The Obama Tax Plan Myth: He’ll tax only the Rich! (LOL)


When it comes to this year’s election, I am not a big McCain fan mostly because of some of his borderline Reuters photo 6/13/08and flat-out liberal policies.  I do respect his military service and greatly admire what he endured during captivity in the Vietnam War.  And I commend his loyalty to our military and our troops!

In deciding for whom I will vote this year….it is pretty clear that there is no chance of me voting for Barack Hussein Obama…the man is one big myth who talks a good line ( and those are his good points).

I have also considered not voting….for which I don’t think I could follow through because I believe it is my duty as a citizen to vote no matter how sorry the field of candidates has become.

So it will probably come down to voting for McCain based mainly on the fact that I think he will pick better Supreme Court nominees than Obama…..they may end up more in the form of current Justice Kennedy instead of Scalia….but at least we won’t have a court of Ginsburg’s (or worse) like we would have with Obama.

Another area for which I think McCain will suffice is taxes…..he may not be Reagan in that area….but from all I can tell he won’t tax us back to the 15th century, or worse yet tax and spend so heavily that the government begins taking property to cover their spending…..( that property thing sounds extreme doesn’t it?!?!….and I bet you thought we would never have a candidate named Hussein, with ties to terrorists and racist pastors, and whose wife likes to tout that she is not proud of her country either!) 

You know S&*t happens…..usually under a Democrat’s watch, too!

Anyway…back to taxes….Our master “The Obamyth” is living up to that name with the tax plan he is touting……

Obama just gave a speech on June 12 about his “Making Work Pay” tax credit proposal.  Bottom line if I understand correctly, he provides $500 to $1000 credit  to “offset payroll taxes”.  The key point here is he talks about how many people won’t haveto pay income taxes because of this credit…..which means many people get a credit to their payroll taxes and then pay NO income taxes…(you know who will be covering those!).  Doesn’t seem like a real incentive to work to me…..the smart person who falls into this “special” lower income range will figure out how little money they need to make not to pay income taxes!  (probably the same person having babies to get more government money, too) What a country!

From RealClearPolitics.com, here is what Obama said:

First, we will provide real tax relief for the middle class by cutting taxes for 150 million Americans. We’ll reward work through a “Making Work Pay” tax credit of $500 for American workers – and $1,000 for working families like Ryan and Jenny’s – to offset the payroll tax that you’re already paying. This will give the middle class a break with rising costs while giving our economy a boost. And because this credit would be greater than their income tax bill, this would eliminate income taxes for 10 million Americans.

While he strives for those who pay the absolute least income tax today to pay NONE tomorrow….interestingly enough, his rhetoric on taxing “the rich” and lowering taxes for the lower incomes may not match reality!

According to  Terry Easton at HumanEvents.com, while Obama increases income taxes, capital gains taxes, dividend taxes and more…..the effects will not be felt only by “the rich”.

Here is his good summary of “The ObamythTax Plan” vs. “The McCain Tax Plan” but you can read the full piece at the link above.  Read it so you don’t myth miss anything!

….When you compare the Republican’s tax position of enlightened free-market capitalism versus the Democrat’s heavy socialist agenda, the differences become obvious — especially to anyone who pays taxes.  Obama’s tax plans will hit the middle class American where it hurts the worst: in his wallet……

On Income Taxes:

McCain calls for no changes to today’s low rates.  Obama will revert to the pre-Bush tax cut regime.  Bottom line:  if you’re single, making $30,000, McCain will tax you $4,500.  Obama will extract $8,400 from your wallet — almost double the take!  Single making $50,000: McCain’s tax is $12,500; Obama’s is $14,000.  Single making $75,000: McCain’s tax is $18,750.  Obama will bite you for $23,250.   

And it’s no better if you’re married.  Married making $60,000: McCain’s tax is only $9,000.  Obama will hit you for $16,000.  Married making $75,000: McCain’s tax is $18,750,  Obama’s $21,000.  Married making $125,000: McCain’s tax is $31,250.  Obama’s hit — $38,750.  Ouch, Obama!

So much for Obama’s plan to tax the “filthy rich”.  Now we know just what that means: everyone in the middle class.

On Capital Gains Taxes:

Again, McCain says he’ll make no changes.  The maximum rate will stay at 15%.  Obama is all for change.  He’ll roll back this tax cut to the pre-Bush rate of 28%, again almost doubling your taxes overnight.  This plan is especially cruel to older folks who have planned to sell their bigger homes and count on using this income (after their homeowner’s exclusion) to help fund their retirement.  Ouch again, Obama.

