Tuesday, October 28, 2008

A Breakdown of Obama's Lies on Taxes

Done by a small business owner at the ARFCOM forums.

A brief synopsis...

Obama Tax Lie #1 - By letting the Bush tax cuts expire, this is a de facto tax increase for 100% of Americans, because 100% of Americans received a tax cut under George W. Bush.
Obama Tax Lie #2 - Obama plans to lift the inflation-adjusted cap on the Social Security tax in a manner that will impact anyone making up to $249,999.99 a year.
Obama Tax Lie #3 - Obama wants to increase the capital gains tax from 15% to 20%. He claims it is to get those "Wall Street fat cats", which is about 1% of the population...however, 50% of the population invests in the stock market. So for 50% of the population, this is a tax increase.
Obama Tax Lie #4 - Obama wants to increase taxes on big corporations. However, as this gentleman points out, corporations do not "pay taxes"...they simply collect the money from the customers and give it to the government. When Obama raises their taxes, the corporations will simply increase the price of what you're buying from them, which will cost you money.

The poster also has a tax table comparing your current tax liability as opposed to what it will be in 2010 with Obama letting the Bush tax cuts expire.

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