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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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