester Va

Chris in SC…are you serious or just trying to get some attention? People who make $250,000 a year pay two times more in taxes than you make annually. Think about that…our fair share? We use the same schools, roads, fire depts, etc. Why should you have anything more than YOU earn? Why take it form me without a thank you, just a smirk and patriotic lapel pin!!You should be embarrassed and ashamed that a person (Obama) thinks you are unable to make your own way! Have some pride and don't take the hand outs. He has made the middle class believe you're victims. He has created a class warfare not based on race but on money! He can't make a change like this without taking from everyone. Watch jon Stossel tonight on 20/20, you will hear some truths. Right or wrong, you probably in your life have judged those taking welfare, most have. How could this be any different?

From tenminpay

Quote: "I think it is good for everybody when you spread the wealth around" and Mr. O said $250,000 REVENUE, your article talks about what INCOME a person or business pays income tax on, if you own aA typical small business small business like mine, you quickly learn the difference between revenue and income.

From Matt, Grand Rapids, MI

You can use any means you want to try to justify Mr. Obama's tax plan. The bottom line is that he wants to punish people who take the risks to start a business. The ultimate goal of any business owner is to make as much money as you can possibly make. They give back by providing jobs and supporting their community. We already have a progressive tax system that punishes success. If you feel that it's not fair that others make more money then you then take it upon yourself to do something about it. Get a new job. Start a business. Take a chance. Don't just sit back and complain and take money from those that do.

From David in Minneapolis

I think that perhaps Senator McCain didn't vet "Joe the Plumber" any more carefully than he did Governor Palin.

The fact that Joe isn't really a licensed plumber, that if he did buy the plumbing business he'd fall safely into the group that would see lower taxes under Senator Obama's plan, and that he already has delinquent taxes owed in Ohio all make it appear that he's not a very good poster child.

I'm not anti-small business; my parents are small business owners and I do believe that they are an important part of the engine that drives our economy. I like what I see in Senator Obama's tax plan in that it cuts taxes for the vast, vast majority of small business owners. I do think that those small business owners – just like individual tax payers – that make a higher amount of profit can and should be taxed at the higher rate; it's only that portion of their profit that exceeds the higher dollar limit that is taxed at the higher rate. The rates proposed by Senator Obama have been in effect before, but small business owners have enjoyed lower rates the past eight years, and if those lower rates are what drives the economy, why is our current economy in such a mess?

I would expect those small business owners with potential dollar exposure to the increased tax to be resistant; everyone else should be ok.

From Todd, Pittsburgh, PA

Why have I seen no articles or statistics on CNN as to how many people will have a net profit from taxes with his "refundable" tax credit plan?? I am in the middle class and am upset at the idea that more people will actually earn money through his tax plan. I have no problem with people paying no taxes in the lower brackets but they should not come out ahead over the year. Pass these tax savings onto people like me or use it to make the plan smaller. This is partly a tax welfare program.

From Robert, Waldorf MD

So you are saying he's a politician, thank you for stating the obvious.

From Robert, Pueblo, CO

As a small business owner, I am startled but not surprized by the authors attitude. Does the author ever wonder why small businesses are struggling? Let's consider the taxes and fee's involved. First a tax on your businwess income. Then: a use tax for your equipment, a property tax on your property (including furniture, etc.) sales tax on the equipment you buy, fee's for phone use, a fee for inspection by government of your equipment and facilities, wage taxes including matching the social security and medicare taxes of each empoloyee, state taxes on income, license fee's, state unemployment taxes, federal unemployment taxes, etc. I am sure I've forgotten some.

Now, factor in that the small businessman must provide a higher income and savings to provide his/her own retirement plan. Unlike the employees of the federal or state government or large businesses who have retirement plans factored into their income. Also, their income from one year to the next is very stable and oft times increasing even in down economic times. This is not so for the small business. They may have a banner year and then next go bust. How do you cover for your bust year…by saving and keeping for that bust rather than giving it to the government and then asking for a handout later.

So, Joe the plumbers point is likely an observation that small businesses are at a disadvantage already, and if you are hard working enough and perhaps lucky enough to break through all that tax load and make it past 250,000…..some government geek wants to take an additional 3 percent to give to somebody else? I don't think so either. We are not talking about just 33% of your inclome as a business taken by the government in taxes. It is a much higher percentage. Trust me…I know, I'm one of them.

From JOE KER, Yawhoo Junction, FL

Joe the Plumber is an unlicensed GREEDY person who doesn't want to share the wealth. This means he is a typical Republican who wants to get rich on the backs of poor people.

He has no compassion for anybody but himself. The difference between a Republican and a Democrat is :

A Democrat works for the good of the whole community. A Republican works to keep his pot of gold his/hers while saying screw the rest of the community.

McCain will keep us in IRAQ spending billions and lives on pissing off Middle East countries and our allies while the IRAQI GOVERNMENT CRONIES get richer and richer ON OIL PROFITS.

IF YOU WANT TO SUPPORT IRAQI WELFARE AND BIG OIL PROFITS WHILE YOUR 401K TANKS GO AHEAD AND VOTE FOR MCCAIN.

Eventually all you rich republicans will be as poor as the rest of us and then you'll be wishing you voted democrat.

So go ahead and vote for John Bush Clone McCain and if the 72 year old croaks in office after 6 months you'll have President winky dinky soccer mommy holding the nuclear football. Oh yeah, lets see how Sarah deals with Putin, I guess she'll just wink her way thru the KGB…we'll ther ya go, Puttee, bringin up the cold war again….

From Chris South Carolina

First, I think peopel are off the subject a bit here. If "Joe" (who isn't a plumber and didn't pay last years taxed) WILL be making $250,000 in a yearly income, I don't understand why if someone would complain if their taxes will increase 4%? I personally make $30,000 a year and I am struggling. I do think that people making over the $200,000 income bracket should be taxed so the middle class can be given a tax break. The problem started is when this country got into an war that will never be won in 2002. The cost of this war is astounding forst off. You could bailout the financial sector a couple of times to what this war is costing taxpayers. This money could have been used for many other things for AMERICA such as updated highways and bridges and a universal healthcare which this country should have. I look at Canada and ask myself why can't this country have the same. We are the supposed leaders in healthcare yet our system is broken. The insurers and pharmaceuticals are reaping the profits. Universal healthcare is not socialism. My best friend lives outside of Toronto and enjoys his healthcare. The only problem is test scheduling can take some time and in life threatening sitauations this could be death. This can be fixed and Canada is working on things. If our military was downsized a bit which would definately free up some funds then this country can truly move ahead. I also sick of Palin saying how she is a supporter of NAFTA and she probably has no idea the problems from NAFTA truly. The NAFTA agreement has left too much room for companies to exploit and indermine American workers. It needs to be rewritten. I want to clarify that I am also an ex Marine that is an Obama supporter as are most of my military friends. Mostly the guys I know no longer want to go to the mid east for a war that was made by the Bush administration

From LAUREN, FRANKFORT KY

You have been drinking kool aid and eating watermelon. Now get some sense, just because McCain says he would lower taxes for everybody does not mean that he will.

From Michael Marxist Minnesota

Obama's plan to raise taxes on corporations will just be passed to the consumer in higher prices for their products. The corporations that can not pass on higher prices will (and are) move (with their jobs)to countries with a friendlier business climate. Its a no win situation:

Give executive and legislative branches of government to Pelosi and co. and the judicial won't be far behind.

I used to think we were moving toward a socialist trend. Now I am sure it is communism with huge dictatorial powers given to such queer folk as Pelosi and Reed…….

I will miss our country

"A government big enough to give you everything you want is a government big enough to take from you everything you have." – Gerald R. Ford August 12th 1974

From Bill, Cheyenne, WY

This article is worthless. This isn't news. This person doesn't even deserve the title of reporter. Some real reporting needs to be done. Some research needs to be done. Just repeating what the candidates say is not research.

It is also a shame reading through these comments. People bring up Bush. Bush??? He is not even running. I love reading the comments that say they are going to vote for Obama because Bush. What??? Where's the logic in that. Take a look at the issues. Take a look at the stances of the candidates on the issues. Then make a decision.

I feel that there some people will be shocked with Mr. Obama's tax plan. It will not a good shock.

From RE Chester Va

We the inmates!! There are alot of buttons to push, the IRS' is not one of them. What Obama is not planning on is this…rich people did not get there by giving free money away. They will put more in 401k and other pre-tax vehicles. It's even less likely to happen now. Think about it…his plan was based on a lot of money that "rich" people do not have anymore!! They may not have agian for some time. His house of cards is falling. it won't matter though he will already be President. That's what he wants….

From Steve S. Valparaiso, In

Is the purpose of taxes to generate revenue for the government or is it to redistribute income? I think Obama clearly explained his view.

From Raleigh, NC

You are all worried that Obama will 'spread the wealth around' and take us down the road to socialism. I laugh at that. WE ARE ALREADY THERE you morons. What did Bush and this lame Congress just do? They redistributed $1.6 trillion of OUR money to as few already rich people. Oh wait, I forgot, it is socialism if the government gives it to the poor. Carry on.

Another thing, the US government does NOT buy all the oil that comes into this country. Except for the Strategic Reserve ALL the oil brought into this country is by oil companies who then refine it and sell it to us. So when John McCain tries to say the US (he means the government) in importing oil, well really it is private industry that is doing that and they are making money on it, which if I am not mistaken is capitalism and what we are all about. Obama plans to over tax that. Ummmm, dumb idea Obama, prices will rise.

We have no real choice in this election folks. I say we at least get rid of all the incumbents in office in Congress and in two years get rid of the next 1/3 of the Senate that is up[ for election and then in 4 years get rid of the last 1/3 of the dimwits that now inhabit Congress. WE ARE THE PEOPLE, let's take Congress back from the crazy loons that run it now.

From Robert Shanbaum, Manchester, CT

Posted By Anonymous: It’s one thing to fund a war which is in the constitution. To fund transfer payments and entitlements is another issue. The constitution says nothing about transfer payments.

Sorry, but that's completely false. Article I, Section 8:

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and
Excises, to pay the Debts and provide for the common Defence and general
Welfare of the United States

So long as Congress has a rational basis for an expenditure for the "general welfare", it is Constitutional.

From Glenn, Dayton OH

+ spending = + taxes
War is hell on taxes!
I am a registered Republican but THESE WARS ARE financially non-sustainable and only increase our chances of terrorism (even if you believe that 9/11/2001 is a hoax purpetrated by the CIA!!) DEBT is non sustainable! Oil for energy is financially non-sustainable that is why historically when the prices of oil have gone up the economy has gone in the dumper. I have a Cadillac and a rusty 1994 Geo Metro XFI (EPA rated 58mpg!) I cannot replace my Geo or even buy parts for it and it is worth more on EBAY than My Shiny Cadillac! I have repeatedly asked my dealerships for more efficient cars to replace my metro but all the cars for sale have roughly 1/2 the gas mileage of my Metro! So I await GM to make a FUEL CELL car Which should get 75% efficiency and get 300 mpg and require only a 2 gallon fuel tank!!!

My business cannot sustain having my clientele not have enough money for my services. Also my city is looking like a ghost town. The weight of our phone book is 1/4 of what it was. GM (General Motors) has outsourced the whole thing. The only Good Thing is that the price of real estate is very low. We have one of the lowest costs of living in the country, but sadly no jobs to support an economy. Maybe someone will start a fuel cell plant in one of the old auto factories here in Dayton OH, home of the self start car.
McCain "Approves" bald faced lies. So, I now put a question mark behind everything He says! I have never seen so much FUD (falsehoods Un-Truths and Deceptions) since the term was invented to describe the Microsoft practices that landed them in court! I will likely vote for Barrack Obama! Or Ron Paul! But not for John the Distorter! The wars were started on the basis of lies and our grandchildren will face years of payments and tax increases to pay for it.

I WILL NOT VOTE FOR SPEND AND TAX WARS! It would have been much cheaper to have the federal government to pay to rebuild the twin towers and that might be a better response to terrorism! Just ignore it in the news and go about our business as usual. The PAYOFF for extreme behavior is usually the attention. Don't let terrorism pay off and it will largely go away! Of course jailing the terrorists might help but to pay 700 billion more to do it is not likely to help! And think of what saving 700 billion on your taxes would do! It could put GM in a NEGATIVE TAX BRACKET and YOU too for a year or two! Or pay off a good chunk of the national debt!

From Darrin, Zimmerman, Mn.

The "bailout" plan was initially described in a 30 second sound bite and was 3 pages long. It ended up being 451 pages long. The candidates(both of them) have described their tax plans in 30 second sound bites. See where I am goin'with this? Besides, the President does not introduce bills…Reps and Senators do so whoever looses will be able to introduce their bill first…and tack on a bunch of pork at the same time!

From Gary Matyas Alexandria VA

The question to me is why raise new taxes at all? I find it strange that the "smart educated young" supporters of Obama "don't get it". I guess that is a arguement that education reforms are needed. Maybe economics was not taught or they did not learn anything. Spending freeze is a real tool so the sniveling "I really need this program or deal because we always got it and I promissed my voters" can be delt with. It is called zero based review. Oh yea IMHO the fact check reporter cherry picked words to support O Bama's plan. Not supprising from CNN

From James, Jackson, MS

This article misses the points completely.
1) Why does BHO get to decide what the definition of "success" is? He's been in public service his entire life. He's never had to make payroll.
2) What Joe is talking about is the incentive to succeed. Why work hard to be "successful" if BHOis going to take that money and give it to people that do not work? That is the biggest problem I have. There will be no means testing. Just checks.
3) At least 30% of Americans pay NO FEDERAL INCOME TAX. They would get a check for sitting home and watching Oprah. This includes me. I resent BHO thinking I need his help. I am not a peasant. He is not a King. I do not need Robin Hood. I need incentive to work…not stay home and check the mail.
4) BHO is a hypocrite. He says he does not support "trickle down economics." Yet, he supported the "trickle out bailout package." The money will trickle down from the banks to those that need it. THAT IS EXACTLY THE SAME AS TRICKLE-DOWN economics.
5) BHO is going to "bring the country together" by pitting those that have worked hard and become "rich" according to his standards AGAINST those that he has determined are helpless. That is MARXIST.
"FROM EACH ACCORDING TO HIS ABILITY. TO EACH ACCORDING TO HIS NEED." – Karl Marx

Welcome to the USSA.

From Glenda Sunerel NC

Obama keeps saying that he will cut taxes for 95% of Americans. But 30-40% of Americans who file taxes, don't have to pay any taxes. So will his tax plan give a tax cut to 30-40% of people who don't pay taxes anyway? Also, is this tax cut actually a check that will be sent out, or does it amount to a tax refund?

It sounds like those who actually pay taxes in the 95%of Americans that Obama wants to give a tax cut to will be getting less of a tax cut or check than they deserve, because they are going to have their wealth redistributed to those below them in that 95% category who don't pay any taxes. Sounds like a welfare check to me.

From Scott, Boston, MA

a. it's your incremental tax rate that obama says to increase by 3% on income earned over $250k. If you are making over 250k now, you would pay 3% more tax on the money you make from 250,001 on up.

b. for all those who think we are not socialist, then don't take your SS, public schools, police, fire, etc. If you want those services , then somehow you have to pay for them. It's usually called taxes.

c. Just because any candidate wants to do something doesn't mean it's going to happen. Once elected, they will have to pass their ideas through congress, who are usually much more sensitive to their constituents.

d. I don't mind paying some of my earnings to pay for services, I do mind people who abuse these services (people getting aid who can actually be working and scamming the system) who increase what I should have to pay.

e. As a republican, I am offended by the past administration who while offers up the republican mantra of less tax and less gvt, has gone in the opposite direction, creating a largess and defict as never seen. The country was in much better fiscal shape during Clinton than Bush. I haven't heard McCain give any details as to how he will change it. I understand he wants to keep the tax rates where they are and I applaud that, but what about cutting the deficits?!! What programs is he going to cut/change

From Linda Willie Toledo Ohio

Hey Don from Redondo,
If what you say is true then it looks like you have nothing to worry about under the Obama plan. I am a registered Republican, but not voting that way this time. Democrats work just as hard as anyone else. I don't want or need any handouts. I remember better days under Clinton. Republican ideas have run this country right into the ground, what don't you get…I'm jumping ship

From Jim, Irvine CA

In the Saddleback forum when ask who the top 3 people Obama would consult with on major decisions were, his first 2 choices were his wife and his grandma. Do you want his wife and grandma making decisions for this country? I sure don't! He is completely unqualified to lead our country.

From Ari

One answer…expedite the exit of Iraq…that's 10 bill per month. Your point is well taken though.

Here's an additional though…McCain is proposing 300 billion in tax cuts for big Corporations…how would he answer your question.

Lastly, if the middle class and poor have more money, they'll spend it, and that'll drive up the economy hopefully, and that can help defray the cost of Obama's tax cut.

From Anonymous

Dave,

I think Obama agress with you…that is why most working people will get a tax cut under Obama's plan.

Only those whose income is inxs of 250k will face the increase.

From Ari

Doc, You bring up the key question that everyone should be asking. The increase in tax is only based on the NET INCOME. So your revenue could be 10 mill, 20 mill 30 mill…it doesn't matter…all that matters is if your net is over 250k.

Secondly, only the income inxs of the 250k is subject to the increase…so if you make 249,999, you see no new taxes.

Lastly, if your net was 300k…you are looking at a tax increase only of about $1,500.

From MTrego

People talk about the "failed Bush policies," but they should wake up to the fact that the democrats have controlled congress–electing Obama and Biden is definately "more of the same" and "change"!

From Sean, St. Augustine, FL

Let's see here… Robin Hood steals from the rich and gives to the poor. Still considered stealing. Obama's proposal steals from the rich and gives to the poor, and we consider him a president? Won't the large businesses which take take a tax hike just make up for it by in ways limiting the middle class… maybe in deduction of hours or even specific job cuts?

From Jim Green

I believe everyone's taxes will increase.
I do not see a way of escape when Obama plans to pay $5,000 to everyone including the non-workers there will not be enough additional income from those making above $250,000 to make up the difference. Move over Bush, we have a new big spender on the block.

From Mark, New Hampshire

Lies..its all Lies…As a small business owner the in my opinion the promises of Barack Obaman mean nothing…just like the infamous quote "Read My Lips" from another Presidential Jerk. The bottom line any candidate that proposes raising taxes on the American people before cutting spending (trimming the budget) is an idiot. In my family budget I look to see where I need to trim costs before I decide to raise my income. What is the sense in raising taxes other than to fund PORK BARREL SPENDING FOR HIS BUDDIES in Congress…you know as well as I do…once the taxes are raised they will find a way to distribute the wealth….and any effort to cut spending will be a pipe dream!!!!!

From Andy – New Haven, CT

I don't think the average American understands the implications of Obamas tax lunacy. He essentially wants to give Joe American a nominal break that will do absolutely nothing to change his standard of living … but take an enormous chunk out of his boss's pocket to do it.

In addition to the ridiculously high percentages proposed, Joe American's boss will also have to maintain the 35% corporate tax rate (unlike McCain's 25%) and pay an undisclosed hike (as well as Joe American) towards social security (an estimated 2-4% additional). So Joe American might feel good about getting an extra $12 in his paycheck … but his paycheck won't be coming for long.

Furthermore, it amazes me that businesses are categorized in wholelistic percentages, as singular entities. In other words, "95% of businesses are small and won't be effected." What they don't tell you is how significant the remaining 5% really are. It's true Jane's Consignment, Jim's Golf Shoes and Pat's Deli might not see her rates increased while Company Pharmaceutical might see an 11% increase. But a few key elements are being left out here. Most notably, the fact that Jane, Jim and Pat employ a total of 6 people while Company Pharmaceutical employs 2,500. Not only would 2,500 people be out of jobs while the town, state and federal government are out substantial tax dollars should Company Pharmaceutical close, but the local economy (including Pat, Jim and Jane) would be crippled. Not to mention the adverse effect it would have on the local housing and job markets.

But hey, at least Pat, Jim and Jane will get their anxiety medicine cheap, considering Company Pharmaceutical is now paying 9% in Paraguay.

NOT the way to get us out of a recession.

Of all the ridiculous, insane proposals that Obama claims he'll fight for (and never get by the way), his tax reform policy is easily the most ludicrous of all. You can't redistribute wealth in a capitalistic society. It removes competition and incentive from the American work force. In fact, in many cases with low income laborers, it will actually be worth it not to work at ALL. Or at the very least, work just hard enough not to get a raise because the marginal tax increase would leave them with less money.

Ronald Reagan cut taxes, inspired incremental gains and encouraged business startup and expansion. In doing so, he cut unemployment in half, drastically reduced inflation and pulled us out of the worst recession we've seen in 75 years.

Adjusting for current financial crisis, and ignoring the rather irresponsible idea of buying every bad mortgage note on the market, McCain's tax reform is WAY more in line with what America needs at this very moment. I understand college students and soccer moms like to pretend to get excited about Obama with his nifty speeches and pie in the sky promises of change … but I sincerely hope the public educates themselves and does whats right for our country when that curtain closes.

Don't vote for a candidate because its trendy. Make sure you understand the implications each of their platforms has not only on you in a direct sense, but the indirect implications it has on you, your future and our economy.

I'll leave you with this … for everyone one of you out there who don't know the difference between a pork barrel and a pork rind … the next time you pick up a picket sign that says "Tax Business, it won't effect me" and chant Obamas name, ask yourselves these two questions …

1. Do you get a paycheck from a business?

2. Do you buy things from businesses?

If you answered yes to either of these questions then it DOES effect you. Again, getting an extra 12 bucks in a paycheck that will cease to exist isn't very effective or efficient.

Be smart when that curtain closes. Trust me, no one will know that you did the right thing in spite of pop-culture's trendy and ignorant misleadings.

