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Obama's Tax Plan 'Misleading' - Political Machine
Where would you be in taxes paid? Links below.
Election Taxes Estimate your 2009 - 2012 taxes
ObamaTaxCut.com - What's your Obama Tax Cut?
Sen. Barack Obama's tax proposals have been getting a more critical look in the press and by watchdog groups as the presidential election draws closer. Those reviews are increasingly finding Obama's tax plan and his claims lacking. Americans for Tax Reform calls Obama's plan and a new tax calculator he has posted on his campaign website, "misleading," and, "a deliberate attempt to deceive voters." And an editorial in the key swing state of Pennsylvania questions the entire premise of Obama's proposal, calling it not tax cuts, but "welfare payments."
The Pittsburgh Tribune-Review's editorial focuses on Sen. Obama's claim that he will cut taxes for 95% of Americans, echoing an analysis performed by the Washington Times.
"The 'tax-cut plan' of Democrat presidential nominee Barack Obama is anything but. In fact, it's nothing more than another liberaled-up wealth-transference program that, in the 'old days,' was known as welfare.
Sen. Obama's economics plan centers on his claim that he'll cut taxes for 95 percent of American workers. Left unsaid is that to accomplish this, he'll have to levy a massive tax increase against the other 5 percent who already pay nearly 60 percent of all taxes.
Just as troubling, however, is this little factoid: Even the one-third of all American working families who pay no income taxes now will receive a government check under the Obama plan. And that number could rise to about 44 percent under Obama's proposal."
Americans for Tax Reform also takes issue with Obama's 95% claim, pointing out that Sen. Obama bases that claim on his "refundable tax credits," which the group says, "isn't an income tax cut, it's spending." But the group takes a closer look at the likely impact to small businesses of Sen. Obama's "hidden" tax increases. The group notes that Obama's own tax calculator admits that its results ignore Sen. Obama's proposals for payroll tax increases to fund Social Security.
By its own admission, the tax calculator ignores the unprecedented imposition of Social Security payroll taxes on small business profits exceeding $250,000 (where two-thirds of small business profits exist). This is despite the fact that Obama told Charlie Gibson on October 8th that he wants to keep the Social Security tax rate "the same" for these small business owners. This would result in a top small business tax rate of 54.9 percent-the highest level since the Carter Administration. [emphasis in original]
Higher business taxes lead to fewer jobs as businesses look for ways to control costs in order to pay the higher tax burden.
Sen. Obama has been facing tougher and tougher questions from voters about his plans to raise taxes. While canvassing in Ohio on Monday, Obama was caught on camera telling a voter that his tax plan was designed to, "spread the wealth around." That is classic socialist rhetoric of the kind that American s have steadfastly rejected. The more that Obama's tax proposals are examined, the clearer it becomes. Sen. Obama's plan is to raise taxes, and not just on the well off. He just hasn't found the courage to utter the words himself.
r8
Obama's Tax Plan 'Misleading' - Political Machine
Where would you be in taxes paid? Links below.
Election Taxes Estimate your 2009 - 2012 taxes
ObamaTaxCut.com - What's your Obama Tax Cut?
Sen. Barack Obama's tax proposals have been getting a more critical look in the press and by watchdog groups as the presidential election draws closer. Those reviews are increasingly finding Obama's tax plan and his claims lacking. Americans for Tax Reform calls Obama's plan and a new tax calculator he has posted on his campaign website, "misleading," and, "a deliberate attempt to deceive voters." And an editorial in the key swing state of Pennsylvania questions the entire premise of Obama's proposal, calling it not tax cuts, but "welfare payments."
The Pittsburgh Tribune-Review's editorial focuses on Sen. Obama's claim that he will cut taxes for 95% of Americans, echoing an analysis performed by the Washington Times.
"The 'tax-cut plan' of Democrat presidential nominee Barack Obama is anything but. In fact, it's nothing more than another liberaled-up wealth-transference program that, in the 'old days,' was known as welfare.
Sen. Obama's economics plan centers on his claim that he'll cut taxes for 95 percent of American workers. Left unsaid is that to accomplish this, he'll have to levy a massive tax increase against the other 5 percent who already pay nearly 60 percent of all taxes.
Just as troubling, however, is this little factoid: Even the one-third of all American working families who pay no income taxes now will receive a government check under the Obama plan. And that number could rise to about 44 percent under Obama's proposal."
Americans for Tax Reform also takes issue with Obama's 95% claim, pointing out that Sen. Obama bases that claim on his "refundable tax credits," which the group says, "isn't an income tax cut, it's spending." But the group takes a closer look at the likely impact to small businesses of Sen. Obama's "hidden" tax increases. The group notes that Obama's own tax calculator admits that its results ignore Sen. Obama's proposals for payroll tax increases to fund Social Security.
By its own admission, the tax calculator ignores the unprecedented imposition of Social Security payroll taxes on small business profits exceeding $250,000 (where two-thirds of small business profits exist). This is despite the fact that Obama told Charlie Gibson on October 8th that he wants to keep the Social Security tax rate "the same" for these small business owners. This would result in a top small business tax rate of 54.9 percent-the highest level since the Carter Administration. [emphasis in original]
Higher business taxes lead to fewer jobs as businesses look for ways to control costs in order to pay the higher tax burden.
Sen. Obama has been facing tougher and tougher questions from voters about his plans to raise taxes. While canvassing in Ohio on Monday, Obama was caught on camera telling a voter that his tax plan was designed to, "spread the wealth around." That is classic socialist rhetoric of the kind that American s have steadfastly rejected. The more that Obama's tax proposals are examined, the clearer it becomes. Sen. Obama's plan is to raise taxes, and not just on the well off. He just hasn't found the courage to utter the words himself.
r8
