A Free Voice

Obama tax cuts for 95% of Americans — Not Realistic
October 19, 2008, 5:03 am
Filed under: Democrats, Economy, McCain, Media Bias, Obama, Republicans, Sarah Palin | Tags: , , , , ,

Obama loves pointing out his plan to cut taxes for 95% of tax-payers while saying he will raise taxes for the remaining 5%. — The fact that so many Obama supporters actually swallow that rubbish is testimony to the fact that they have not done any fact checking and use the Obama propaganda machine via the news media as their source of information.

The truth of the matter is that Obama cannot possible lower taxes for 95% of Americans because not so many pay federal income tax.

According to the Tax Foundation (click here),

According to Tax Policy Center, only 81.3 percent of tax units would receive a tax cut under Pres. Obama. The 95 percent of working families figure mentioned earlier in the debate is fairly accurate, but it’s not 95 percent of the entire population. As for those making less than $250,000 not seeing a “dime’s worth of tax increase,” technically some households or tax units that benefit little from Obama’s individual tax cuts could pay more due to Obama’s closing of what he calls corporate tax loopholes, under the assumption that owners of capital would bear such a tax increase. This is not that significant a tax hike for those making under $250,000, but there are still some tax units or households making under $250,000 that could pay more in taxes under Obama’s tax plan. Also, if you counted Obama’s windfall profits tax and assumed that was borne in the short-run by owners of oil company stock, then some tax units that own a disproportionate amount of oil company stock either directly through stock ownership or indirectly through a pension fund could pay more in taxes, possibly exceeding the benefit that tax unit would receive from the energy “rebate” that Obama proposes to use the windfall profits tax money to fund.

Pay special attention to what I highlighted. — Only 81% would get tax cuts. And even though Obama insists nobody making under $250,000 will see taxes get higher, some of them will still pay higher taxes.

So much for the realism of Obama’s tax plan.


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