Barack Obama would raise the capital gains tax for “fairness,” not for revenue, even if it resulted in less government revenue. He is not bashful about it, the wealthy will pay more taxes if he is elected. He would restore a progressive tax and close loopholes. He would reduce the Bush tax cuts to pay for health care and other programs, and believes that they helped corporations but not the middle class. He believes that the last thing we need now is a permanent tax cut.
Voted YES on increasing tax rate for people earning over $1 million. (Mar 2008)
Voted NO on allowing AMT reduction without budget offset. (Mar 2008)
Voted NO on raising the Death Tax exemption to $5M from $1M. (Feb 2008)
Voted NO on repealing the Alternative Minimum Tax. (Mar 2007)
Voted NO on raising estate tax exemption to $5 million. (Mar 2007)
Voted NO on supporting permanence of estate tax cuts. (Aug 2006)
Voted NO on permanently repealing the `death tax`. (Jun 2006)
Voted YES on $47B for military by repealing capital gains tax cut. (Feb 2006)
Voted NO on retaining reduced taxes on capital gains & dividends. (Feb 2006)
Voted NO on extending the tax cuts on capital gains and dividends. (Nov 2005)
Rated 100% by the CTJ, indicating support of progressive taxation. (Dec 2006)
Source: exposeobama.com
But What About Obama's Middle Class Tax Cut? Isn't He Just Going To Take From The Rich?
Make no mistake, Barack Hussein Obama WILL raise your taxes!
He won't just raise taxes on the "rich." He'll raise YOUR TAXES! He'll raise your children's taxes. He'll raise your grandchildren's taxes!
To paraphrase former-President Ronald Reagan, 'if it moves, he WILL tax it!"
Let's take a real close at one of his middle-class tax relief proposals.
According to Politico.com:
"Sen. Barack Obama (D-Ill.) on Friday announced an 'Emergency Economic Plan' that would give families a stimulus check of $1,000 each, funded IN PART by what his presidential campaign calls 'windfall profits from Big Oil'.... Separately, Obama's plan includes a $50 billion stimulus package...." [Emphasis Mine]
Essentially Obama wants to fund something on the order of $100 billion - $200 billion dollars a year on the back of Big Oil.
But we've been down this road before and history tells us what happens when we tax the "windfall profits" of oil companies.
Tax revenues go DOWN to NOTHING and the domestic oil industry collapses!
Internet blogger Michelle Malkin recently quoted a Congressional Research Service (CRS) assessment of the Carter-era windfall profits tax:
"[T]he windfall profits tax was forecasted to raise more than $320 billion between 1980 and 1989. However, according to the CRS, the government collected only $80 billion in gross tax revenue ($146 billion in 2004 dollars). The net amount was actually less than this -- roughly $40 billion -- because the tax was deductible against corporate income."
"CRS also found the windfall profits tax had the effect of decreasing domestic production by 3 percent to 6 percent, thereby increasing American dependence on foreign oil sources by 8 percent to 16 percent. A side effect was declining, not increasing, tax collections. Figure 1 clearly shows that while the tax raised considerable revenue in the initial years following its enactment, those revenues declined to almost nothing as the domestic industry collapsed."
So who is going to pay for President Barack Hussein Obama's grand income redistribution scheme?
You can be certain of this much... that $1000.00 check will come in handy -- if it ever comes -- particularly when the price of gasoline at the pump goes up even further, the taxes collected from the oil companies drops to 'nada', and Obama searches for other sources of revenue to make up the difference!
Who Is Going To Pay For All This?
According to Obama's campaign website:
"Barack Obama is the only candidate who has a real middle class relief plan he will provide $1,000 in a refundable tax credit to working families, create a universal mortgage interest credit for homeowners who can't benefit from a mortgage tax incentive available to wealthier Americans, and create a $4,000 college tax credit for middle class families."
"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."
$1,400 x 7 million... That's $9.8 billion.
A $1,000 tax credit and a $4,000 college tuition credit... we're talking hundreds of billion of dollars!
Who is going to pay for all of this?
YOU ARE!
That is, if it happens at all...
Remember what happened the last time a Democrat running for president promised a middle-class tax cut?
In his very first campaign ad which aired in January of 1992 Bill Clinton stated:
"I'm Bill Clinton and I believe that you deserve more than 30-second ads and vague promises. That's why I've offered a comprehensive plan to get our economy moving again, to take care of our own people, and regain our economic leadership. It starts with a tax cut for the middle class and asks the rich to pay their fair share."
Within days of taking office, Clinton reneged on that promise. On nationwide television he said he 'tried as hard as he could' but just couldn't deliver! At least he 'felt our pain'. You could see the heartfelt agony in his face over breaking that promise!
And then it only took him about TWO MONTHS to push the largest tax increase in United States history on the American people through Congress! It was one of his top priorities!
And like Bill Clinton, Barack Hussein Obama was never shy about taxes.
At the Democratic Presidential Debate at Howard University on June 28, 2007, Obama said:
"And the Bush tax cuts--people didn't need them, and they weren't even asking for them, and that's why they need to be less, so that we can pay for universal health care and other initiatives."
In his response to the 2008 State of the Union Address, Obama stated:
"[W]e know that at a time of war and economic hardship, the last thing we need is a permanent tax cut for Americans who don't need them and weren't even asking for them."
When questioned on the issue of taxes at the Democratic Presidential Debate in Los Angeles, California on January 30, 2008, Obama proudly boasted: "I'm not bashful about it."
A middle-class tax cut?
It won't happen!
If we're lucky, Barack Hussein Obama will give with one hand and take (a greater amount) with the other! 'Obama giveth and Obama taketh away' (after all, some have called him a "messiah").
That's why we call it, 'income redistribution!'
Giving Your Money To The World...
But Obama's income redistribution schemes don't stop at the shores of the United States!
Let us not forget Barack Hussein Obama's Global Poverty Act -- a bill that lays the groundwork for -- according to some estimates -- what could amount to a $845 billion United Nations tax on the people of the United States!
And just how much is $845 billion?
Vincent Gioia, writing in Right Side News, translates this incomprehensible figure into language every American understands:
"This amounts to a tax of over $2,000 on each man, woman and child in the United States. The foreign aid budget now stands at $300 billion; the Act would add the additional expenditure to the already huge amount allocated to assist the world."
But wait a minute, folks! The Global Poverty Act is part of a much larger United Nations scheme.
The United Nations' Millennium Development Goal -- proclaimed in 2000 -- contains plans for the additional plundering of your bank account.
Among their stated goals are:
a "currency transfer tax," -- that is, a tax imposed on companies and individuals who, in the course of traveling or doing international business, must exchange dollars for foreign currency;
a "tax on the rental value of land and natural resources;"
and "fees for the commercial use of the oceans, fees for airplane use of the skies, fees for the use of the electromagnetic spectrum... and a tax on the carbon content of fuels."