From Donald Atlanta Georgia

It seems like a great deal of the people here are looking at the future as through it will be the same as the last 20 years. Does it not occur to anyone that after the election none of the promises either candidate is making will be kept? The United States along with the rest of the world are facing a financial calamity that they may have never had to deal with before. Wealth and prosperity is likely to become a very scarce commodity for far fewer taxpayers than in the past. The American consumer is the engine the drives our economy not the Doctors, Lawyers, CPAs, or Business Owners. If there is no money in the consumer's pocket to spend then it doesn't matter a flip about the fairness of taxing high income earners to spread around the wealth. No matter who is in power will be forced to redistribute wealth just to save the country. I would imagine that the truly wealthy will want to leave the country but where will they go? Russia, India, or Maybe China? This is a global economic meltdown. They would only be welcomed in countries that want to take even more of their wealth than we do here.

From Randall, New Orleans, LA

Great post by Mike from Ontario, Ca. I am involved in a small bsuniess with 13 employees and we file as a "C" Corp. If we make profit, we take some out in bonus so our company does not have to pay huge amounts of taxes. Obama has done a masterful job creating this class warfare. The fact is how can you reduce the tax rate on low income people when they are not paying taxes to begin with. Is he going to raise the Earned Income Tax Credit? How else do you get these people money. Then once they get this money, how much will it be? $1,000??? How will that help this economy. How will this guy create jobs and invest in our economy. Redistributing wealth will not work. If one does not like the postion he is on or does earn enough money, then find another job or start your own business.

From bigoil, moscow, russia

So if raising tax rates on small businesses won't produce much tax revenue to the Gov't, what is the point of Obama's plan ? Why bother ? Is it perhaps because "taxing the rich" is good vote-getting – but ineffective taxation – policy ?

From Joe Bicker

reading these comments, it's obvious that no one wants Obama to win. why is the media acting like he's already one?

From Tom, Las Vegas, NV

I don't care how much or how little the taxes increase, it still increases! More money out of pocket, less money to invest in the business and less to pay employess. No matter how you look at it, it is wealth distribution which contradicts Americas fundamental capitalistic approach.

From Marie, Carson City, NV

I have a small business in which my husband and I have to pay self-employment taxes. We are over $200K but not 250. We have to pay a lot of overhead and supplies out of this, so we only bring home $130k. We currently have to pay 33% of $200 in taxes.

Our tax accountant looked at both plans to advise us on if we should change to a C corp. He said if Obama wins we will be paying 50.4% in taxes!!! We are not, by any means, rich! we live in a 1400' house and drive 6 year old cars. He makes it sound like all of us are "high on the hog" – let me tell you NO ONE works harder than the self-employed small businessperson.

Just when we were hoping to add employees and grow our business, we realize we will have to downsize – so there go some jobs – how does that help the economy Barack?

Our accountants advice: Vote McCain or pay over half of what you make in taxes.

Obama's answer pissed me off: We will share the wealth FOR you!! Thanks but I would like to share it with hardworking employees IN MY TOWN!

From Alexandria, VA

First, the most important point made by Joe the Plumber is that Obama says he wants to make Joe "spread the wealth." Thats a deceptive way to say confiscate the wealth in the name of the poor. Thats kind of "socialism" says Joe. No, the correct term is Marxism. Obama apparently is a closet Marxist, as demonstrated by his mentoring by Bill Ayres and his involvement with teaching kids to hate America and demand "social justice," meaning complaining that its someone always else's fault you are a failure.

Second, there is no basis in the Constitution for government enforced redistribution of income, even if you call it "sharing the wealth." Also, no Biblical injunction to use the political system to compel involuntary charity.

Third, Obama also spoke of "helping those coming up behind you." No, the way you achieve success is by working hard, taking risks, playing by the rules of success. You can't get there by accepting government handouts. Teach a man to fish.

Fourth, Joe's best press statement today was his own questioning of the "share the wealth" notion, saying that once people get free money just by showing up poor, they start thinking they're entitled to keep getting it. And they get really angry when they're cut off.

Fifth, my idea, our budget deficit is not, repeat not, caused by the failure of the rich to pay "their fair share," its the failure of the poor to pay their equal share of the cost of government, which is their civic duty. The attitudes that keep them "poor" are the problem. There is nothing noble or virtuous about remaining poor generation after generation in America, where opportunity abounds, as proven by millions of successful immigrants of all races.

From John Superior Colorado

Hooray for all the comments by small business people in response to Obama, oops CNN's's "fact check'. More like a press release from Obama

From Malcolm Ransom, Toronto, Canada

Small businesses in Canada pay a lower rate of tax than in America AND they don't have to pay anything for health insurance for their employees (who all are covered by a universal medical system). Unregulated capitalism caused the current finacial crisis not planned socialism as Mr. Carson's post suggests. It is very ironic that capitalism unleased has produced the nationalization of banks and other institutions. This crisis is the triumph of ideology over prudence. As Alan Greenspan said in his recent book, he was in favour of maximizing the number of people who owned homes because this would give more people a stake in the capitalist system. In view of this, it is ironic that many people have now become convinced that capitalism has to be regulated more than it ever has been.

From Mike, Eagan, MN

CNN You need to check your facts. You are so in bed with Obama I don't even trust your stories.

From Dave Witte

It is interesting that the debate stays away from the fact that the government already has enough money to put into place many new programs. Obama wants spend more to make government bigger with new taxes. I maintain they already have plenty to do what is needed. Let's focus on getting better efficiency out of out current taxes before we give more for them to waste.

From Linda Gottlieb

If you tax it, you get less of it. Simple rule of economics that can not be denied. In this case fewer successful people. No brainer Obama.

From Thomas

I think it is time for Americans to stand up and refuse to pay any taxes. That would show the world that the average American controls America – not the politicans within the beltway, not the lobbyists, and not corporate america. We have more power than we realize to make meaningful change. Without our tax dollars, regardless of the amount we pay, Washington is powerless.

We the people…..

From Doc in Fairborn, OH

Fewer than 2% of small business owners would pay more under BO’s plan? I don’t think so! The SBA defines a small business according to size standards…either number of employees or average annual business receipts (ref: SBA Table of Small Business Size Standards). Firms with 500 employees or less is the most common standard for number of employees (that’s a lot of leeway). Joe the Plummer s wiggle room to maintain small business status is revenue up to $14 million, so how do you figure Joe won’t get an increase in taxes? How gung-ho is Joe? Then there’s new single family home construction…the small business threshold for construction is $33.5 million. Small business construction firms are going to be “hammered” and “nailed” with taxes right at a time when we need to stimulate the housing market. Here’s a little math from the U.S. Census Bureau linked to Mr. Cowley’s “more realistic definition of a small business.” Using 2002 figures (the most recent you can include receipts) firms with 500 employees or less (5,680,914) generate $1,506,576 in annual average receipts. Firms with 5 to 9 employees (1,010,804) average $878,847 in annual receipts, representing 17% of firms identified as having 500 or less employees. Besides, what really is BO’s plan? Is it gross profit, net, do we include inventory? Only 2% of small business will be affected… please don’t blow smoke up Joe’s plumbing. Small business is going to be taxed big-time.

From RE Chester Va

Don't most families that earn over $250,000 function like a small business? If you cut your family budget back to offset additional taxes here are the things that get cut. Babysitters, maids, landscapers, dance lessons, karate, charity donations, etc. What do all of these have in common…someone does not get work! The tax credit will go to most of these people above, which means they won't have to work to get paid. Pretty good deal!! I think it's easy to see why obama has so much support!

From Mike, Ontario, CA

BDT, thank you for your post. Anonymous from Miami clearly did not understand your post. I am in almost your exact situation in regards to profits and tax rates here in California. What I hate about the class warfare debate is the misunderstanding of how profits are allocated in a pass through business. FYI to the masses, most small businesses are S corps, LLC's, sole proprietorships or partnerships which are taxed differently than C corporations which pay corporate taxes then distribute some of the profits in the form of dividends. A Pass through businesses means that the taxes are "passed through" so that the owners pay the actual taxes and not the company. What this means to me is that just because I show profits of $1M does not mean that I personally get to pocket $1M dollars. By the time the Fed & State get their share, I am left with roughly 600k which, I cannot take from the company because the majority of those funds need to be retained to float the purchases of raw materials, payroll and the terms offered to my customers (the time between selling my products and getting paid for them). The gap between the money coming into my company and the money going out can be several hundred thousand dollars so, at the end of the day, I am lucky to keep 200k-300k out of the $1M the government says I have earned. If I am ever lucky enough to sell my business, I will get the value of those taxed retained earnings out of the company but, the government (state & fed) get a huge portion of that after the sale. Under Mr. Obama's plan, he intends to raise the capital gains rate so, one way or another, the Gov gets more money. What does this mean? I cannot buy as many raw materials, pay as much payroll or float customers with terms for as long because there will not be as much money available to do that, unless I borrow it. Simply stated, it just makes it harder to conduct business. So, fellow Americans, I would also like to know, how much is fair?

From allen, northern virginia

Simple question, but seems to be the most difficult to obtain an answer- if the Obama plan will not tax 98% of small business, or middle income filers…how is he going to get all the money that is required to a) pay for his proposed programs and b) put a dent in the rising deficit? It doesn't take an economics major to figure out that it does not add up.

From Jim, Colorado

If taxing the rich works so well, why does North Korea have less money than South Korea?

From Rita, New York NY

McCain voted to slam the taxpayers with a 700 billion bailout and now he is calling for another 300 billion bailout for the government to buy out bad mortgages and artificially keep the houses' prices high. How does that fit with his free market ideology of government uninvolvement?

From George Carson, Akron, Ohio

My concerns fall under a much broader umbrella – the proven spending/taxation policies of Obama and the democratic majority in congress. Obama can be a convincing speaker but his record, and that of the democratic majority, is still the record. I want a debt-free America, not a welfare state. Obama will give us change, but not the change I want for my children. McCain may not be the cure-all, but a check and balanced government is far better than the Sheriff(Obama)disguised as Robin Hood. It's a sad state of affairs when the free enterprise system that made this country great is forced to pay for planned socialization. Maybe we should look at the root cause – the congress. Now there is an opportunity for change I could support!!!

From Thomas Wolfe, Greenfield IN

My wife and I are both physicians. We already pay much more than half of our income in taxes, when federal, social security, state, excise, property and sales taxes are added up. We escrow my entire income for taxes, and it's not enough.

From T MORRIS

AFTER THE LAST DEBATE I NOW FEEL RATHER SAD FOR SNTR MCCAIN.HIS ABILTY TO COMMUNICATE RATHER SIMPLE PROPOSITIONS LACKS COHERENCE,OFTEN WANDERS OFF THE ACTUAL SUBJECT,AND WINDS UP IN AN ATTACKING STUMP SPEECH FILLED WITH HALF TRUTHS AND PURE FICTION. THE GRAVITY OF THE WORLD STUATIONS ASSURES ME THAT HE IS NOT CAPABLE FOR THE TASKS THAT WILL BE REQUIRED.

From Brenda St. Paul ,mn

John from fremont I am single and I work hard for my money as well, your comment about poor people kind of makes me mad. just because I or others do not make what you do does mean that they do not work hard. As a single person I would bet that I pay a higher percentage of my income in taxes than most of you that are married with kids.

From J San Diego CA

I should feel extremely good since apparently my wife and I are in that very rare slice of the population who makes up the top 5% of earners and most people we know are in that category as well even though CNN seems to think that almost no one is in that category. Why didn't this article talk about Obama's plan to eliminate the limit on the income that is subject to social security taxes. Just that will cost the person making $250,000 about $15,000 dollars more. I employ a nanny that gets more than $30,000 a year (and I pay a few thousand in taxes for her on top of that) and if Obama makes the changes he has proposed I will be forced to fire her and rely on family to take care of my kids because I will not be able to afford that expense and the additional taxes.

I do realize I'm privileged and lucky to make a handsome living. I also studied very hard to become a lawyer and my wife to become a doctor and we work extremely hard now to earn our money. Giving it to the government is not appealing and we will examine very closely whether my wife should stop working to take care of the kids which will bring us down in tax brackets and eliminate her payment of social security tax and the expense of the nanny. While we make a lot of money we are certainly not "rich". We do have a nice house and two nice cars (one 8 years old) and send the kids to private school. We feel privileged to afford those luxuries, but don't understand why we should give the fruit of our labor to the government

What if when taxes go up everyone does what we are thinking of doing and fires their nanny, cuts down on expeses such as gardner, cleaning lady, carwash, occasional dinner out. I know no one needs to have those things or can afford them, but think about those people that will lose their jobs. The fact is that we support them with dollars that may otherwise go to taxes. Do you rather have those people employed by us or have the government take our money and decide how to spend it?

While I don't file a schedule C (my wife does) I do file K-1s which this article does not mention- I'm a partner of a partnership and therefore a small business owner with more than 20 employees. We know our taxes will go up with Obama and we know it will cost at least one job, likely more. When I think about our friends in the same position, all very privileged and lucky to be in that position, there are many more jobs that will be lost. That is just a fact.

From Jim, Colorado

Push Schedule C, E and F aside for a moment. 70% of businesses that have 10 or more employees make over $250,000 in taxable income. Each of these companies will have less money for hiring new employees. The government will have this money instead. Why should we believe government will make more productive use of this money than the people that actually earned it?

From Robert F Stewart

Hopefully there will come a time when politicians will lay their cards on the table and the media (especially CNN) will report the hand they see instead of the hand they wish their candidate has. Only in America can we look for hope and change but still get more of the same from the media. We hear what you say about what we see and we know you must change if you hope to keep us from simply blocking your biased propaganda from our lives.

From David, Vineland, NJ

BDT,
Obviously Anonyomous in Miami did not read your comment. Wonder where his/her half of brain is?

This is why we have the problems we have. More than half of this country have no brain (Liberals)! And some of them must even have a small (very small)idea that they realize it, because they are afraid to stand behind their comment with their name.

From Bart Jackson

BO's socialistic policies on taxes will cause a severe level of unemployment nationwide, higher costs for goods and services, businesses to fail and increased taxes for everybody that has a job. The only good thing about BO being elected president is the liberal media and you mindless followers will have no reason to run their mouths.

From Shawna, a teacher and middle class citizen and PROUD REPUBLICAN

To read that the person before me is a college graduate is concerning. His spelling and grammar are atrocious. For someone to insult another's intelligence, they should examine themselves before throwing stones. Also, I find it interesting that they are willing to criticize and not have the guts to put their name. YOU ARE SO SMART!!

From robert, chicago IL

sorry to come into this so late. I own a business, pay 100% of my employees health and 1/2 half of them make shy of 100K. I work my ass off and contribute alot back to my community. I made 495K last year, what's my new tax bracket under obama. Give it to me straight

From Anonymous, Miami, Florida

BDT,

you said you pay a combined fed/state/local tax of 400k for the million profit you make. And that you will pay 400k more under Obama’s plan.

YOUR MATH IS WRONG!!
You are a business owner you should know already the TAX hike mean FED not FED/STAT AND LOCAL there is a huge difference and to say he will duplicate it is completely wrong and misleading. And you are obviously saying you do not have tax exemptions to your income. Your profits do not equal taxable income!
I if you do not know this I really doubt that you own your own business the difference between a republican and a democrat is that we know a lie when one is told only the completely ignorant believe what is obviously a lie. I’m a professional with school debt and I don't make over 100k a year. Now you will probably argue with McCain that the average plumber makes over 250k. This just shows how disconnected McCain is with reality, that he is a dangerous liar. Choosing Plain as his VP, instead of somebody more competent, all for woman’s votes, shows that he is a traitor to the American people. Palin is nothing near Hilary. Both have shown there abuse of power, instead they call themselves reformers they are an insult to anybody with half a brain.

From roland graves albany ny

I've owned a small business for 19 years , Over those 19 years I saw the cap on SS rise every year. My question is will Obama take the cap off social security and make us pay on all wages earned no matter how much you make?. As far as I'm concerned my age bracket will never see the money that we put into the system. We may see a portion but not all of it .Also as an employer we match the social security that we take out of our employees pay checks. So as a small business owner with employees we pay more than our fair share of taxes. Why not leave the small business alone . Or better yet give us a tax break for we are the sector of people doing most of working and most of the tax paying in this country…

From Nathan, Philadelphia

At the risk of being categorized as one of those "bitter-clingers" I need to quote the Bible: "Out of the abundance of the heart the mouth speaks". What got Joe in the news is that Obama said, "We need to spread your wealth around". It looks a lot like class envy to me. BTW, I would actually benefit from what Obama says he would do. I care too much for my country to let this go unchallenged.

From John, Los Angeles, CA

I watched the last pres. debate last night and I resented McCain for using a plumber to represent middle america, even for small business owners. Granted, I am not a small business owner but I believe I represent middle income America. I am in law enforcement and my base salary is 50-51k. As far as I know, plumbers earn a higher hourly rate than I do and for that matter of fact, than most. I don't know why they used a plumber to represent middle income America. Plumbers earn alot of money and as well they should. But they should never represent middle income america. I always believed plumbers generally are in a higher tax bracket than me. Aside, when I first heard McCain using Joe the plumber and his taxes as an example, I sincerely got concerned for him simply because of the nature of taxes. I was thinking, I hope he had a good tax accountant check out Joe's finances to check the facts and not simply go on the citizen's word. If he didn't, he was in trouble because a lot of people will want to ask Joe about his finances and double check the facts to see if McCain was RIGHT. My fears were justified. I am not a tax accountant, neither have I been in any debate, but my common sense and life experiences told me that when it comes to taxes, which is complicated for most people and myself to understand, that if done right by a good tax accountant professional, there was a good chance people's taxes will be reduced due to the many exemptions and itemizations included in the tax codes and rules that most people don't know or understand. Bottom line, I knew it was a bad idea for McCain to mention Joe the plumber from the start. And now look, even Joe the plumber is denying that he will get taxed under Obama's plan. Mentioning Joe the plumber's taxes only puts a spotlight to McCain's poor judgement in using Joe as an example, his basic lack of understanding of taxes, undermines his argument against Obama's plan, and more importantly, his decision making process of not fact checking. I knew he made a BIG MISTAKE in mentioning a specific person's taxes. As for the McCain supporters, based on the comments made here, they will put on blinders to McCain's misstep in mentioning Joe the plumber's taxes. People will hear what they want to hear.

From H. Clevenger

Yes, I see Obama's plan…"I'll get the SBA to give small businesses emergency loans – I know that they are in trouble making payroll since their operational credit lines with the banks have been cut. After all, they are responsible for more than 50% of new job creation. But, in all fairness, after I get them in debt to the government, I'm going to raise their taxes!

"Big corporations can afford to pay more taxes". Give me a break. Raise their taxes and it is passed on to the public in their product prices. You cannot tax big corporations in a capitalist system – only in a socialist system where the governmentment owns the corporations. EPIPHANY! Maybe, that is the plan. We are on our way – I can't believe that the democrats got in bed with ACORN for years and pushed ARM mortgages, took campaign contributions from them, tried to put 8 billion dollars in the bailout plan for them (that's why the republicans in the house tied the bill up for a week), Obama's campaign gave them $800,000, and this collapse wasn't planned?

From JR, Orange, CA

Health care is only free for illegal aliens and Medi-Cal recipients in California.

From BDT, NY

I own a small business. I employee 50 smart hard working professionals with an average salary of $90K. I work 80 hours per week. My company builds systems used by manufacturers – it's a tough business in a tough environment that I build from scratch – started with nothing.

Joe's hopes and concerns for the future match my reality. We're good at what we do. Our pretax profit is about $1 million per year and our fed/state/local tax bill is approximately $400K. Am I paying my fair share? Do people think I should pay $450K or $500K or more? What do you think is fair? How do you think a higher tax bill will affect me and my company? I'd honestly like to hear what others think.

Sorry I can't give you my e-mail address – this information is too private. Hope you post it anyway.

From Michael McDonough, Marshfield MA

Neither of the canidates really knows anything about federal taxes. Guess what, most of the "middle income" middle america people don't pay much in taxes, I know I'm a CPA and I see it all the time. This is an accurate example. Family makes $ 90,000, 4 kids, and a monthly mortgage of $ 2,000. They pay less than $ 1,000 in taxes (meaning they get back all but $ 1,000 of what was withheld.) These canidates don't know anything…..

From David, Arcadia, CA

George Bush has been in office for 7 1/2 years.

The first six years… the economy was fine.

A little over one year ago:

1) Consumer confidence stood at a 2 1/2 year high;

2) Regular gasoline sold for $2.19 a gallon or lower…;

3) the unemployment rate was 4.5%.

4) the DOW JONES hit a record high–14,000+

5) American's were buying new cars, taking cruises, vacations overseas, living large !!!…

But American's said they wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress
and yes!!!– we got 'CHANGE' all right. In the PAST YEAR this is what has happened:

1) Consumer confidence has plummeted ;

2) Gasoline is now over $4 and higher per gallon & it's climbing !!!;

3) Unemp loyment is up to 5.5% (a 10% increase);

4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices are still dropping;

5) 1% of American homes are in foreclosure.

6) as I write, THE DOW is probing another low ~~$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS ! YES,IN 2006 AMERICA VOTED FOR
CHANGE…AND WE SURE GOT A GOOD DOSE OF IT! ….

REMEMBER THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES… ONLY CONGRESS.

AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS ???? ABSOLUTELY NOTHING…NOT A DAMN THING !!!!

NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS GOING TO REALLY GIVE US CHANGE ALONG WITH A DEMOCRATIC CONGRESS !!!!

JUST HOW MUCH MORE 'CHANGE' DO YOU THINK WE CAN ALL STAND ????

I think it's about time you and others get their heads on straight and elect the better candidate….Vote with your head not with your so called party affiliation

From Thomas Jackson

I think both of their tax plans are horrible. There is not an ounce of change between the either of them. Under both of them i will still be paying over 30% of what I earn to the government in taxes before I even see the money i make. And about half the money thereafter will go to the government coffers which they will then give away to their banker buddies. Only Ron Paul and Huckabee had the tax plans that would give the people some freedom from government again and would pull us through this crisis. The government has wrecked the housing market, the dollar, education, health care and now they come asking for more power and more tax dollars to 'fix' the problem. They created the problem! We got along just fine without them. Both of them voted for the banker bailout, to tax the people and give to the selected few. Its time for another boston tea party.

