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Friday, April 18, 2008

Obama's mixed promises on taxes

Barack Obama is now saying that he doesn't the need for any further debates. You think that the bad reviews he's been receiving from Wednesday's debate has anything to do with that?

If his complaints are on all the so-called "gotcha" questions about Reverend Wright, Bosnia, William Ayers, and flag pins, instead of the policy questions, we can look at the answers he gave to legitimate policy questions and marvel at his twisted responses on taxes. As the Wall Street Journal writes today he made directly contradictory statements about his proposals for taxes.
Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."

But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.
Hillary Clinton made a similar contradictory promise.
For her part, Hillary Clinton said that she, too, was open to hiking the capital gains tax rate, just not by as much as her rival. "I wouldn't raise it above the 20% if I raised it at all," she said. Of course, she too promised during Wednesday's debate not to raise "a single tax on middle-class Americans, people making less than $250,000 a year."

Both candidates would have voters believe that taxes on investment income only affect the rich. But that's not what Internal Revenue Service returns show. The reality is that the Clinton and Obama rate increases would hit millions of Americans who make well under $200,000. In 2005, 47% of all tax returns reporting capital gains were from households with incomes below $50,000, and 79% came from households with incomes below $100,000.
And Obama has other proposals that will definitely raise taxes on the people Obama had just said he'd never raise taxes on.
By the way, a higher capital gains tax rate isn't the only middle-class tax increase that Mr. Obama is proposing. He also wants to lift the cap on wages subject to the payroll tax. That cap was $97,500 in 2007 and is $102,000 this year. "Those are a heck of a lot of people between $97,000 and $200[,000] and $250,000," said Mr. Gibson. "If you raise the payroll taxes, that's going to raise taxes on them." Ignoring the no-tax pledge he had made five minutes earlier, Mr. Obama explained that such a tax increase was nevertheless necessary.

In other words he dodged the question, as he so often does with impunity. But thanks to Mr. Gibson's persistence, for 90 minutes Wednesday night Mr. Obama didn't get away with it. The voters learned a lot about Mr. Obama, who needs to learn a lot more about taxes and revenue.
David Brooks also noticed these contradictions.
Obama and Clinton were completely irresponsible. As the first President Bush discovered, it is simply irresponsible statesmanship (and stupid politics) to make blanket pledges to win votes. Both candidates did that on vital issues.

Both promised to not raise taxes on those making less than $200,000 or $250,000 a year. They both just emasculated their domestic programs. Returning the rich to their Clinton-era tax rates will yield, at best, $40 billion a year in revenue. It’s impossible to fund a health care plan, let alone anything else, with that kind of money. The consequences are clear: if elected they will have to break their pledge, and thus destroy their credibility, or run a minimalist administration.
This debate provided plenty of fodder for future questions. Both Obama and Clinton, as well as McCain should be pressed to explicitly explain where they'll get the money for the new programs they are saying they will enact if elected. And they shouldn't be allowed to get away with saying they won't raise taxes on those they clearly intend to raise taxes on.
Labels: Economics, Hillary Clinton, Obama

posted by Betsy Newmark permalink 7:16 AM 0 comments

Comments:

Barack Obama is now saying that he doesn't the need for any further debates. You think that the bad reviews he's been receiving from Wednesday's debate has anything to do with that?

If his complaints are on all the so-called "gotcha" questions about Reverend Wright, Bosnia, William Ayers, and flag pins, instead of the policy questions, we can look at the answers he gave to legitimate policy questions and marvel at his twisted responses on taxes. As the Wall Street Journal writes today he made directly contradictory statements about his proposals for taxes.

Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."

But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.

Hillary Clinton made a similar contradictory promise.

For her part, Hillary Clinton said that she, too, was open to hiking the capital gains tax rate, just not by as much as her rival. "I wouldn't raise it above the 20% if I raised it at all," she said. Of course, she too promised during Wednesday's debate not to raise "a single tax on middle-class Americans, people making less than $250,000 a year."

Both candidates would have voters believe that taxes on investment income only affect the rich. But that's not what Internal Revenue Service returns show. The reality is that the Clinton and Obama rate increases would hit millions of Americans who make well under $200,000. In 2005, 47% of all tax returns reporting capital gains were from households with incomes below $50,000, and 79% came from households with incomes below $100,000.

