Barack Obama’s Tax Cuts – Fact or Fiction?
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The Obama / McCain tax cuts is one of the hottest contested debates on the campaign. Obama says that his taxcuts will benefit 95% of the working families and provide three times the tax relief for middle class families than the McCain / Palin ticket.
One of the biggest commitments that Obama is proposing is to not raise taxes for families making under $250,000 per year or individuals making under $200,000 per year.
If you’d like to vote on this issue before we go on, here is a site that is collecting data:
To prove some of the points, there is a great new site called www.taxcutfacts.org. It leads you to a cool calculator that acutally compares for you how many Americans will benefit from Obama’s tax cut. You essentially fill in pieces of information such as your income, # of dependents, etc. and the calculator will show you the difference between the two proposed plans.
Obama’s plan is geared to lower federal taxes by about 19 percent below what they were under President Reagan. In addition, Obama promises tax cuts for families to help with health care college and to save for retirement. On the contrary a McCain tax cut is estimated to increases by about $3.6 Trillion, which would mean tens of millions of middle class families will end up paying more taxes, not less.
Another cool feature of the taxcut.org site is that it gathers different media sources and provides you information about they’re saying about the Barack Obama and Joe Bidens’ tax cut plan. This is very useful if you really want to see additional details behind the plan.
According to a Washington Post article Obama’s tax cut will benefit more Americans, especially those who make the least, while McCain’s tax cuts will benefit the very wealthiest, top 0.1% in the country.
Obama’s plan also proposes to eliminate capital gains taxes for entrepreneurs and small business investors, as well as cut corporate taxes for those corporations that create jobs in America. These plans appear to stimulate jobs creation in America, which is dearly needed during this economic crisis that we face.
Forbes Magazine recently described Obama’s tax cut calculator as one of the most useful and simple gadget that they’ve seen on any political website in while. www.taxcutfacts.org is great calculator to use for those who want to know the real facts and savings between the Obama and McCain tax cuts.
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Thanks for posting the article, was certainly a great read!
Why does Obama think its the right thing to do, to take more money than ever from those who make >250K ? Where does he get the idea that those who make 250K are rich. I am not rich, I don’t jet around like he does, or live in a multimillion home. Should I cast off my belongings and move down the economical scale ? so I can be part of his enlightened flock ?
If he wants to spread the wealth to those who come behind us, let him fork over his royalty checks to those who make than he does.
I pay more than most in taxes, but my gov’t services are not proportionately higher. I don’t have a squad of Marines protecting my home, I don’t have a special lane that allows be to avoid rush hour traffic. In fact, I don’t even qualify for some of the social services that I and my taxes pay into! What does that mean ? In addition to paying my taxes, I have to pay out of pocket for medical care, college tuition, which are by the way, not tax deductable.
Obama is simply using this issue to get 95% of the taxpayers behind him. All you folks who make less than 250K, don’t give up your vote for a politician who’s goal is to win the election.
Obama has not told the truth about this plan, He has stated 250,000 then I saw a ad today that said 200,000 and then Biden says 150,000. Can you say lets say anything to get elected.
And Obama neglects to tell the American people that the Bush tax cuts will go away in 2010 thus a tax increase. Give the the truth Obama, you won’t tell the truth about Wright, Aryes, Reznek, taxes, that the surge worked, that you are running against John McCain not Bush. You have run the most negative campaign in history if the Liberal media told the truth your ads are filled with hate, lies, negatives. Joe the plumber nailed you and all you can do is cut him down. Shame on you , Shame on you Barack Obama.
I agree with drtjyen. My husband and I are an Attorney & Accountant. We make over $250k and are in the highest tax bracket already. Our itemized deductions are reduced down yearly. We have to put 3 kids through college with out any government help. We are NOT a Big Business…so why does Obama want to tax us like one? If we already pay the highest of taxes what governement benefit will I recieve for each additional dollar I have to give to Obama’s tax plan? I didn’t realize that anyone making over $250K was the Social Welfare System!!
Recently I went to factcheck.org to find out some information about both candidates. I learned that Obama will increase taxes on 35% of all retirees. My husband and I have just retired. We have a combined income of about 50k. We can ill afford additional taxes. Once the Bush tax cuts expire it will be even worse. We have worked hard all our lives; saved like crazy to put our kids through school. We live in a modest home; one we can afford. We’ve done all the right things. Now we have to pay for other people who took on a mortgage way beyond their means, and college expenses of everyone else.
My brother owns a small business. If Obama makes it, he’ll be laying off 8 of his 12 employees because he won’t be able to afford the additional taxes. He tells me that this is going to happen all over the country. I foresee mass unemployment.
My vote is for John McCain!
1. why would you vote Mc cain when last eight year have not work vote Mc cain you more same.
2. I think obmam has right thing going the country ,need something new for the middie class thay are the ones that are out there working every day .
3. we need health care for everyone , why do poeple think you would stand in line when you get your own doctor this is america , poeple get some funny idas. american would have different plane for heath care . we need change not more same.
most poeple don”t make 250k the middle class are out there for six to ten dollar a hour and its not going to work very well . my farther was farmer in 1950 s he din”t have acridit card thay work by check with no id on them only your name . the ecommy is out of blance and its just not going to workthat way . poeple are just not thinking very well about thing . not working with you hans and setting on your but is not going to work . we need jobs in this country not job over sea , but right here think americ think . if you vote MC cain you get more of the same !
We have no faith in “Karl Obummer’s” promises….Anyone who could have associated with the type of radicals he has (like Rev Wright for 20 years) since his day’s at Occidental College in LA where he admits he sought “radicals” out, and then at Columbia, and even at Harvard where he took positions that were radical in nature in defending certain situations scares me. He could not even get FBI clearance with his associations, let alone be President. And if you are the type who wants a hand-out, you will vote for him not caring that our country could be destroyed by our enemies with the OPH factor running America…(Obama Pelosi, Reid). Who “pulled those up or spread the wealth” to all those who paid student loans working their way through school and STILL paid taxes on their income then?
Where is Joe McCarthy when you REALLY need him????