Obama just gave his acceptance speech to become the Democratic candidate for the next President of the United States of America. Here’s what was in it for consumers, he promised to:
- Cut taxes for working families and the middle class.
- Get rid of capital gains tax for small-businesses and entrepreneurs.
- Some kind of rollback on the changes in bankruptcy law in ’05 that made it harder for people to declare personal bankruptcy.
- Get rid of unproductive tax loopholes that only benefit corporations.
- Lower health insurance premiums for all.
- Insure the uninsured with the same level of coverage Congress gives itself
- Reduce dependence on foreign oil in 10 years.
- $150 billion for renewable energy solutions and next-generation biofuels
- More sick days and paid time off.
He said these will be paid for not by raising taxes, but by getting rid of corporate tax beaks and loopholes, and eliminating ineffective line items in the federal budget as well as making other items more efficient.
What do you think? Can he deliver?
(Photo: BohPhoto)
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His capital gains tax comment for small businesses confused me also. Businesses may pay income taxes on their profits but would usually only pay capital gains taxes, which are usually at a lower rate of 15%, on the sale of investments or the equipment used in the business. The capital gains tax rate is at the lowest it’s been, so getting rid of it without lowering the regular tax rates would increase taxes, not lower them. I hope he clarifies this remark.
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Sam Glover got that right. The FDIC has been strongly encouraging our little bank to make more risky loans for years–to give back to the community. We didn’t do it, and now we give back to the community by not being in trouble and not having any subprime loans on the books.
Well, let me put it this way. I can’t think of a single positive thing McCain has said during this entire election. I was talking to my folks about this last night and what I hear from Obama is
“All of us need to be involved in fixing this mess we’re in, here is what I want to try and do”
and all I hear from McCain is
“Obama is too inexperienced, he can’t do it. Vote for me and I’ll do thi… umm… I was a POW”
So many people seem to be hell bent on attacking Obama and yet I don’t hear anything about what McCain genuinely expects to do to make things better. All that comes out is BS about how terrible Obama’s ideas are and crap designed to scare us. Morons who play the “OMG, Hussein, is he related to Saddam? Oh Noes!” card, idiots who parrot the “hollow suit” line, folks who talk about how he doesn’t have experience but then give McCain a pass on all the things he’s done while acquiring his “experience.” Come on, he gets credit for being in congress for so many years but it’s ok that he cheated on his wife and left her when he traded up to Cindy because that was so long ago? He was involved in some shady financial shenanigans years ago, but it’s been so long ago that it’s ok? Oh and he was a POW. Experience goes both ways. Obama hasn’t even been alive long enough to do some of the crap McCain did, and yet that experience makes McCain better?
End of the day, I want to know why I should vote for the adulterous bitter old man instead of the guy who’s at least appealing to our collective better natures. Why do I want to vote for the guy who trades in fear and doubt about what the other guy CAN’T do instead of the guy who’s trying to win by talking about what we CAN do.
Still waiting for proof of the outrageous lie that America dumps nuclear waste in oceans.
And I thought digg was full of the commie-libs.
Regarding the bankruptcy “promise”, that is NOT what he said. And I think it needs to be clarified and corrected. I heard the speech and I specifically remember his reference to bankruptcy was not for “personal bankruptcy”. So I looked up the text of his speech and here’s what he said (and I quote)
“Now is the time to change our bankruptcy laws, so that your pensions are protected ahead of CEO bonuses; and the time to protect Social Security for future generations.”
I don’t believe this has anything to do with making personal bankruptcy easier as has been argued here. Regardless of what you feel about Barack Obama, you should change the change the original text of this article to reflect what he really said.
Here’s the text to his speech:
[www.politicswest.com]
@Bladefist: But lets step back. What are taxes?
You can do that, but I’m only arguing capital gains taxes here, ceteris paribus.
Doesn’t matter how much or how little you make, everyone pays the same _LOW_ tax rate.
Everyone (except for the lowest two brackets) may pay the same 15% rate, but only one in seven of taxpayers reported capital gains taxes in 2006. Tax equity says it should be the same as other tax rates. That’s fine if you want a flat tax ande we can debate that another day, but it’s a government handout to implement a disproportionately low (but flat) rate on a lone tax paid by a small segment of the population.
