Tuesday, October 28, 2008

The Obama-speak translation: when is a tax hike not a tax hike?

Obama's two tax promises: 1)tax increases will only be on people making $250.000 +, 2) will not raise taxes on 95% of working Americans. Obama has also promised to let the "Bush tax cuts for the Rich" (which gave relief to those making as little as $25,000) expire. It will effectively make your tax burden the same as it was in 2000.

From the book of Obama:
Q: When is a tax hike not a tax hike?
A: When you simply let a previous tax cut expire.

According to the IRS tax tables, comparing 2007 taxes with 2000 taxes, a married family filing jointly and earning $75,000 -- you are looking at a $3,824 tax INCREASE. If you are married and filing jointly, earning $50,000 -- your tax burden will INCREASE $1,512. Under the same parameters, but making $25,000 (hardly Donald Trump numbers) -- you will pay $715 more.

I'm Catholic. I know there are sins of commission (when you actively do something wrong), as well as sins of omission (when you don't do anything to stop something bad from happening). I suppose the Catechism would call Obama's tax policy a tax hike of omission. I think taxpayers would certainly call it sinful.

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