From Jeff, Dallas, TX

I've always known that the more money I make, the higher the tax bracket I would be in. I don't think that's the true core of the issue here. The core is government's true role. I can't afford to be continally taxed to pay for new government bail out programs. Government can't be the fixer for every problem in America. When they take on that role, we are the ones who have to pay for it. We are concerned that many Democrats believe that government is the answer to the nations problems. If that's their worldview, we feel they will always find reasons to tax some more if not all of us.

From Ross, Montrose, CO.

Stacy Cowley is trying hard to prove that Joe the plumber and John McCain are wrong. She misses the point entirely. Joe is a small guy with big dreams and ambitions. He wants to invest and work hard and earn the rewards of his work. Joe wants to make more than $250,000 some day. Joe was probably told by his parents that was the American dream and it offends his sensiblities to have Mr. Obama use the tax code to undermine his dream. I'm offended too. True, most small businesses do not make over $250K but most tax payers that do make over $250K are small business. Getting paid to write a book is in fact a small business even if you have a day job like Senator or plumber.

From Hans Conser, Bozeman MT

This article is so wrong that it is useless. They don't even address the payroll aka Self Employment Tax which is the most onerous tax for small business people.

1) Obama has stated that he want to increase the cutoff for the FICA all the way from the current $94,200 to $250,00 and then 2-4% FICA after that (see http://www.barackobama.com/issues/seniors/)

This is a 12.4% tax increase for everyone making over $94,200!

2) Barack Obama wants to increase the dividend tax rate to 20% (see http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf). Currently this tax is between 0-15%, 15% for most small business owners. Many small business owners spread their income between paying themselves a wage and paying themselves dividends as owners of the business. This helps mitigate that blasted 15.3% payroll tax. Remember there are no deductions for this tax, you pay in on every dollar you make starting with the first dollar. By raising this dividend tax Obama again also increases taxes on small business owners.

Reporter Crowley fails to point out these facts that make it clear that Obama's tax plan would hike taxes for many more small business owners than 2% stated in this article.

So what is it CNN, are you completely in the tank for Obama or just incompetent?

Dr. Hans Conser D.C.

Current Payroll tax rates from irs.gov:

Only the first $94,200 of your combined wages, tips, and net earnings in 2006 is subject to any combination of the 12.4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax.

All your combined wages, tips, and net earnings in 2006 are subject to any combination of the 2.9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax.

From David, Vineland, NJ

Reading through the various comments today about and in relation to this article, it almost utterly amazes me that, for a country that has historically been as great as this country has been, there are a tremendous number of really, really, dumb people in this country. And, 98% of those dumb people are, first, Liberal, and second, Democrats. God have mercy on the United States of America.

From Christine Hammond, Seattle WA

I think they should be very careful in reporting on John McCain’s tax plan. They are dealing with people’s livelihoods and reporting partial information that benefits one candidate is biased and not balanced. People are looking for the truth without political agendas and in this economic environment I would think they would choose fact based arguments over one that reflects the Obama agenda. I suggest everyone in their office subscribe to the WSJ. It would help them see the big picture.

From Truth, BC, NV

To Maria about paying taxes:

Do you mean you have federal withholding? Then yes you pay taxes.

What is your tax liability each year? Many people end up with ZERO meaning (for federal taxes) they get it all back.

And if they qualify they might get certain refundable credits (EIC), which is basically a handout.

From Jeff , Denver, Co

Obama is essentially planning to kill capitalism and the growth of new businesses. Afterall, why should we be motivated to put our savings and hard work into a business when lower class citizens will be "taking their fair share" out of our pockets while hanging out in the bar and smoking away our paychecks. Take a look at the inner city of Chicago and see what Obama has done for his great state! Who wants to bust their butts to reward welfare leaches? "Land of Opportunity" will become the "Land of Socialism".

From Harry, Palm Coast, Fl

This article is indeed long and I came to the same conclusion as the previous person to comment. I suspect it is because CNN is in the bag for Obama and always have been so they would try their best to explain Obama's plan away. Nothing new under the sun.

From Rich Wichta Kansas

I still don't understand how Obama is going to provide all the "change" he talks about without taxing every Tom Dick and Sally. I think by the time Pelosi gets done the question of who will get tax increases is everyone.

From David, Dana Point, CA

I'd be willing to bet if we "fact checked" the respondants on this board, we'd find out most of the ones claiming to make $200,000, $500,000, or more annually are lying. You can't be this oblivious to your environment and run a successful business.

From Dan Cahill, Celebration, FL

Seems like a long article to expalin that. YES, Obama will raise taxes on small business owners, just not as much as McCain is claiming. Either way, new taxes hurt business, hurt entrepreneurship and cost the economy jobs.

From CAS, Los Angeles, CA

It's amazing to me that all of you are suddenly economists and tax experts. Where have you been hiding the last 8 years while the Bush administration has been raking us all over and turning our country into a financial disaster??

From Maria, Minneapolis, MN

What is this that 41% of Americans don't pay taxes?? This is foolish! I don't own a business, my wages are fairly low..but damn it, I DO PAY TAXES!

From Contractor John calif

Consider Joe would have to do 1.2 million in business to even be close to paying taxes on 250k, after all the write offs (payroll, ins,etc) that is if joe hire's americans and pays taxes on them and not illegals – and visit a const. site 95% illegals, so pay up Joe!

From Derek, Denver, CO

No fair! The truth is biased toward Obama. I demand to see the facts as I understand them, not as they truly are.

From Carol Eblen

Obviously, Senator McCain was trying to indicate that Joe, the plumber, would pay higher taxes under Obama's plan and this isn't true. Was Joe, the independent plumber, a ploy to scare the public about Obama's plan because the Republicans keep advancing small business as the salvation of the American economy?

The statistic that 95%? of small businesses make under $250,000 appears to be correct. I'm sure that this statistic includes franchisees who operate the millions of small retail product and service businesses under the supervision and absolute control of brand franchisors, big and small.

The Republicans now protect and perpetuate the profits of Big Corporate franchisors of small retail businesses through ineffective regulation and SBA subsidies, but provide no protection to new buyers of franchises, known as franchisees.

Obama is right, most franchisees of individual retail units would get NO tax increase under Obama's plan because most franchisees of individual retail units are lucky to take home a living wage, let alone profits, etc…

Some of the newer franchisors, however, would qualify as small businesses that perhaps would have to pay more in taxes under Obama's plan. This, however, would only be fair since franchisors legally avoid all employer taxes, etc… and the other expenses of operating small businesses while collecting royalties on the gross sales of their franchisees' small business operations.

Big franchisors, "Big Joes" who don't usually qualify as "small business people" have taken over a good deal of the plumbing business in American communities; i.e., for example, Roto Rooter and the Dwyer Group and compete with small independent plumbers by saturating local markets with their frasnchise concept, even at the expense of diminishing profits for their own franchisees.

From paul, bridgewater NJ

Your article is factually incorrect. Your bogus claims leave out a lot of info. 401K's are taxed, which affects each and everyone who has one, tax rebates are phased out for people make as low as $75K. If you really want to call yourself a news organization, give all the facts not just the ones that support your candidate.

From Fred Baton Rouge, LA

Obama's Robin Hood policies are a nice way to buy votes. I really wish we had a Fair tax and political candidates couldn't use class warfare to try and win elections.

I wouldn't mind paying more in taxes if that money was going to be used for infrastructure, defense or to pay down the debt or any number of things for which it is SUPPOSED to be used!

But taking from one and giving to another via a "credit"? WTF??? How is that not redistribution of wealth. Obama actually wants to give tax money directly to people who don't pay any taxes via a "credit"?

I declare Shenanigans!

From Dorothy, Charleston, sc

I am single … have worked hard all my life (90+ hours work weeks) and through such hard work, sacrifice, dedication, I can now earn 200K+. I am contributer to our ecomony and society and for some reason the Obama views me as someone to further penalize with even more taxes instead of rewarding my efforts and contributions. I pay my bills on time, have a mortgage I have never been late on a payment, I have never taken a government hand out but with the Obama appraoch, I ask myself – why work so hard ? Why contribute so much ? If I cut back and be less of an achiever, I get rewarded by being taxed less (hmmmm good idea), and may even be able to one day qualify government support. Go figure …

From Dan, St. Louis, MO

The new glass ceiling…work hard but don’t make too much money or the government will redistribute it to the “poor and needy.”

From John, Colorado Springs, CO

Every "fact check" I have read on CNN is very Obama oriented and anti-John McCain. CNN should be ashamed of such biased reporting. I have a "fact check" Emily Maltby, who wrote this article has a BA in Foreign Languages from Hamilton College yet she does the CNN small business reports, and before that Fortune Small Business. If your going to have a writer on business why dont you find a qualified one who…ummm… maybe has a background in it? Put her on the International Scene but dont let someone "fact check" things in which they are not qualified for. Maybe that is part of the reason people are panicking in this economy. This is the problem with many people spewing off on politics and the economy right now, they are all experts yet most of them have no background or never take the time to do real research. CNN should take off all these Obama biased "fact checks" in the name of real journalism.

From Roslyn Webber, Bainbridge Island, WA

I don't think we even know yet how high taxes would go under Obama. If he truly plans to implement all those programs he's promising while lowering the deficit, he'll have to raise taxes a lot more than he's admitted. Yes, McCain has also promised more than he can fund, but he's more likely to scale back his plans to keep our taxes down. Obama is more motivated to implement programs at our expense.

From Craeg fr Canada

People who become rich, due to hard work or not, do so in an environment that enables such to happen. Employers are not doing people a favor by hiring them, they are exploiting them [in a positive sense]. Employees make money for the employer.
In a society where there is a middle class that can afford to spend money and a well trained and educated workforce, there is an opportunity to do well with business.
One who thrives in this environment owes a great deal to his/her society. Rich people should feel good about paying a little more for the government services that they demand and need in order to have such success.

From Jim, Charlotte, NC

As a small business owner, I expect taxes to go up if a Dem is elected. In fact I would put money on it that taxes will go up across the board for all. If not, please tell me how they are paying for this 700b bailout plan

From Marty Amick, Jackson, TN

The bottom line no matter how the Socialist Liberal Democratics paint it is a vote for Obama each of us will take it in the shorts. Who in their right mind would say I don't mind paying more in taxes. If the Liberal left wingers want to pay more then let them for me and my family I do not.

From JW, Los Angeles, Ca

Free Health care for everyone in California???
Sorry, John from Mooresville, NC, but I live in CA, and that's a load of hooey.
What's a guy in NC know (or care) about CA taxes anyway?
This is just more smoke-blowing from a Macaniac.

From david, hillsboro OR

The most DISTRUST people ares: CAR SALES MAN and LAWYER.

You make your own judgement

From johnedward, fremont CA

I and my wife studied hard and worked hard, as a result our income > 250. Why should we pay more tax while the "poor" people will receive tax credit.
We are in America, you get more reward for working harder.

From maggy

Here is another fact check–when are you going to post it CNN? Besides Joe not even having a license(which is required) we just found out that Robert Wurzelbacher, Joe the Plumber’s father, was an executive of American Continental Corporation, the parent company of Charles Keating’s Lincoln Savings. That’s the bank which caused citizens to lose their life savings and cost U.S. taxpayers $3.4 billion. As part of that scandal, Robert Wurzelbacher pleaded guilty to three counts of misapplying $14 million and served 40 months in prison.

From Brian, Richmond, Virginia

Barack Obama has repeatedly stated that his plan will "give a tax cut to 95% of working americans" when only 60% of working americans pay income taxes. Is anyone going to fact check that ??

From Derek Kearney, MO

I think Mccain is 2 faced as he asked Obama why he would want to raise anybodys taxes yet he wants to tax everybodys health care benefits. My empolyer spends an average of $12,000 per family and the $5,000 tax credit Mccain is offering will not help me with the $7,000 left that will be considered income. I guess I should get a job with a health plan that only cost $5,000 per family so Mccain can say he isn't taxing me. Or my employer may lower my coverage and tell me, you get a $5,000 tax break you can pay the rest!!!! NOT A GOOD PLAN MR MAVERICK. Maybe if you have Federal insurance this will work but 98% of us do't have a government job. Good luck Joe the plumber.

From Bill S.

This is the most biased article I have ever seen. It get's into this semantic argument about what makes up a small business. I work for a small business – we have 15 emplpoyees, and grossed $7 million last year. If Obama wins, our business owner says it will cause his taxes to go up, and will negatively effect, at minimum, our profit sharing, at worse, jobs. I believe my employer over Obama as Obama has ZERO business or executive experience and lives in la-la land.

From maggy

On Joe the Plumber, this was a set up people. The McCain handlers (most likely Karl Rove) pulled a fast one on you. They picked someone at an Obama rally who they knew was voting for McCain and they checked the guy out and they used him. They knew exactly what would happen–the news media would be all over him–they are appealing to Joe Six-pack because McCain is loosing more and more votes with them.

Please don't fall for this! Karl Rove tactics have put us right where we are.

From Tom Mathers, NY, NY

First: businesses don't pay taxes, people do.
Second: in the interest of fairness, exactly how much should the top 1% of income-tax payers contribute to the overall tax base (it is currently above 35%)
Third: Buffett can pay more taxes anytime he wants to, by cutting a check to the US Treasury.

From Ray Walls, MS

The biggest point in this argument is that regardless of a higher tax or not on small business it is Obama's mandate that small business will have to provide insurance to their workers. No ifs ands or buts. Period. This is a tax increase on ALL SMALL BUSINESSES!

From Alex, Redmond WA

The smartest President? (HE ALMOST RUINED THIS COUNTRY)….
Bush already ruined the country. So, your logic is to elect the dumest candidate and hope for a brilliant outcome???

From steve, san francisco, ca

I think people should realize that this $250K limit is per family (not earner). Also, if you actually read mr. obama's proposal, the marriage penalty will kick back in for people making about $200K. He is also reviving all the deduction phaseouts for people making over $100K. People are concentrating so much over the marginal rate and ignoring the actual net rate increase that an obama plan will have for people in the middle class who own a small business.

Because of the deduction phaseouts, capital gains and dividend tax increases and marriage penalties in his plan, it definitly affects people way lower than $200K or maybe even $150K which hits the upper middle class with two-income earners in many high-cost areas of the country (e.g., NYC, Boston, Chicago, SF). Sounds like we just re-introduced the divorce for tax savings era of the '70's…

From Tammy in Ohio

To all of you Small Business Owners, it's amazing how you all are complaining about fairness and tax increases. The reality is, many Americans (who aren't business owners) have been living with the disparity and unfairness of taxation and opportunities for the past 8 years. For some Americans, it has been much longer. Yes, for years the rich have gotten richer and no thought of 'trickle down economics'.

I'm amazed at the arrogance in some of these responses. There are millions of Americans that work hard, incredibly hard every day. They may not own a business, but if it weren't for their efforts – and workers alike, that business would suffer.

One other thing, Baracks plan would create opportunities for other Americans to create their own businesses as well.. or just be more financially comfortable. Many of you may boast as if you were successful ALL BY YOURSELF. The reality is… you had a break, that one in a life time opportunity many dream of. Yet, you have forgotten.

I can empathize with people like Joe Plumber. But remember JOEs… you will only be as successful as YOUR dedicated employees who are striving for success. It's not about the High-Class and not only about the Middle-Class, it is greatly about the Lower-Class bread winners.. who deserve the right to succeed at their own goals. If big/small business can't remember them, then America needs a President who will.

McCain doesn't have my vote. Barack deserves it.

From John, Mooresville NC

To the poor sole that said all small business will be helped by the healthcare plan, you are misinformed…
Like in CA they are going to punish every busines a 4% tax so everyone in the state can have free healthcare… that means every illegal and shmoe that doesn't work… so, 4% tax for healthcare, a big increase in taxes for the small business person, get ready to look for a job boy…. you won't be working

From Sara Keenan

It is important to remember that the taxes we pay also CREATE jobs. for example, the tax money enables public schools to hire more teachers, public hospitals to hire more doctors, more policemen and firemen can be hired, more street cleaners, more marines. Basically, tax money isn't paid for nothing.

From Jessica, Seattle, WA

Geez, does CNN even screen their articles?? Isn't it embarrassing to publish an article so biased and incorrect that even my college student niece know the logic here is flawed????

First of all, "Spread the Wealth" is not going to work; we're not a communist / socialist community and we should never be. I work hard for everything I earn, have, etc. While I understand the need for paying taxes, I am definitely not about to surrender more to Sen. Obama. He needs to encourage businesses to STAY in this country, not chase them away to set up shop elsewhere.

Oh, and by the way, if Obama is so inclined to spread the wealth and make education more accessible then he should have used his Harvard tuition to help other kids go to schools. Oh, and don't even get me started on the high and mighty Obama's income and net worth. "Spread the wealth" with your family's $$ first.. lead by example, then maybe I'll believe you Obama.

A vote for Obama is a vote to kill small businesses and choke middle-class income earners!

From Jim Winston-Salem NC

Do you think it is fair that Warren Buffet's secretary pays a higher precentage of her income in taxes than Warren himself?

Even Mr Buffet says his tax rate and tax breaks are unfair to middle America.

If you call paying your FAIR share of income taxes is wealth redistribution, then I would say you don't understand wealth redistribution.

From Alfred, Potomac, MD

Neither candidate are qualified to decide anything about businesses, taxes or much anything else. They captured by the awe of our Federal Reserve that is driving us with worthless paper. We are subject to crushing taxes to pay a bill we never incurred. All of our currency is debt.
We see that the true owners of America are found in Federal Reserve and on Wall Street. With that backdrop the energy of the people is spent on nothing but struggle to pay debt. There is no equity in America. O'Bama is communist. And McCain a fool. So who do we turn to when media either ignores or destroys statemen and women? Who do we turn to for sound money? How do we sustain a system that burns itself out over and over again.

From joh

Remember Jimmy Carter???? The smartest President? (HE ALMOST RUINED THIS COUNTRY)….
and what did Bush do? GIVE ME A BREAK.

From Maggy Bel Air, MD

People! Both candidates are lying. Taxes will have to be raised. I am not rich but I would be happy to pay $600 more a year on my taxes if it would help balance the budget and get us out of this mess George Bush got us into.

If we had not been in a war the past 8 years this would not have happened.

No one has brought this out–I don't know why, but McCain has PTSD–the POWs do not support the man. They will not sit at the same table with him.

POWs are a tight knit group who get together every year. A good friend of ours, a well-respected POW who was held for five years, tortured, escaped three times, and held in solitary for two years, has told us how the POWs feel about McCain. They are not going to come out against their own but they are not voting for him. They know he is a loose cannon. We do not need someone like that in the White House.

Just watch the way he jerks and blinks all the time. Anyone with PTSD knows the tell-tale signs. McCain is a dangerous man.

Sometimes silence tells us more than words–the POWs know the man better than anyone else.

Obama is cool and calm and, surrounded by the right people, will make a better president. In this mess we are in we do not need a hot head in the White House.

From John Charlotte, NC

For all those people writing in say my company does $375,000 in sales, or you own a business that grosses $506K need to speak to somebody with half a brain. Doing sales of $375K a year assume a 100% margin would put your income at $188K. For the 506k guy, he would be 253K net. And those are great margins, but I will give them to you. So, if you are filing as a subchapter S corp, then you put this on your personal taxes, and take your standard deductions, mortgage deduction, charity etc. If you purchased any new equipment during the year you can deduct that also. So, in the end your income will be way, way below the $250k that Obama is talking about, so you will actually get a tax break like 95% of Americans. It amazes me that some of you people can make any money since you obviously do not have any kind of education.

From Karen Baker, Jackson, MI

I would like to know how Obama is going to cut taxes for 95% of Americans, when 41% of us don't pay any to begin with.

From Nick, Indiana

Jeremy, what you are talking about is communism at its finest. I am currently not at 250K but who are you to say that someone should not be making that kind of money if they have worked for it. To be clear about 99% of those who are wealthy have WORKED for it while the bottom 95% are not putting their money on the table to make more money and the bottom 50% of a bunch of lazy people who are worth the land they take up. Why should I pay more if I do make more than 250K? Why should I not pay the same percent??? If it were up to me, you would stop paying taxes after a certain income level as why should they pay for those who can not afford to live in the country and pay for the services they use. We should revoke their citizenship if they can not pay…

From Jeremy, Kansas City, MO

David, I am sorry that you are another one who just doesn’t get it. When businesses spend, they keep the money out of the Treasury. When individuals spend, barring a zero or negative tax rate, money is taxed many times over. If we want government to control its spending like individuals have to, we have to keep the money from getting to them. We need to treat the government like it has a junk bond rating. We cannot just go out and spend to stimulate the economy. What is needed is investment: In case you don’t know, Capital Gains are taxed at a far lower rate than income. Joe needs to invest the business’s margins BEFORE they get to his personal account. Socialism is government taking equity positions. When the government taxes and spends, it is a redistribution of wealth, but until they take stakes in business (which they now have had to) it is not socialism.

From gina, houston texas

Why is it that the democrats use the label "pay their fair share" of taxes to refer to folks with $200,000 or higher gross income? Fairness dictates that every dollar of income is taxed at the same rate—not more because someone earns more. THis country does not need less hard working, more entitlement attitude people–we have millions of them.

Why don't the democrats use the real label–wealth redistribution–socialism. The USA was built on capitalism not wealth redistribution. The latter breeds folks who don't have an incentive to attend college, invent new products, etc—cause under that system the hard working person does not reap what he or she sowed–those with their hands out get nearly half of it at current federal, state, and employment tax rates.

From Mike, Dacula Georgia

Obama's plan penalizes achievement any way you slice it. For a small business to pay the Feds 36% of any additional revenue they generate in addition to state and local taxes is absurd. And then to allow Obama and his fellow travelers to decide who gets the extra income they confiscate is doubly criminal. If you like these kinds of tax policies you obviously don't understand what it means to achieve and you probably would be comfortable in France where the laggards get paid as much as hard workers.

