Tuesday, October 28, 2008

Trying to figure out taxes

Ok, so it doesn't look so good for McCain. Obama has assured everyone that he won't raise taxes (even checked out his website). What his website states as one fact is that "The Obama Plan Provides Generous Tax Cuts for Almost All American Families – and will not raise any tax rate on families making less than $250,000 per year, period!" This is part of the complete Obama tax plan found here - http://www.barackobama.com/pdf/taxes/Tax_Plan_Facts_FINAL.pdf)

Ok – so what do you pay in taxes? I did some looking and found the 2008 Tax brackets here. There are six tax rates - 10%, 15%, 25%, 28%, 33%, and 35%. So a person making a respectable 100k/yr would pay $21978.25 in taxes, around 22% when all is said and done. But recall that Obama is going to probably let the Bush tax cuts expire (as they are supposed to do in 2010) which would increase the rates. Obama states this again on his website – "Under the Obama Plan, No One Will Pay Higher Tax Rates Than They Paid in The 1990s." So what was the rate in 1999 (before the Bush Tax rates). My source is http://www.unclefed.com/IRS-Forms/taxtables/1999_i1040trs.pdf

A person making 100k in 1999 would pay $25779 in taxes. That is a savings of around $3800 – not!!! So if I read the plan right, Obama is actually going to raise taxes on folks making 100k by letting the Bush Tax Cuts expire. Isn't it fair to say that is part of his plan? So how the hell can he say that families making less than $250k will not see their taxes raised?

Don't believe me – check out this story on the USA Today Website. Entitled "Rolling back Bush's tax cuts will pay for proposals, Obama says" Obama is quoted as saying:

"During an hour-long talk, Obama promoted eliminating some of the income tax cuts enacted under President Bush, but resisted characterizing them as a tax increase."


"The Illinois senator said that as president, he would roll back income tax cuts for higher incomes to pay for his policy proposals."



But ok folks – drink the Kool Aid and cast your ballot for Obama. As Jesus said on the Cross – "… forgive them, for they know not what they do. (Luke 23:34)". What scares me is that folks know what they are doing and are actually pulling the lever wanting this yahoo in office and his socialist and extreme leftward policies. But what is really important is focusing on Sarah Palin's wardrobe right?

OS

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