In the last few debates, Obama has stressed that he will cut taxes for 95% of Americans. Here’s a quote from the first debate, courtesy of CNN:
My definition — here’s what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime’s worth of tax increase.
The second debate, again courtesy of CNN:
So let’s be clear about my tax plan and Sen. McCain’s, because we’re not going to be able to deal with entitlements unless we understand the revenues coming in. I want to provide a tax cut for 95 percent of Americans, 95 percent.
And the last debate, again courtesy of CNN:
If I can answer the question. Number one, I want to cut taxes for 95 percent of Americans. Now, it is true that my friend and supporter, Warren Buffett, for example, could afford to pay a little more in taxes in order — in order to give — in order to give additional tax cuts to Joe the plumber before he was at the point where he could make $250,000.
Well, Mr. Obama lacks some simple math principles. According to the U.S. Census Bureau, roughly 10.5% of Americans don’t even make enough money to have to pay taxes (I had to calculate it all manually with the IRS Tax Calculator, so the number 10.5% is an approximation, and not exact). And this is before you add in any dependents or exemptions. This is assuming that 100% of your income is taxable, and almost all the time, this isn’t the case (unless you just don’t take the time to include your dependents and exemptions).
But the point is. 5% of Americans make $250,000 or more, so this is where Obama is getting his 95% from, but he’s ignoring the fact that another 10%+ don’t pay taxes at all. How can they get a tax CUT if they’re not paying taxes!
It’s more Obama lies where he’s just trying to get votes. And all of this is before he raises capital gains taxes, where 87% of the people affected would be making under $100,000.)
The fact that he will decrease the income tax rate, but raise other taxes is what’s going to drive our economy down even further.
Tags: 2008 Election, Barack Obama, Capital Gains, Capital Gains Tax, Census, Census Bureau, CNN, Debate, Democrat, Economic Crisis, Economics, economy, Election, General Election, Income Tax, Internal Revenue Service, IRS, John McCain, Money, Politics, Republican, Tax, Tax Cut, Taxes, U.S. Census Bureau, United States Census Bureau