McCain wants to encourage small businesses to CREATE wealth while Socialist Obama wants to SPREAD it! The former something C- and D students can't quite grasp and the latter something they always have their hand out for.

From Ramesh

For an entire generation, the socialist govt of India tried distributing wealth.
Instead, they ended up distributing poverty. They even tried the wealth tax, for people who ducked income taxes by not producing any income, but living off dividends (say like Buffet). That proved very elusive as rich folks simply shifted the wealth out of country into swiss accounts and into parallel "black" economy.

It was the direct result of the socialist policies of Indian govt, that we now have Indian diaspora over nearly every country in the world, as capable people fled from stagnant economy with no opportunity and no hope. It was only when the govt opened up the economy and shifted towards capitalism, we saw the prosperity flow in. Uncertainty and Volatility are a side-effects one has to live with in a capitalistic society, but it beats poverty anytime.

From N. Wise, Houston, TX

Why do you ALWAYS bash McCain – some of us believe in him and do not LIKE or TRUST Obama! Be fair on you comments – not so one sided.
Hot in Texas

From Eugene Merriman

Margaret, sounds like you better keep clinging to your guns and religion! Ha.
You speak of naive people believing Obama but if you had read the story about Joe Plumber's taxes you would see that it is McCain who is lying.

From scott Tupelo, MS

I'm a small biz owner for 21 years .. 10 employee's … putting in 50 plus hours a week .. I'm in the top tax bracket.. Federal, state and local taxes get 60% of my income right now. I will not work this hard for less money due to higher taxes. Let only the small biz owners vote for pres and see who wins by a landslide.

From Dan, St. Louis, MO

The new glass ceiling…work hard but don't make too much money or the government will redistibute it to the "poor and needy."

From Jeff, Orange Park, Florida

What difference does it make if two percent of small businesses, or fifty percent of small businesses get their tax rates hiked? It still means higher taxes!!!! Quit trying to spin the discussion in Obama's favor. I don't want to pay more in taxes, so that the non paying people of this country get a check. That is Socialism 101!!!!

From Craig Winters, Limerick, Pennsylvania

Hey John Lubeck in Livermore CA, you really need to take a closer look get a clue. Lowering taxes actually increases tax revenue by spurring growth and creating jobs. And, it is not lower taxes that created the debt, it is the out of control spending by both parties. It is people like you, the Liberal media such as CNN, and Mr. Obama that are going to continue to ruin this country. This article by CNN is another smoke screen of the truth. Mr. Obama will raise taxes wherever he can, whether you are classified as a small business or not, and redistribute it to his contintuency to get his constituancy to vote for him so he and his party can stay in power. That is what it is all about, and it is a good idea for the few, but a really bad idea for the many. Finally, just ask yourself this question, would you rather be out of work and taking handouts from Mr. Obama, or would you rather be working and keeping more of what you earn for your family? If you are voting for Mr. Obama, then you answered the former, and you are a Liberal.

From Anonymous

Taxes, why do politicians think that raising taxes on businesses is the answer? If you raise taxes on a company that sells a product that cannot be done without like say baby diapers the company can not operate at a loss. The company will either raise the price of the product or cut expenses like employees. We the people will have to pay for the tax increase. The reason they want more taxes is it gives them a chance to get their cut of the money.

From mp pukasville

What most of you people don't understand is that none of this matters. The piece was written by a card carrying liberal since she works for CNN the bastion of the liberal propaganda machine. I wonder Joe Goebbles isn't really dead after all. He just works for CNN. That's right, the liberal media doesn't like Repulicans, and still is upset (boo hoo) over the election they couldn't hand to Gore in 2000. So the last 8 years have been one long propaganda war against Repulicans. Thank God Gore didn't win or else we'd all be speaking Arabic and our women would be wearing Burkas. You people at CNN never post my comments because they are too full of truth. You twist facts for your own gain. You have no morals and are soulless, each and every one of you. Heck yes the Dems are gonna raise taxes. Its what they do. They can't help themselves. They are all theives. You talk about the future of this nation, as long as there is a 2 party system in this country there is no future. Politicians and the media are all liars thieves and you know whats. You people think you know everything. you don't. And how dare you think you know what's right for me. You don't know me. You have no idea what its like to sit here and read this garbage day in and day out. Great you hand the election to Obam. Lets see how long it is before the honeymoon is over and you start dissing him. Wretches!

From Kaye Tiggs

OK you geniuses that blame the GOP for all this. Do a little research, yes, that means reading. Try Carter's "Community re-investment Act of 1977" for starters. See then how Clinton and Reno picked up the slack and all the dems went along with it. In short, it says lending institutions must loan out a certain percentage of their $$ to low income, i.e., those who can't realistically pay back a loan. And just what is a "fair tax"? Lets see, 95% will get a tax cut, 100M people support 330M, and Obama wants a trillion $$ in new spending…something wrong with this picture? You socialists out there should move to your "Shangrila" (Cuba). They've already got your government all set up for you, including world class health care!

From Stacy Walkon, San Juan Capistrano CA

I believe McCain, but I still can't tell. My husband is a self-employeed contingency fee attorney. He is an S-corp. Some times his numbers go over $250,000.00 and other times they are way under. For our personal circumstances, I think Obama will charge us more money in taxes that, frankly we need to help pay for our son who is a freshman in college and save for our 16 year old.

From Brian, Nashville, TN

Only 2% of small businesses would fall under Obama's tax hike plan. Well what is the other 98%'s motivation to make more money??? So they can pay higher taxes!!! This class warfare stuff has to stop. Quit punishing people's success! We already have one of the highest tax rates in the world. Obama wants to raise it to "spread the wealth". How about getting off your butt and making your own money!!! Bring on the flat tax!! That would be "fair"!!!

From dale lind

that keeps buisness's here in order to have jobs.

From Dennis E. Livermore, CA

The vast majority of small business owners wouldn't pay more taxes under Obama's plan. Most small business owners would actually be helped by Obama's plan because their customers would get a tax break and have more discretionary income to spend on products and services. McCain's tax plan is basically the same one followed by Reagan and Bush: reduce taxes for the wealthy in the hopes that they will grow their companies and create jobs. The problem with that approach is that most executives use their extra income to grow their companies overseas instead of investing right here in America. Trickle down economics doesn't work for the middle class. We need to create economic growth from the bottom up, not from the top down.

From dale lind

most experts are saying 50% and in order to get a ck. back you have to file for a tax credit. Known as welfare.

From Margaret Dernier, West Chester, PA

I'm resigned to obama winning unfortunately. His tax plan will cause most everyone's taxes to go, except for the people who don't pay taxes and they will get a check. His tax plan will not help small business contrary to some of these people writing in saying they are a tax professional or a small business. I don't think they are. I am a small business and with all of his other idiotic ideas, the small business and the middle class are going to be hit hard. In a way, I hope obama wins because it is going to be the only way for such naive people who seem to think he is some kind of savior and is going to change things for the better? to see socialism in action and unfortunately experience a economic depression. It is going to be a horrible 4 years, and in a few months I won't even be able to say/write this because of obama's political correctness police.

From Steve W; Durham, NC

If the taxes are not going to affect most taxpayers as this article indicates, then just how is Obama's plan going to help the budget? It sounds like the relatively small number of impacted small business owners that are affected will have to make huge sums of money over $250,000 to increase the IRS coffers. So, if you believe these stats, Obama's plan is not effective. If you don't buy into this article, then John McCain is right.

From Dale Lind

OK…CNN is not being totally honest. My friend owns a heating and cooling company that has about $375,000 in sales and service a year. My friend says his tax will go up to where he has to make a decision. He said he will have to raise the cost of his services (which will drive up inflation across the country) or cut employee benifits, or lay-off workers. He said for sure he wouldnt be able to give raises in the near future. I look up and down the road and I would think that almost every buisness doeas atleast $250,000 a year! Not the lower percention that CNN states. This would effect everyone. Especially people trying to get new jobs.

From Jeff Straw, Milw, WI

Bull…2%?…not likely. I own a small bus & grossed $506K last year. With 3 emp and 2 offices to support, I can't take the hit. Evrtyone who makes >$250K gets hit, those aren't my words, those are Obamas. Come on people, he's a socialist. "Spread the wealth", remember? Just look who's endording him: HAMAS, Socialist party of Amer, Communist party of Amer, Louis Farakhan & the Nat of Islam, Daniel (rest his soul) Ortega, you're in great company.

From Nobama, nowhere, MN

Obama is a communist plain and simple his ideas don't belong in this country MY country. Spread the wealth my ass I never asked for a rich person to pay me for being lazy and I sure as hell would do it if I was rich. If Obama wants to spread his socialist ideas then he should move to china.

From Eric, Indianapolis, USA

Apparently, Joe is not a licensed plumber, and makes about 40,000 a year and is a registered republican. He has a right to his opinion, but the information he gave is not correct. Also, this election is not about one voter, you could find a thousand Obama supporters that actually have a small business. His healthcare plan alone is enough reason for small business owners to vote for him.

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20081016/NEWS09/810160418

From Ruth, Panama City,Florida

I have learned how to tell when Barack Nobama is lying. HIS LIPS ARE MOVING!
There is a possible indictment coming down the pike for Mr. Obama from his connections with Tony Rezko who is singin like a canary right now to the Feds. Also Barack is tied up with Muslims, he is tied up with far left terrorist Ayers and is is wrapped all around ACORN which is still unraveling as the worst voter fraud we've ever had. Now do you want to know what I think about his tax plans?

From Geo Washington, AL

America fought the American Revolution over taxes. The Civil War was fought, in part, over taxation without representation in Washington/New York by cotton sharks. Germany started a war (WWII), in part, over unfair remuneration (taxes), following WWI. Taxes are a form of slavery and economic exploitation. It's like a credit card company that raises your interest rates on unpaid balances without your approval or knowledge. I warned, Thomas Jefferson warned, and John Adams warned about excessive taxation–have we not learned anything from history?

From Tom Ford, Gilroy, CA

Here's a fact for those trying to figure out what Obama's "$250,000 and over" tax increase means: Some here have assumed it applies to $250,000 and over in TAXABLE INCOME – not so, and he said so. Recheck the videos of his conversation with Joe the Plumber; Obama said, "If you have over $250,000 in RECEIPTS …" That means GROSS income, not taxable income – will Obama even allow him to deduct materials- pipes, tools, truck, etc? A plumbing contractor with 2 or 3 journeyman plumber employees HAS to be taking in much more than $250,000 in gross receipts. So Joe the Plumber has to either limit his growth or pay higher taxes to "Spread the wealth."
And, BTW, I haven't yet heard a comprehensive energy plan from the Democrats, except for a "Windfall Profits Tax." Doesn't anyone realize that this would drive gas prices through the roof? You will pay those taxes at the pump.

From M. Perry, Camas, WA

My husband and I are still on the fence about whom to vote for, but we've always leaned toward Obama. We own a small training and education business. As of 2007, we employed two people. The way that small businesses are set up, we are an S-Corp, which means that we include the business' income in our joint taxes for the year. Because the company brought in over $250k last year, it looks like we would fall into Obama's tax hike.

Because of the high taxes that small businesses are already responsible to pay, we had to lay off our only full-time employee, who is still without a job at this time. We also still have $30k in debt that we had to borrow to pay our own salaries (about 1/4 of the total income of the company) so that we could pay our 2007 and estimated 2008 taxes.

A tax hike would be the death of our small business in 2009 and I do not look around and see ourselves in the top 5%.

My questions is this: does Obama not know that he'd be affecting people like us or is he just not acknowledging it? Either way, it scares me. I want to vote for him, but for our family, we'd probably be better served by McCain.

From Rick, Madison AL

Nice to see CNN continue's to function as a political stooge for Obama. Whatever happened to news agencies reporting BOTH sides of a story? Seems you tools are only into picking apart McCain and Palin, and the "Messiah" Obama can do no wrong.

From John Mooresville, NC

As usual the Communist News Network is trying to throw so many numbers in this article to confuse the average Joe. You are punishing successful people and redistributing wealth…
If you are a small business person and you do make that much and you are going to tax the hell out of us, then we just won't report all of our income… Then our Liberal Communists will say they are not generating enough taxes and they will lower that threshold to 150,000, again the small business person will lower their income again, then the Commies will say we have to lower it again… soon it will hit the 40,000 dollar income level and will whack the poor hard working Americans… Don't be stupid!!!If you have a communist House, Senate, and executive Branch with no checks and balances… we are all going to be taxed to the max… Remember Jimmy Carter???? The smartest President? (HE ALMOST RUINED THIS COUNTRY)….
I am going to vote for Obama so you poor soles will see how these Communist Bastards actually work… Don't listen to their promises… you will get what you are paying for them… nothing but higher taxes….!

From Todd Z, Laurel, MD

Bill B. writes:
"What Obama and this article fail to recognize is that the LLCs (partnerships) in America will be especially hurt by the tax increases. The income from the company is reported on the indiviual partners returns. This makes them “appear” to make more than $250,000 on the return. The affects are small business owners in the end pay much more without additional income.

This can result in not hiring that new employee or cutting benefits to existing employees just for the company to cover the taxes.

Our government has a horrible history of 'distributing the wealth'. Stimulate the small businesses and they will stimulate the economy."

What Bill (and apparently most of America) fail to understand is that the income from LLCs and S corps that's passed to the owner is the profit, not total revenue. So unless the profit from the business is more than $250k, they would not have higher taxes under the Obama plan.

Now what Bill says actually does have some bearing on sole proprietorships and limited partnerships, in regard to the AMT. However, if someone has a business that's making more than $250k and they don't have a separate entity for tax purposes for that business, then they need a new accountant.

Sorry for picking on you Bill, but I felt like that should be cleared up.

From Elizabeth, Oak Ridge, NC

There seems to be so much attention to the small businesses paying more taxes. What about married couples who make more than $250K? My husband and I started with $250 when we got married. We have worked VERY hard for everything we have! We pay a huge amount of taxes partly because I am self employed. I understand we ALL need to pay taxes but a tax increase should be out of the question. There is sooooo much wasteful spending in our government. Our leaders should look at more cuts instead. I do not want a government telling me that I am able to afford more taxes because I have behaved myself and worked hard to get where I am. Maybe they should be telling some freeloaders to get to work!

From Gary Busardo

AS usual, there are a lot of interesting viewpoints, and a lot of talk about plumber Joe. To all of you bashing Joe's income, no matter what it is, you really have to think again. That job sucks and to own your own business, it sucks even more. It's just not Joe, it could be bob the electrician, Jim the butcher, Amos the landscaper Joan the EBAYER, they all work their tail's off, and no one should tell them they will be punished for trying to make more money. Anyone who thinks that a government headed by Reid, Pelosi and Obama is not going to raise taxes for EVERYONE, has not been paying attention. Oh and everyone, please get off the health care issue, it's all political rhetoric. Nothing will be done, period.
By the way, great piece, Trevor.

From JOKERoftheWB

I think Joe the plumber is a GREEDY person. He wants to grow his business to wealthy hights of over a quarter of a million dollars, BUT not pay taxes on that wealth. Maybe, he should just get a job as a CEO and get himself a GOLDEN PARACHUTE.

I was inclined to vote for McCain but now Joe the plumber has so turned me off, I'm leaning for the Obama Express to FAIRNESS.

Adam Smith warned that the downside to Capitalism was "A GREEDY HAND"…boy are we all hurting because of it !!!

Next time the faucet leaks, I WON'T BE CALLING JOE, the GREEDY plumber !!

From David – Houston TX

Hey Jeremy…This the United States of America! Neither you nor " The Messiah " Obama have the right to decide how much personal speanding is too much. When Joe the Plumber spends his money (profits) , it gives money to other business to grow and thrive. Socialism only works in theory – look what it's done for Cuba!

From ctarry, Modesto California

Only a fool would believe that Senator Government's tax plan would only affect 2% of small businesses. There will be a continual assault on capitalism under his plan. They may not be called taxes but "mandates" have the same net result. Socialism is the Rust that ruins democracy.

From Anonymous

Whether we like it or not, regardless of who wins the election in November, taxes are going up. The reality is that our government has left fiscal responsibility in the closet for the past almost 8 years. We dramatically increased our spending while also decreasing our income (i.e. taxes). Every one of us knows that this is not sustainable. In our personal lives we know that running a budget deficit will result in bankruptcy. Why do we accept this from our politicians? While I don't like paying taxes either, I realize that there is no way we can continue to allow our National debt burden to continue to balloon the way it has over the course of the past 8 years. One questions why oil, which was purchased at $23.00 per barrell was not sold when markets hit $147.00 per barrell. As a tax payer, I'll take that kind of return. One also wonders why there has been almost no enforcement of the royalty policies? There are many ways to help balance the budget, but regardless of the candidates statements today, taxes are going up. "Read my lips".

From John Lubeck Livermore, CA

First let's just say what we all know: Republicans don't like the news because they don't like facts. Anything, no matter how factual that does not represent their diseased thinking is called a "liberal bias".

Second, lets rethink the tax debate. The Republicans have led this country down the road on the issue of overtaxation and have now brought this country to over 10 trillion dollars of debt. Ask yourself – would you rather pay fair taxes now or would you rather mortgage America's future? If you answer the latter, you are a Republican.

From D Dillard, Hanna City, IL

who cares about the disagreement over the details of the tax plan proposed for public consumption by a radical socialist? The most to be pittied are those who cannot see the forest for the trees. once the full blown left gets hold of all the branches of government, the hammer will fall – among the first to go will be you dipsticks at CNN if you dare offer any opposition to their totalitarian ways. This could well be the last free election of the American Republic and all the unwashed masses can think about is their 401 Ks and their taxes.

From Mickie West, Philadelphia, PA

While McCain keep saying Obama would raise taxes, how about the tax bill all individuals would have to pay for McCain's plan to buy up mortgages. Get the facts from fact check, the taxpayer would be stuck paying for it, not the banks. McCain also will tax health benefits and give that money to the insurance companies. Same old, same old from the republicans, bail out business and stick it to the little guy.

From M, CA

I agree with you Bro… its not fact check. Its a democratcheck.org

From Jeremy, Kansas City, Missouri

I am a tax professional who cannot take any more of John McCain’s and, to a lesser extent, Barack Obama’s pandering to the anti-tax sentiment of the American people. It is 100% true that corporate taxes need to be lowered to encourage private re-investment in America. I am a reluctant Obama supporter, but I still find it astonishing that he claims that tax breaks for oil companies need to be reduced because they have such a large profit margin. He has yet to explain just how increasing taxes on oil companies could at all drive gas prices lower. I also cannot figure out how cutting effective middle class taxes more than corporate taxes can possibly convince businesses that their employees deserve more money. It is ridiculous to berate energy companies after they invest billions in R&D with a huge chunks of after-tax profits, the rest of which get distributed to shareholders and priced into equity held by millions of people. As dubious as Obama’s plans may seem, John McCain’s certainly take the cake.
As an example of his backward thinking, John McCain now wants to remove tax on unemployment benefits. He just does not understand that rich people can afford and should pay more for these types of benefits. It’s called a progressive tax system, and furthermore, based on the historic concentration of wealth this country is witnessing, it seems not to be progressive enough.
Now, the truly outrageous. John McCain has come to the table for the millions of rich people complaining about the extra couple of percent they will pay on their $250,000+ incomes. It is indefensible that Joe the Plumber would be so hurt punitively by a couple of percent on his future take home profits that he wouldn’t buy the business. If you are a small business owner who can’t find anywhere decent enough within your company to invest money, creating a write-off, and you end up taking home over $250,000, then you are almost without exception personally spending far more than you need. I suspect that even if Warren Buffett had three kids at home and a million dollar mortgage, he would have a tough time arguing that he needed more than $250,000 a year. After all, almost everything small businesses spend, including paying wages and year-end bonuses, is deductible. We down here in the middle class call this Joe the Plumber behavior greed, and we are ready to stand up to it and the people who support and propagate it.

From JeffB, Houston, Tex

Raise everyone's taxes or nobody's. Certain groups should not benefit and certain groups should not be penalized. Why can't the poor help pay more taxes? They use the most services.

From Max, Concord CA

Why will I start a business if I have to pay so much tax. US is one of highly taxed nation for SB in world. Its good to hold to it as long as country's economy is good. At this time, Govt should reduce the taxes for SB and encourage employement.

From Mike, La Mirada Ca.

It's funny how the "Fact Check" seems to not take into account many "facts". Tax increase on business does affect the hourly worker. My yearly bonus depends on the company net profit after taxes. If the successful company that I work for pays more taxes, then there goes my bonus plus who knows what else due to the increased overhead. Obama's plan will affect everyone who works for these "larger" companies. Two percent? You better check your facts closer. We the people need to rise up and force the government to cut the pork fat from spending and hold them accountable for being responsible with the OUR money! Cut the fat, we don't need more taxes!

From Anonymous

It's one thing to fund a war which is in the constitution. To fund transfer payments and entitlements is another issue. The constitution says nothing about transfer payments. You know currently 35% of people working in this country work for the Federal Gov't. Add in state and local Gov't and people on the dole and there are currently less than 40% of people working in this country who support all the rest. To put it another way. Since the early 1960's starting with President Johnson's Great Society the Gross National Product of this country has increased on average 3.5% while federal spending alone not including state and local spending has gone up 12% per year. At some point people who actually produce can no longer support everyone else and this bloated wasteful gov't.

From A. Gross, Champaign, IL

Barack Obama's plan sounds better for me, every member of my family, and all of my dearest friends, many of whom are small business owners. My family operated a small business for over a decade in Arizona, and we are all in agreement that Obama's plan is superior. This is part of the reason that my family and I will be voting for Barack Obama this November. Thanks for taking my comment.

From Bryan, Commerce Twp. MI

http://www.toomuchonline.org/articlenew2006/Dec7a.html

Obama gets it. McCain's age reflects his policies – outdated.

