Ft. Lauderdale, Fl USA
OBAMA TAX PLAN RAISES BIG BRACKET
By CHARLES HURT Bureau Chief
June 14, 2008
WASHINGTON - Democrat Barack Obama called yesterday for jacking up the payroll tax, which would slap top wage earners with tens of thousands of dollars in additional fees.
Under his plan - which would be the largest tax hike in at least a decade - the 6.2 percent payroll tax would be applied to the entire income of workers making $250,000 or more a year. Currently, that rate applies only to the first $102,000 of income.
"That way, we can extend the promise of Social Security without shifting the burden onto seniors," he said yesterday.
Social Security is slated for bankruptcy after years of the federal government raiding it.
A worker making $200,000 a year would pay no additional payroll taxes under Obama's plan. But anyone making $250,000 a year or more would pay 6.2 percent in payroll taxes on their entire income - not just on their first $102,000.
Though Obama's tax-hike plan is still vague, it appears the tax would apply also to employers who match workers' payments, amounting to another proposed tax increase on businesses. http://www.nypost.com/seven/06142008/news/nationalnews/obama_tax_plan_raises_big_bracket_115443.htm
Obama, Tax increases, Economy, Obama plan hurts everyone, Obama lied about taxes, Truth about Obama tax plan
October 17, 2008 · 22 Comments
Barack Obama continues to state he will only tax incomes over $ 250,000
and that 95% of taxpayers will get a tax cut. Does it make sense to you
that Obama will increase spending by more than a trillion dollars,
increase taxes on business and that will be good for the economy. If you think about it for just a minute you will agree that it does not pass the
common sense, the smell test.
The following data comes from the IRS for the year 2003 and reveals the number of businesses with revenue over $ 250,000 in 2003.
From IRS statistics in 2003:
Revenue Range Number of businesses
$250,000 - $500,000 1,331,692
$500,000 - $1,000,000 932,914
$1,000,000 - $2,500,000 686,257
$2,500,000 - $5,000,000 263,211
$5,000,000 - $10,000,000 143,693
$10,000,000 - $50,000,000 124,568
$50,000,000 - Above 32,040
Many of you work for a company that falls into one of those categories.
Now lets examine the pratical consequences of Obama raising taxes on these companies:
Obama states that he will raise taxes on incomes above $ 250,000. Look
at the number of businesses affected above.
When businesses pay more taxes, they must do one or more of the following:
* Increase the price of their products or services, thus affecting consumers.
* Cut other costs such as salaries, jobs or investment in new technologies such as energy.
* Move to a country with less taxes.
* Some companies will go out of business due to profits declining,
increased taxes and lower sales, when prices increase.
Corporations are primarily taxed three ways. Once on the corporate income, next on dividends and then on the sale of stock. If you are a retiree and own stock, you will have less money because the corporation will have less profit and if you sell the stock you will pay more tax on the sale.
Government is extremely inefficient. $ 1,000 taken from a business will remove money that drives the economy, creates more jobs and ultimately brings more revenue for the government. That $ 1,000 will be wasted in government bureacracy and overhead.
Obama is using this old lie to appeal to his core support that is
promised everything by politicians that use them to win elections.
Barack Obama and Hillary Clinton took part in a debate several months
ago hosted by Charlie Gibson. Gibson asked Obama about his plan to
raise the capital gains tax. Then Gibson pointed out that studies have
shown that lowering the capital gains tax increases government revenues and is good for the economy. Obama began stammering and stuttering and in one of the most revealing moments of the election, Obama’s lack of understanding of the economy and taxes was made clear. Obama was unable to rely on a canned teleprompter response. http://citizenwells.wordpress.com/2008/10/17/obama-tax-increases-economy-obama-plan-hurts-everyone-obama-lied-about-taxes-truth-about-obama-tax-plan/