Tuesday, October 28, 2008

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

Think Obama's tax plan provides for tax increases only on those earning over $250K? Think again! From The American Thinker:
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.

Ned Barnett's conclusion? He identifies four tax increases for those earning under $250K under Obama's plan.

1.) Allowing the Bush tax cuts to lapse,
2.) Social Security cap increase for those earning $97K or more,
3.) Increasing the Capital Gains Tax, which affects everyone, regardless of
income, and
4.) Raising taxes on businesses, which pass along their tax costs to consumers.

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