How many of you favor tax cuts for CEOs?

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Aaron Yarbough

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Fact Check: Does McCain's tax plan give tax cuts to CEOs?

Posted: 06:44 AM ET

The Statement: At a Tuesday, October 7, campaign stop in Indianapolis, Indiana, Democratic nominee Sen. Barack Obama compared his tax proposal to that of his opponent, Republican Sen. John McCain. "You've heard a lot about taxes in this campaign. Well, here's the truth — John McCain and I are both offering tax cuts," Obama said. "The difference is, he wants to give the average Fortune 500 CEO a $700,000 tax cut … ."



The Facts: The Obama campaign bases the $700,000 claim on a Fortune 500 survey that showed the average CEO of those companies earned a salary of $12.8 million in 2007. What the statement considers a tax cut would be renewing President Bush's current cuts, which are scheduled to expire by January 2011. McCain has said he would push to renew those cuts, while Obama wants to let the cuts run out for the wealthiest Americans and offer new ones to people who make less money.



"The $700,000 in reduced taxes for CEOs comes from McCain's extending of the lower tax rates that those CEOs benefit from that were in place under the Bush tax cuts," The Tax Foundation, a nonpartisan, Washington-based tax-research group founded in 1937, wrote in an analysis of Obama's statement.



So, in effect, what Obama calls a tax cut would be keeping taxes for those wealthy CEOs the same as they are now — instead of letting them revert to what they were before Bush's cuts.



Verdict: True, but incomplete.
 
Everyone one of us should pay a flat number across the board.



Yes, I do realize that the individuals that make millions will pay more, but it will be relative to everyone one else.



Also, if we all paid as we should, I think the number would be very low, something like 7%.



I paid just under $18,000 in taxes last year alone. That is a paycheck to may people... How fair is that?????
 
A flat tax is really the only fair system. The Democrats would never go for though because it doesn't fit their socialist views and the Republicans won't go for it because it would close the loopholes the rich people have to avoid taxes.
 
A flat tax for 100% of earned income, no tax on interest earned & no tax after retirement age...
 
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Lil Red, is it your contention that those that can afford should give their money to those that can't. That's basically socialism and I'm against it. Do I feel that there is a minimum standard of living for ALL Americans who are TRYING? Most definitely. Am I willing to voluntarily fund these unfortunates. Again yes! If you are not an American citizen, or a guest of this country (green card, Visa etc.) then my answer is no. Right now there are benefits offered to Illegals in this country that are not offered to bonafide citizens. Something is drastically wrong with that.



Am I in favor of publically traded CEOs getting exorbitant salaries and bonus NOT ATTACHED to long term company performance, the answer is yes. If you are a CEO of a non traded public company you should be able to get whatever you can.



There should in some respects be a FEDERAL sales tax. This would make the underground economy pay at least a portion of the taxes that they now are escaping.



No issue is purely black and white like many people want to believe. There is, however, an area of common sense that seems to be in short supply in Washington.



 
"death" taxes should go away also,, I paid a bunch of tax on my inheiratence that my dad had already paid taxes on... double taxation..............
 
So, in effect, what Obama calls a tax cut would be keeping taxes for those wealthy CEOs the same as they are now — instead of letting them revert to what they were before Bush's cuts.
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This is pure BS and nothing but demagoguery and class warfare, and the very title of this thread shows that you buy this hook, line, and sinker.



This very statement proves it:



"The $700,000 in reduced taxes for CEOs comes from McCain's extending of the lower tax rates that those CEOs benefit from that were in place under the Bush tax cuts,"
Click to expand...



Because the lower tax rates that are referred to in that quote are the very same ones that apply to every other American who pays taxes, not just CEO's. If not for the purpose of demagogy and class warfare, why else would CEO's be singled out in this statement?



I heard a statement today that really summed up the liberal class warfare mentality. Liberals (which includes most Democrat politicians) claim to be supporters of the American Dream. Based on their statements on tax policy and who should pay how much in taxes, that appears to be true--- Until you reach $250,000 in earnings. After that, it would seem that according to liberals, you become one of the "evil rich". In other words, any drive for achievement or success above $250,000 should be punished.



Unless of course you're a liberal who also happens to be rich. Then you're just a flaming hypocrite!:angry:



You want facts on who pays the "fair" share of taxes, and factual comparisions of Obama v. McCain's tax plans? Here are some actual facts:



OCTOBER 7, 2008



The Rich Pay Their Fair Share

They would still shoulder the burden under the McCain plan.



By ANDREW G. BIGGS and KENT SMETTERS



Tax policy has two main goals: fairness and efficiency. Fairness encompasses philosophical values regarding how the tax burden should be distributed based upon the ability to pay. Efficiency incorporates economic consideration of how incentives built into the tax code affect individuals' willingness to work or save. Deciding whether a given tax plan maximizes fairness and efficiency is a difficult task under the best of circumstances. But given how most information pertaining to the two presidential candidates' tax plans is presented in the press, it is all but impossible to say much about either fairness or efficiency.



The media typically report how each candidate's plan would change the tax code relative to current law: the size of the typical tax cut or increase that accrues to low, middle or high earners. So it is widely reported that John McCain would mostly cut taxes for the rich while Barack Obama would mostly cut taxes for the middle class. But how much a given income group gains or loses from a specific tax reform tells us nothing about either the fairness or efficiency of the tax code after such changes have been implemented.



According to the Tax Policy Center, a joint venture between the Urban Institute and Brookings Institution, around 78% of the McCain tax cut would accrue to the top fifth of income earners, with almost 30% going to the highest 1%. This seems inequitable on its face, a point the Obama campaign and the press focus on.



But can we conclude that the rich would pay too little taxes under the McCain plan? Not really, because most media reports do not reveal the resulting share of the tax burden borne by the highest earners.



As it happens, the top fifth of earners currently pay 67% of all federal taxes -- including not just income taxes, but payroll taxes, corporate taxes and death taxes. The top 1% of earners pay 26% of all federal taxes.



If the McCain proposal were passed, the top fifth would actually pay a greater share of total federal taxes and the top 1%'s share would decline by only 0.3%. In other words, high earners carry the v
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Not only that, but Obama has repeatedly said that he's going to cut taxes for 95% of Americans. The fact of the matter is that only 55% of wage earners pay income taxes in the first place! So how exactly will he accomplish this feat?
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Checks will be sent to those that qualify...
 
Fair Tax is the only real answer.

1. brings back 12-15 trillion dollars from overseas accounts back into our econmy.

2. taxes illegal under the table income ie illigal aliens, etc

3. constitutional - taxes shall be apportioned equally.

4. frees up time, money and resources complying with the current 66,000 page tax code

5. provides the biggest shift in power from government back to the people in the history

of our republic.

6. encourages savings.

7. Prevents politicians using the tax code to buy votes and influence behavior of Americans.

8. No loop hole for the Wealthy, businesses or anyone else.

9. NO IRS as we know it. They simply have to count the money coming in.



did I miss anything?
 
I'm on favor of cuts for big CEO's....the ear to ear kind! LOL!



Gary G:lol:
 

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