On the Dividend Tax:

OK, you’ve been religiously saving over the decades and buying up blue-chip stocks whose dividends you now count on to carry you through your golden years.  Or, you have your savings invested in an IRA or retirement plan, mutual fund or life insurance annuity.  McCain’s dividend tax won’t change from the maximum rate of 15%.  Obama will once again repeal the Bush tax cuts, bumping this tax rate up to 39.6%, an increase of — hold your wallets — over 160%.  The impact on the middle class, much less our barely-growing economy — are obvious.  Really ouch, Obama!

On the Death Tax:

Finally, when you die and have arranged to pass on your hard-earned savings to your family, the differences are truly staggering. 

McCain’s proposal is, once again, stay the course.  His tax rate is zero (Bush repealed the death tax).  Obama promises to bring back the bad old days, which will hit the middle class but barely touch his billionaire supporters who’ve used sophisticated tax planning strategies to escape this tax.  Under the Obama plan, the government will take up to 60% of your estate away from your children and family — and pocket your money via the inheritance tax.  For Obama, the politics of envy trumps common sense, fundamental morality and basic economics.  So what’s new?

More Sobering Democrat Tax Plans and Effects:

Unfortunately, the horror story aboveis only the start.  The Democrats are calling for yet more new punitive taxes on the working and middle classes: 1) a higher federal gasoline excise tax, 2) new taxes on electricity and heating gas, 3) new retirement account taxes, and 4) taxes on “oversized” homes over, say, 2500 square feet are but a few of the wacky ideas being floated.

Of course, if these new taxes actually are passed, the US economy really will tank, and on the Democrat’s watch.  The economy continues to grow because consumers still have money in their wallets to continue buying — just.  The Democrats would confiscate this money to fund more boondoggle and pork-filled government spending schemes like 3rd-world socialized medicine schemes, so-called global warming carbon credit schemes promoted by Al Gore’s profit-making carbon trading company, and ever-expanding government bureaucracy.  Who will have any money left to buy that latest plasma TV, much less the $5/gallon gasoline and $10/pound hamburger?

So lots of Americans are dreaming of “change” in this presidential election year.  Let’s pray that their nightmares don’t come true. 

One real measure of personal freedom is how much money the government lets you keep to spend for yourself as you see fit.  In the old Soviet Union, the communists took almost 100% of the people’s earnings in their “worker’s paradise”.  They created a prison state of slaves.  It’s an old axiom in politics — and economics — that the more you tax the people, the more you can control them.  McCain’s policy is to continue the current relatively low tax program.  Obama hopes that he will carry us all into the “Brave New World”, a world of draconian taxes that will crush our personal freedoms.

( Other good reading about taxing and this country:   From JR Dieckmann at RenewAmerica.us “With Freedom and Libery for all?” )

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17 Responses

  1. Terry Easton has messed up the facts of Obama’s plan. Your quoted summary is flatly not correct in at least one aspect, and misleading in others.

    The income tax for tax payers making less than 250K/yr is unaffected. Only the HIGHEST wage earners will have their income tax raised.

    On Cap gains, Clinton actually lowered the rate to 20%. It was 28% when Clinton took office. Obama has not given a firm number for reverting, but says no higher than 28%. He actually favors a minimum threshold of gains/earnings before raising this above the current 15%

    Obama would rasie the dividend tax to the same level as the cap gains tax (at most 28%) not the 39.5% you quote.

    I’m a life-long fiscal conservative from the Midwest, but honestly, I have a really hard time thinking Obama could be any worse of economic and fiscal policy than the Bush administration has been.

  2. Darin….
    where did you find those numbers….I really would like to review further.
    I appreciate your input.

  3. Check out this site, it completely debunks the numbers given above. Just more lies from the extreme right to distort the facts and sway voters.

    http://www.snopes.com/politics/obama/taxes.asp

  4. It never ceases to amaze me the way various bloggers will present something as being a well thought out opinion or position and provide information that has little if any basis in fact or reality.

    The way my parents brought me up I learned to call that LYING!

  5. ron,
    If you are so astute at detecting a liar….you obviously can’t be an Obama supporter!

  6. mpls11,
    If you think Obama will not raise taxes at all levels (mostly those above $100K) and then redistribute with plans similar to Europe then you need to do a little more research.

    I could cite numerous sources and quotes from Obama himself admitting that he will increase taxes….but I don’t have room or time here….perhaps a future post.

    But I don’t think I will be citing any Snopes articles that have one-sided informational references from the likes of CNN…..you know one of the big media supporters of Obama…now that’s really objective! NOT!

  7. Obama is not going to raise taxes, his plan says so. What will happen is, that his plan won’t pass, the current taxes cut will expire, and like magic taxes will increase…. Viola! Higher Taxes.

