Not raising taxes on the Middle class so says Obama. Well that all depends on your definition of a tax increase.
Some History. Ronald Reagan cut taxes. Both Bush I and Clinton raised them. Bush II enacted a tax cut after 9/11. That tax cut lowered the top rate, cut capital gains taxes and reformed the onerous estate tax system. If you recall these tax cuts helped limit the economic downturn brought on by the attack of 9/11. Something W does not get enough credit for.
The problem is those cuts expire in 2010 unless congress renews them. Something Obama and the Democrats have made clear they will not do. That result will be a top rate that will increase to Clinton era levels and will result in middle class taxpayers paying more taxes. Not to mention the increase in the capital gains tax and how the estate tax will force many small family owned farms and business to liquidate when the owner dies.
If you make $ 63,000 you taxes will go up when this cut expires. GO HERE TO COMPARE 2000 tax rates and 2008 tax rates. Of course Obama does not consider letting a cut expire an increase.
More double speak. A tax cut involves giving money to people who pay no taxes now. Part of Obama's plan.
Also not a tax increase is increasing the payroll tax you will pay into social security. This will hit you if you make over $150,000.00
Let me summarize. Obama President = wage earners paying more taxes. Ignore the double speak and hear the truth.
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