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Posted Wednesday, October 29, 2008 8:45 AM

Why It’s Still a Race

Howard Fineman

Here’s all you need to know about Sen. Barack Obama and his campaign. He taped the video portion of his half-hour TV special, which airs across your dial at 8 p.m. Eastern tonight, last week.

Now, a week is a year and a year is a lifetime in presidential campaigns. But it is characteristic of Obama to plan ahead in the heat of the battle. The cool, collected senator has known from the start (nearly two years ago) pretty much what he has wanted to say. He kept his eyes on the prize. The small stuff didn’t distract him.

That is why his campaign and its staff, which I have checked in with twice in the last week here in Chicago, remain relatively calm as they head into the final lap of a national NASCAR race that has not quite turned into the rout that history and other factors would lead you to predict.

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By all accounts and by all odds, Obama is fairly comfortably ahead in the Electoral College—which, as Al Gore will tell you, is what matters.

On TV Wednesday night, Obama will give what one aide described to me as a “meaty” discourse on his basic tax and health-care proposals. No high-flown rhetoric, but rather a briefing paper for wary undecided swing voters---most of whom, the campaign thinks, are “soft Republicans” who kind of want to vote for Obama but need reassurance.

And yet, in the meantime, Sen. John McCain has not quite disappeared in the rear-view mirror.

I find that astonishing. And, if you are in the Obama campaign, you have to find that at the very least a teeny bit troubling in these last days.

Let me repeat the following litany, just for the sake of wonder if nothing else:

Consumer confidence is at an all-time low. The job performance rating of the outgoing Republican president is at Nixon-Carter levels. Nine out of ten voters think the country is off on the wrong track. The Democrats lead in the generic congressional preference vote by a double-digit margin.

Obama has outspent McCain on TV advertising three or four to one (though McCain is matching him in some key states here at the end). Obama has four thousand paid organizers in key states, an unheard of number. Most voters think that McCain’s running mate is not qualified to be president. Many people wonder aloud if McCain is in fact too old (72) to be president. Much of the media coverage of Obama has been fawning to say the least, and with good reason. He is one of the most winsome, charismatic candidates to have appeared on the scene in decades.

Still, in today’s “traditional Gallup” Daily Tracking Poll (the one that screens likely voters most rigorously, based on past votes), Obama leads McCain by only two percentage points, 49 to 47 percent.

Here in Chicago, they say that they expected a close race at the end, as one staffer put it. They are steady as she goes on ad spending, and they are fighting the end game on Red State turf, which is what the frontrunner does. They scoff at the idea that McCain could win Pennsylvania, and they are almost certainly right about that.

It’s hard to make the Electoral College numbers add up for McCain. He has to win all of the current tossup states (Montana, North Dakota, Missouri, Indiana, North Carolina and Florida), plus Ohio and Virginia and one of the following three: New Hampshire, Colorado or New Mexico. That isn’t just drawing one inside straight; that’s
drawing a whole casino’s worth of them.

Why hasn’t Obama run away with this?

Because the country remains culturally divided. Because the more it looks like Democrats will score huge gains in Congress, the more worried “soft Republican” voters get. Because McCain has succeeded, in the minds of some of those voters, in raising the hoary specter of “tax-and-spend” liberals. Because Obama hails from a place (South Side Chicago) and background (the son of professional academics) more reminiscent of Democratic losers like Michael Dukakis, Al Gore and John Kerry than winners like LBJ, Jimmy Carter or Bill Clinton. Because some voters remember the hate-filled sound bites of the Rev. Jeremiah Wright.

And, to a degree we cannot measure and may never fully know, because Obama is an African-American---and one with a Swahili name at that.

There is nothing that the staffers here in Chicago can do about any of that at this point. Up on the 11th floor of the office building here, staffers are hard at work. They aren’t thinking about those things. Their campaign manager, David Plouffe, won’t let them. “We expected this to tighten,” one of them said to me a few hours ago.

