Obama wants to eliminate taxes for 10 million people, increase benefits for fathers that pay their child support, and increase benefits for low income people that have 3 or more children. For the middle and upper income people, he plans on raising taxes.
"Obama has proposed a host of increases that would raise the federal income-tax rate on top earners -- and not just that 1% -- to 52% from 35%, according to an analysis by Investor's Business Daily. That calculation includes applying the 12.4% payroll tax that funds Social Security to some income above the current $102,000 cap, and letting some of President Bush's tax cuts expire.
His former rival for the Democratic nomination, Hillary Clinton, has called his plan to raise Social Security taxes "a trillion-dollar tax hike on the middle class."
Interest on municipal bonds, however, is exempt from tax, which is why Obama's Northern Trust fund generates tax-free income." Dick, this came from his website and the quote came from:
http://articles.moneycentral.msn.com/Inv... Chalk up at least 6-7 trillion in debt and an economic slow down that will rival Carters administration. He is a socialist. Be ready to pay more taxes!!!! More money for the government to distribute out in the welfare system, to the poor and less money for the middle class to spend on their own. Its going to create the largest middle class ever... no one from the middle class moving up and the upper class would drop down and the lower class move up.
Sound so socialist!!!!!!! You should go to his website. What you have written is false.
I am not necessarily an Obama supporter, but you need to get in touch with facts.
Edit:
Barack Obama's Plan
Restore Fiscal Discipline to Washington
* Reinstate PAYGO Rules: Obama believes that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
* Reverse Bush Tax Cuts for the Wealthy: Obama will protect tax cuts for poor and middle class families, but he will reverse most of the Bush tax cuts for the wealthiest taxpayers.
* Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama believes that spending that cannot withstand public scrutiny cannot be justified. Obama will slash earmarks to no greater than year 2001 levels and ensure all spending decisions are open to the public.
* Make Government Spending More Accountable and Efficient: Obama will ensure that federal contracts over $25,000 are competitively bid. Obama will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government's high-volume purchasing power to get lower prices.
* End Wasteful Government Spending: Obama will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama has called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama will also tackle wasteful spending in the Medicare program.
# Reform Corporate Bankruptcy Laws to Protect Workers and Retirees: Current bankruptcy laws protect banks before workers. Obama will protect pensions by putting promises to workers higher on the list of debts that companies cannot shed; ensuring that the bankruptcy courts do not demand more sacrifice from workers than executives; telling companies that they cannot issue executive bonuses while cutting worker pensions; increasing the amount of unpaid wages and benefits workers can claim in court; and limiting the circumstances under which retiree benefits can be reduced.
# Require Full Disclosure of Company Pension Investments: Obama will ensure that all employees who have company pensions receive detailed annual disclosures about their pension fund's investments. This will provide retirees important resources to make their pension fund more secure.
# Eliminate Income Taxes for Seniors Making Less Than $50,000: Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns.
# Create Automatic Workplace Pensions: Obama's retirement security plan will automatically enroll workers in a workplace pension plan. Under his plan, employers who do not currently offer a retirement plan, will be required to enroll their employees in a direct-deposit IRA account that is compatible to existing direct-deposit payroll systems. Employees may opt-out if they choose. Experts estimate that this program will increase the savings participation rate for low and middle-income workers from its current 15 percent level to around 80 percent.
# Expand Retirement Savings Incentives for Working Families: Obama will ensure savings incentives are fair to all workers by creating a generous savings match for low and middle-income Americans. His plan will match 50 percent of the first $1,000 of savings for families that earn less than $75,000. The savings match will be automatically deposited into designated personal accounts. Over 80 percent of these savings incentives will go to new savers. Since he isn't going to get elected, your question is without merit. We will all be out in the woods starting our fires by rubbing two sticks together to cook the little batch of sparrows we caught with our bare hands.... "FLUSSSSSSSSHHHHHHHHHH" The Great Depression of the '20s would look like a prosperous time... we will all be in the poor house. the money you make about 3/4 will go to pay your taxes.if your Lucky to have a job. It will take off and produce budget surpluses like we had in the Clinton years.
You use quotes in your question. Sounds like a chain email urban legend to me. | 