Thursday, October 30, 2008

Obama's Lies- His Tax Plan

Obama has lied the entire time about his tax plan only affecting families making over $250,000 a year- last night he said that only working families making under $200,000 would see a tax break.

Did you see the ads for the Obama Tax Cut Calculator last night?

Check it out:

I plugged in our numbers and it read:

You will probably not get a tax cut under the Obama-Biden plan.

Uh- gee- ya think?

How about telling me how much I'm going to be paying??? I've done some math- based on our income and re-setting numbers back to the top rate of 39.6% under Clinton (remember though under Clinton the top bracket was for income over approximately $260,000- using the Consumer Price Index to calculate inflation- the 2008 level should be around $320,000- not Obama's-- but note Obama is dropping it to $250,000+ for married couples or is it $200,000?) Our federal income tax liability will go up by AT LEAST $12,000 (assuming the top bracket is moved down to $250,000)- if they remove the cap on Social Security- which Obama surely will- our taxes will go up another $18,000-- . This all assumes they don't take away existing mortgage interest deductions and existing tax credits for "the rich"- this assumes they don't raise Medicare taxes on the rich. We're looking at a $30,000 tax hike per year for my family under Obama- that's our kids' education money.

And we're in the same tax bracket as Obama's pal Oprah Winfrey-- we own one home- not seven- Oprah's Santa Barbara home cost $50 Million. So- why isn't there a windfall profit tax on Hollywood? If you really want to spread the wealth- why stop at $250,000 for the top bracket- I mean if you make $10,000,000 a year like many movie stars do- shouldn't you pay 90% of your income to the federal government- you'd still have $1,000,000 to spend- you're still "doing pretty well" as Obama says. What a fake and a phony.

Back to the calculator- I plugged in scenarios for friends and family members at different points in their lives- most of them get back about $1,800 under Obama's plan. Most are in the $60,000-$100,000 range- middle class right?

Then I plugged in some other scenarios:

Family with $20,000 a year income with 3 kids living in an $80,000 home (that they can't afford)- guess what the tax check is? (KEEP IN MIND THEY'RE PAYING NO FEDERAL INCOME TAXES)-- $2,106-- guess what happens when you put in "single" instead of married with kids in child care- they get $2,506!!!! They will get a CHECK mailed to them in the amount of $2,500....for contributing nada into the system.

A single girl making $75,000 a year with no kids- and renting gets only $500 back. She's probably paid at least $10,000 in- and only gets $500 back. She's subsidizing the other single woman-- WHY? One chooses to wait to have a family, to rent when she can't afford to buy and is penalized for doing so.

I want to know what planet you need to live on for any of this to be considered "fair"? We live in America- a country based on opportunity and freedom- we fought a revolutionary war based on unfair taxation without representation. How are we represented in Washington when Congressmen conveniently make under the $200,000 threshold?? They make $169,000 a year.

It's class warfare at it's worst.

Here's another calculator to check out your taxes under McCain and Obama:

The McCain campaign missed an opportunity months ago to do their own tax calculator which would spit out 1. what you're now paying under Bush and 2. what you'd be "blessed with" under the Obama plan. Most people have no idea what they're paying (or not paying in federal income taxes)-- it's time to become educated.


raisingmykidsright said...

What about Biden's remark? People making under $150,000K will not see a tax increase? I ask WHAT IS THEIR MAGIC NUMBER? They can't seem to stick to one. So according to Joe Biden people that make over $150K a year are rich? God help us all.

Do people really believe all this? I can't stand it.

Ginny said...

here is my favorite from the calculator - a family married filing jointly, 3 kids, making between $50-75,000 - in my fake scenario here, they rent because they cannot afford a mortgage and all kids are in school so no childcare. They would recieve in tax "savings" $1000 from obama and $967 from mccain. so there is only a $33 difference. wow. shouldn't that particular bracket see more of a difference?

Sheila said...

Ginny- this is a GREAT catch- isn't $50-75K the "middle class"- he's full of crap- he wants to give money to the poor- pure and simple

Jim said...

Excellent info. Also, it sounds like the $2500 check for the hypothetical "victim of economic injustice" is on top of whatever earned income tax credit (EITC) money he may already get. In other words, plenty of people already make money by filing their taxes (and I'm not talking refunds from overpaying) due to the EITC, and it seems like Obama and the "independent-minded" "non-partisan" Democrats (who all seem to propose the exact same plan as Obama) running will increase that. By the way, if you don't know if you qualify for EITC, you can check at and use the "EITC Assistant" ... which includes a handy Spanish version... *rolls eyes*

Sheila said...

Thanks for the link Jim- I just plugged in the info for my $20,000 a year single mom of 3- she's getting $3,740 in an earned income tax credit already- Obama will put another $2,500 in her pocket- so she now makes $6,240 off the government- she has to pay some federal payroll taxes- my estimate is probably $1,500 a year- so net she's getting a $4,760 handout from the government with ZERO tax liability

Sheila said...

The EITC's only apply to singles making under $37,783 and couples making under $39,783 (there's that marriage penalty again)

Middle income is defined as $34,738 in this country (that's smack dab in the middle)-- so next time one of your friends making $60,000 a year says they're "middle class"- let them know THEY'RE NOT