Senator Obama's Four Tax Increases for People Earning Under $250k
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...
This "explanation" sounds like another one of those loopholes. If I were keeping score, I'd call this Tax Lie #2.
Senator Obama has also said that he will raise capital gains taxes from 15 percent to 20 percent...
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...
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...
No question: this is Tax Lie #4.