From Danno, Dayton, Oh

So basically what John McCain said about Obama's plan is a lie… that's right (say it with me) a LIE…..

From Brent, Houston, TX

Obama claims only 5% of small businesses will be taxed at a higher rate under his plan. If this is true, which I don’t believe it is, then how is it that 95% of Americans are going to get a tax cut? If you believe increase an on 5% of small businesses is going to give relief to 95% of the people, then I’ve got some ocean front property in Arizona you may be interested in. With the increased spending for government programs, tax relief won’t be an option.

From Kelly, Texas

To say that people such as Obama and McCain and their book business ISN'T business is just inaccurate. The IRS certainly classifies it as "business". The legal liability certain classifies it as "business." Just because you are one person who is smart enough to make money on a small business on your own, doesn't mean you should be handing out your cash to others who think "you may too much." Ridiculous. And CNN is continually misleading voters with this kind of left leaning reporting. Small business will see BIG tax increases under the Obama plan unless he totally ditches the plan – which is what I'd expect him to do. Check out any number of economic advisors and professions who KNOW the math. Raising taxes reduces economic gain.

From Ken, Louisville, KY

This is one of the worst researched pieces I’ve read in a long time. This is so incorrect it borders on propaganda. First the author of the piece completely missed this or it’s just a big propaganda piece for Obama. The article states “The Small Business Administration estimates that there were 6 million small businesses in 2005, as measured by those with fewer than 500 employees and with staff on the payroll other than the owner.” This so biased it’s ridiculous. The exception of “..other than the owner” covers a huge number of S-Corps and similar entities. Many S-corps only have the owner (which is also wrong terminology) as the ONLY employee or as they call it “staff on the payroll”. So they are purposely overlooking the successful small “companies” that want to expand so they can hire people and therefore won’t be able to because of Obama’s tax plan. This is so obvious for people that run their own companies it is pathetic. So the author’s assumption that the SBA’s definition is more realistic is COMPLETELY WRONG!!!! Sorry the number of people would be MUCH larger than 6 million as supposedly the SBA states.

Under the section titled “What gets taxed” some erroneous assumptions are taken.

“Few owners are that lucky in business. In a member survey conducted late last year, the National Federation of Independent Business (NFIB) found that only 14% of respondents said they had $200,000 or more in annual income”

Is the $200,000 the personal income or the corporate income? This is a huge difference. If it’s corporate income then in all probability their personal income could be much higher because S-Corp income is considered by the IRS to be “flow through”. At the end of the year the income from the corporation flows through to the personal income so any other income could easily push the individual into the higher brackets. The article doesn’t mention how many people are in this situation.

Before CNN concludes that “fewer than 2% of business owners would be hit by Obama's proposed rate increase” they need to go back and do their homework unless of course this is just a propaganda piece for the Obama campaign.

From Brent, Houston, TX

Obama claims only 5% of small businesses will be taxed at a higher rate under his plan. If this is true, which I don’t believe it is, then how is it that 95% of Americans are going to get a tax cut? If you believe increase an on 5% of small businesses is going to give relief to 95% of the people, then I’ve got some ocean front property in Arizona you may be interested in. With the increased spending for government programs, tax relief won’t be an option.

From Sir, Memphis, TN

To the poster from Memphis stating that Obama will not cut taxes for 95% of Americans is true. Those are very hopeful estimations by him, but the FACT is that his plan WILL cut taxes for an estimated 82% of Americans

From Chirs, Savannah GA

An increase is an increase. It's an incentive not to grow your business. That's just plain stupid if you want the economy to grow.

From john raleigh NC

We did not have to go to war in Iraq, why can’t people understand. This is like a stranger punching you in the face because a stranger punched them in the face. It does not add up, there are no weapons of mass destruction and there never was. We should have concentrated on Bin Laden and his gang of terrorist and not have stopped until the SOB was dead. It would have been a lot cheaper and many less American lives would have been saved

From Walt, Kennet Square, PA

I think 33% is too much for any business, individual, or corporation to pay. Let's simplify it. One tax bracket 15%, only deductions are dependants. Those would be your Children, Your senior citizen parent, grandparent, or great grandparent making less than the poverty line and living with you. For a business or corporation, these would be you employee expenses (Salary, wages, and Benfits) All other loop holes are closed, and no need to deduct Mortgage Interest for individual, we just lowered your taxes by 13%.

What does this do? Brings more money in tax revenue to the government because we closed thos corporate loop holes, encourages companies and buinesses to have dependants (employees) so it keeps jobs here, and puts more money into the economy because people have jobs.

There's my plan, and it doesn't cost $700Billion.

From Tom Leonard, Holly Springs, NC

My view is that any tax increase, with an already struggling economy and long-term evidence that keeping the money in the consumer's and business' hands grows economies in a far more effective way to grow the economy, create jobs, and help everyone. There is no evidence that increasing taxes has ever solved economic woes! Also…America was established as "the land of opportunity", which it is…it was not established as the "land of handouts", although the people of America have been very generous in assisting those in our country that struggle and those in other places in the world that need help! Wealth "redistribution" does not work, as I witnessed firsthand in my many visits to the East Bloc countries prior to the fall of communism! We, the people, know best what our country needs…not the federal government!

From Jim McMorrow; San Bruno, CA

Small business do NOT pay for taxes. their customers supply the funds that pay the taxes. Small business have no money unless they have customers buying their goods or services. The taxes a business has to pay come from those very sales. While it is true the business writes out the check to the IRS, the money comes from the customers.

If a business does not have customers it has no sales. The initial investments required to start a company are tax deductable and a taxes are only owed on profits. All profits come from the customer not the business owner.

From Alex, Redmond WA

summarizing Obama will raise taxes to business that make more than 250K, these may grow since economy will be better and they could afford to pay higher taxes. McCain will lower the taxes, create inflation, kill the economy and business will enjoy lower taxes while going out of business.

From Joe, Cleveland,Ohio

Obama calims his tax plan willreduce taxes for 95% of the Americans. If you check the tax role only 70% of the american people pay taxes. I guess people who do not pay taxes would get a check. What did obama call this? I think he said revenue redistibution. Also if we want to keep raising the rate on the wealthy and dropping people off the tax roll, we better hope the rich get richer. We now have 40% paying most of the taxes. Why not let them pay them all? Stacy when are going to contribute your fair share?

From Justin, Westerly, RI

People are crazy if they think Obama can get all the money he needs to run his new programs but just taxing the rich more. Redistribution of wealth will go much lower than he is leading on!!

From Independent, Fairfax, VA

When are the Obama supporters going to get it?

An increase in taxes IS an increase in taxes.

What conservatives know is that you can't live beyond your means. So cut the spending.

This is how the McCain plan works: don't increase taxes, give tax credits (true tax cuts), cut spending, and increase jobs. It's all about a hand-up, not a hand-out.

Is that simple enough to understand?

Also for those that forgot, the U.S. decided against Socialism in 1776.

From m. elliott

Let The "RICH" work a little harder if they want to make more?????First of all, 250ooo for a household isn't "rich". Also consider the fact that these so-called rich people have been busting their butts in school and in work, only to be taxed so that a bunch of ingrates can sit on theirs! Every working American should pay the same percentage of what they make, whether she is a waiter or a famous actor. Reform the "welfare" system, and get those people working, instead of giving them more money for sitting around having babies. Stop looking at hard-working, disciplined people for a handout and get a work ethic and an education!!!!

From Otto, Ashburn, VA

Mona,
No one is saying we shouldn't pay taxes. What people are complaining about is the ridiculous amount we are having to pay to a government that is inefficient, wasteful and corrupt.

From David – Houston TX

Under Obama's plan, only the successful businesses will have their taxes raised!! And successful businesses are the ones hiring more employees! Hiring new employees and giving raises to current employees are the way that business owner spread the wealth! Every dollar sent to the government is wasted. Joe the Plumber might as well flush it down a toilet! Wake up America before it's too late!

From JAMES DUCKWORTH SLC UTAH

One main thing about the taxes being paid is that 61-68% of big business pays "NO TAXES" WHY

From VR, STL,

Mr. Babb, you are acting like a true republican. When asked to comment amount Tax plans of the candinates, you have nothing to say, because the article has laid down the fact so well about Obama's tax plan. So, you jump to liberal media, ACRON, Fannie Mae, Fredie Mae, Clinton, Ayers…etc.

From Jeff M Denver CO

As an owner of three successful businesses, I can tell you that Obama's tax plan is Marxist wealth redistribution. What's conveniently left out of the above article is the proposal to lift the cap on FICA tax. That's an additional 13% increase on the marginal rate. If this really does happen, I intend to just shutdown my businesses and set up shop in another country that doesn't punish achievement because there would be no reason to invest capital here with little or no return. The naivete of Obama is that he thinks his victims are simply going to pay higher taxes. Most won't. They are a lot smarter than he thinks. This tax plan will devastate many small businesses. Marxism hasn't worked in N. Korea, the former Soviet Union, China (even they get it!), Cuba, and Venezuela and it won't work here either. Marxism does indeed create equality. In the end, everybody is equally miserable.

From Robert,Webster,NY

When everyone talks about a fair tax plan, it is fair only if it affects someone else. The fact is if we had fairness, it would affect everyone equally. To say that it only affects a small percentage of the taxpayers does not make it right. I don't care whether you make 20k or 20 million you should not be treated differently. All Americans must have to make some sacrifice. You should be encouraged to be better off in life, not penalized. The way that the Democrats phrase it is…we need to give breaks to the working people. Meaning only people that make less than some amount of money are the ones that make sacrifices and work hard. It is assumed that people that make over 250k were born with a silver spoon in their mouth. I will guarantee you they work longer hours and make more sacrifices than the average Joe. The fact is that generally the people that the Dems cater to aren't willing to do what it takes to be successful. They just want all the benefits. Maybe if the Democrat voters were treated the same as everyone else, they would be more proud of this country.

From P Patterson Nashville TN

Who decides how to redistribute money. Pal Palosi, Mr. reed, or Mr. Obama.

There was a book I remember well by Mr. Orwell "Animal Farm" where some pigs became more equal than othe pigs.

We did a tea party for the King over taxes. Redistribution of my efforts and success should be my decision, not the government's.

As they say in New Hampshire "Live free or die.

From Steve

Here's an inconvenient little fact not mentioned in this slanted, Obama pantering "analysis": The "rich" small businesses are providing, by far, the majority of the jobs that Barry is so concerned about. The small businesses not subject to his tax hike are, in most cases, not providing jobs for anyone other than their owners. So, in essence, Obama is bragging that his tax hike will only affect the job creators. What a brilliant idea!

And this dim bulb economics retard thinks we should vote for his brand of change. Be careful what you wish for….

From Randy

Wow….a PhD….then you would feel very offended if you knew what I made with a high school diploma.

This is the definition of an elitist people….it has nothing to do with the amount of money you make, the kind of car you drive, the number of houses you own…..it is the attitude you display towards others.

From Elizabeth, Columbiana AL

Obama is lying when he says he will cut taxes to 95% of Americans. He has already stated he would not renew the Bush tax cuts which means everyone will automatically have a tax increase. Punishing people over $250,000 (they create the jobs) will cause there to be no new jobs because what poor person ever created a job for someone. I don't want the government to take care of me I want them to stay out of my pocket. I don't want the government to get involved in health care because anything the government tries to run goes defunct. You only need to look at Canada and England to guage how well socialized medicine works. Try waiting for procedures you need immediately. I and my husband worked full-time and went to college at night to improve our life. We did not have any help paying our way. WE DID IT OURSELF!! It can be done with HARD work. We then worked as much as we had to in order to send both of our children to college without the government's help. However, it seems the majority of Americans these days are satisfied to live off of whatever crumbs the government will give them. This country is making a huge mistake by electing Obama. Redistribution of wealth is Marxist. The United States will become a coutry of Elitist and the rest of us. The democrats must think their supporters are ignorant or else they wouldn't have to carry them to the polls to get them to vote. Anyone who doesn't have the conviction to go vote without being enticed has no right complain.

From Mike, Ogden Utah

I think that Stacey Crowley is using a fact check to direct us away from making sence of it all. The "Fact" is that Obama is about Wealth distribution, he said so.
Forget about the small businesses… Obama and most of the left have been very clear that they intend to raise taxes on big business especially Oil. Follow that logic. Where will the big businesses get the money to pay the increase in taxes? They certainly are not going to give up their profit margins! They will pay the taxes by reducing costs (layoffs),reducing services or product size/qty, or they will raise there prices. When the entire industry is facing increased taxes competition will not keep the price low. Who will be effected by these tax increases the most?? The little guys that don't even make enough to have to pay income tax. Failed policy.

From Jay, Orlando FL

We need a federal sales tax and get rid of the IRS… this would tax what you spend and typically if you make more then you spend more and under this theory, you would pay more in taxes…it would also get the people that are here illegally, and it would get the tourist to help pay for the uncontrollable spending going on in Washington… it is fair and there would be no way around it…

From Ken McQuade Southgate MI

What this analysis misses is that even though my business income is slightly less than the $250,000 threshold I file a Joint tax return. My wife's income is included in our tax return and the analysis therefore underestimates the effect of tax increases on many business owners. As far as I can tell Obama has promised to raise my taxes in 3 ways, an increase from 33% to 36% in the marginal tax bracket, an increase in the capital gains rate from 15% to at least 20% and an increase in the self employment tax. In addition the State of Michigan has a new small business which I will be privileged to pay if I am able to increase my income just marginally. That will add another $6,0000 per year to my overall tax liability.

Here is my happy picture:

My Top marginal rate(without any increases) 33%

Self Employment Tax 16%

State Income Tax 4%

Total Tax Rate on last dollars
earned 53%

Percentage left for my family 47%

I would like someone to explain why my government has more claim to the fruits of my hard work than my family does. Also of the 47% the Government graciously allows me to take home to my family what happens to that if I wants to take my Wife out to dinner? Well let's see. The phone call for reservations is taxed. The dinner and movie are taxed.

Just to rub salt in the wound I am held up as someone who doesn't pay their fair share. Anyone care to explain this to me?

I too am in a position where I would like to add to my staff but cannot afford to do so because of the taxation. When almost 1/2 of the people do not pay any income tax I am wondering about what my fair share is.

From Rick, Los Angeles CA

Thanks for this explanation. McCain is using blanket attacks against Obama with false claims, then acts like he's the wounded victim in this campaign. Vile. He keeps asking how Obama plans to pay for programs and then castigates any proposed tax plan as unAmerican. Meanwhile he's taking health benefits for the first time in history and spouting rhetoric that is sure to lead to more military spending. Hypocrisy on all counts. I am so amazed by Obama's restraint and refusal to wallow in the McMud.

From KF, Houston TX

As an independent consultant with no employees, I raised my eyebrows to see that this writer doesn't think I run a business for a living. Huh. I have customers. I do accounts payable/receivable. I have revenue, expenses, and I belong to the chamber of commerce. Oh, and I pay taxes on my earnings. Even the folks I know running a business on the side do the same things. My Mary Kay consultant is proud to say she "runs her own business".

The only thing I don't do to qualify to "run a business" is employ others. But I pay someone to review my contracts, I pay someone to do my taxes, I pay someone to develop my ads, and my website. I think the "broad definition of small business that McCain likes" seems pretty appropriate.

Just a nit.

From Richard, Hadley, MA

McCain is spewing the saame old moth eaten damaged merchandise that Republicns have been peddling since William McKinley.Like Reagan and the 2 Bushea he is the reincarnation of Herbert Hoover.

From Bill Antigo WI

We own a $15 million company with 140 employees. Every employee including us will benefit more from Obama's plan than McCain's. In general Obama's overall plans for health care, taxes, job credits favor our type of business. Obama's plans favor our creating jobs not restricting them. We as most small business owners want our employees to be more successful we are not in favor of the rich get richer policies of the Republican Party. How about putting America and American works first. I don't know any plumbers that are going to be hurt by Obama's plan its pretty hard to squeeze that much in profits and or salary out of a small business. Some of your political pundits need a lesson in what drives small business (having a job yourself) and what drives the up health care premiums. Two of the biggest factors in higher health care costs are funding health care for the uninsured, and underfunded Medicare payments. This country should have mandated employer health care so that those of us that do the responsible thing arn't paying for the practice of not covering employess by some of the wealthest and largest companies in our country. The role of government is to step in when cititzens and businesses make inappropriate choices that adversly affect the rest of the country. Good for Obama for wanting to correct these problems in a way that will lessen the devide between the middle class and the wealthy.

From Chad, Maple Grove, MN

Does anyone understand that business does not pay taxes, they just pass along thier increase to us. By government raising business taxes they are raising our taxes, the end-

From Max, Raleigh, NC

Weak argument. Who are you to claim that neither Senator should be considered a small business owner because they merely receive book royalties? What a presumptuous statement! Isn’t the intent of a (for profit) business to offer a good or service and exchange for (typically) money, and to create a constant stream of income? Haven’t both of them done that? They may not have a publishing office they go into everyday but they have created something from nothing that generates money above and beyond what they salary offers. That is a business!

From Robert Shanbaum, Manchester, CT

The “rich” folks are the ones who take their profits that are left over after taxes and invest in expanding the business or take their personal earnings and invest in stocks, business ventures, real estate etc.

Hmm… or they could take the profits their businesses earn before taxes, and hire people, thereby reducing their profits, and thereby reducing their taxes (to zero, if they want)…

From David, Vineland, NJ

Don't forget "Senator Government"!!!!!
The Dems and the Left want Government to take care of them and everyone else at the expense of those that work. But remember, when someone takes care of you, you must do what they want you to!! You can kiss the idea of FREEDOM goodbye!!!

It's time for a new Revolution in this country. Frankly, I want to live in my own Conservative country where my hard work is rewarded by allowing me to take care of those that can't take care of themselves. Not having some bloated, money-eating government take care of them for me.

We need two Countries:
The Liberal States of America
and
The Conservative States of America.

If I have to move to live in the CSA, then I'm moving!!!!!

From Elizabeth, Davidsonville, MD

Joe Biden provided a serious and thoughtful idea for us to consider: that it is patriotic to pay taxes….and you know, after thinking about it, I have to say I agree. For the multitude of opportunities, for the standard of living we enjoy here in the States, for all that we have here, for our freedoms, and for our future as a country….why shouldn't we want to pay taxes? All I can say about the people who are trying to dodge paying taxes, finding loopholes in the tax structure, or denouncing taxes is this: they have taken advantage of all this country has to offer, and yes, they have wonderful initiative and ambition, but they are also guilty of a latent greed and the inability to see that there is nowhere else where they could achieve what they have or enjoy the fruits of their labors…we show our thanks for being in this country by supporting it, though we may not agree with how our tax money is spent….but that is why we need to get rid of the lobbyists (who work for Mr. McCain, incidentally) and be real participants in democracy, each and every one of us.

From Rob Holland, Murray, KY

After watching the 3rd and final presidential debate last night I was finally able to make my mind up, and as I had expected to vote all along I will stay with the democrats. I was overwhelmingly impressed with Barack Obama and the issues he brought to the table last night in debate with John McCain. I fall into the bracket of most americans who are middle class americans who make less than $250,000 a year. Barack Obama speaks directly to the middle class…I cant fathom why anyone from the middle class would vote for the republican trickle down economic plan that Senator McCain backs. I think its time the American Middle class back a president who will back them in washington. The same ideas the Al Gore preached when running against George W. Bush. I hope all you republicans out there and democrats who were ignorant enough to vote for Bush in 2000 instead of Gore are reaping what you sowed. Bush lacked the experience and education of that vp gore brought to the table. Gore promised to back the middle class in 2000 and the middle class let Gore down by not voting for him. DONT MAKE THE SAME MISTAKE AGAIN….VOTE OBAMA/BIDEN!!!

From Ben Harper, Tualatin, OR

I would agree with Mike from Pittsburgh. Who really believes that Obama is going to cut taxes for the middle class? I remember how the Democrats all talked about the last Republican tax cut was only for the wealthiest 5% of the nation. It was a great day thinking that I was finnally among the rich (I am not even close to the $250K), just to find out it was just another lie by the democrats and the media. I am tired of their lies and pointing fingers when something goes wrong

From Robert Shanbaum, Manchester, CT

Why should one person have to give their money away to someone else?

Uh, I dunno… because, no man is an island?

We're all in this together?

Patriotism?

Social compact?

Compassion?

From Houston, Texas

Oh My God – we may have to pay taxes to pay for the war and our roads and infrastructure improvements?

Why should we pay taxes as long as we can borrow from the rest of the world – oops! Do We Have To Pay Interest On That Too? I'm not paying any more taxes. Read my lips -

NO SOCIALISM! I WILL NOT SUPPORT ANY MORE GOVERNMENT AID TO OUT OF WORK PINKOS!

From Keith Comstock, Myrtle Point, Oregon

I simply don't believe anything Obama says. If he can lie about his relationship with Bill Ayers, Pastor Wright, Father Flanagan, ACORN, and with Fannie Mae and Freddy Mack why wouldn't he also lie about cutting taxes. If he is elected, I see him as a cross between President Carter (left office with double digit unemployment and inflation and interest rates of 21%, the most incompetent President in my lifetime) and President Clinton ( in my book, the most corrupt of all presidents in my lifttime). The stakes are much higher than with Clinton or Carter with the Democrat caused financial mess and Al-Quida wanting to kill us any way they can. Obama is a great actor but would be a horrible president!

From Mike, Ogden Utah

The amount of taxes is proportional to the size of the government collecting them. Of course all countries have taxes. There is no doubt that government has some use. However, government can get too large, slow to react and very expensive to maintain. The solution is to decrease the size of federal government and allow states (closer to "the people") to administrate social programs taylored to and voted upon by the local demographic.

From Kelly Denver, Colorado

I went to http://www.electiontaxes.com and calculated my income taxes. We are a family of 5 making approximately $90k a year. I am nowhere near the $250k mark and pretty much am the heart of middle class. Under McCain's plan, I will pay $97 more in 2009 in taxes than under Obama's plan. HOWEVER.. in 2012 I will pay nearly $400 more in taxes under OBAMA's plan. Can someone please explain to me where my 95% tax cut is? According to these numbers, it's simply not there.

