The FairTax Act

In researching everyone's take on the horribly miscalculated tax rebate plan for the $85 billion to bailout AIG, I ran across something that I think really needs to be considered.....The FairTax Act. This plan actually makes LOTS of sense and could possibly end a fair percentage of the corruptness which revolves around Federal taxation. Keep your entire paycheck and only pay taxes for the items that you purchase. A plan like this would allow the penny pinchers to invest the money that they would normally spend in income taxes. Not everyone has the willpower to due this, but those that do could definitely come out ahead and it could possibly increase small business development.

Of course, I definitely need to research this more, but wanted to mention it to those of you interested in alternatives to our current situation.

Taxes - McCain vs. Obama

I've been in the middle of debating various people on this subject, as I'm being told that Obama is going to raise taxes for everyone. I find it very hard to believe and decided to research these claims. A site that I look to for various information is Snopes.com. I decided to review the information that they had on this subject and here is an article they had whether or not this was true. I'm not going to quote everything that they mentioned, but based on their research, Obama isn't going to raise taxes for everyone, just those that make more than $227,000 a year.

The other big topic that everyone has been discussing is the Capital Gains Tax. According to the article, both McCain and Obama are stating that they're leaving intact the capital gains exemption for the first $500,000 per household of profit from the sale of a primary residence. Those with a higher profit would most likely see a higher tax under an Obama presidency.

I advise reading the article, as it explains a lot and explains the truths and fallacies.