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Senator Obama offers a tax plan does it work?

Senator Obama offers a tax plan which takes only from the top 10% of the income bracket, because Bush has given too much to the rich. He says that if he spreads the money around then everyone can have the opportunity to achieve wealth.

Currently to top 10% pay 70.79% of all taxes collected. That means that his 95% of the population pays less than 30% of all taxes collected. And the bottom 50% only currently pay 2.99 percent of all tax money collected. (these amounts are actually lower for the 95% under the current plan than they were under Clinton)

If everyone achieves wealth, would that not cause horrific inflation, and thereby mean that nobody would have wealth?

Update:

Winnie, I feel for your grocery bagger. However, if he is making the 13,624 per year he would make on minimum wage, if he paid any taxes, it would work out to less than $40 per month. But also being at that income level, he would qualify for government subsidized housing, foodstamps, and medicaid medical insurance. Actually that is a lot of benefits he is getting for less than $40 a month. Not including road maintainence, schools, and the military and evey other government service his $40 a month supports. If he made the lower end $150,000 recently proposed under the current, not increased rates, he would have to pay almost $40,000 in taxes, but would get no housing, food or medical insurance assistance.

Update 2:

Chefcat, those are Obama's magic numbers. It is the top 10% in income, but 95% of the population. He is the one who picked the numbers to confuse, not me.

Update 3:

Yes there is always inflation. Even in this recession the average inflation for 2008 is less than 5%. The average inflation at the end of President Carter's administration was !3.58%.

Update 4:

Robinhood is just that...a children's story. What Obama is doing is offering people "40 acres and a mule" which he is taking from the rich man if they will vote like him.

18 Answers

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  • 1 decade ago
    Favorite Answer

    Is it taking the poor from the rich or the rich taking it

    from the poor? The middle ground for both candidates is

    very wide indeed.

  • 1 decade ago

    10 + 95 = 105

    If 10% pays 70.79% then this means that 90% (not 95) pays the remaining 29.21%.

    Also, to answer your question "If everyone achieves wealth, would that not cause horrific inflation, and thereby mean that nobody would have wealth?"

    Wealth is not necessarily to do with what is in your bank account or how much money you earn. Wealth is a measure of subjective personal well-being. In our society this is measured by income and financial stability but our society also suppresses the majority in order to sustain the hyper-wealth of a tiny minority.

    Also, the notion that this hyper-wealthy group gained this wealth through honest hard work is probably the most delusional idea that exists. 85% of the top 1% of the population in terms of wealth were born filthy rich and so were most of their parents.

    The sad truth is that the American dream is achieved less often then 10 million dollar lottery wins. However people continue to latch onto the romantic American Dream, while ignoring the fact that the super rich are manipulating them into voting for their own perpetual oppression.

    Edit: You said "Currently to top 10% pay 70.79% of all taxes collected. That means that his 95% of the population pays less than 30% of all taxes collected."

    This appears to be your analysis of CURRENT percentages paid by specified tax brackets. You have asserted that because the top 10% pay 70.79% then the bottom 95% pay the rest. This is your assertion, not Obamas. I merely pointed out that 10 + 95 = 105, thereby proving your assertion to be flawed (like the constitution).

  • 1 decade ago

    I really feel sorry for the goat herder from Kenya, but where I live a gallon of milk is $3.50, a loaf of bread averages less than $1 and as of yesterday you could buy regular gas in town for $1.99 per gallon.

    Of course, that doesn't meant that I want to pay more for my groceries and gas so we are all equal, or have someone else tell me that since I chose an area not affected by the recession I should shoulder the weight for people who chose to live in high cost of living areas.

    I prefer freedom.

  • 1 decade ago

    Stop feeding the rats Government cheese, hey winnie the grocery bagger is a grocery bagger because he is a high school drop out, he will only achieve what his laziness will allow him to achieve. There is plenty of opportunity for everyone to pull ahead. I'm 24 and the last time I made minimum wage was 7 years ago and i'm still working on my degree.

  • ?
    Lv 4
    1 decade ago

    Honestly, I don't think either plan is better than the other, other than the words "redistribution of wealth" History shows that redistribution of wealth often leads to a lower standard of living. You either have a situation where everyone gets reasonably wealthy, and you end up with high costs of living as in Canada and Europe, or everyone gets collectively poorer due to lack of incentive, as in the Russia and China.

    I do know one thing for sure, I never was employed by a poor man, and the bigger the company was, the best off my standard of living was.

  • 1 decade ago

    You expect the 250,000 and up income tax bracket to fund universal healthcare, education, and tax credits to everyone else - during a failing economy

    Something seriously doesn't add up

    To most middle and lower class Americans, a tax credit isn't "Change" in the large scheme of things. Most people I kno are just gonna spend it on an Ipod touch, a months rent, and such.

  • Anonymous
    5 years ago

    Senator McCain's tax cuts ought to generally income those with very extreme earning, almost all of whom ought to obtain tremendous tax cuts that ought to, on time-honored, strengthen their after-tax earning by more suitable than two times the final for all households. Many fewer households on the bottom of the income distribution ought to get tax cuts and those whose taxes fall ought to, on time-honored, see their after-tax income upward push a lot less. In marked comparison, Senator Obama delivers a lot higher tax breaks to low- and middle-income taxpayers and ought to enhance taxes on extreme-income taxpayers. the biggest tax cuts, as a percentage of income, ought to pass to those on the bottom of the income distribution, at the same time as taxpayers with the optimal income ought to work out their taxes upward push. i imagine THIS SAYS all of it. i in my opinion like Obama's plan. yet then, i'm between the middle income taxpayers. i'm effective McCains seems alot extra perfect to the wealthy.

  • 1 decade ago

    It doesn't matter, because not everyone will achieve wealth. Also, achieving wealth, in and of itself, would not cause inflation. Spending the wealth would.

    All in all, tax cuts to the rich, or money to the poor: it's all just another way of achieving the same goal: putting more money into the economy.

  • 1 decade ago

    You get wealth by working hard or by going into business not through a tax break

  • winnie
    Lv 6
    1 decade ago

    I don't know about the inflation part, but trust me when I tell you, some poor stock boy at the local supermarket making minimum wage isn't going to 'achieve wealth' by getting a break on his taxes. He may, however, be able to make the rent. What's wrong with that?

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