Bush Tax Cuts Myths/Facts/Etc
I read that the last time you linked to it. I checked the numbers and they’re right, but the conclusions have conservative spin. Some of them do not follow from the data, like this one. The market experienced a steep rise from early 2003 to late 2007, which of course couldn’t be predicted in advance. (Personally, I attribute this bull market to the rise of the iPod.) The fact that revenues increased does not mean they were caused by tax cuts, nor does implementing a tax cut explain the market behavior. The impact of tax changes on investors is debatable (see “Behavioral responses and revenues” at the previously linked [www.urban.org] for a more scholarly treatment).
More generally, tax revenues rise over time if you do nothing and they rise if you cut taxes too (just not if you cut them too much). That doesn’t mean that the tax cuts are profitable for the government. It was estimated by the Congressional Budget Office that the 2003 capital gains tax cuts would cost the government $100 billion in lost revenue, but without a parallel universe it’s impossible to know what the real cost (or benefit) is.
@Aesteval: Actually, I think that’s a wonderful idea. But unfortunately I doubt we’ll ever see it implemented.
Happens all the time at the state and local level, at least where I live. National referenda would be more complicated. In the mean time, talk to your senators and representatives, especially if you have an opinion on a particular bill. If you go to their office, you can even talk to them in person, where it’s easier to put them on the spot. (And yes, I have talked to my representative. I didn’t tell him that I was voting for the other guy in the fall, though.)
But I know, that’s a lot of work.
@Trai_Dep: Please save your McCain hate for the McCain article that will surely post after his big speech. This debate is about Obama, and his promises.
@Michael Belisle: I backed away to a more general debate because everyone spins their numbers to prove their point. Regardless of what is, or isn’t, I still know what I believe it should be. Government doesn’t need a surplus, and doesn’t need more tax dollars (ie: doesn’t need to raise the capital gains tax). They are making more tax dollars then they ever have, with the cut, and they need to make due.
How about along with the health care congress gets, we all get to vote on our own pay raises as well.
If you believe point one then you’ll believe the rest. However, the fact is he has no intentions of lowering anyone’s taxes. He’s a classic big government democrat. He said he would consider cutting off programs that don’t work but can’t even list 1 program that he would stop. His speech while “pretty” lacked the substance that a real presidential speech should about what exactly he’ll do. Even NPR said, Al Gore got his huge bounce in 2000 after he delivered that snoozer speech that listed exactly what he would do. His cult of personality temple worship service last night was an affront the average person but those caught in the hysteria can’t see beyond the hype.
While I did like some parts of his speech, a lot of this just seems like empty rhetoric.
cutting taxes
I know people are feeling broke right now, but the government seems kind of broke too. I don’t see many tax breaks on the way.
tax loopholes
I doubt that would amount to anything, even if Obama gave numbers. Fun fact: both candidates are making ridiculous claims with regards to balancing the budget. The pork barrel spending McCain is after should be gotten rid of, but it’s a drop in the bucket fiscally. The war is costing us a lot of money, but we’re adding on to the national debt, not taking that out of the budget. Ending the war won’t free up that much money from the budget. I encourage Obama to fight tax loopholes (and swiss bank account tax evasion while he’s at it), but it won’t bring in that much money.
insurance
Honestly, the whole medical system needs to be revised. Short of that, I’m not sure what Obama (or McCain for that matter) thinks he can do except throw a ton of money we don’t have at it.
oil
Once again, this is a product of a poor infrastructure. In this case, over-reliance on cars. Until we fix that, all the gov can do is throw money around recklessly.
sick days
This just seems pointless.
Overall, I’d say there’s a lot of BS, but maybe a grain of truth. In other words, the same as every other politicians campaign promises.
“Oh, and [Obama will] pay for it all by taxing the best and brightest in America.”
Err, Paris Hilton, the Trump kids and the Bush twins are our best and brightest? (shudder)
@Trai_Dep: oh hai, welcome to america :p
@Trai_Dep:
“Oh, and [Obama will] pay for it all by taxing the best and brightest in America.”
“Err, Paris Hilton, the Trump kids and the Bush twins are our best and brightest? (shudder) “
You are showing your ignorance on the current tax code. Those you mention aren’t impacted by raising taxes. Our tax code taxes INCOME not wealth. The group you mention earned their money the old fashioned way, they inherited it. They aren’t taxed on spending grandpa Hilton’s fortune, so could give a shit about taxes going up. For the same reasons Al Gore, Ted Kennedy and John Kerry could care a less, they don’t earn salaries, they have wealth.