And so, it seems, it has.

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Posted By: Siciliano (November 11, 2008 at 1:38 AM)

To makingmyownchoices:

Well, the election is over.  While I agree with your analysis in general,  Earnings and Taxable Income from the Tax Tables are two different things.  

Taxable Income is after all deductions, so it is safe to say that those taxpayers with the corresponding Taxable Income in your analysis could have substantially higher Earnings .

Your conclusions, nevertheless, are accurate.


Posted By: makingmyownchoices (November 3, 2008 at 4:41 PM)

Thia is in response to ocky (or something like that) from last week how emphatically denied taxes would go up for everyone if the Bush tax cuts are allowed to expire. I'm sorry that the tables don't line up, but you can certainly see what is really going on.

From "American Thinker" November 2, 2008 website:

October 27, 2008

Senator Obama's Four Tax Increases for People Earning Under $250k

By Ned Barnett

I confess.  Senator Obama's two tax promises: to limit tax increases to only those making over $250,000 a year, and to not raise taxes on 95% of "working Americans," intrigued me.  As a hard-working small business owner, over the past ten years I've earned from $50,000 to $100,000 per year.  If Senator Obama is shooting straight with us, under his presidency I could look forward to paying no additional Federal taxes -- I might even get a break -- and as I struggle to support a family and pay for two boys in college, a reliable tax freeze is nearly as welcome as further tax cuts.

However, Senator Obama's dual claims seemed implausible, especially when it came to my Federal income taxes.  Those implausible promises made me look at what I'd been paying before President Bush's 2001 and 2003 tax cuts, as well as what I paid after those tax cuts became law.  I chose the 2000 tax tables as my baseline -- they reflect the tax rates that Senator Obama will restore by letting the "Bush Tax Cuts" lapse.  I wanted to see what that meant from my tax bill.

I've worked as the state level media and strategy director on three Presidential election campaigns -- I know how "promises" work -- so I analyzed Senator Obama's promises by looking for loopholes.  

The first loophole was easy to find:  Senator Obama doesn't "count" allowing the Bush tax cuts to lapse as a tax increase.  Unless the cuts are re-enacted, rates will automatically return to the 2000 level. Senator Obama claims that letting a tax cut lapse -- allowing the rates to return to a higher levels -- is not actually a "tax increase."  It's just the lapsing of a tax cut.

See the difference?  

Neither do I.  

When those cuts lapse, my taxes are going up -- a lot -- but by parsing words, Senator Obama justifies his claim that he won't actively raise taxes on 95 percent of working Americans, even while he's passively allowing tax rates to go up for 100% of Americans who actually pay Federal income taxes.

Making this personal, my Federal Income Tax will increase by $3,824 when those tax cuts lapse.  That not-insignificant sum would cover a couple of house payments or help my two boys through another month or two of college.

No matter what Senator Obama calls it, requiring us to pay more taxes amounts to a tax increase.  This got me wondering what other Americans will have to pay when the tax cuts lapse.  

For a married family, filing jointly and earning $75,000 a year, this increase will be $3,074.  For those making just $50,000, this increase will be $1,512.  Despite Senator Obama's claim, even struggling American families making just $25,000 a year will see a tax increase -- they'll pay $715 more in 2010 than they did in 2007.  Across the board, when the tax cuts lapse, working Americans will see significant increases in their taxes, even if their household income is as low as $25,000.  See the tables at the end of this article.

Check this for yourself.  Go to http://www.irs.gov/formspubs/ and pull up the 1040 instructions for 2000 and 2007 and go to the tax tables.  Based on your 2007 income, check your taxes rates for 2000 and 2007, and apply them to your taxable income for 2007.  In 2000 -- Senator Obama's benchmark year -- you would have paid significantly more taxes for the income you earned in 2007.  The Bush Tax Cuts, which Senator Obama has said he will allow to lapse, saved you money, and without those cuts, your taxes will go back up to the 2000 level.  Senator Obama doesn't call it a "tax increase," but your taxes under "President" Obama will increase -- significantly.

