He promises not to raise taxes on 95% of working Americans. And he won't. Once he allows the Bush tax cuts to lapse, he will have raised the taxes not on 5%, but 100% of working Americans. We will ALL pay more. And this is BEFORE his actual promised tax increase for some of us.
Ned Barnett from American Thinker explains this (as well as the other 3
Check this for yourself. Go to http://www.irs.gov/formspubs/ and pull up the 1040 instructions for 2000 and 2007 and go to the tax tables. Based on your 2007 income, check your taxes rates for 2000 and 2007, and apply them to your taxable income for 2007. In 2000 -- Senator Obama's benchmark year -- you would have paid significantly more taxes for the income you earned in 2007. 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.According to the tax tables in Ned's article, a married family, filing jointly and earning $75,000 a year, will pay $3,074 more in taxes after the Bush tax cuts lapse. A family making just $50,000 will see an increase of $1,512. Remember, Obama doesn't even consider this a tax increase.
Another loophole, pointed out by Ned, is in the Social Security tax.
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.I don't know about you, but I'd rather keep the money I make, rather than send it into President Obama for him to redistribute.
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