The problem with raising taxes is that typically they do penalize the best and brightest – those trying to move up the social latter from Middle Class to Upper Middle Class.
The issue is how you define “Rich”. One who makes $200,000 a year may be considered rich in your book, but if they are paying 35-40% of that in taxes to pay for other groups benefit programs things change quickly.
This is precisely how the two parties have lead us into this class warfare system. Why is it we never see any “poor, middle-class” politicians? Because all the leaders of the democratic party are wealthy, it’s far to easy for them to raise income taxes on the middle with no impact on their financial standing – causing the upper-middle class and poor, working class to fight over too small a piece of the pie.
A fair solution would be a consumption tax. When Paris Hilton flies to the Bahamas to make another amateur film, let her pay an extra 30% of grandpa’s money on that extravagance. If you concerned about it being regressive to the poor, simply exempt food, medicine, non-luxury clothing (not $100 tennis shoes) and gasoline from the sales tax and raise the rate to 35% on everything else. Poor people aren’t buying anything else anyway, right?
@whydidnt:
hu·mor (hyu•mër)
n.
1. The quality that makes something laughable or amusing; funniness: could not see the humor of the situation.
2. That which is intended to induce laughter or amusement: a writer skilled at crafting humor.
3. The ability to perceive, enjoy, or express what is amusing, comical, incongruous, or absurd. See Synonyms: wit.
tr.v. hu·mored, hu·mor·ing, hu·mors
I simply can’t get my head around why anyone, other than the very rich or directors of major corporations (who are really just a subset of the former) would vote Republican.
Really, what is the appeal? Please tell me, because it’s a mystery to me.
They take us into wars we shouldn’t be in, give all the breaks they can to corporations who go out of their way to bleed the American people dry and treat their employees appallingly, and go out of their way to deny everyone the health care they have a basic right to as human beings.
Seriously, what is the draw? Is it the abortion thing? Because even that’s a moot point: they’ve been in power for so much of the last few decades and it’s still legal. Face it: it’s never going to change, because if it did that’s one less promise they’d be able to make to get you to vote for them.
Is it the gun thing? ‘Cos if you I have to ask, is that *really* more important than people getting the health care they *deserve*? Is is really more important than people being treated properly by the companies they work for? Is it really more important than living in a country that doesn’t torture people? The list goes on: I really can’t see why the gun thing can be more important than the combined importance that the issues on that extensive list.
Is it because you think Republicans are better at managing the economy? If so, please wake up. Look at what has happened in the last eight years. The argument is dead in the water; unless you’re rich of course, in which case the economy is doing GREAT!
Seriously. I’m willing to bet that most of the people reading this site are NOT rich. Most of you will be suffering in some way because the current Republican government simple does not care about YOU because YOU are NOT rich. And yet you insist on coming up with weak arguments as to why Democratic policies are bad while standing as you are in a Republican-led country that is in a *terrible* state. You insist on voting for the party that really couldn’t care less about you.
Why?
Please explain: I want to know!
@pickscrape: I work for a corporation and they treat me great. Flexible hours, freedom in the work place, the opportunity to travel around our great country. I take pride in providing my true bosses, our share holders, increased value. When our stock goes up (yes, I realize I personally have little impact) I feel good about myself, about what I do and am proud to work with such outstanding people. The corporation I work for provides me with outstanding benefits, good pay, and pays for 100% of my MBA pursuits. Not too evil in my eyes.
I don’t own guns, my girlfriend had an abortion, I’m down with gays. I don’t think about that stuff when I go in to vote. I think about all the taxes I already pay, I think about how my property taxes have gone up every year, and I vote for the people who I think will help me keep most of what I’ve earned. Is that asking too much? Too keep what I’ve earned.
Why do I vote Republican? I like my life just the way it is and like how I got here, through hard work and responsibility. I don’t think the sky is falling. I believe in myself and my counterparts. My life is better now than it was four years ago. In fact my life is much better. I like that.
@HIV 2 Elway Resurrected: Great post. Couldn’t have said it better myself. Get past all the bull shit, and get down to it- you just want to be left alone and be allowed to make a living.
