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Will Obama raise taxes?

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βˆ™ 2013-03-13 21:23:31

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He claims he will raise taxes on some wage earners and cut taxes for others. Higher wage earners will pay more in taxes while middle income earners will get tax cuts. Lower income earners will get significant cuts, in many cases getting larger cuts than what they would have actually paid in income taxes.

So for you, unless you are very, very wealthy (as defined by Obama), he will lower your taxes.

Just to compare:

Under the McCain plan, the Tax Policy Center figures indicated, Americans in the top 0.1 percent -- that's everyone making at least $2,871,682 -- would average $192,645 less in taxes in 2012 than they would if the current tax situation were simply extended.

Under Obama's tax plans, the top 0.1 percent would pay more in taxes, not less -- an average $788,959 more. Middle- and low-income Americans, by contrast, would see sizable tax cuts. These cuts, according to the Tax Policy Center analysis, would save Americans in the middle almost four times more than the savings they would see from the McCain plan. Poor Americans would save 30 times more under Obama than McCain.

Democratic vice presidential candidate Joe Biden said on Sep 18th that paying more in taxes is the patriotic thing to do for wealthier Americans.

Capital Gains

Mr. Obama is proposing to raise taxes on capital gains and dividends by a staggering two-thirds, moving the rate up 10 percentage points to 25%, which could curtail investment and business.

According to the Institute for Research on the Economics of Taxation, Mr. Obama's tax hike would knock off $2.5 trillion in capital formation over five years, or nearly 2% of gross domestic product.

"If we are only growing around 2% over the next five years, then we will have virtually zero growth for the period," the president of the institute, Stephen Entin, said. "This will create a permanent hit of 5% or greater to GDP."

Recently when Mr. Obama was confronted with the statistic that every time capital gains taxes have been increased, the government has seen a decrease in revenue, his reply was, "Raising the capital gains tax is fair."

Death Tax

Obama is in favor of the death tax and has fought efforts to raise estate tax exemptions. The so-called "Death Tax", will be levied on estates worth $1.2 million dollars, so people who do not have a net worth of $1.2 millon will not have to worry about it. However, many family businesses, ranchers and farmers will not be able to keep these businesses in their families without taking out loans to pay the taxes or sellling the businesses.

Tax Cuts

In the political climate, it is difficult to see the complete picture.

Obama has claimed he will lower taxes on most Americans. Many of these are not actual tax decreases but "tax credits" which are similar to the economic stimulus package in 2008. Items such as "Mortgage credit", "College credit" and "Child care tax credit" are actually government payments made that have no relation to income tax paid. They will be money paid to Americans and even those who pay no income taxes will see government checks.

Corporate taxes

Note: The majority of American corporations are small business "S" corporations. These are "pass through" organizations and all income is taxed on the personal level.

Obama has claimed he will give a $3,000 corporate credit for domestic jobs created. He has not specified how he will determine a "new domestic" job will be designated. Would this be ALL new jobs created or just those in manufacturing and call centers? If a company laid off employees and rehired them would they be qualified for this tax break?

Obama also claims he will increase taxes on corporations and those who send jobs overseas. He has not detailed how this determination will be made.

2013-03-13 21:23:31
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Related Questions

Will Barack Obama rise taxes?

Barack Obama states he will not raise taxes.

What is obama point of view on the taxes?

raise taxes

What does Barack Obama claim they will do?

Raise your taxes.

Why does Obama want to raise taxes on the rich?

To help the poor

Does Romney or Obama want to raise taxes on wealthy Americans?


Did obama raise taxes?

No, he did not. He actually cut taxes several times, especially on middle class taxpayers.

Has Obama voted to raise taxes?

sen obama has voted to raise taxes up to 42,000 dollars more.Obama plans to provide a tax cut for 95% of Americans. If you make less than a quarter of a million dollars a year, you won't see your taxes go up. If you make $200,000 a year or less, your taxes will go down.

When did President Obama force Congress to raise Gasoline Sales Taxes?

Pres. Barack Hussein Obama did not force Congress to raise gasoline sales taxes. The president wanted Congress to raise the federal gasoline excise tax but the Republican led House refused to do so.

Does Obama believe in tax breaks?

He wants to raise taxes on wealthy Americans and lower them for the lower and working class.

Does President Obama have a plan to lower US's national debt?

YES, he is going to raise taxes on the higher class.

How many times did President Obama raise taxes?

He didn't. It is a durable myth that Democrats all raise taxes and Republicans never do. In this case, President Obama has cut taxes on at least three occasions during his presidency. I enclose a link to a news story about one of the tax cuts, which decreased income taxes by up to $400 a year for most individuals and $800 for most married couples.

Will Obama raise tax on sale of your home?

No Obama wont rase taxes cause really he does not make that choice he has to write a bill or something like that and get it passed by congress.

What are the new taxes created by Barack Obama?

So far, there have not been new taxes. In fact, there have been several tax cuts. But Mr. Obama did say that he believes the wealthiest 2% of Americans need to pay more in taxes, and he has proposed that their taxes be increased slightly, to raise much-needed revenue.

Does Barack Obama support taxes?

There is no such thing as "supports taxes" or "does not support taxes." Taxes are a fact of life, there is no way for Pres. Obama to not support taxes. President Obama supports a progressive tax, meaning rates are higher on the rich then the poor.

Does Obama want to raise taxes on guns and ammo?

He has proposed a %500 percent increase on ammunition taxes and has supported many gun bans in the past, some are sensible some are just biased

Where was Brarack Obama born?

Obama was raise in Hawaii

is hunter biden gonna raise taxes?

Of course

What will happen if President Obama raises your taxes even more?

This question assumes that President Obama has raised your taxes a lot already. But this is political rhetoric from his opponents, and it is not entirely accurate. The facts are that he has given a number of tax cuts, especially to middle-class and working families. And there is no evidence he has plans to "raise your taxes even more."

Is to raise taxes noun-object of the sentence in She wanted to raise taxes?

"to raise taxes" is an infinitive phrase. It is used as a noun-object of the verb "wanted" in this sentences.

President Obama has done a good job?

Well Hes a way better president then Romney will be. Romney is going to raise our taxes for the middle class and going to cut out taxes for the rich! Obama has done many great things hes not the monster Romney is! You see Obama really tries but congress fights him...... We think its because hes black. If you want a good president VOTE Obama!

Can the president raise income tax?

No. The President has no power over taxes. He can ask Congress to raise the income tax, but they tend to do what they want to do. President Obama did ask Congress to increase the income tax on high incomes.

Do republicans pay taxes?

No they raise money on taxes

What are the different points of view between McCain and Obama?

McCain is smart. Obama is smart. McCain is pro-Israel. Obama to be pro-Israel. McCain does not go by what he says. Obama doesn't backtrack and never takes back the great, smart stuff he says. Obama is a no-experience socialist that (typical democrat) will raise everyone's taxes. Yes even you middle class people, he will discontinue the Bush tax breaks, thus raising your taxes (even with HIS middle class tax breaks, they are less that the Bush tax brakes, thus making your taxes raise) I can't believe how dumb Americans are where they will vote for a guy just because he makes pretty speeches.

Can president raise taxes?

No, the president cannot raise taxes, unless 2/3 of congress agree to.

What percent of taxes did Barack Obama pay?

According to his 2011 income taxes, Barack Obama was taxed at an effective rate of 20.5%. He and his wife paid $162,074 in taxes.