From John Q. Public,Los Angeles CA.

John McCain is not a great speaker nor does he have a great presence on camera. Barack Obama is a great speaker and does have a great presence on camera. That is about where the substance and credibility of Obama begin and end.

For 40 years or more we the people have been over taxed on our incomes. I define that in that we have not gotten what we paid for. Yes, our goverment has done some things that they are supposed to do. Provide a military, secure our boarders (questionable) provide basic services.

The problem is that government hasn't taken up the mantel of John F. Kennedy. "Ask not what your country can do for you but ask WHAT CAN YOU DO FOR YOUR COUNTRY"!!!

Higher taxes is not something that government needs to be inflicting upon society. The constant class warfare used by those that want to impose higher taxes on those that have succeeded or been fortunate is simply backward minded.

What is also amazing is the misnomer that only 2% of small businesses will be effected by the Obama tax increase. This is a false and convienent figure. No evidence that doesn't require some twisted accounting points to a number that low. The number is far closer to 22% than jsut 2% but that is part of the Obama magic. Say it an it is believed. Especially by the press.

There is no mention that being in the 35% tax bracket these people are paying a larger and larger portion of the Federal Tax burden as they earn more. Why take that away?

The worst part of Obama math is that if you do raise the taxes of those making $250K or more just to satisfy voters that do not make that much there is no evidence that Obama has or can give that the additional 3% on the so called wealthy will generate significanty more taxes overall!! NONE!

Keep something in mind. Nancy Pelosi, Harry Reid,Chuck Schumer, Chris Dodd,Barney Frank,Barbara Boxer,etc.have have brought an economic crisis to everyone of our doorsteps. Republicans have blame in the economic crisis as well but it is the obstructionist tactics of the Dems that prevented timely oversite of Fannie Mae and Freddie Mac. Dems were simply more strongly benefited from the donations of these two companies but Republicans are to blame as well.

I'll be happy to have Obama as a Presitdent if we as a country clean house of the Democrats and Republicans in the house and Senate that have done so much damage by playing nothing but party politics and creating a class warfare culture that is hurting our country badly.

Listen to Joe the Plummer. He didn't make a fool of himself. He simply told it like it is!

From Specklebang, Las Vegas NV

The Clinton era had higher taxes than what we have today. My best years were during the 90s and I was thrilled to pay so much taxes because I made so much money. It had no effect on my growing my business, I would rather pay 40% on a lot than 20% on little. No business refuses to grow because the owner pays more taxes on their net personal income from the result of the business.

If we would give up our worldwide military imperialism, punish our thieving Pentagon, Congressional and Executive branch pigs for cronyism and contracts that have no supervision for things as ridiculous as trillion dollar airplanes and trillion dollar missile shields to protect a few political celebrities in case Afghanistan attacks America, and we invested in things like ultra-modern schools for the intelligent and some overdue infrastructure improvements, we would all be better off.

Taxes are how all this crap gets paid for. You criers about taxes assume that we can just print up more money and not bother collecting any. If it were that simple, there wouldn't be any taxes.

What a nation of losers and whiners. How did this happen?

Neither candidate seems very appealing but with Obama we MIGHT, maybe, possibly, hopefully get a change. McCain is just more Bush – useless wars, huge government, spying, reckless spending on everything except helping our own people and every other action that reminds me of Russia in 1950.

From Ryan, Buffalo, NY

Obama will let the Bush tax cuts expire. In the debate the other day he said.."Joe the Plumber needed a tax cut 5 years ago, not far in the future" HE GOT ONE BY GEORGE BUSH!!! How soon we forget. And also we just all got checks in May-August from the government under the Bush Administration. How is that different than a tax cut? Lower taxes, less government. Most wealthy people work harder or are smarter than the rest of us or had successful ancestors, they deserve more. I am not rich but would not for a second think that I deserve their dollar more than they do, or that I could spend it better than they could.

From Memphis, TN

The money would probable come from increased tax revenues. A tax rate cut typically leads to INCREASED tax revenues as their is more economic activity (commerce, jobs, etc.) because there is more money available to be invested and more activity in general because there is a hope for a better return since it isn't eaten up in taxes. INCREASED ECONOMIC ACTIVITY = MORE JOBS = MORE TAX REVENUE

From Sonny Danville, KY

SPREAD THE WEALTH? Please explain to me why someone who works hard long hours should give their money to people that do nothing? All it does, is take away any motivation the person may have to do something for themselves. We are training these people to be dependent on others and if there ever is a real crisis in the US, these people will die because they do not know how to do anything for themselves. By giving these people handout after handout, we are not helping them, we are harming them and taking away the best thing about life (feeling the satisfaction of obtaining something you have worked for). Do these people deserve this?

From derek fox new york ny

I think you should all take a look across the pond where Tony Blair and now Gordon Brown have created layer upon layer of employees direcly or indirectly relient upon the state for their livelihoods through either state benefits, employment in the National Health Service or the increasingly growing state and local government. I belive something like 28.2% of all UK employees are now in this category. This creates an underclass and a working class that will never vote anything other than Labour (Democrat) again as their very livelihoods are dependant upon the incumbant party staying in power. Mark my words, this is the route you will go down if Obama gets elected.

please wake up America!. We've been there. We got sucked in by the smooth talking eloquence and grand ideas of Tony Blair 11 years ago.

We now have more household and credit card debt than the whole of Europe put together.

McCain should be viewed as a one term President. Elect the safe hand for the next 4 years and if, a big if, Obama matures and stays on his message, then elect him.

But don't hand over the reins to such a left wing liberal in these troubled times. You will come to regret it. Just as we in the UK did.

From warren nelson, Raleigh, NC

When you fall into a higher income tax bracket, you pay the higher percentage on the whole amount not just the part that puts you above the cut off point. Most small business's are sub chapter S corporations which makes the income flow to the owner as regular income.

From Mona, Dallas, TX

Without taxes no country would be able to function. Like Obama said, no one likes to pay taxes, but everyone must contribute to keep a country going. Republicans want to lower taxes for everyone including the wealthy, where would the money come from to fund the war that republicans insist on continuing?

From A Babb, Norfolk, VA

Gotta love the Clinton News Network. Love that the media isn't bias. Wink Wink. Why is CNN reluctant to cover ACORN? Also how about the fact that this housing crisis mess started during the Clinton administration & major regulations were eliminated so everyone could own a home & live the American Dream (yet CNN keeps trying to tie it to McCain & republicans when CLINTON signed off on the deregulations). McCain actually backed a bill in 2003 & co-sponsered a bill in 2005 putting regulations on Fannie & Freddie. It got shot down – not one democrat voted for it. So yes wars cost money, but not nearly the amount of lost capital from this financial crisis. Oh & FYI if we pull out of Iraq Iran would move right in. Has anyone thought of that? That's a great strategy!

From DC San Antonio, TX

Senator Obama makes the statement that 95% of all Americans will get a tax cut under his plan.

My question:

How may people which fit in this category actually pay Income Tax?

From Memphis, TN

Would Obama allow the Bush tax cuts to end, i.e. would he work to not extend them? If the answer is yes, then anyone who pays taxes will pay more tax. This claim of Obama's that he will cut the taxes of 95% of Americans is simply not true. If he lets these Bush tax cuts not be extended, then taxes will be raised by anyone who pays taxes.

From Al Reddy Pa

Obama's plan seems to be the best. What we need is a fair tax plan, not a no tax plan. We have all contributed to this crisis. We buy on credit all the time. We do not save for anything any more. We see it we buy it. We were encouraged to do this. So now we have to pull our fannies out of the fire. We are both individually and collectively have to cut spending and pay our bills a little more aggressively. The Republican practices of trickle down economics has come to fruition. It has failed. They call for a free market but treat us as a kingdom. Give the money and power to the Nobles and they will care for the lower classes. What we need is a trickle up policy. Allow the first ten thousand of income to be tax free for eveyone, rich and poor alike. Then start taxing. The poor and middle class spend their money. They have to. Let the rich work a little harder if they want to make more. Small business owners are some of the hardest workers but also the biggest whiners. Every penny that comes out of the till, whether to pay employees, buy their stock, pay rent or the electric bill, is coming right out of their pocket. They seem to be the hardest ones to work for. We all pay taxes. What we need is a tax plan that is fair and equal. One that allows the lower income to keep more of their money because they spend the most in proportion to their income and that is what keeps a free market going. We need a simplified tax plan that does not have high rates but also does not have loop holes causing most of us to feel like we have been had.

From Robert, Waldorf, MD

Why does CNN and the majority of the media lean to the left? What happened to just reporting the news? This is why a lot of America is naive when it comes to politics and where the candidates stand; they take the opinion of news agencies instead of forming their own. Just report the news, don't promote an agenda.

From Otto, Ashburn, VA

Who really pays the increased taxes? Its all of us. If you raise taxes on any business they naturally have to raise the price of the products and we, the consumer, end up paying that tax anyway.

From Mary, RI

It seems as though "Joe The Plumber" may not be telling us the truth about his life- I suspected this but it's still really sad

http://thecaucus.blogs.nytimes.com/2008/10/16/joe-in-the-spotlight/?hp

From Andrea, Princeton, NJ

How is stating the truth slamming McCain?? He is the one who is lying about this small business tax. And as someone who has a doctorate degree and makes over $100k a year, I would be kind of offended if a plumber was taking home over $250,000 a year and paying less tax than me.

From carmenincali

If Obama is milking the ignorance of Americans that were educated in public schools on their lack of business sense, then Obama has either no business sense or he's corrupt. OBAMA'S TAX HIKE ON SMALL BUSINESSES IS TAXING THE POOR!!! Small departments in Corporate America net A LOT more than $250,000 EACH QUARTER. This is going to take a chunk of change from the owners of small donut shops, family owned resturants and businesses and give them incentive not to grow. Which is not the message you want to give to any business in this economy as it is. I decry the Fortune article for insulting intellegence and belittling modest Americans who are trying to keep Ameirca thriving –solely because you have a potential financial interest in Obama's win. REAL Job creation will Americans more than his $5000 handouts. Disgusting.

From JEREMY, FAYETTEVILLE NC

COMMON SENSE… IF THE GOVERNMENT TAXES BUSINESS OWNERS HARDER, BUSINESS OWNERS CUT BENEFITS AND JOBS. I HAVE NEVER BEEN EMPLOYED BY A POOR PERSON. HAVE YOU? BUSINESS OWNERS WILL MAKE THEIR MONEY EVEN IF IT MEANS FIRING YOU! THEN PEOPLE WILL WORK FOR LESS BECAUSE EVERYONE WILL NEED A JOB. AND THEN THEY CAN AFFORD TO PAY THE HIGHER TAXES. BUSINESS OWNERS WILL THEN LOOK FOR MORE WAYS TO LOWER THEIR INCOME WITH DEDUCTIONS AND ETC ON PAPER TO STAY OUT OF THE TAX BRACKETS. THEN WHO WILL PAY OBAMA'S PROPOSED "WELFARE CHECK" FOR AMERICA? YOU NEED TO THINK ABOUT THIS….

From Bill Brousseau

What Obama and this article fail to recognize is that the LLCs (partnerships) in America will be especially hurt by the tax increases. The income from the company is reported on the indiviual partners returns. This makes them "appear" to make more than $250,000 on the return. The affects are small business owners in the end pay much more without additional income.

This can result in not hiring that new employee or cutting benefits to existing employees just for the company to cover the taxes.

Our government has a horrible history of "distributing the wealth". Stimulate the small businesses and they will stimulate the economy.

From john raleigh NC

I have an idea? We are all very very upset even mad, people are commenting suicide, instead of using our energy to fight, why not use our energy to have a bill passed.
What do you think ?
Ok let’s see if we can make some common sense out of this. We are worried about all these investors that are worried that there portfolios well dwindle if we change the terms of these mortgages back securities. OK then I say let’s refinance everyone in the US back up with part of the $700 billion bail out package. But instead of the US buying those toxic loans which will still default, allow all the homeowners to reconsolidate all of their loans at a 5% interest rate. However, the lender will get a 3% return on the loan
1% will go to a personal credit line to the home owner
1% goes into a retirement account for the homeowner
This will stabilize home prices and the dollar; it will also give the lender a large amount of working capital.

From Jerome, Milan, MI

Isn't Samuel Joseph Worzelbacher a close relative of Robert Wurzelbacher of Milford, Ohio. Who is Charles Keatings son-in-law and the former Senior Vice President of American Continental, the parent company of the infamous Lincoln Savings and Loan. The now retired elder Wurzelbacher is also a major contributor to Republican causes. Smells like a planted question and republican media reponse.

From Carter, Tulsa, Oklahoma

This is for those Democrats that forgot.

In 1962, President Kennedy sponsored legislation to cut income tax rates by 20%. He also proposed a 10% reduction in corporate income taxes to spur economic growth and job creation. (Even then-freshman Sen. Ted Kennedy voted for that tax cut.) The cuts were an unparalleled economic success. Total national employment grew by more than one million jobs in the next four years. The economic growth rate climbed from 4.3% to 6.6%. The cuts also generated increased revenues, which helped balance the budget.

From Bruce H. Dallas, Texas

Remember the rules when dealing with Obama supporters. They will say and do ANYTHING to hush the truth. Proclaiming racism and trying to make you feel ignorant are there primary methods.

OBAMA and his handlers want YOU the average American, to be broke spiritually, financially, emotionally, toally dependent on the government, and powerless to do anything about it, in order for them gain and keep power.

If Obama really was interested in "sharing the wealth", why doesn't he take some of his wealth and help his half brother in Kenya, who is living impoverished in a shantytown on less than a dollar a month. http://www.telegraph.co.uk/news/newstopics/uselection2008/barackobama/2590614/Barack-Obamas-lost-brother-found-in-Kenya.html

Keep your hands out of my wallet Obama!

From Matt, Los Angeles, CA

Yes John, eight years ago our country was strong as we were not in a war because of the attacks on 9/11. Wars tend to cost a lot of money.

From Diddy Ridge, New York, NY

The Boston Tea Party was over a 3% tax…are we really happy to pay 30%, and even more?!

Also, what ever happened to news agencies reporting the news without the slant. CNN has become such a liberal slanted agency…this entire article is favoring Obama and slamming McCain. Just give me the facts, I can make up my own opinion.

And if you want to boost the economy, you dont take funds away (taxes) from those who can employ..they will simply have to cut jobs, further hampering the economy. How about the flat tax..let everyone pay their fair share. If you make little, you pay little. If you make tons, you pay tons. But if we do that, candidates who thrive on the ignorant masses who wish the government would pass out the free cheese and wipe away consumer-wanted-debt..well, they would simply go away.

From Letty Horan Stoughton, MA

A subchapter S corporation can distribute all the money to the owner at the end of the year and it will be taxed at his personal rate and included on a W-2. OR, it can have "retained earnings" in which case that same figure is given to the business owner on a K-1 form and he adds it under Line 17 on a Long FOrm 1040 which is rental real estate, royalties, partnerships, S corporations, trusts, etc. This is the real American failure–hardly anyone in this country can fill out a tax form nor apparently understand that wars MUST be paid for..how can any candidate reduce taxes at all.

From Darrin in Fort Myers

McCain totally misrepresents what a small business is. Almost all small businesses are pass-through entities ("S" corps or LLC's). As a result, these small business PAY NO TAXES. AT ALL. ZILCH. The income passes through to the owner or owners, who pay the same tax rates as everyone else. Only if you are already in the 30%+ bracket will you get touched. Joe the Plumber better not be making that much, or I am in the wrong profession (legal).

From john, san jose CA

Oh, yes Obama's tax plan makes sense and sound good. But, come on people whether he can implement it is the real bottom line we all care about.
Remember the current crisis, YOUR HOUSE VALUE WAS JUST PAPER MONEY
I am wondering if we hit another crisis with PAPER PLANS

From Big Ed French camp CA

All taxes come from the consumers pockets. Give $1.50 gas and I'll drive and spend money every where

From Bruce H. Dallas, Texas

Emily, Obama whined last night that he would be up 2 more points in the polls if FOX news wasn't giving him negative coverage( code for reporting the truth). The real "bottom line" as you say, is that if you, and others in the media would do your job, Obama would be 15 points down.

From Glenda, Spartansburg PA

"Share the Wealth" is another way of saying Socialism. Why should one person have to give their money away to someone else? Right now the Earned Income Credit to people who pay ZERO taxes is giving money back to people that don't even pay in — which equals someone else's money is bein received in a "tax refund" to someone who doesn't pay taxes. And anyone who buys that 95% of people will not have their taxes raised under Obama need to take some math classes. It is pure falacy and fantasy — and totally unbelievable.

From Tim, Columbus, Ohio

Who are you retards who think that two years of a Democratic-controlled Congress means anything compared to the near stranglehold the Rebublicans have had on ALL THREE branches of government for most of the last 14 years? Are you serious? Are you blind, or just stupid?

And who are you other retards who embrace this idea of having the government fight multiple wars and talk about buying everybody's overvalued houses and throw money all over the place, but revolt at the thought of actually paying for it?

For me, if you want small government and low taxes, that's fine. But then bring all the troops home, stop paying for bridges to nowhere, and let Wall Street fail. You retards think you don't have to pay for all these things, and you're off your friggin' rockers.

From john

I think Obama said it best. 8 eight years ago our country was strong, we had NO WAR, low unemployment, low trade deficit, everything was great. Look at US now  does it really take rocket science to figure out that we have been headed in the wrong direction for the last eight years. If McCain is such a fighter why did he not fight for the people when he had the chance? Besides what makes you think that he would be any different now after making the same old judgments and mistakes for the last 8 years, if he has been there so long, why does he think he can change anything now?

From Skip, Roswell, GA

All you folks who are out of a job and are voting for Obama think about it. The "rich" folks are the ones who take their profits that are left over after taxes and invest in expanding the business or take their personal earnings and invest in stocks, business ventures, real estate etc. This creates jobs dummies. You want to let Obama take this money and pass it out to people who pay no taxes currently. That's not a tax cut. You get down to the 40k range and you can't give a tax cut to these people because they aren't paying any taxes now. You are taking it from someone including the ones that earn 50k to 250k that are actually paying taxes. Let's not call it a tax cut, but let's call it what it is. A WELFARE CHECK. How about a fact check on Obama's 95% tax cut?

From Fred, Aberdeen, WA

And people who earn 20 000 should pay $5600? I disagree completely.

From Marian

Watch out for wage inflation! If a higher % tax is placed on those who make over $250,000 now, there will only be more of us in the future, especially 5, 10 or 15 years down the road. I'm sure they'll never reverse the increase. I agree with Joe the Plumber, it's a socialist idea to "redistribute the wealth".
Most of you forget how much you also have to pay in State Income Taxes. Between the Fed and State taxes some will be aproaching %50 tax payout. Why is that fair for hard work? And of course that does not include Social Security & Medicare, which the small business owner pays 100% of their own taxes along with the same amount as their employees pay. Small businesses are simply overtaxed now and will bear the burden of continued taxiation because we are the easiest targets! Large corporations have their lobbyiests and lower wage earners have their politicians, who represents us? NO ONE!

From Rick Gleesen, Las Vegas Nevada

Dont raise taxes when the economy is slipping over a cliff. Don't propose over 1000 BILLION dollars in new programs, and expect tax breaks and "no new taxes" IT CAN'T BE DONE.
Put down the Koolaid. Obama's speeches are like cotton candy….all hot air and sugar, but contain nothing. He will distroy out economy.

From Jan Brickey, Shawnee, KS

Joe the Plumber needs to do his homework before he whines. McCain is sleazy and has nothing to offer but lies. He even uses his less than admirable military career for the pity vote. Do your homework America. McCain crashed 3 military aircraft, not including the one he was shot down in. He didn't help clear the deck of the USS Forrestal when it was ablaze, nor did he attempt to rescue other soldiers trapped by the fire. He went into a room and watched the activity from a distance and then left the aircraft carrier with the press that covered the disaster. He passed legislation that blocks access to information on the POW's and MIA's that were left behind in Vietnam leaving hundreds of families with no answers as to why our government didn't do everything in it's power to free all rather than just some of the prisoners. He should be called McShame!

From Matt, Burke,VA

WAKE UP PEOPLE! Let me get this straight, very few people would be affected by Obama's tax plan and 95% of people will get a tax cut! BULL, where do you think he is going to get all of this money to do all of the things he has done. This is what will happen: Obama, "Since being elected the budget is worse than we realized, we will need to let the Bush tax cuts expire, plus raise the income tax on the wealthy which will be a double wammy! This along with all of the tax hikes at the state and local levels will mean drasticly higher taxes! This will mean a recession for many more years than necessary, look it up the recession after the fall of market in 29 lasted much longer because of the massive tax increases. The money has to come from somewhere you morons!

From ttre La Porte

Regarding Joe the Plumber….he better he scared very scared. Between the economy and business having to come up with alot money to fund Obama's wish lists of insurance and college…I am not sure what he is thinking..immediate gratification generation. He sounds like stages my 3 children went through. Cut taxes, cut spending.

From Pete, Philadelphia, PA

Folks i think you are twisting what these canadates are saying as far as small business. The tax is aimed at people making in excess of 200K not the business and I agree that the more you make (on a personal level) the more tax you should pay. That's equality among us to all pay a percentage of our income. Example 100k earners pay 28% or 28K and 200K earners pay 56K it's fair way to tax.

From Bend Oregon

Here is the real bottom line. No matter how much money a business or person is successful enough to make why should they have to pay the Federal Government over 30% of it? Come on people…just add up your every day tax burden and then combine it with the income tax. The real deal is that neither candidate will ever go far enough to reign in government spending to where it needs to be and cut our taxes.

From Terri, Spring Hill, Florida

You know, I believe people are ignorant if they want things to get better without paying taxes. I think Joe the Plummer is a blockhead. Obama's tax plan makes sense. If he had half a brain he would understand that. It only makes sense if he makes a million dollars that he would be paying more in taxes…what doesn't he get about that?