@Bladefist: so…….. libertarian you mean?
cause your perpetual elephant there is trying to prevent a lot of people from being “left alone” and make a living.
@boandmichele: usually based on religious grounds, it should be noted.
@boandmichele: Valid points. Just because the elected person of my party strays from party beliefs, doesn’t mean I jump ship. Which ship would I jump into? What other ship has a chance to make a difference? The democrat ship? No thank you.
The elephant icon started as an icon for fun, then I realized it pissed a lot of people off, how could I change it? I’m a conservative at heart. I vote republican. If you give me another viable party that is more conservative then republicans, I’ll jump ship. My loyalty is to my beliefs, not the celebrities in my party.
@Bladefist: oh i know, and i know all about your antagonistic avatar :p
you just sounded a little like bill maher for a second there
@boandmichele: ew. Mitt Romney is my man, with a few minor exceptions, like no child left behind.
@Bladefist: Massachusetts health care killed him for me. He was a pretty decent governor here in MA and the libs all around me HATED him (and still do) because he *gasp* wanted to cut out bureaucrats and useless state programs.
@HIV 2 Elway Resurrected:
I agree with your post in principal: I don’t have any problem with Republicans, per se. I very few, if any, people of any party toe the platform line. But I do have a problem with the Republican party today and the direction they steered the country during their time in power. Ultimately I could probably say I’m better off now than I was 4 years ago, but that has nothing to do with the government. It has more to do with the events that happened in my life in the span of 4 years and the choices I made. But I might say that I (i.e., my family) was better off 10 years ago.
@Bladefist: Get past all the bull shit, and get down to it- you just want to be left alone and be allowed to make a living.
That’s not the defining difference between Democrats and Republicans. I want to be left alone too, but I want to be left alone in the stuff that liberals champion.
<rant hyperbole=”occaisionally”>I don’t want to surrender my rights at the airport, surrender my rights if I leave and reenter the country, surrender my rights if I make an international phone call, wear a turban, become a muslim, or get out of bed in the morning. I don’t want the government to track me, to know what I’m doing any time I’m in public, and offer to sell me missiles because they think I’m a potential terrorist who just can’t succeed in finding missiles on my own. I don’t want to have to prove my citizenship on demand, lock the borders, build a fence, get fired from my job because the Social Security database has an error, change and endanger my health insurance if I change jobs or get sick, trust the courts to decide if a person should live or die, have the government define the meaning of the word marriage, question science, lock up wayward children for the useful part of their life, or turn a blind eye as the poor into are converted into a class of debt-ridden indentured servants.</rant>
I’ll vote Republican in the future because the Democratic party doesn’t believe in everything I want. (I’d like to get some libertarians in there too.) But today, the prospects of what Obama will do are far closer to want I want than McCain.
@Michael Belisle: I couldn’t be less enthusiastic about McCain. Although Palin has me pretty excited today. I agree, people who blindly swallow whatever their party feds them are the biggest threat to this country.
@HIV 2 Elway Resurrected: Palin adds an interesting dynamic to the race. I think she’s a smart choice for McCain. I’m curious to hear what she has to say next week, even though I’ll probably hate it.
@HIV 2 Elway Resurrected:
Firstly, I’m certainly not saying that all companies are bad to work for.
But…
Your life is great? That’s grand. I’m pleased for you, I really am.
So what happens if you get really sick? I mean *really* sick. And your girlfriend (heaven forbid) has an accident?
Nothing fatal mind, just things that would require quite a bit of surgery and medical care to get you well again. (I’m not being weird here: I really hope this doesn’t happen. It’s just an example).
Chances are, you’d be screwed. It’s entirely possible that your medical bills would far exceed your income (unless you’re rich of course, in which case see above). Your insurance company would fight tooth and nail to cover as little as possible.
You might end up losing your home. You might have to file for bankruptcy. Oh wait, maybe not. They’ve made that more difficult now. But that’s right, because you wouldn’t be needing to file for bankruptcy if you had been responsible with your money in the first place, right? Maybe you’ll just have to live on the street: it’s all you deserve.
Erm, no, it’s not what you deserve. Nobody deserves any of that, but this scenario is *reality* for many of your fellow citizens.
It’s very easy to say “I’m alright, Jack”, but I can’t do that.
It’s not enough for it to be good for *me*.
