A Quote by Jared Bernstein
Barack Obama is talking about cutting taxes. On net, he is a tax cutter. But the difference between Obama and John McCain is that Obama is raising some taxes on families, for example, with incomes over $250,000. Now, that amounts to about 2 percent, the richest 2 percent of American households. And even with those tax changes, even with all of the tax changes Obama's talking about, taxes will be lower under Obama than they were under the Clinton years.
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No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised, whether it's their capital gains tax, their income tax, investment tax, any tax.
President Lyndon Johnson's administration was known for his War on Poverty. President Obama's will become notable for his War on Prosperity. We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earner's deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent.
The most pernicious of his [Obama] proposals will be the massive Make Work Pay refundable tax credit. Dressed up as a tax cut, it will be a national welfare program, guaranteeing a majority of American households an annual check to 'refund' taxes they never paid. And it will eliminate the need for about 20% of American households to pay income taxes, lifting the proportion that need not do so to a majority of the voting population.
My biggest worry is that Obama says he's going to tax the upper 5 percent by raising their taxes by 20 percent. But among that 5 percent are the corporations that are hiring middle-class Americans.
Well, the taxes that everyone else is paying are supporting lots of programs that were in place prior to Barack Obama's new spending. So new spending has too be paid for by new taxes, or by eliminating existing tax breaks. And Obama wants that burden to be borne exclusively by the rich.
My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
In the name of short-term stimulus, he [Obama] will give every American family (who makes less than $200,000) a welfare check of $1,000 euphemistically called a refundable tax credit. And he will so sharply cut taxes on the middle class and the poor that the number of Americans who pay no federal income tax will rise from the current one-third of all households to more than half. In the process, he will create a permanent electoral majority that does not pay taxes, but counts on ever-expanding welfare checks from the government.
I think the latest estimates were that we have about 250,000 millionaires and billionaires. President Obama wants to increase their taxes 13 percent.
Well, the taxes that everyone else is paying are supporting lots of programs that were in place prior to Obama's new spending. So new spending has too be paid for by new taxes, or by eliminating existing tax breaks. And Obama wants that burden to be borne exclusively by the rich.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
Barack Obama is not Harry Truman, who dropped the A-bomb on Japan to stop World War II. Barack Obama is not John F. Kennedy, who lowered marginal tax rates to get economic growth and job creation. Barack Obama and the far left, they are a completely different ball of wax.
Obama and Clinton wrongly believe that the corporate income tax is a tax on the rich. The reality is that rich corporations don't pay taxes - workers do.
President Obama released his tax returns. It turns out he made $900,000 less in 2011 then he did in 2010. You know what that means? Even Obama is doing worse under President Obama.
Obama broke his no-new-taxes pledge 15 days after he took office when he signed legislation on Feb. 4, 2009 raising the tax on cigarettes 158 percent - 62 cents per pack.
Another one of President Barack Obama's nominees is having tax issues, which proves one thing: The Democrats like raising the taxes, but they hate paying them.
The only difference between Obama and Bush is that Obama is killing more people. He’s about double the numbers now. Can you imagine if McCain had won and did precisely what Obama has done, with every speech and every political maneuver overseas? There’d be riots in the streets about the people we’re killing. And yet because it’s Obama, and he’s better looking and better at reading the teleprompter, we let him get away with it.