From David Hughes, Vineland NJ

Sure, we can argue the details fo McCain's & Obama's claims. And, once all tax preparation is taken into account, maybe MOST "small businesses" (and remember, ALL non-corp farmers file a Schedule F – I know, I used to prepare Farm Tax Returns ) would not see a great tax increase under Obama's plan. But that DOES NOT matter!! As McCain said in the last debate, and I adamately agree, "why would you want to raise ANYONE's taxes?" We need tax cuts for EVERYBODY!!! And fund government spending from the increased tax revenues stimulated by tax cuts (which has happened under EVERY historic tax cut!!) and from CUTTING government programs and government spending. SHRINK Government. Don't make it bigger. THAT IS THE CHANGE IN WASHINGTON that we NEED and that is BEST for the Country!!!!!!!!!!!!!!!!

From Aja, Vista, CA

Trevor – I WHOLE HEARTEDLY agree with every word! I'm so frustrated with the media's coverage of this election, including the "fact checks" which are not really facts, but just another spin in favor of McCain. I feel like half the countyr (and a few more), are so blinded and lost rigth now. Ah! Thank you for your post, and speaking for me too!

From Mary Greene, Grandview, MO

it's too bad Senator McCain and Joe the Plummer misled the American people in the debate. Joe acted like he already had a business making over 250,000 and he does not. Senator McCain looked at the American people and was untruthful with them about Joe the plummer's present status in busness. Hypothethical instances should not have been played in a real life situation. I like Senator Obama's plan. I'm a regular taxpayer and I don't make 250/m, but I am a potential person who would like to open a business. It may take a while for me to get to 250/m but if I did, I wouldn't mind paying the tax required.
I'm glad that Senator Obama considers the little man, the middle class, and that's why he would make a better president.
Mary

From Anonymous

Sure is nice how under Obama's plan a small business does not include book sales – so he nicely excludes himself.

From Megan, Pleasant Hill, CA

We own a small business & would benefit far more with Obama's healthcare & tax plans than McCain's…
McCain is pointing to roughly 2% of small businesses to make his point on raising taxes, while the rest of us struggle to keep jobs in place for our employees.

From Vista, CA

CNN, please step up a bit. Even this article, a fact check, which facts are clear, spins the facts in favor of McCain. people are looking to you for fair unbaised information and the FACTS (and no stories). I'm appalled at how you've helped contribute to the bad wrap for McCain.

From Mike, Ft. Worth, Texas

The problem with your fact check is the term taxable income. Obama has never said that the increase would apply to taxable income. He said that everyone that MAKES over 250,000 will see an increase in taxes. The problem with their claims is they write nothing down and we are left with assumptions. The other problem is that somebody should have asked him, hey buddy, if you think it is only fair that people making over 250,000 pay 65 cents on the dollar, then why haven't you been doing it. If it is the right thing to do, why do you need the government to make you do it. Hey if you think we would be better off living under the cloak of socialism, then Obama is you guy.

From Brewerhaus

Simple, what group raises taxes more? Rep or Dem ?? Is it even a question. Next, who wants the government to be bigger ? Third When in the history of the world has raising taxes stimulated the economy ? Only Russia and lazy people don't like Capitalism …Stand on your own folks and look who has run the House and Senate for the last two years. Come on you have to wake up and use common sense. Look, I don't like McCain but good grief Obama is a spread the wealth , income redistribution nightmare. I wish he was a conservative … he would have my vote in a heartbeat. .. cheers

From Gil, Eureka CA

Accounting 101 for Karl@Salt Lake City: If a business's revenues are above 250k but expenses lower the net income to less than 250k, the income is less than 250k and the owner gets a tax break under the Obama plan but not the McCain plan. Comprende?

From Mike, Pittsburgh, PA

The funny part is – this is all moot.

1. Does anyone REALLY believe Obama's going to cut taxes? Refer to Bill Clinton's promised-but-not-delivered middle tax cut in 1992.

2. Does anyone REALLY believe that the $250,000 dollar limit won't be revised downwards?

If'n you do, I got some swampland in Chicago to sell you.

From Josh Paseka, Austin Texas

I am still confused by this $250,000 threshhold. Is this the business net profit, or is this the distribution to the owner or key executive of this company. For example lets sat that an S-corp earns in excess of $250K are they taxed at a higher level, or is the individual owner only taxed at the higher level if they report 250K in distributions on thier K1's.

From Linda Kleinschmidt, Cincinnati OH

With all the hoopla and panic that is going on because of the credit crisis and the Dow flaying up and down, has anyone quietly sat back and looked at how our economy actually fared over the past 8 years during the Bush Administration? If they did, they might be surpised. Until very recently, taxes for most and not just the rich were lower, jobs grew well, inflation was very low, and interest rates were lower. We recovered from 9/11 remarkably well and until the recent speculative spike in oil prices ( now sinking once again as I expected they would) and despite fighitng a war in Iraq, everybody was doing pretty good. In my family, I did well as a freelancer, and my kids got better jobs and good raises and were saving to buy their first house. We all were able to contribute to savings and pensions and pay our bills and enjoy life. So what was so wrong with the Bush years anyway? If you compare them to the last Denocrat Administration with Obama’s type of "spread the wealth tax policies and regulation, » just take a nostalgic trip back to the Carter years when there was 21% prime interest rates and 14% inflation and gas lines and an Iranian hostage crisis that Carter couldn't or wouldn’t solve.

The current credit and market mess is not the result of tax policies, but rather lending policies that were more social engineering than sensible in terms of who to lend $$$ to and how much. No one who makes $40,000 a year should EVER get a mortgage for $300,000 and not have to verify income or their credit score. Our policians on watch, namely, Barney Frank and Chris Dodd and yes Pelosi and Harry Reid aided and abetted these stupid lending policies and looked the other way until the "chickens came home to roost" a couple of weeks ago, to quote a colleague of Senator Obama's. Only these were a bit different chickens, namely Democrats who decided put social engineering ahead of good monetary practices and ignore all calls to correct the mess because to do so was neither politically correct nor policitally beneficial to winning the next election. . Do we want more of the same and perhaps worse? Then just elect Obama. He'll take more of our money and then not kisten to us in terms of what should be done with it ignore all his pie-in-the sky promises about tax cuts and handouts to every voter who demands his or her share. The question each American should ask when they vote on Nov 4th is do they want to continue making their own decisions in thier lives or do they want to have the government make those decision for them, take more of their money and give less back to them because they already have more than they should have? Your answer should tell you how to vote, so think carefully and with a clear head.

From taxpro, philadelphia

severn…you notice that the Founding Fathers made no provision for the government to tap into the citizen's livelihood with good reason. they understood what a roman senator said couple millenia ago: "when the public realizes they can vote themselves largesse from the treasury, the republic is doomed."

so the Founding Fathers wisely wrote the Constitution a) to permit each citizen to achieve and excel each according to his or her ability; and, b)protect the citizen from the government, not vice versa. as to giving back? it was done via the house of worship, not the government. those in need discretely approached clergy with the need, as there was great shame in not being able to fend for yourself or your family. maybe we need a good dose of that.

fyi, most small and medium sized businesses are reported on 1040s via schedule c or e (sub s and llc entities). close to 75-80% have income over $250k.

From Dave, Dallas, TX

No more published apologies for Obama's tax increases, PLEASE. If only ONE filer of Scchedule C, E or F faces an increased tax rate, that is ONE FILER TOO MANY! Our country cannot afford another politician intent upon punishing success.

From Fred Auburn, AL

Your tax rate is zero if you do not have a job…….

Perhaps these bozos should think about that for a while.

From Frank, Poughkeepsie, NY

are you people for real ? We are in a war we can't win spending billions of dollars, Social Security and Medicare are going bankrupt , ( head lines today social security payments will increase 5.8% next year – great move ) and we lastly goverment is bailing out business to the tune of 100's of billions of dollars … are you kidding me ? Who is going to pay for this ? What new programs do you think you can add ???

From Vic, PA

Please check your facts, 97% of the taxes are paid by 50% of the people. Under Obamas plan people who pay little or NO taxes would get a tax credit for making less than 30k a year. The "rich" people are already doing more than their fair share to keep this country going. Is it reasonable that anyone should have 40% of their life taken away every year? Because that is what a tax is, it is your life broken down into dollars and cents.

From Lauren, Frankfort, KY

Everybody grow up. Obama is for the middle class and lower class working people. The republicans are for the rich. The rich get richer and the poorer get poor. McCain had the nerve to say by supporting NAFTA, it would create more jobs. Not, it would take jobs away from American people which is has already done. Look around you folks, people are losing jobs daily. I agree with Obama, the auto industry has to be more advanced and build their products right here in the U.S. Give the man and his administration a chance and stop judging him based upon his race.

From Eric, Seattle WA

The statistics used to show how few small businesses would be subject to increased taxes are not biased to the left – they are facts. Just because they don't support the exaggerations and flat-out lies of the McCain campagin do not automatically make them false! The tax increase would be on NET income over $250,000, not gross. This is not that hard to understand. By the way, Clinton managed to push through BALANCED BUDGETS! Yes, sometimes you have to pay for what the government provides, like defense spending, war spending, infrastructure, etc. I'd prefer that over the borrow and spend policies of the current Republican Party. Would you rather pay your hard earned dollars toward interest on our deficit?

From Spencer, Cincinnati OH

I am surprised CNNMoney.com decided to post Emily Maltby's article "Fact Check: Plumer Joe's taxes". The entire article assumes that McCain is incorrect about how Obama defines a small-business. The problem is – Senator Obama has never provided definition of how he would distinguish a small business from a large business. Maltby works off the assumption that Obama would define a small business as one that employs fewer than 500 employees. I have found nothing on Obama's website nor have heard him indicate that this is his definition. The fear stems from knowing taxes will increase for businesses that Senator Obama feels should make a greater contribution but not being provided with a definition of who that may be.

From Robert, Nashville TN

"Tax breaks for small businesses would allow those businesses to give raises and extra benefits to their employees".

Yeah right! You've got tax breaks NOW, and have had for 6-7 years, so where's the raises!? It went in for your new boat and Hummer, didn't it? Talk about telling the fox to guard the henhouse.

Most small business owners are NOT affected by any changes to the highest income tax brackets. And for those who are, you CAN afford it. It's the REST of US who can't afford the alternative!

From Vic, PA

What you people are asking for is socialism, plain and simple. His policies will cripple the nation by raising the cost of goods and services. So the piddly amount he is stealing from the business owners and hard working TRUE middle class, will be lost to higher prices. People who have do not owe the people who don't ANYTHING but the opportunity to follow in their footsteps, which we have in abundance here in America.

From Aaron, Homewood, IL

Can anybody answer my question in the discussion below?

http://money.cnn.com/2008/10/15/smallbusiness/small_biz_taxes_factcheck.smb/index.htm#TOP

I appreciate your analysis of the Obama tax impact on small business revenue. You’ve been much more insightful and forthcoming than the candidates or anyone else so far. It’s more complex than any one liner, and you’ve addressed that. One problem, though. While McCain’s “50% of revenue figure” may not wash, Obama’s “98% unaffected” is equally misleading.

This is what I would like to know. Of all the people in the US employed by small businesses, what PERCENT work for the 2% of small businesses that will see a negative tax impact. I think that’s the percentage that actually matters. If the 2% employ 60%, then 60% of small business jobs will see a negative effect. Owners will be less likely to hire and less likely to promote, train and compensate existing employees.

If incorrectly counting 100% of the revenue as taxable for the 2% skews things in favor of McCain, then saying 98% of business owners will be unaffected glosses over the fact that a large percentage of employees will be affected. You note that “the lion's share of taxable income comes from a small number of wealthy businesses.” It stands to reason the lion’s share of jobs come from the same group.

Again, is this percent something you can provide?

From Debby Spendolini, Brooklyn, Ct.

John McCains plan is the way to go. Don't tax in hard times. As a small buisness owner of 2 companies that employ 100 people, if we have another payroll tax hike this will really hurt us down the road. We pay for our employee's health care and this is a benefit we have always been proud of. Under Obama's plan we will see a percentage hike in our payroll taxes because we fall into that business making over 250 bracket.
My workers aren't concerned about getting a tax rebate from Obama but about their jobs and health insurance which is worth more in gold than that one check. Its not just us small buisness owners either, the bigger buisness's and corporations will be cutting back employee's when they see their quarterly's take a huge jump to.
This is where Sen. Biden and Sen. Obama just don't get it. I applaud them for thinking about people making under 250. and as a business owner we fall into that catagory, but our revenue in buisness doesn't and this isn't going to grow our economy or create new jobs. It will only make us buisness owners raise our prices to survive and keep our employees.

From John, Redondo Beach, CA

Hey Linda from Toledo,
Who are you to decide what is "too big of a sacrifice" or a "meager" increase? My wife and i worked very hard and made many many sacrifices to get to where we are. We are far from the "Donald Trumps of this world" and will definitely feel pain from any tax increases. Before you go spending our money, you may want to consider how much tax $ the people in the upper brackets already contribute. I guess we could always just work less and let someone else take care of us….oh wait, that would make us Democrats.

From Severn, MD 21144

If any really thinks John McCain won't raise their taxes they are fooling themselves! What is it with society that they believe once they make it, they aren't responsible for reaching back to their community. Like Obama said it's not a hand out, it's a hand up. At some point in time we will all need assistance. There are advantages to a more involved government, especially if it's the "people" who are in control. Take control of this country America, vote Obama and restore our image, economy, and sanity!

P.S. McCain really needs "more" anger management (God only knows what he would do if the cameras weren't on).

From Andy, Chattanooga TN

I guess you have all been drinking the cool aid. Just because Obama says he will lower taxes doesn't mean he will. His record doesn't jive with his promises. Pelosi, Reid, Obama spell more taxes for all. No one expects campaign promises to be kept. Have you all been asleep? You all are scarry. Clintons campain promised a tax cuts and as soon as he got in office what did he do, raise taxes. Drink some more cool aid, you'll feel better I'm sure. Look at what the canidates have done, not what the promise to do. or What CNN tells you to do. They probably won't post this either!

From Diana, NY

Obama is trying to make a deal with American Businesses. Let's make a deal. I'll take 0% of your taxes. Let's make a deal I'll only tax you by 50%. Obama is a DESPERATE man wanting to be president! Do we need someone who is desperate to be President of the USA in the USA seat? Why is he desperate and what is he hiding?

From trevor, indianapolis, indiana

I can't stand "analysis" like this and it's only getting worse and worse.

I'm a 6'2", 210 pound, 32 year old lawyer, and I swear to almighty I want to literally cry from frustration when I see an article like this. I honestly get a lump in my throught.

See, I can vote for president or governor or rep or any elected politition – I have an outlet that matters. If I'm really motivated I can campaign or work on voter drives so that my voice and those like mine can really be heard. As a lawyer, I can advance through state and federal administrative positions and hopefully have some affect on powerful polititions and their policies. There are so many outlets.

But with the ignorant journalists parroting leftist talking points and attempting to mislead and/or skew the perceptions of so many of us, I have nothing. I have no outlet. I can't fire her – I have no power over "journalists". As a relatively conservative person, I'll not be published. People like us have nothing. We have this insignificant space where CNN allows us a few words that no one of influence will read. Instead I have to put my trust in someone like this Emily character. Honest to goodness, what gives her the right to the voice she's been given? A few years at Smith or Columbia? Maybe a Master's from NYU? Perhaps it's just the brand of wine she drinks or the musicians she listens to.

But is she a small business owner herself? Does she work 65 hours per week trying to keep her buisiness going? Does that buisiness bring in 250k of revenue only to see 200k of that revenue go to expenses and taxes? And if she doesn't, does she then make the assumption that her education or taste in wine gives her some special authority to 'educate' those people and the rest of us? … the media wonders why we resent them and don't trust them.

This lady didn't fact check anything. Sure, she did some research, but what she did wasn't to "fact check" jack anything. None of these "fact check" sites or columnists fact check a thing. In fact, no matter who makes the statement, they're almost always "factually" right. What these "fact checkers" do is to say, "yeah, they're right, BUT", and then go on to set up a few related straw men and then knock them down. They then, in they're cabernet induced wisdom, exclaim, "gotcha!!". But they don't "got" anything. They've penned poor logic coated in a barely hidden agenda and spewed it out all over the place.

Speaking of 'spewed', excuse me….

From Shane Minnapolis MN

Based on census website statistics, I find that 58 million people are employed by 6 million business with 500 or less empolyees. I also see that 57 million people are employed by 1 million business with over 500 employees. Looking at the small business side, that works out to an average of 9 employees per businss. At an average income of 30K per year, that business must turn at least $270,000. I know this is an average, but I believe CNN's numbers are screwy on this artcle. McCain, cutting taxes, way to go. Obama. Nope, your done, I will NOT pay more taxes so people who don't pay taxes can get a "refund". That refund is beginning to look like a welfare program to me.

From Karl, Salt Lake City Utah

My sister, Brother-in-law and Father-in-law each own their own small businesses. And each report their personal taxes through their business, even though their take home pay is no where near $250,000 their businesses makes well over that amount. So Obama's Tax hikes will directly affect their personal income in a dramatically negative way.

Now explain to me how Obama's tax plan is not punishing small business owners.

From deric, Atlanta, GA

Look y'all, Obama is not a socialist, but more importantly he's not a puppet of the lobbyist that currently run this country. McCain has 155 lobbyists running him and his campaign. That's part of the reason why his campaign seems so erratic at times. There are no lobbyists on his campaign staff representing small business interests. Republicans have never helped small business only large corporations. Period.

From Tom, Newcastle, WY

The big picture that is being inexpicably ignored by so many in all of this is the relative importance of high income potential in the first place, vs. the significance of a couple percent increase in taxes. In a healthy economy, as during the Clinton administration, the impact of taxes was relatively lessened due to a flourishing economy. I want to know more of which candidate has the best plan for the economy & my income as a small business owner as a whole, rather than quibble about a couple thousand dollar a year difference in taxes. I'll trade a small tax increase any day for an increase in my business. The tax increase quickly dissipates with an extra job or two per year. I'd love to reach that 250K level, & smile while I write my quarterly tax checks to the IRS.

From Gary Yaeger, Oregon

Obama is WRONG again. I have a small plumbing business, and only employ my 2 sons. $250,000. gross a year is not high. I gross around $350,000 – $450,000. a year easy. Even now with the economy. McCain did great last night and will now get my vote, and I am registered as a democrat.

From Phil, Wilmington, NC

The thing that is fundamentally wrong with Obama's plan to raise taxes is not who is affects, it is that he's planning to raise taxes at all on anyone instead of cutting spending. He's attacking the wrong part of the equation. This country's government already receives hundreds of billions of dollars a year in tax income, yet it's spending still exceeds it's income. I don't want to hear a debate about who's taxex are being raised, I want to hear how he's going to cut spending.

From Stephen Tripi, Lexington Mass

So I guess if I were a small business person I should only strive to make up to 250K since the government over that income level would share in my hard work? NOT!! Go McCain do not listen to polls, remember the DEWEY WINS headline. IT IS NOT OVER!

From Joe, Houston, TX

First of all, Obama's tax plan is nothing new, it's called Socialism and that economic system has been around for decades. Many Socialist countries have tried to break away the traditional socialist model because it has flatlined GDP growth in their countries. It appears Obama wants to go the other way. Those who think they will be better off from Obama's tax plan need because of the tax credits (essentially income redistribution checks) need to consider that the effective incremental tax on their income can be as high as 40% as those credits roll off and new income is taxed. Obama's plan will take away the will of the American worker to better themselves and better their lot in life. We will become a country with 50% of the population dragging down the other 50% who want to work harder to make a better living.

From Mike, Wakefield MA

What I'm not even seeing here is that most small business are considered Subchapter S corps… that means the income from the business flows the the schedule E of the owner. The owner may pull a salary of say $100,000… if the business earns $160,000 of profit, which is nothing for most businesses earning under $5,000,000 in gross sales annually employing 25-40 people… that owner gets over the $250k number very easily. Now, if his spouse works… his taxable income is even higher.

McCain is right… the number should be more like $500,000… then Obama would have a better arguement.

From Alex, Redmond WA

I work for a big corporation that has used its almost monopoly power to reduce the benefits of the employees. Tax reduction will not make them create more jobs, it just help them to increase revenue so the executives can get bigger bonuses. salaried employees will be minimally affected. furthermore, the head count is more related to the needs of the business, if they have cash surplus due to tax cuts, there are not new jobs if there is no need, the opposite is also true, if there is less revenue there are no lay off if there is a need. massive lay off like in GM had happen because they are selling less cars, not because they are paying more taxes, and they are selling less cars because the middle class has less buying power, gas prices, etc. Same is true for other businesses, I am for less taxes, but regulations are needed so there is competence and the employees have power to bargain for better salaries. But even though republicans claim to favored free market, they have given too much power to an elite of executives that have used that power to decrease the income of the middle class.

From Linda Willie Toledo Ohio

It is really scary that some Americans are too ignorant to check facts before they vote. It is really sad that anyone would think that someone who does not work and pay taxes would receive a refund of any kind. Tis is serious stuff people, Please educate yourselves and make the right decision. The future of our country and our children depends on your decision of who leads this country. Everyone who works in this country deserves to have food, and shelter and health insurance before we decide how nuch to tax them. Snall businesses are not being asked to make too big of a sacrifice, the increase is meager and only becomes noticeable the more you make. The Donald Trumps of the world can afford to take some of the burden off the poor working class and not even feel it. Really educate yourselves before November 4. The same failed policies of the bush administration that is the foundation of the entire Republican belief does not work. Look around you!

From Andrew, Philadelphia, PA

I think Obama has the better tax plan, hands down. McCain's plan is thin on details, but all suggestions are that it continues the redistribution of wealth to the wealthy while eliminating funding for critical programs, which serve the middle and lower classes.

On another note, I think anyone who votes libertarian should be denied services from the police and fire departments, trash collectors, military, municipal water, etc, etc. What a bunch of jokers!

