Wednesday, October 29, 2008

Obama's full disclosure of the tax situation

Whether he would disclose it, or not....we will...
We know Sen Obama will raise taxes for those making more than $250k. He won’t tell you, however, that people earning less than $250k will also pay more as well. Here are 4 clear ways that he WILL make the middle class pay more Taxes!

1. He has stated that he WILL let the Bush Tax Cuts expire. This will cause ALL American’s to pay 2000 level taxes...which are higher than today at every Income Level.

2. Senator Obama has proposed lifting the $94,700 payroll cap to support Social Security, 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.

3. 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.

4. Senator Obama has promised to raise taxes on businesses -- and to raise taxes a lot on oil companies. 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. This means that the people who Obama promised tax relief will pay more for goods and services instead of taxes.

Four clear ways that Sen Obama will NOT live up to his promise that people making less than $250k will not pay a penny more in taxes....this claim is just not true!

Read on....if nothing else, it will help you make an informed decision on Nov 4th.

The only other point to make is that history proves that lowering people's taxes and dropping the Capital Gains tax are a sure fired way to jumpstart the economy. JF Kennedy did so, and we rebounded from the start of a recession. Reagan did so, and we pulled out of the Carter tailspin.

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