* The RONI DEUTCH TAX CENTER TAX HELP BLOG provides an extensive comparative analysis of the various tax views of McCain and Obama in the appropriately titled post “Obama & McCain: Tax Views of the Next President”.
* TAXVOX, the blog of the Tax Policy Center (TPC), also compares the tax policies of the O and McC in its post “TPC Looks at the Obama and McCain Tax Plans”. TPC has concluded that “their schemes are, well, painfully predictable” and “Each would raise the national debt by trillions of dollars”.
* Did you hear? “Taxgirl Goes (Back) To the Movies!”. Kelly Phillips Erb has begun her now annual contest a bit early this year.
According to Kelly, here is how it works – “I’m asking you to nominate films for me to review - with a twist. You make the nomination and if I agree, I’ll blog about the tax consequences of the events in the movies. You know, like the fact that Julia Roberts’ character still has to report her income from prostitution in PRETTY WOMAN… and how Nicolas Cage’s character has to pay income tax on all of his winnings in IT COULD HAPPEN TO YOU and still has a gift tax issue to wrangle with. Trust me, you don’t get this level of film review anywhere else…”
Readers “vote” on the review by submitting comments. The person who nominated the most commented film review of the summer will receive a “cool” Taxgirl T-Shirt. Check out the post for more details and rules (such as “nothing with Jessica Simpson or Lindsey Lohan in it”).
* Check out this video from 1962 of JFK speaking on his proposed tax cuts at the Tax Foundation’s TAX POLICY BLOG.
* Friday’s “Tip of the Day” at the Small Business Taxes and Management website reports – “Minimum wage to increase . . . Be prepared. The federal minimum wage increases to $6.55 an hour on July 24, 2008. That may still be less than the minimum wage in the states you do business in. The U.S. Department of Labor has an interactive site that lists the minimum wage, planned increases and the hours threshold for premium pay for all the states. Go to www.dol.gov/esa/minwage/america.htm and click on the state you're interested in.'
* I seem to recall quoting someone, I don’t remember who, a while back in stating that Republicans can’t use the word “tax” unless it is followed by the word “cut”, and Democrats can’t say “tax” unless it is followed by “the rich”. Or at least who they perceive to be rich. An article on my mail.com homepage reports that “Obama Wants Payroll Tax on Incomes Above $250,000”.
According to the article – “The 6.2 percent payroll tax is now applied to all wages up to $102,000 a year, which covers the entire amount for most Americans". Under Obama's plan, the tax would not apply to wages between $102,000 and $250,000, but all annual salaries above the $250,000 amount would be taxed.
Obama has also criticized McCain for “being open to letting taxpayers invest part of their Social Security payments in private investment accounts”. This idea is only bad when it is being touted by the opposing party. Democrats were ok with it when Jimmy Carter proposed it. Back then it was the Republicans who “boo hoo-ed” the suggestion.