From mike, LA

Hi Mr obama,
Tax and spent is not a good solution. Increase tax on any businees is dump idea.

From Steve, New york New York

Yeah you want to pay 50% of your income in taxes? Socialism doesn't work, sharing the wealth doesn't work, there is a reason why Democracy made our country successful. Go look at any country that is ran by socialism and tell me sharing the wealth works…The reason why we are becoming not as successful as a country is because we are moving further away from free market and Democracy and closer to socialism. It doesn't work! As we inch closer to Socialism we are seeing the effects…Higher taxes on businesses gives less motivation for small business owners to run or start small businesses. Small business is what drives our economy and what employs people in America. You think our Economy is bad now, wait until Obama taxes the crap outa small businesses and u will see a MUCH MUCH worse economy

From Tim Kent, Louisville, Ky

Mr. McCain is fiddling while Rome is burning

Has anyone noticed that Mr. McCain has yet to explain how he will fund HIS programs? In a country with a growing population, etc., simply "freezing spending" would, essentially, cut into every federal budget. It is interesting that, in the 2nd debate, Mr. McCain promised that he wouldn't freeze defense spending or vet benefits, but everything else would be hit. FDA, EPA, OSHA, DEA – you name it; essential services to our citizens and our economy would suffer from Mr. McCain's hatchet job.

Whereas, Mr. Obama has stated what the rest of us are already saying amongst each other: "Where's our tax cut." We've lived through the economic plans where tax-cuts for the wealthy were maintained. Our incomes did not increase, nothing "trickled down" to us. Instead, the people who profited from the tax cuts (oil commodity traders and stock brokers) sprinkled a different type of fluid upon us.

Mr. McCain talks big about punishing "the greedy", but his tax plan continues to reward them (just like Bush).

Bush – McCain: what's the difference when it comes to economics? – nill

From Kim, Phoenix, AZ

I laugh at your analysis. I own a graphic design business (2 employees) and my husband owns a video production business (7 employees). Those are real small businesses. And we will be hit by Obama's tax increase. What will it mean for us? Well the money to pay the increased taxes isn't going to materialize out of thin air. The most logical step is to increase prices to our customers or lay off employees. I'm not really sure how that helps the economy.

From J. De Roy, St. Louis, MO

One: There is absolutely no evidence that an increase in taxes results in a decrease in revenue to the treasury or a decrease in jobs or any harm to the economy. Two: McCain is simply lieing about the effects of Obama's plan. According to McCain, he himself meets the definition of a small businessman. Three: Obama's plan would raise the taxes of a $300,000 earner by less than $2,000. Big sacrifice there. The takeaway: McCain is working on the Big Lie theory – say it often enough and loud enough and people will believe it, Orwell's 10984, from an autoritarian anti-civil libertarian polititian. Whatever it takes to win.

From j. ellis, los angeles, ca.

How does it make sense to tax a small business owner making 300,000 at the same rate as an investment banker making 5 million or a movie star making 10 million/movie.

If Obama had the stomach for it he would propose a steeply teered progreessive system starting at 1 million/year.

Or would that anger all his rich contributors.

From capn Mike, Norfolk, VA

Did anybody happen to mention that this "Joe the Plumber" is a relative of the Keating family? This whole thing was a phony Republican set-up.

From Felix, Fort Smith, AR

Just think, all this talk would be eliminated with an absolute sales tax only, and NO other taxes whatsoever. For example, tax EVERY money move with no exception. Say, 3 percent, for example.

From Cheryl from Minneapolis, MN

Frankly, I believe McCain's plan is better, although, I don't believe either candidate can do what they are promising. In order to bring down the deficit, Obama can't provide what he is promising and McCain will need to cut government spending to the point for which I don't believe the Democrats will allow. All the poor associations that Obama has had in the past should send a message loud and clear that he cannot be trusted. Dear God, if he knew anything about Ayres or Wright, you would think he would have distanced himself from that / them. He uses very poor judgment.

From Bizowner, Des Moines, IA

Brad Newark, NJ-
There are many small businesses that operate with a 5% or 6% profit margin. To give half of it to the government would cause many to struggle. Especially if costs rise to consumers because businesses and providers need to pay more taxes. Also, please don't lump the USA in with China. They treat labor horribly and work without regulation. Oh yeah, they're also Communists.

From Curtis, St. Louis, MO

I guess Obama's plan just means more lawyers will help small businesses move from LLC's to Corporations. With an LLC the business and personal income are the same. However, if you are a corporation, those are seperate numbers. If your business makes $200k a year and pays you $200k a year in salary, then you miss the higher taxes. Why does the media totally miss that point? Just because a business tax filing may be under 250k, doesn't mean the owner isn't getting a salary that is more than that as a business expense.

From Gayle, Indianapolis, IN

That's great, that you want to do your share but you would do far more for alternative energy and health care if you donated the money directly to organizations that worked toward that goal, rather than having your money forcibly taken from you and spent three times over.

From Chris

Raising taxes on any business (big or small) will reduce jobs. Why is everyone ignoring that big business creates much more jobs than small businesses?

From Dr Bob

Tax increases usually result in less revenue to the feds. Why? Because someone like me, who is working 60 hours a week (and often all hours of the night) and in the 250-300 K range is going to cut back on my hours rather than pay 50% (combined state, fed, medicare, etc) tax. I will look at my earnings and take more time off so I do not exceed 250 K. I will cut back on spending if I need to. And I have talked to several colleagues in my same position who will do the same. The 40% of you who pay no federal income taxes will soon be 50% and of course will vote to tax us "rich" folks more. I call it stealing.

From Joe Leiberman

I think it's fascinating that CNN is so in the tank for Obama, as to rival the NYT."REad it for laughs, not for news or useful information".

From Alex, Redmond WA

McCain will never be good for small business, re publicans are for small business in their rhetoric only during election period. If they are elected they will favored big corporations. They deregulate and allow big mergers, and these companies use that to lower wages for the people that actually do most of the work and increase the wages for executives. Executives use many tricks to avoid taxes like get paid in stocks, stocks options which pay less that regular income tax that the salaried employees that work for them have to pay. They reduce competition allowing big mergers, executives lower wages to employees and get big bonuses because of that and support republicans for allowing regulations to be loose. The trick is that the sell the idea to regular people that that is the best way to create wealth and picture democrats as evil and socialist…

From Bradley, Virginia

It would be interesting to look at statistics around job creation by small business owners, specifically making the cut that the author mentions at the $250k mark. I would bet that those business owners earning more than $250k are the ones whose businesses are the largest, most stable (able to weather economic downturns), and employ the most folks. If these are the ones creating the most economic value for the country, is it fair to increase their taxes, and more importantly, how will those tax increases impact their employees?

From William, Westmisnter, CA

Neither candidate is going to cut taxes on small businesses. They both are either dreaming or lying or both. We are in an occupation of Iraq, a manhunt in Afghanistan, a bailout on Wall Street, a mortgage and home value crisis on Main Street. Somebody has to pay for all this; and that somebody is YOU. If all these actions are patriotic then it only stands to reason the paying for them should be patriotic too. Or is the answer always to defer to our children.

From Brad Newark, NJ

I don't understand how the Obama plan is detrimental to people and companies wanting to succeed. Currently companies pay 33% tax on net profit. Under Obama's plan when you reach $200K profit level taxes will rise to 36%(profits from $1 to $200K receive the same 33% rate we currently have). If you're unwilling to continue working because you'll take home 3% less profit than you did before then I worry for the health of you're business. And for those that are still worried about lack of growth, China's effective tax rate is 47%! The strongest national economy in the world has an effective tax rate that is 25% higher than the USA's effective tax rate, so taxes are not the end-all be-all of economic growth and decline that they're made out to be.

From Jeff E., Tulsa, OK

I'm not worried about the taxes and neither are my "friends" in small business. If a person or persons is smart enough to own and run a business, then they have figured out how to "Not Turn A Profit" (NTAP). I was first instructed to never show a profit over $117.00 no matter how much I made. (and I never have!) I do have a dozen new, pristine vehicles and dine at the finest restaurants but I am a pauper on the balance sheet. So tell me, how is this going to affect me?

From R. Watson, Dallas, Tx

How can OBAMA's plan only tax a small percentage of taxpayers, small business or not and 95% will get additional tax cuts (even those that currently don't pay any taxes? The numbers just won't add up. On top of that he has massive new programs he wants to add to the federal budget. Too bad the real truth will come out after the election and it won't be anything like what is being expressed today.

From Bloozer, Chicago, IL

Can anyone tell me what Barack said that made any real-world sense last night? Seriously. Raise taxes in this economy on the engine of the economy? Businesses large and small need capital to survive and keep people working. Have we sunk so low as a nation that all people want are handouts? Where is your work ethic and sense of personal responsibility! Also, exactly how will Obama lower my health insurance payments by $2500?? Is he going to take over insurance companies now?? I live in Cook County, Illinois and Obama and his ilk have raised our debt, ruined our schools, raised our taxes, and have nothing about crime. More people have died in the city of Chicago this summer than in Iraq. He's a slick politician with a rock star personality. But he's not capable of being president for all Americans. Just check his record. If you can find it.

From LK, Florida

Well Julia, Have no fear because Bush isn't running again. It is sad that all the Obama supporters have to say is "Bush this.. Bush that.." as if it means anything in regards to mcCain. The dumb and ignorant vote simply on party rather than facts and issues.

From PG, Chicago, Illinois

What is not being talked about is that Obama will let the so-called Bush tax cuts, (you remember the ones which gave us prosparity until greed at Freddy and Fanny pulled the rug out from under us) lapse and that will raise EVERYONES' taxes to the bad levels of the Clinton tax raises. So, that's the starting point. After that those "refundable tax credits" will be a check to Millions of people who don't pay a dime to the federal tax system. Pretty expensive so far. Then you add in things like the big Social Security bump that will go into effect and mix in as Marxist/Lenenist like Obama with Harry and Nancy and stand by for a huge sharing of the wealth.

From Frank D., Maine

We studied hard, had loans, changed careers, studied more with more student loans, made a lot of sacrifices and now enjoy a middle class life with a well paying job. I don't see why the top of middle class should be paying extra taxes for everybody else. By no means do we have a life of glamour and luxury. We have 8 yr old cars, a 1200 sq ft home, …

Additional Federal Income Taxes on top of State Income Taxes brings us into the tax level of most European nations, but they have all the health and social benefits in place without a mountain of federal debt.

I think if the top two tax brackets were to be raised – which I highly oppose – then there should be at least universal health care, health care reform and liability reform in place.

There is something seriously wrong when personal catastrophic insurance coverage is short of a $900/month without a single $ benefit before you reach $10000 out of pocket. $900/month is more than the average European net income a few years ago. Ridiculous lawsuits have driven the cost of health care and insurance policies through the roof, which in turn get passed on to consumers. On top of that there is so much insurance administration, and so many uninsured people that all costs for services and procedures just mushroom.

Taxes should be lowered, not raised. And, if, they have to be raised, put the level at 1 million dollars.

Hard working people with a good job who are trying to pay off debt and save for retirement in a decade shouldn't be burdened with extra taxes.

From julia, richmond, VA

Bush ran every business he had into the ground and now he is doing it to the Country. Wake up! We need someone who can think! We need to retool and INVEST. You can't get something for nothing. It's time to realign resources so the people who have made billions on the back of people who are hardworking start contributing their fare share for the greater good. The Republicans have failed miserably and they need to step aside!!!!!

From Dave, Roselle IL

I'm very confused how you can say that the small business owner would not be affected. If, as the article states, the average small business earns $200,000 and you add the business owners income or a spouses income into that you are probably going to be over the 250,000 mark.

That aside, where do you think the money comes from to pay the taxes for the 'larger' small business which in many cases are the suppliers for the smaller businesses?

The small businesses and the individuals will still be paying those taxes, except now we can 'Share the Tax Burden' as well as 'Share our wealth'.

From Iritated Dave, Downers Grove, IL

CNN – You are so full of stuff. If Obama's tax plan would not raise the taxes of most people and would be no increase to all of the Joe the Plumers, then why do it. It seems stupid to me to go through all of this legislation if it's not going to raise anyones taxes or generate any new revenue. Stop taking sides and "REPORT" the news, not make it.

From GKnight

Can Obama explain to the 55% of America why they should pay taxes for the 45% of American's that would not pay ANY, yes ANY taxes at all and may even get a tax refund from their favorite uncle?
can we all say Karl Marx together?

From Ken, Tarpon Springs Florida

Check your facts again. A lot more then 2% would have a tax increase

From LK, Florida

Since when does living the American Dream have a limit?
Why do people who do what they are supposed to do, take full advantage of opportunities aplenty given them get slapped in the face with "share the wealth" spew.
I am a women who has many opportunities given me in business because I am in the minority. I take advantage of those opportunities, have a small business, and now I am told there is a limit to how much I can make without getting more taxes because I need to "share the wealth"? Did we somewhere along the line become a country who is against prosperity? A country who now is accepting of prejudice against people who make hard earned "good money"?
Small steps toward Socialism are dangerous so be careful what you ask for people, because it looks as though you just might get it.

From Scott, Texas

Someone said "we must all do our share". Well, I've BEEN doing my share as have other small business owners I know and speak to regularly, I train employees, I pay taxes to employ them, I pay unemployment if I fire them, I am a mentor and advisor to them. I spend free time with them to help them. I do a ton of paperwork for the "privilege" of hiring them. I am legally liable for them in a myriad of ways. I even have to collect and forward their child support payments if they choose not to be responsible! I cannot DO any more or the motivation will be gone for me to actually own a small business.

And this is the problem with the Obama plan. He's driving out the motivation to WANT to succeed by telling us we will simply have to "share the wealth." Sorry, there's just not enough wealth in my account to share.

I've been a successful (not debt leveraged) small business owner for 25 years total.

From K. Hayes, Texas

I'm a long time small business owner – on my third business. I support McCain because I know his policies will not raise my taxes substantially or require yet MORE paperwork and red tape. Obama is all about government controls and socialism. His direct connections with criminal and terrorist related individuals demonstrate a very poor judgement. He could not even manage his own finances to buy his home without a "special deal". His lies give us all real reason to not trust him. He has spent so much of his campaign pointing backwards to how "bad" everything has been and fails to focus on the positive and good in America. The economy has suffered more and more as his media coverage has increased. Economists agree he will be bad for business.

From Warren, Phoenix, AZ

Michael; Obama’s plan is merely a form of transfer payments, take money from one group and giving it to another. This is very inflationary move. It puts more money into the system without creating additional good or services for that money.

John McCain's plan does not need to be funded by foreign borrowing. The increased economic activity will bring increased revenues to the government. The past increase in our deficit has not been a result of decreasing federal revenue over the past 8 years (the fact is even with the tax cuts it has increased). The deficits have been caused by increased spending.

From Tracey Darroll

If we do not stimulate business, America will be over. This article is
misleading. Obama wants to raise the corporate tax rate. That is an innappropriate policy at this time as what we desperately in America is more corporations and manufacturing and small businesses. Consumers spend money because they have earned it. If they do not have a job, they will be able to spend nothing.

We already have next to the highest corporate tax rates in the world. If we do not lower taxes on business, we are doomed. You can take statement that to the bank, if there is one.

From Jay, Townsend, TN

It seems odd that a small business owner would favor either Obama or McCain. Their inaction on cutting payroll taxes and refusal to make any worthwhile spending cuts should be a clue they are more about rhetoric than substance.

Only Libertarian candidate Bob Barr has addressed this issue. He will put all the power back into the hands of the people, not some Washington, D.C. bureaucracy.

Any business owner who wants to keep more of their hard-earned profit to use as they see fit would be best served by working to get Bob Barr elected president. It's as simple as that.

From Kevin, Denver CO

I am a small business owner with 500k in annual sales and income of about 200k. I will happily vote for Obama. Bush has been a disaster for the US both at home and abroad. We simply can't afford more Republican policies and yes I will pay more in taxes with Obama as President and I will do so happily.

From Michael, Mt Bethel, PA

What no one here has acknowledged is that the engine of our economy are the consumers not the earners. By increasing spendable income for the 95% of the country that spends their income, Obama has taken the first step toward rebuilding our economy.

Some small business owners will have the opportunity to mitigate their taxes by reorganizing their business' to lower their personal income below the $200-$250k threshold and increase dividend income.

John McCain's economy policy essentially funds tax cuts by borrowing from foreign countries to pay for our revenue shortfalls. McCain insists he can "find billions" of pork to slash to make up the difference, however even without the wars and wall street bailouts included in the federal budget out tax revenue shortfall will continue to grow by double digit increases during his first term.

I miss the old days of the GOP preaching fiscal responsibility and personal liberties…

At the end of the day returning the top tax brackets to Clinton era levels when small business was thriving, instead of extending the failed economic policies of the Bush administration will speed up our country's long recuperation time.

From M. Part; Miles City, MT

I am a samll biz owner (4 employees) and will vote for Obama. I feel his tax policies will do more for me, my employees, and my clients. I second the comment about universal healthcare. Without some comprehensive univeral health care sans insurance companies, non of this will matter.

From Shane, St. Peters, MO

As a small business owner, I want my president to act as a leader for my business to follow. Senator Obama has been an inspiration for my business through his genuine compassion for the American people. Obama will provide tax breaks for small businesses as well as a 50% refundable credit for employee health insurance premiums. Oh, and he'll raise the minimum wage and index it to the inflation rate to help the employees as well. And finally he will teach us how to save money through 401k and IRA programs as opposed to the Republican way of teaching how to incur debt.

From Josh Thomas missouri

I think Barack Obama would be better for small business. I am a small business owner myself. The business I run generates about 250k in revenues a yr with tax deductions reaching 130k. That means I am taxed like I make 120k, when we all know I have more cash flow than that on hand. For example, when I first started 2 yrs ago, my deductions were 130k as were my revenues. So, I showed on my tax return an income of ZERO. Does that mean I cant feed my family. No it doesnt. Monthly operating costs(rent,loan payments, etc) totaled 8k a month, while average monthly income was over 10k. Not much of a spread but consider this: I started with a business loan of 62k that I was able to maintain and grow while paying back the loan as well as all my other expenses. A surplus of 2k a month plus 62k in the bank. Even if take all 5 yrs to pay off my loan, when I do indeed do that, i will still have that 62k and growing in my account plus my profit. I think business owners already have a huge advantage when it comes to taxes and a helping hand in making it. Obama wants to tax the top 1%, the people with 90% of the country;s money, the wealthy, along with huge corporations that are among them and already enjoy these huge tax favored benefits. Why give them more? We shouldnt, they should be taxed a little more than everyone else, so the middle class, people more like myself and family can get some tax favored incentives to live well and prosper. Even when my business does reach profits over 250k, i will still feel this way. I dont mind paying 3% more in taxes so others can have the oppertunities I have been afforded. People with power tend to get too greedy and need to be checked from time to time. I am not republican or democratic, I just vote according to who i think will do best for our country, and that is Obama. We have a choice becasue it is a system of checks and balances, and there needs to be a constant flip flop between which party is in the presidency to even everything out. People who only vote all republican or all democratic all the time are among the uneducated and old, or old fashioned who have blinders on and dont see what this is all about. Thats too bad. I dont see how people can look at McCain and Palin and need not see right through their political hogwash and blatant lies. It is so obvious. I guess there are too many old people in this country, and too many uneducated individuals as well, who dont really know exactly what is going on and therefore cant form theor own feelings and opinions. I suggest watching everything on CSPAN from now on so there is no commentary and so you can educate yourself, keep and open mind for both sides, and then do what oyu feel is right. It will be a huge disappointment for McCain to represnt our country as President. I would like to say I do appreciate how he represented this country in war, but again, all they have done is lash out at the democrats, pull on heart strings by using McCain;s war story for sympathy votes, and use Palin to go after her earmarked votes. By that i mean, the night she spoke at the RNC, first thing she did was come out and say, i have a kid with downs syndrome (check that off the list-brought that up to go after those votes, my husband is in the union (check), i said no to the bridge to no where( blatant lie), i setup the natural gas pipeline(lie), etc, etc. I just hope that everyone else wakes up and makes the right decision. It is funny how mccain bowed out to bush in 2000, and since then everything he has an opinion on has changed to bush;s views, since oil rich Bush,the top 1% of americans- the wealthy, Haliburton and Dick Cheney, have all supported putting mccain in to continue representing their interests. man, the wealthy have some nerve thinking they can always control their republican candidates, and why should mccain go against them when they are opening the gate for him to the whitehouse. It is time to stop the hanky panky and time for obama.

From Karl, Boca Raton, FL

Wouldn't Bob Barr or Chuck Baldwin be better for small business taxes?

Why weren't either of them mentioned?

From Luism

As a very small business owner Social Security & Medicare are killing me! With just My wife & I we pay $10,000 a year! That's more than m morgage!

From Han, Walnut, CA

I think McCaine & Palin absolutely will benefit small to medium sized businesses. By them cutting back on some taxes my business will be able to afford giving our emplyees raises, bonuses, and even healthcare to more of our employees. It sounds great of the Dems to cut taxes for lower income people. However, it doesnt matter how much more $ is given to people, many of whom dont know how to manage their finances, because they will most likely end up using it to create more debt for themselves. I think that the government should start making schools teach real life financing to all students so that we can have more young people be more productive leaders. (sorry, just putting in a little more than was asked)

From Debbie, RGV, Tx

Obama has proposed to increase the payroll tax to help solve the problems of Social Security and Medicare. I don't think this is fair and isn't necessarily helpful to small businesses.

From Washington, DC

As a business owner, I'm willing to pay more taxes if it means investment in alternative energy and universal health care.
I guess business owners are like most people–constantly asking "what's in it for me?"
If we want our country to have a future, we must be willing to all do our share.

From Jon Wallace, Fresno, Ca

Sarah Palin as McCaines partner will be pro- small-business, she's been there, grown up surrounded by it and understands what the small business owner is faced with. The otherside has no one who has ever worked for themselves let alone faced the problems