September 2, 2008 12:43 PM
Would Obama give 95 percent of us a tax break?
Claim: Barack Obama says he would cut taxes for 95 percent of working families.
Rocky Truth Patrol says: Rock Solid
Obama's "Make Work Pay" plan would give tax credits to an estimated 150 million workers: $500 per person or $1,000 per working family. The Tax Foundation, a nonpartisan tax education nonprofit, has analyzed both candidates' tax plans. It says already about 44 million people have no tax burden. Obama's plan would raise taxes on the top 1 percent of wage earners, but give most everyone else a tax break. Even people who earn roughly between $93,000 and $192,000 a year would see a tax break, the foundation says.
"The top 1 percent of taxpayers would see a tax hike of $131 billion while the other groups would see a tax cut of $155 billion," according to a Tax Foundation report.
September 2, 2008
9:22 PM
Denver John writes:
This assertion may be accurate but paints an incomplete picture of the Obama's tax plan by making it seem as if he's achieving some measure of fairness. From the Tax Foundation's Fiscal Facts, Summary of Latest Federal Individual Income Tax Data, July 18, 2008 edition, we have the following information:
"This year's numbers show that both the income share earned by the top 1 percent of tax returns and the tax share paid by that top 1 percent have once again reached all-time highs. In 2006, the top 1 percent of tax returns paid 39.9 percent of all federal individual income taxes and earned 22.1 percent of adjusted gross income, both of which are significantly higher than 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes."
So under Obama, will the top 1% pay 45% of all taxes? Fifty percent? How much longer before the tax disincentives offered by Obama cause many of those top wage earners to curtail the investments that have produced so much for this country?
September 2, 2008
10:10 PM
Len Gilbert writes:
Anyone who believes that 1% of the taxpayers can carry the other 99% is either stupid, or dishonest. If we confiscate everything that 1% owns, we would be bankrupt in days. The heart of our economy comes from the majority of us who pay our taxes and work for a living. As to these two female reporters being a truth squad, they sound more like campaign workers for Obama. Lets hear where they got their degrees in Economics, and decide then if they have any clue what they are saying. IF no economics knowledge, just keep smoking the funny weed with Obama, and the majority of us wont even glance at your garbage column. LEN
September 3, 2008
9:28 PM
DW5280 writes:
You gave a "rock solid" rating to Obama's tax cut for 95% of the working families. If you include his 5% increase in the capital gains tax and the expanding coverage of the alternative minimum tax (AMT), it is likely for many familes that his $500/$1000 tax credit would be squashed by larger total tax payments. I believe the correct rating for tax break should be "shaky."
September 4, 2008
9:28 AM
Gordon Gorrell writes:
Do you plan to publish or can you tell me about plans of the Obama-Democratic group in the area of: Taxes on the gain in the sale of a personal home; Tax rates on capital gains; Amount of Social Security benefits to be taxed? If too detailed for you to answer, can you direct me to an official website which would deal with these items? Thank you.
Gordon Gorrell
September 4, 2008
2:51 PM
George Gatchis writes:
This Rocky Truth Patrol is a joke!!! Liberals at their best. Raising Capital Gaines Tax on investments will send this small ressesion into a depression. I also do not believe in socialism. You don't get something for nothing.
I am a public servant I have to depend on my investments for retirement. Barrack Hussien Obama will set me back about 6 years in retirement just by raising the gains tax, income tax, inheritance tax, and any other tax he comes up with!!!!!
Great comeback for the weak hearted and minded, the money is better spent in Iraq/Afganistan, than on health care for illegal imigrants, and people who refuse to work.
September 22, 2008
8:59 AM
DFP writes:
The brute dishonesty at this article is astounding. 40 percent of workers pay NO FEDERAL TAX AT ALL. There's absolutely no way for them to get a "tax cut."
Even this article says that these 40 percent would get a "tax credit." Sorry, but a "tax credit" is not the same as a "tax cut."
Obama is lying, and so is the erroneously named "Rocky Truth Patrol."