Will Obama Actually Decrease Tax Rates?
Posted on September 18, 2008
There has been a constant bleat from the Obama campaign and many compliant and complicit media outlets to announce to the American people that Barack Obama would decrease taxes for 95% of the American people. Beyond the fact that that would be impossible, this begs the question, since the Barry camp wants to deal with non-distractions, what rates does Barry propose?
Web CPA, which is concerned, rightly, about job and income loss for CPA’s, has this to say
Obama also is pushing to repeal the Bush administration’s 2001 and 2003 tax cuts – at least the part of those laws that gave relief to upper-income taxpayers. But in order to “protect tax cuts for poor and middle-class families,” he has proposed limiting the rollback to taxpayers with incomes of $250,000 or more, as well as permanently extending marriage penalty relief and simplifying the Earned Income Tax Credit.
Obama has been against making the Bush tax cuts permanent for years. And, as John Feehery points out
History: When it comes to cutting taxes, Barack Obama is a virgin. He has never voted for a tax cut in his legislative life. He has had 94 opportunities to vote for a tax cut in his Senate career, and he has voted no each and every time. When you have a long history of voting to raise taxes, you can’t convince voters that you are a born-again tax-cutter. Sorry. Nice try.
Now, Barack has all sorts of refunds ($500 for singles and $1,000 for families) and stuff going on in his plan, but, consider: here are the tax rates for 2000
And for 2008
Let’s consider what this means. The average American income in 2007 was $50,233. So, in 2000 you would have paid $14,065 in federal taxes. In 2008 you will pay $12,558 (and people say tax discussions are boring?) A difference of $1,506. Of course, we are not considering any deductions and other tax wonkiness, just straight numbers.
So, Barry let’s the Bush tax cuts lapse. What does he replace it with? Will he actually keep the rates for those who are making less then $250k as families and $200k as individuals in place? Will he go back to Clinton era tax rates? Those are the questions. Because giving a rebate is not a tax cut, it is just giving you your own money back. And people rarely pay attention to the actual tax rates
And that does not even get into the capital gains taxes Barry wants to double, nor shifting the tax burden to the middle class as “the rich” start spending less and sheltering their money, nor the raise in Social Security taxes.
BTW, good thing Barry’s running mate thinks that low taxes are unpatriotic. Has he told Barry yet?
Follow up question: will the supporters of Barry/Gaffe Machine follow Biden’s advice and send more money to the IRS to be patriotic? Lord knows, they sure seem to have enough to donate to B.O. despite what they call a really, really, really bad economy.
» Filed Under Economy, Elections, Fiscal Responsibility, Joe Biden, News, Obama/Biden, Socialism, Taxes
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5 Responses to “Will Obama Actually Decrease Tax Rates?”
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Obama is taking a page out of the “bread and circus” of the Roman Empire, and a great many subsequent dictatorial regimes in modern history. Obama seems focussed on “tax rebates” and “tax credits”. These are simply giveaway programs, most often to the category of taxpayer who pays zero income taxes after the standard deductions. In effect, he offers the zero payer an annual welfare check, and the small rebate reciever an even larger rebate. This is not tax reform, it is vote buying in cash. I opposed George Bush and his idiotic stimulus checks, but Obama wants to enshrine this sort of thing in law. That moves us from moronic to ultra moronic.
50% of the country pays no income taxes whatsoever. The Democrats seem to think that it is the top 50%, but actually it is the bottom 50% who contribute nothing to the federal fisc. That leaves half of us to carry the entire tax burden of the nation. I don’t quibble with the fairness issue, it is an econmic reality that this segment of the American populace are not wealthy enough to contribute. I think the top 10% of income earners pay something like 75% of the total tax burden. Is it fair to ask the top half, and the top ten to shoulder most of the tax burden AND give directed cash gifts on an annual basis to the bottom 50% simply so that Obama can get elected?
Clinton called his the “Earned Income Tax Credit” which was the exact opposite. It was a credit for NOT earning a certain dollar amount in income. What will Obama call his tax credits? The “Whew! I’m tired from working and I sure deserve a new car Tax Credit?” How about the “Overproductive Citizen Tax Credit?” Obama realizes that around half the country is carrying the other half, economically. If he can tip that balance, and translate that inequity into ballots, he will win a permanent majority of the unproductive. What a dynamic society that shall be! The hope and change experience will find us all waiting on the couch for our checks. City on a Hill, indeed. Tear.
>>>>The average American income in 2007 was $50,233. So, in 2000 you would have paid $14,065 in federal taxes. In 2008 you will pay $12,558 (and people say tax discussions are boring?)
You left out the personal exemption. The individual making $50K a year is paying closer to $4,000 than $14,000.
Insightful. Interesting. Too bad so many are too ignorant to understand what’s going on, the basis of economics and how it all works, to give a damn beyond the novelty of having a black man on the ballot. There was a reason the Founding Fathers instituted the Electoral College, that being the average citizen’s ignorance, and now we see why it’s never been abolished. They’re still just as ignorant, if not more so thanks to the generations of welfare families with no motivation to gain knowledge.
Why are the wealthy backing obama when he will raise their taxes?
The wealthy liberals backing Obama are some of the ones who cheat on their taxes. If they don’t they just will raise the prices for their concerts, movies and events so the real working people have to pay more. Taking from the rich with not solve anything. A majority(not everyone)of the poor are poor for a reason. They are dumb and lazy people who just want Obama to hand them money. I can say that since a few relative and in-laws fall into that category. Give most of the poor more money and they blow it within two weeks. Thats why they are poor. Plus Obamas take increase on corporations and the wealthy with do three things. 1. drive more American companies out of business. 2. drive more American companies overseas. 3. reduce the incentive to invest capital in America, which will drive investments oversea in expanding markets in Asia.
The Maxist Socialism experiment has failed around the world. In the Soviet Union, North Korea, Cuba and everywhere else tried. The only exception is China, but you know how well the government takes care of them. They put you in jail for having a second child and then kill it.
Who actually thinks Obama or the Democrats can run it better. Look at Freddie and Fannie.
Need I say more.