@pickscrape: In the event of a medical travesity I certainly wouldn’t want anyone else to take care of me. That’s just not my style. If that’s how you’d like it, thats cool too. Hell, thats why we all get a vote.
@pickscrape: In the situation you describe, I think most people working for large corporations would be far better off than those that aren’t. Large Corporations typically have better benefits packages to deal with these sorts of things.
True Story – I work for a Fortune 500 company. Last February I was diagnosed with cancer, and ended up missing 6 months of work for treatment (off and on, I worked when I felt well enough to). My insurance company paid for all treatments, for which I had to check into the hospital to recieve(every 3 weeks, for 2-3 days each time), except for my deductible, and never gave me any hassle about it at all. Horror of horrors it was even WCIA nominee BCBS – I guess not all policies are equal or something.
My employer is self-insured for short term disability coverage, so I received full salary for the enitre time I was out. The President of my business unit actually called my wife when he heard the news to see if there was anything else they could do to help.
I certainly don’t feel like I work for an “evil corporation”. They did right by me in this circumstance. I don’t agree with all of the business decisions they make, but also think it’s far too easy for people to assume corporations are nameless and faceless and try to blame all of the evils of the world on them.
@jwissick: You are just hideously misinformed. I’ve read Marx (gasp! How un-American!), and Obama’s policies don’t nearly match up to his concept of utopian Communism. Hell, none of the 20th-century Communist regimes have truly been Marxist, especially given that Marx wrote government would become irrelevant if true Communism came into being. Stop reading the McCarthy playbook and come join us in the 21st century, if you please.
@HIV 2 Elway Resurrected: I’m pretty happy where I am right now, but I acknowledge the fact that the society in which I grew up and the family that raised me gave me the tools to live the way I do now. Nobody does anything 100% by himself, and it’s important to realize that’s true economically as well. I agree with pickscrape’s point: All it takes is a little bad luck, and you could be subject to debilitating economic desperation. The current economic and political environment wouldn’t do a lot to help you, and many conservatives would tell you to “man up” and talk a bunch of nonsense about bootstraps and such.
Nobody except some smelly professional students wants to truly “redistribute wealth” in the way so many people scream about. The idea at hand, as I see it, is to give people “bootstraps” so they are able to pull themselves up by them. Otherwise, the overall economic state of the country decays, and all of us except the most wealthy are left poorer – whether in health, education, wealth or otherwise.
I’m not saying that we need some grand socialist revolution or something – far from it. Marx was an ignorant git when it comes to the nature of human motivation. But the policies of the current administration have not, in anything I’ve seen, truly helped the overall state of the nation, and some of those policies need revision.
@Ubik2501: “I’m not saying that we need some grand socialist revolution or something”
i am.
the far more left-center countries of Europe (Scandinavia more specifically) are doing something right, for certain.
wow this article attracted the trolls, here are two counter arguments to stuff people have been saying:
His health-care isn’t Marxist it is enforced competition, he gets a company to bid on a plan that is acceptable to congress people … and turns around an re-sells it (subsidized if your poor and increasing the price of it slightly if your doing well). thus breaking the monopoly of only one plan being offered in your company as now you can pick the government one instead. And if your company one is better you can choose that instead.
Its those anti-bankruptcy laws that where one of the things that made banks all to loan happy (combined with nasty deregulation stupidity) they should be repealed.
@bloodsprite: It’s sad that some people will blindly shout “FREE MARKET” until our ears bleed when they don’t realize how many de facto monopolies and consumer-antagonistic market structures have come out of the current way of doing things. I’m pretty sure that no reasonable person is saying the government should control everything – the argument is that government should enforce regulations to keep the market as free as possible.
I realize that’s another can of worms unto itself, but I freely admit that I don’t have the economic or political expertise to tackle it.
@Ubik2501: I’m pretty sure that no reasonable person is saying the government should control everything – the argument is that government should enforce regulations to keep the market as free as possible.
There’s some value in that. The laissez-faire free market is only free until someone collects 90% of the marbles. While not impossible, it’s pretty hard for anyone else to play at that point. Sometimes it’s nice to have the government redistribute some of the marbles, in the interest of competition.
Anything’s better than what we have now, that’s for sure.
@Dyscord: Anything’s better than what we have now, that’s for sure.