Senator Obama is willfully deceiving you and me when he says that no one making under $250,000 will see an increase in their taxes.  If I were keeping score, I'd call that Tax Lie #1.

The next loophole involves the payroll tax that you pay to support the Social Security system. Currently, there is an inflation-adjusted cap, and according to the non-profit Tax Foundation, in 2006 -- the most recent year for which tax data is available -- only the first $94,700 of an unmarried individual's earnings were subject to the 12.4 percent payroll tax. However, Senator Obama has proposed lifting that cap, adding an additional 12.4 percent tax on every dollar earned above that cap -- and in spite of his promise, impacting all those who earn between $94,700 and $249,999.  

By doing this, he plans to raise an additional $1 trillion dollars (another $662.50 out of my pocket -- and how much out of yours?) to help fund Social Security.  Half of this tax would be paid by employees and half by employers -- but employers will either cut the payroll or pass along this tax to their customers through higher prices.  Either way, some individual will pay the price for the employer's share of the tax increase.

However, when challenged to explain how he could eliminate the cap AND not raise taxes on Americans earning under $250,000, Senator Obama suggested on his website that he "might" create a "donut" -- an exemption from this payroll tax for wages between $94,700 and $250,000. But that donut would mean he couldn't raise anywhere near that $1 trillion dollars for Social Security.  When this was pointed out, Senator Obama's "donut plan" was quietly removed from his website.  

This "explanation" sounds like another one of those loopholes. If I were keeping score, I'd call this Tax Lie #2.

(updated) Senator Obama has also said that he will raise capital gains taxes from 15 percent to 20 percent.  He says he's aiming at "fat cats" who make above $250,000.   However, while only 1 percent of Americans make a quarter-million dollars, roughly 50 percent of all Americans own stock – and while investments that are through IRAs, 401Ks and in pension plans are not subject to capital gains, those stocks in personal portfolios are subject to capital gains, no matter what the owner’s income is. However, according to the US Congress’s Joint Economic Committee Study, “Recent data released by the Federal Reserve shows that nearly half of all U.S. households are stockholders.  In the last decade alone, the number of stockholders has jumped by over fifty percent.”  This is clear – a significant number of all Americans who earn well under $250,000 a year will feel this rise in their capital gains taxes.  

Under "President" Obama, if you sell off stock and earn a $100,000 gain -- perhaps to help put your children through college -- instead of paying $15,000 in capital gains taxes today, you'll pay $20,000 under Obama's plan. That's a full one-third more, and it applies no matter how much you earn.  

No question -- for about 50 percent of all Americans, this is Tax Lie #3.

Finally, Senator Obama has promised to raise taxes on businesses -- and to raise taxes a lot on oil companies.  I still remember Econ-101 -- and I own a small business.  From both theory and practice, I know what businesses do when taxes are raised.  Corporations don't "pay" taxes -- they collect taxes from customers and pass them along to the government.  When you buy a hot dog from a 7/11, you can see the clerk add the sales tax, but when a corporation's own taxes go up, you don't see it -- its automatic -- but they do the same thing.  They build this tax into their product's price.  Senator Obama knows this.  He knows that even people who earn less than $250,000 will pay higher prices -- those pass-through taxes -- when corporate taxes go up.  

No question: this is Tax Lie #4.

There's not a politician alive who hasn't be caught telling some minor truth-bender.  However, when it comes to raising taxes, there are no small lies.  When George H.W. Bush's "Read my lips -- no new taxes" proved false, he lost the support of his base -- and ultimately lost his re-election bid.  

This year, however, we don't have to wait for the proof: Senator Obama has already promised to raise taxes, and we can believe him. However, while making that promise, he's also lied, in at least four significant ways, about who will pay those taxes.  If Senator Obama becomes President Obama, when the tax man comes calling, we will all pay the price.  And that's the truth.