  8. Obama-wood of Chicago Forest

    . . . McCain is no conservative, but a vote for him is, at least, a vote for a check on such excesses – a moderating, measured, middle-of-the-road, and much-needed check.

    http://joeschmoepolitico.wordpress.com/2008/10/23/obama-wood-of-chicago-forest/

  9. sharprightturn –

    I encourage you to include some proof that what you posted is true. My point isn’t that Obama won’t increase taxes for some people, but that your claim above is almost entirely false. You don’t believe Snopes, well here is another debunking site (link below) that says what you posted here is false. And I don’t know anyone besides a those crazy righ-wingers who honestly thinks CNN is not a reliable source. Seems like you enjoy propaganda so just stick with Fox News.

    Your post shows that everyone would have their income taxes increased under Obama. That is simply not true. Most people would have lower taxes under Obama. And its not about raising taxes, the Bush tax cuts are set to expire in 2010, so he would just not reinstate those for the upper income brackets.

    PLEASE STOP SPREADING UNTRUE INFORMATION!!! That does nothing for our country.

    http://www.truthorfiction.com/rumors/t/taxes-election.htm

  10. Mpls11 –
    sorry, but you are gravely mistaken…

    Obama will let Bush’s tax cuts expire which will include a tax increase at all levels. In Bush’s tax cuts, the lowest income tax rate was lowered from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%.

    When Obama and a Democrat Congress let those expire, and they will, everyone who pays taxes will see an increase.

    As far as your idea of Obama’s “tax cuts”, he will raise taxes on the 10% of taxpayers that pay the vast majority of taxes. He will then redistribute that money to those who DON”T EVEN PAY INCOME TAXES in the form of credits.

    You are drinking the Obama lies about his taxes, but seems you have failed to study what he will do and to whom. His tax plan is Socialist and is meant to tax very heavily the ones who produce wealth in this country and pass it to those who don’t or who won’t…..

  11. Just a quick comment here, SRT. The man I work for has had an opportunity to look at some of the numbers of the Obama tax plan with his accountant, and he says his taxes will go up about 18%. Take that fact, along with the healthcare plan of Obama, and my boss says he will probably have to lay off at least two, maybe three employees, just to meet the requirements of the Obama plan. Sounds like a good plan to grow the economy. (Sarcasm fully intended.)

  12. Larry,
    Excellent example.

    I really am tired of Obama’s lies about taxes going unanswered.
    Obama claims and has people believing that only people making $250K (or $150K depending on the day Obama speaks) or above will have higher income tax. It is just simply not true.

    And your example is perfect for small businesses, of which the VAST majority net well over $250K…..another lie that Obama has tossed out and his followers blindly believe.

    AMAZING…I am still praying for McCain….my children are young and I literally shudder at the thought of them growing up in a country “changed” by Marxists/Socialists with Obama as their puppet master.

  13. Yes, I am tired of seeing Obama’s lies go unanswered as well.

    One other thing that really bothers me is how a lot of people are saying we survived eight years of Bill Clinton and we can survive Barack Obama. They use this rationale when refusing to vote for John McCain, but they fail to take into account his liberal record. With his ability and willingness to use the bully pulpit of the Presidency to try and force his particular brand of liberalism down our throats, I honestly believe he will have a very negative impact on our country.

  14. This boils down to a question of trust. Stop comparing plans, that will get you nowhere. You cannot dispute what Obama’s written plan states (depends on when you read it apparently).

    The real question is; Do you trust him to do what it/he says?

    So how do you determine whether to trust someone?

    I usually look at their history regarding that particular topic. Then I look at their history in general, have they lied before? Then I look at who they associate with and whether they are trustworthy.

    When I apply those filters to Obama and the demoncratic leadership in congress I end up NOT believing them.

    What about you?

  15. The information about Obama’s tax plan versus McCain’s is almost completely incorrect. Information about the tax plans can be found at taxpolicycenter.org.

    It seems you are trying to trick everyone into voting Republican to get more money from the lower and middle class and give it to the rich. Nice.

  16. Jarrod,
    First off – you won…get over it.
    Second, your link doesn’t go to taxpolicycenter.org, but urban.org.
    Anything started by Lyndon Johnson with Jamie Gorelick and Judy Woodruff as trustees is likely not bipartisan nonpartisan.

    In addition, Vice-Chair Solow said during the campaign season last fall, “”There is no evidence that God ever intended the United States of America to have a higher per capita income than the rest of the world for eternity.”

    I guess you also believe your class envy is somehow a great debating point.

    Enjoy your socialist “spread the wealth” president…..

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