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Why do Republicans keep thinking that they'll pay more taxes under Obama's plan?
Why do Republicans keep saying that Obama is going to raise everyone's taxes? According to the Tax Policy Institute, Obama's plan would cut taxes for 80% of households. Another 10% would see no change in their taxes from today. And the wealthiest 10% would see an increase in their taxes. Furthermore, Obama's plan would save middle-income families more than with McCain's.
Here's a chart from the Washington Post comparing Obama's plan with McCain's:
http://www.washingtonpost.com/wp-dyn/content/story...
Obama has said that he will repeal the Bush tax cuts for people making over $250,000/yr. For middle-income families, Obama has pledged that you will not see any increase in your taxes, not your income tax, not your payroll tax, not your capital gains tax, not any of your taxes. Barack Obama has pledged as such in his recent speech in Dover, NH (go to time 1:05 in the video):
21 Answers
- Anonymous1 decade agoFavorite Answer
Because they will. Despite the rhetoric on his economic page, growing gov't with the programs he proposes have to be paid somehow and he aint gonna find it in a tree.
- SourisLv 51 decade ago
Some of us will. When I graduate from school in a year or two, my husband and I could potentially earn enough to put us in the higher-tax bracket. We already have student loans to pay off. My husband is a PharmD, and still owes a lot. We are also trying to start a small farming business, and most, if not all of our disposable income is going into that.
To be honest, I think we would be better served by a Government that could budget properly. It is notorious for spending a lot more than it needs to to accomplish the same end (regardless of which party is in the White House). I don't have a problem with paying my taxes, but..I want to know that it will be well spent, and that people truly in need of it will benefit. I can't say I trust anyone currently to do that. Neither Obama nor McCain.. perhaps that shows me to be a cynic..but that's how I feel.
I am very glad to see that you have done your homework before asking your question. :D You've earned yourself a star from me.
- IcarusLv 61 decade ago
I think you have a little bit of truth mixed with a little bit of misinformation. Yes, Obama talks about lowering taxes on the Middle Class and raising it on the wealthy. What you are leaving out are:
(1) He IS raising capital gains taxes from 15% 5o 29%. That means any retired person living off investments will have their taxes double.
(2) He is reinstituting capital gains taxes on houses that are sold. This means any American with an investment in a house that they plan to sell for retirement will pay 29% tax under the Obama plan. In real numbers, if a retiree has $100,000 equity in a house, instead of being able to take the $100,000 which is the retiree's money, he will pay $29,000 in taxes and be left with $71,000; that is substantial.
(3) Obama plans to tax houses over 2,400 sq. ft. as part of his energy plan.
(4) Obama is going to raise taxes on small businesses making over $250,000 and that will cost jobs!
(5) Finally, taxes on a special demographic group ALWAYS find their way to lower income groups. Don't believe for a minute that a year or two down the road, only the rich will have seen a tax increase.
All this not to mention the fact that to expect 10% of the population to carry the load for the other 90% is unreasonable, wrong and is a fairy tale.
I hope that answers your question.
- 1 decade ago
you're crazy if you don't distinguish words from Action. Once in office the in-experienced Obama will have to leverage programs with tax base.
Understand this; it's not 250K of salary. It's gross assets! That includes 401K, Government and Military Retirement, Self Employment (1099), AMT on stocks, estate value, and Small Business Employee Base. Obama is lying and using rhetoric and surveys to convince you that his intentions are reality. Take a stand and realize that socialism is Un-American and are means of treason. Obama should go to prison for the ethics he plans to deploy against the middle class. He's going to rob you blind and call it a tax cut.
My brother who is of strong liberal persuasion. Put his numbers into Obama's plan and said his taxes will go up. He makes 60K a year and owns a condo in Northern VA and a 401k with 50K in it. That was more than 250K of assets and he'll get taxed 4% to 5% of HIS NET ON THAT! NOT gross, this is in addition to your payroll taxes and the deduction for your house that are taken out against your gross salary.
This is not good.
If you think McCain is Bush, Then OBAMA is Karl Marx! Marxism would set us back to the stone age and create the largest unemployment population in the world.
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- 1 decade ago
Your chart is only showing income taxes. And Obama has promised raise virtually every other form of tax MANY times. And what do companies do when more taxes are thrown at them? Anyone? That's right conservatives....they pass them on to consumers, driving up inflation, hurting the value of the dollar, and making the average person struggle to get by. Obama also wants to raise minimum wage to $9.50/hr. And he will fight the nationwide call for increased oil drilling, which would IMMEDIATLY lower gas prices and IMMEDIATLY lower almost all consumer goods (it takes gas to transport things libs, and companies make us pay the increased transportation costs). I guess he wants a Big Mac to go for about $10 apiece.
- Anonymous1 decade ago
The Republicans will argue that if you increase taxes on the very rich, they will simply pass on the taxes to the middle class in the form of higher prices.
But it cuts both ways: If you give the middle class more money to spend, they will spend it in ways that benefit the wealthy owners of businesses.
I don't understand why Republicans fail to comprehend the truth of trickle-up economics.
- aiminhigh24u2Lv 61 decade ago
Can we take 5 seconds to inject some logic? 40% of U.S. citizens do not earn enough money annually to even pay taxes. That means that 60% of the U.S. taxpayers pay all the taxes. Now, Obama has sworn up and down that 95% will see their taxes go down. You do the math and explain it to us will ya? It's called pandering.......
- Anonymous1 decade ago
Only 60% of Americans pay income tax; yet Obama insists that he will give 95% of all Americans a tax break. He has no idea what he is talking about and no one trusts his math skills. Remember he is a lawyer and can never be trusted, never.
- Anonymous1 decade ago
It's just another lie to keep people voting for Obama. Obama says plainly that he'll raise taxes on families with incomes over $250,000.00 and give the working/middle/poor class TAX CUTS so we have more money in our pocket to spend.
- Anonymous1 decade ago
Republicans = responsible = has money
Democrats = not responsible = does not have money