Tax Rates - and the Obama Increase - $50,000/year Taxable Income

2000 Tax Tables

2003 Tax Tables

2004 Tax Tables

2010 Tax Tables - (Bush Tax Cuts have Expired)

Increase with Obama Tax Increase*

Taxable Income

$50,000

$50,000

$50,000

$50,000

$50,000

Tax: Single

$10,581

$9,304

$9,231

$10,581

$1,350

Tax: Married -  Filing Joint

$8,293

$6,796

$6,781

$8,293

$1,512

Tax: Married - Filing Separate

$11,143

$9,304

$9,231

$11,143

$1,912

Tax: Head of Household

$9,424

$8,189

$8,094

$9,424

$1,330

Tax Rates - and the Obama Increase - $75,000/year Taxable Income

2000 Tax Tables

2003 Tax Tables

2004 Tax Tables

2010 Tax Tables - (Bush Tax Cuts have Expired)

Increase with Obama Tax Increase*

Taxable Income

$75,000

$75,000

$75,000

$75,000

$75,000

Tax: Single

$17,923

$15,739

$15,620

$17,923

$2,303

Tax: Married -  Filing Joint

$15,293

$12,364

$12,219

$15,293

$3,074

Tax: Married - Filing Separate

$18,803

$16,083

$15,972

$18,803

$2,831

Tax: Head of Household

$16,424

$14,439

$14,344

$16,424

$2,080

Tax Rates - and the Obama Increase - $100,000/year Taxable Income

2000 Tax Tables

2003 Tax Tables

2004 Tax Tables

2010 Tax Tables - (Bush Tax Cuts have Expired)

Increase with Obama Tax Increase*

Taxable Income

$100,000

$100,000

$100,000

$100,000

$100,000

Tax: Single

$25,673

$22,739

$22,620

$25,673

$3,053

Tax: Married -  Filing Joint

$22,293

$18,614

$18,469

$22,293

$3,824

Tax: Married - Filing Separate

$27,515

$23,715

$23,504

$27,515

$4,011

Tax: Head of Household

$23,699

$20,741

$20,594

$23,699

$3,015


Posted By: SassyFrassy (November 2, 2008 at 7:56 PM)

OBAMA SAYS HIS Grandmother Has Always Been A Christian - NOT EXACTLY, she does

her daily Salat prayers at 5 AM, according to her own interviews.

Not to mention, Christianity wouldn't allow her to have been one of 14 wives to 1 man.

Obama says his Name is A frican Swahili - NOT EXACTLY, HIS  name is Arabic

and 'Baraka' (from which Barack came) means 'blessed' in that

language. Hussein is also Arabic and so is Obama. Barack Hussein Oba

obama is not half black. If elected, he would be the first Arab-American

president, not the first black President. Barack Hussein Obama is 50%

Caucasian from his mother's side and 43.75% Arabic and 6.25% African

Negro from his father's side. While Barack Hussein Obama's father was

from Kenya , his father's family was mainly Arabs. Barack Hussein

Obama's father was only 12. 5% African Negro and 87.5%Arab (his

father's birth certificate even states he's Arab, not African Negro).

From and for more go to

http://www.arcadeathome.com/newsboy.phtml?BarackHusseinObama-Arab-

>American,only6.2525_African

Check out the following link for verification of that...and for more. Obama's cousin Odinga in Kenya ran for president and tried to

get Sharia muslim law in place there. When Odinga lost the elections,

his followers have burned Christians' homes and then burned men, women

and children alive in a Christian church where they took shelter..

Obama SUPPORTED his cousin before the election process here started.

>Google Obama and Odinga and see what you get. No one wants to know the truth.

now we are not black but we don't for one second 'believe" that anyone whom is black would ever have been that kind of behavior to their own BLACK ETHNIC people.

Talk about "unsportsman-like behavior don't you think?

Does this sound CHRISTIAN-like TO YOU?