And Obama has other proposals that will definitely raise taxes on the people Obama had just said he'd never raise taxes on.

By the way, a higher capital gains tax rate isn't the only middle-class tax increase that Mr. Obama is proposing. He also wants to lift the cap on wages subject to the payroll tax. That cap was $97,500 in 2007 and is $102,000 this year. "Those are a heck of a lot of people between $97,000 and $200[,000] and $250,000," said Mr. Gibson. "If you raise the payroll taxes, that's going to raise taxes on them." Ignoring the no-tax pledge he had made five minutes earlier, Mr. Obama explained that such a tax increase was nevertheless necessary.

In other words he dodged the question, as he so often does with impunity. But thanks to Mr. Gibson's persistence, for 90 minutes Wednesday night Mr. Obama didn't get away with it. The voters learned a lot about Mr. Obama, who needs to learn a lot more about taxes and revenue.

David Brooks also noticed these contradictions.

Obama and Clinton were completely irresponsible. As the first President Bush discovered, it is simply irresponsible statesmanship (and stupid politics) to make blanket pledges to win votes. Both candidates did that on vital issues.

Both promised to not raise taxes on those making less than $200,000 or $250,000 a year. They both just emasculated their domestic programs. Returning the rich to their Clinton-era tax rates will yield, at best, $40 billion a year in revenue. It’s impossible to fund a health care plan, let alone anything else, with that kind of money. The consequences are clear: if elected they will have to break their pledge, and thus destroy their credibility, or run a minimalist administration.

This debate provided plenty of fodder for future questions. Both Obama and Clinton, as well as McCain should be pressed to explicitly explain where they'll get the money for the new programs they are saying they will enact if elected. And they shouldn't be allowed to get away with saying they won't raise taxes on those they clearly intend to raise taxes on.

