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Read His Lips...No New Taxes!
M40 - February 25, 2009, 5:22pm
Im going to keep this short and sweet, and pull no punches Obama is LYING when he says that no one making under $250,000 will see an increase in their taxes. There are at least 4 different ways (so far) that he will raise EVERYONE'S taxes, and there's probably a LOT more on the way!
Tax Increase Number 1
Obama has already said that he will let the "Bush Tax Cuts" lapse. Obama doesn't "count" allowing tax cuts to go away as an increase. Unless these cuts are re-enacted, rates automatically return to the year 2000 level. See? Allowing rates to return to higher levels is not actually a "tax increase", right? WRONG!!
When those cuts lapse, all of our taxes are going up... A LOT. For a married family, filing jointly and earning $75,000 a year, this increase will be $3,074. Thats $60 a week less in their paycheck, or $240 a month. There goes those plans to get a second car for mom! For those making just $50,000, this increase will be $1,512, or $120 a month! Despite Senator Obama's claim, even struggling American families making just $25,000 a year will see a tax increase -- they'll pay $715 more in 2010 than they did in 2007. Hey, that little Timmy from the poor family down the street doesnt really NEED braces, right?
Tax Increase Number 2
The next tax increase involves that pesky little tax you pay every week for the Social Security system. Currently, there is a cap in place so that only the first $94,700 of earnings are subject to the 12.4 percent Social Security payroll tax. However, Senator Obama has proposed lifting that cap, adding an additional 12.4 percent tax on every dollar earned above that cap. This will impact all families who earn more $94,700. That's a lot of middle class families! By the way, half of this tax would be paid by employees and half by employers -- but employers will either cut your payroll, lay people off to compensate, or pass along this tax to their customers through higher prices. Either way, your life just got more expensive and complicated.
Tax Increase Number 3
Obama has said that he will raise capital gains taxes from 15 percent to 20 percent. He says he's aiming at "fat cats" who make above $250,000. However, while only 1 percent of Americans make a quarter-million dollars, roughly HALF OF ALL AMERICAN HOUSEHOLDS OWN STOCK! This tax increase will go after your retirement funds. This is yet another tax that is somehow not a tax
Tax Increase Number 4
This is perhaps the biggest way that Obama will tax every working American. He has PROMISED to raise taxes on businesses. However businesses DO NOT PAY TAXES! They simply pass them along to their customers. When you raise taxes on businesses, they simply cut more jobs, and then increase prices on their goods and services. Yes, you'll be taking home less (if you still have a job), and everything will cost more. Sounds like fun, right?
Finally, and this isn't a tax increase, but it might as well be. Mark my words... he's going to print a SHITLOAD of money ala Jimmie Carter. This will devalue every dollar you own or earn, making it even harder for you to get by. The price of everything will skyrocket. That hurts everyone, but it hurts minimum wagers the most... and they're the uneducated schmucks who carried Obama to office!
M40 - February 25, 2009, 5:22pm
Im going to keep this short and sweet, and pull no punches Obama is LYING when he says that no one making under $250,000 will see an increase in their taxes. There are at least 4 different ways (so far) that he will raise EVERYONE'S taxes, and there's probably a LOT more on the way!
Tax Increase Number 1
Obama has already said that he will let the "Bush Tax Cuts" lapse. Obama doesn't "count" allowing tax cuts to go away as an increase. Unless these cuts are re-enacted, rates automatically return to the year 2000 level. See? Allowing rates to return to higher levels is not actually a "tax increase", right? WRONG!!
When those cuts lapse, all of our taxes are going up... A LOT. For a married family, filing jointly and earning $75,000 a year, this increase will be $3,074. Thats $60 a week less in their paycheck, or $240 a month. There goes those plans to get a second car for mom! For those making just $50,000, this increase will be $1,512, or $120 a month! Despite Senator Obama's claim, even struggling American families making just $25,000 a year will see a tax increase -- they'll pay $715 more in 2010 than they did in 2007. Hey, that little Timmy from the poor family down the street doesnt really NEED braces, right?
Tax Increase Number 2
The next tax increase involves that pesky little tax you pay every week for the Social Security system. Currently, there is a cap in place so that only the first $94,700 of earnings are subject to the 12.4 percent Social Security payroll tax. However, Senator Obama has proposed lifting that cap, adding an additional 12.4 percent tax on every dollar earned above that cap. This will impact all families who earn more $94,700. That's a lot of middle class families! By the way, half of this tax would be paid by employees and half by employers -- but employers will either cut your payroll, lay people off to compensate, or pass along this tax to their customers through higher prices. Either way, your life just got more expensive and complicated.
Tax Increase Number 3
Obama has said that he will raise capital gains taxes from 15 percent to 20 percent. He says he's aiming at "fat cats" who make above $250,000. However, while only 1 percent of Americans make a quarter-million dollars, roughly HALF OF ALL AMERICAN HOUSEHOLDS OWN STOCK! This tax increase will go after your retirement funds. This is yet another tax that is somehow not a tax
Tax Increase Number 4
This is perhaps the biggest way that Obama will tax every working American. He has PROMISED to raise taxes on businesses. However businesses DO NOT PAY TAXES! They simply pass them along to their customers. When you raise taxes on businesses, they simply cut more jobs, and then increase prices on their goods and services. Yes, you'll be taking home less (if you still have a job), and everything will cost more. Sounds like fun, right?
Finally, and this isn't a tax increase, but it might as well be. Mark my words... he's going to print a SHITLOAD of money ala Jimmie Carter. This will devalue every dollar you own or earn, making it even harder for you to get by. The price of everything will skyrocket. That hurts everyone, but it hurts minimum wagers the most... and they're the uneducated schmucks who carried Obama to office!