Really, you’d rather live in China, where posting what you just did may land you in jail for re-education? Or perhaps Iran, where if your female and are caught speaking to a man you are beaten in public. Perhaps on of a 1/2 dozen African countries with fascist dictators practicing genocide?
You sum up one of the biggest issues we have in this country in a simple sentence. Too many don’t realize how good they have it, with there internet access, color TV, cell phone, food on the table, etc. It’s so awful, anything would be better?? How naive is that? Time for a reality check. We still live in a great country, with a great standard of living and the freedom to post comments such as yours.
I love how people telling me that i can afford to pay more taxes….
To them i have a message of hope…..Eat Poop
It’s hard to believe that after eight years of “FEAR” that there is anybody not wanting “CHANGE”.
Who else beside’s Obama is offering that change?
(Excuse me if your opinion differs, but I’m a Republican, southern, rural, baby boomer, white, retired, vietnam vet and fed up with Bush and his cronies.)
McCain and his highly experienced VP isn’t a choice.
The national debt is 35 trillion dollars. He’s going to add to it with more programs that we can spend money on. And his answer to pay for them and put us back in the black is:
Get rid of unproductive tax loopholes that only benefit corporations.
Those must be some amazing damned loopholes that corporations are getting to take advantage of. The fiscal irresponsibility of this country boggles the mind.
McCain doesn’t seem to have any better of an idea about fiscal responsibility either.
P.S. Voting for the lesser of two evils, still has you choosing evil.
Just love how Obama keeps promising change and lower taxes but does not have any idea or plans layed out on how he is going to actually accomplish any of them. I sat in my chair laughing away at all the plans and policies that were being promised at the convention with no way of paying for them and if he lowers to taxes as much as claimed he can’t even support what we already have!
The mandatory sick days? Say good bye to all small business if it goes through, they cannot afford to pay for those who would abuse the system and use every possible day or use for personal days at worst time for their company. Think if a large amount of employees called in their mandatory sick days on Black Friday at a retail store. Oh, and don’t give me that “require a doctor” or “conformation of illness”, ANYONE can make themselves sick for a day, just try to down a gallon of milk… *blargh* well I am puking, can’t come to work now.
Universal health care? So you are dying of a heart attack and need immediate attention, oh, but what about the hordes of unemployed, illegal immigrants, hypochondriacs, and other drains on society in front of you? Sorry Mr. Joe Q. Taxpayer you’ll just have to wait your turn while we treat this toothache first or die.
I am convinced this “change” idea Obama’s campaign is running on is just to change his promises as the wind blows to say whatever gets him elected.
Also go take a few basic psychology classes and learn that a person learns from, believes, and behaves based on the persons he/she surrounds themselves with. Then remember Michelle Obama’s “for the first time in my life” quote and who could forget Rev. Jeremiah Wright. I would not trust Barack with a job as a Wal-Mart greeter let alone with the most important job in the country.
The real question is: which one of them is going to legalize “it”. I have a feeling McSame would have to die (which may not take that long) before weed would ever be legalized. Old rich white people just aren’t cool, or they are only cool to other rich white people. I want a president to at least de-criminalize amounts of weed under an oz.
I hate politics, Obama picks a VP with experience so people can’t harp on his age and qualifications – McCain picks a VP that’s young and a woman to pickup their votes. I’ve always liked McCain because he was the Repub. rebel, Co-sponsering some great bills (even with Demo’s)- just doing things because he thought it was right. I liked McCain better 8 years ago when he wasn’t such a puppet, when he actually used “straight talk.” So I’m on the fence now, we will see what McCain has to say later this week.
I’ve got my bumper sticker on my car and have been getting lots of “thumbs ups” and other signs of agreement from it. It reads:
“No to the Obama bin Biden ticket”
Brilliant. Raise taxes on the corporations, and the corporations won’t raise their prices, consumers won’t have to pay more money for the things they already buy, and there won’t be even more inflation than there already is.
Will America ever elect a president who wasn’t absent the day his third grade teacher spent an hour talking about how money works?
Sorry to say that the president can not make the changes that this nominee is purporting to make
These changes are made in congress and if anyone
remembers the democratic congress of last session was the most do nothing congress in 20 years.. So the answer to this is NO This will not happen even if he manages to spoof his way into being the the president, Which now is in doubt as he paints himself into
corner after corner..