Lets raise Corporate taxes higher, this will be environmentally friendly in the US. By raising the Corp rates to what Obama wants, there will be no business left here in the states at all. This will mean no working class, no automobile pollution, no emissions from industry. Other areas of the world will see an increase in jobs, money, and pollution. But in America we will have clean air, and no reason to breathe. Obama's ultimate goal is to reduce the American economy to level the playing field with 3rd world nations. Dreams of his father are his dreams as well. If he gets reelected the only jobs created will be undertakers. All of the wealth in America is dwarfed by the debt, I think Obama is doing a fine job destroying the American Dream.

Mr. Hoffa, doesn't most of the Obama proposed rates impact people making more than $250,000 per year? I also understand we are talking about base rates. I haven't really seen anything about closing standard deductions and loopholes. I don't think there will be much impact seen unless one is making substantially more than a quarter million dollars/year in income. That's not assets, but annual income.

The Bush tax cuts were Test III of trickle-down economics, proving 3:3 that this experiment does not achieve anticipated job creation goals. Therefore I see no need to continue them at this time.

Concerning the federal/estate tax, there is none for FYs 2011 and 2012 in Wisconsin as a result of 2010 legislation with a 2013 sunset (if not renewed). (Link: http://www.revenue.wi.gov/taxpro/news/110112.html). The federal estate tax applies to estates valued at $5,000,000 or more but would drop to $1,000,000 if legislation is not renewed (unlikely). The number of estates actually generating that amount of revenue is very small--a few thousand out of perhaps a million deaths per year. Thus eliminating the estate tax benefits the very wealthiest only.

Also, remember that the largest corporations already pay little or no tax. Smaller businesses get deductions too.

Since you're asking, Obama's ideas make more fiscal sense to me.

Here's a helpful article: http://www.taxpolicycenter.org/briefing-book/key-elements/estate/how-many.cfm

Did you go to college Bren? I mean a real college, not a beauty college. Your ignorance is deep, it is hard to debate someone like you who is so dense.

Way to ignore the facts Bren!

"doesn't most of the Obama proposed rates impact people making more than $250,000 per year?"

No - they impact everyone equally.

Obama's proposed increases to the cap gains / dividends / interest tax include no exemptions, therefore, if you invest in the financial markets, which I know you do from your past postings, your taxes on this income will go up just like it will for those making above $250k/yr.

"I don't think there will be much impact seen unless one is making substantially more than a quarter million dollars/year in income"

Obamacare alone represents a huge new tax on the middle class, as the poor are covered by Medicaid and the rich are already insured, so what class do you think will be most effected by the individual mandate/tax and increases in premiums that we've already been experiencing over the last 3 years?

"Concerning the federal/estate tax, there is none for FYs 2011 and 2012 in Wisconsin as a result of 2010 legislation with a 2013 sunset."

You start out talking about federal estate/death tax and then bring up and link to the state estate/death tax. Comparing apples to oranges again Bren? Let's stick to federal taxes, as last I checked, a President had no direct power or influence over state tax rates. Not only does the federal exemptible amount drop, but the rate increases under Obama to 45%.

And $1M isn't what it used to be Bren. A lot of upper middle class estates will be severely impacted by the increase in this tax - not just the wealthiest as you assert. And Obama has talked about completely dropping the exemptible amount in the past, thus if Obama is consistent with his past self (which is hard to say as the man has LIED so much) it could end up effecting all estates/deaths.

Obama's business tax increases, in addition to Obamacare, impact small business the hardest.

The only reason that you prefer Obama's plan is because you're ignoring reality and spinning the truth, as is standard practice for you.

On Jan. 1, 2013, uUnless Congress takes action and the president goes along (whoever that is), rates will go up for everyone, not just "the rich." Specifically, the existing 10% bracket will go away, and the lowest "new" bracket will be 15%. The existing 25% bracket will be replaced by the "new" 28% bracket; the existing 28% bracket will be replaced by the new 31% bracket; the existing 33% bracket will be replaced by the 36% bracket; and the existing 35% bracket will be replaced by the 39.6% bracket.

Bottom line: We'll all see higher taxes.

Dr. Funkhouser, "Beauty college?" ; )

I actually have darkened the doors of higher learning. But why oh why wasn't I smart enough to take the name of a tv doctor as my user name? It would have given me so much more credibility here on Patch. ; )

@Jay -

Irregardless of who wins the election, Obama will still be President until January 20, 2013.

Mr. Hoffa, I understood that incomes under $250,000 would not be materially impacted, based on legislation discussed to continue current tax breaks for the working and middle income groups. Your information may be more recent than mine.

The Wisconsin Department of Revenue link was provided as it is relevant to Wisconsin residents; I apologize if that wasn't clear.

In the second article I linked to please review the estimated number of estates potentially impacted by even a $1 million starting point and of those, which would actually pay. This really isn't an issue that impacts middle and moderate income estates.

No one wants to pay higher taxes but sometimes it has to happen. I'd pay another thousand dollars or so in taxes to keep important social programs in place. Quality of life and social stability.

@Bren -

By failing to compromise with the Republicans and extending the Bush tax cuts for everyone, Obama and the Dems will effectively cause the tax rates of all income tax payers to increase, exactly as Jay Sykes has laid out above.

Clearly, Obama is putting party and ideology ahead of country by causing the tax cuts to expire for everyone, as the hurt of those tax increases would be most felt by the middle class.

@Hoffa-Democrats have been trying to compromise with Republicans over and over and over again. They offered to lift the cap to those earning $1mil/yr. Republicans flat out refused. It isn't compromising from the Democrats that's the issue. It's Republicans compromising. It seems every Republican who dares even try to work with a Democrat gets a healthy primary challenge. What kind of a party have the Republicans turned into when no one is allowed to work with the other side?

Any discussion about debt that does not include a conversation about revenue is fantasy. It is pure fiction. It isn't a legitimate conversation - period.

@FreeThought Troy -

What are you talking about? The last bill that the Dems offered on extending the tax cuts was Reid's S.3412, which passed the Senate on July 25, 2012. The extension was for incomes below $250k, not $1M. And that vote was nothing more than a waste of time and money anyway, as tax bills must originate in the House.

If the Dems really wanted to extend the middle class tax breaks, all they have to do is sign off on the extension for all taxpayers of the Bush tax cuts, which passed the House multiple times now.

It's Obama and the Dems that are refusing to extend the middle class tax cuts, simply because they want to increase taxes on higher income earners. They are apparently willing to put their ideology and party ahead of the middle class and the country.

Read "Oren", not "Chen".

Here's what I learned from your post, Nuitari:

You're a unique thinker.

I take after your broadband of intellect of course.