Labels: Economics, Hillary Clinton, Obama

posted by Betsy Newmark permalink 7:16 AM 0 comments

Comments: Post a Comment

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Friday, April 18, 2008

Obama's mixed promises on taxes

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HOME Betsy neither necessarily uses, nor endorses, the products advertised on this site. The truth about Avesil Cheap Hosting Atlanta Bankruptcy Attorney Dallas Bankruptcy Attorney Wikio Get exclusive travel deals and book discount cheap flights Online Bachelors Degree Comments from an AP history and government teacher in Raleigh, NC. e-mail betsynewmark AT gmail.com Commissions earned from selling items through Amazon will go towards buying materials for my classes. Thank you. Site Feed		Friday, April 18, 2008 Obama's mixed promises on taxes Barack Obama is now saying that he doesn't the need for any further debates. You think that the bad reviews he's been receiving from Wednesday's debate has anything to do with that? If his complaints are on all the so-called "gotcha" questions about Reverend Wright, Bosnia, William Ayers, and flag pins, instead of the policy questions, we can look at the answers he gave to legitimate policy questions and marvel at his twisted responses on taxes. As the Wall Street Journal writes today he made directly contradictory statements about his proposals for taxes. Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes." But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class. Hillary Clinton made a similar contradictory promise. For her part, Hillary Clinton said that she, too, was open to hiking the capital gains tax rate, just not by as much as her rival. "I wouldn't raise it above the 20% if I raised it at all," she said. Of course, she too promised during Wednesday's debate not to raise "a single tax on middle-class Americans, people making less than $250,000 a year." Both candidates would have voters believe that taxes on investment income only affect the rich. But that's not what Internal Revenue Service returns show. The reality is that the Clinton and Obama rate increases would hit millions of Americans who make well under $200,000. In 2005, 47% of all tax returns reporting capital gains were from households with incomes below $50,000, and 79% came from households with incomes below $100,000. And Obama has other proposals that will definitely raise taxes on the people Obama had just said he'd never raise taxes on. By the way, a higher capital gains tax rate isn't the only middle-class tax increase that Mr. Obama is proposing. He also wants to lift the cap on wages subject to the payroll tax. That cap was $97,500 in 2007 and is $102,000 this year. "Those are a heck of a lot of people between $97,000 and $200[,000] and $250,000," said Mr. Gibson. "If you raise the payroll taxes, that's going to raise taxes on them." Ignoring the no-tax pledge he had made five minutes earlier, Mr. Obama explained that such a tax increase was nevertheless necessary. In other words he dodged the question, as he so often does with impunity. But thanks to Mr. Gibson's persistence, for 90 minutes Wednesday night Mr. Obama didn't get away with it. The voters learned a lot about Mr. Obama, who needs to learn a lot more about taxes and revenue. David Brooks also noticed these contradictions. Obama and Clinton were completely irresponsible. As the first President Bush discovered, it is simply irresponsible statesmanship (and stupid politics) to make blanket pledges to win votes. Both candidates did that on vital issues. Both promised to not raise taxes on those making less than $200,000 or $250,000 a year. They both just emasculated their domestic programs. Returning the rich to their Clinton-era tax rates will yield, at best, $40 billion a year in revenue. It’s impossible to fund a health care plan, let alone anything else, with that kind of money. The consequences are clear: if elected they will have to break their pledge, and thus destroy their credibility, or run a minimalist administration. This debate provided plenty of fodder for future questions. Both Obama and Clinton, as well as McCain should be pressed to explicitly explain where they'll get the money for the new programs they are saying they will enact if elected. And they shouldn't be allowed to get away with saying they won't raise taxes on those they clearly intend to raise taxes on. Labels: Economics, Hillary Clinton, Obama posted by Betsy Newmark permalink 7:16 AM 0 comments Comments: Barack Obama is now saying that he doesn't the need for any further debates. You think that the bad reviews he's been receiving from Wednesday's debate has anything to do with that? If his complaints are on all the so-called "gotcha" questions about Reverend Wright, Bosnia, William Ayers, and flag pins, instead of the policy questions, we can look at the answers he gave to legitimate policy questions and marvel at his twisted responses on taxes. As the Wall Street Journal writes today he made directly contradictory statements about his proposals for taxes. Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes." But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class. Hillary Clinton made a similar contradictory promise. For her part, Hillary Clinton said that she, too, was open to hiking the capital gains tax rate, just not by as much as her rival. "I wouldn't raise it above the 20% if I raised it at all," she said. Of course, she too promised during Wednesday's debate not to raise "a single tax on middle-class Americans, people making less than $250,000 a year." Both candidates would have voters believe that taxes on investment income only affect the rich. But that's not what Internal Revenue Service returns show. The reality is that the Clinton and Obama rate increases would hit millions of Americans who make well under $200,000. In 2005, 47% of all tax returns reporting capital gains were from households with incomes below $50,000, and 79% came from households with incomes below $100,000. And Obama has other proposals that will definitely raise taxes on the people Obama had just said he'd never raise taxes on. By the way, a higher capital gains tax rate isn't the only middle-class tax increase that Mr. Obama is proposing. He also wants to lift the cap on wages subject to the payroll tax. That cap was $97,500 in 2007 and is $102,000 this year. "Those are a heck of a lot of people between $97,000 and $200[,000] and $250,000," said Mr. Gibson. "If you raise the payroll taxes, that's going to raise taxes on them." Ignoring the no-tax pledge he had made five minutes earlier, Mr. Obama explained that such a tax increase was nevertheless necessary. In other words he dodged the question, as he so often does with impunity. But thanks to Mr. Gibson's persistence, for 90 minutes Wednesday night Mr. Obama didn't get away with it. The voters learned a lot about Mr. Obama, who needs to learn a lot more about taxes and revenue. David Brooks also noticed these contradictions. Obama and Clinton were completely irresponsible. As the first President Bush discovered, it is simply irresponsible statesmanship (and stupid politics) to make blanket pledges to win votes. Both candidates did that on vital issues. Both promised to not raise taxes on those making less than $200,000 or $250,000 a year. They both just emasculated their domestic programs. Returning the rich to their Clinton-era tax rates will yield, at best, $40 billion a year in revenue. It’s impossible to fund a health care plan, let alone anything else, with that kind of money. The consequences are clear: if elected they will have to break their pledge, and thus destroy their credibility, or run a minimalist administration. This debate provided plenty of fodder for future questions. Both Obama and Clinton, as well as McCain should be pressed to explicitly explain where they'll get the money for the new programs they are saying they will enact if elected. And they shouldn't be allowed to get away with saying they won't raise taxes on those they clearly intend to raise taxes on. Labels: Economics, Hillary Clinton, Obama posted by Betsy Newmark permalink 7:16 AM 0 comments Comments: Post a Comment