Final Presidential Debate: Debate Fact #2

~Snooper~

DEBATE FACT #2: BARACK OBAMA HAS A STRONG TAX INCREASE AGENDA

Summary:

Barack Obama has a strong tax increase agenda that will impact small businesses.

The Facts About The Obama-Biden Agenda And Barack Obama's Record

Obama-Biden Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?" (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, 2/12/08)

Obama-Biden Will Increase Capital Gains And Dividend Taxes. Obama Economic Advisors Jason Furman and Austan Goolsbee: “The top capital- gains rate for families making more than $250,000 would return to 20% … The tax rate on dividends would also be 20% for families making more than $250,000, rather than returning to the ordinary income rate.” (Jason Furman and Austan Goolsbee, Op-Ed, “The Obama Tax Plan,” The Wall Street Journal, 8/14/08)

* Tax Policy Center: Obama-Biden Would Raise Taxes On One Out Of Every Three Senior Households. "Even though Senator Obama's plan eliminates individual income taxes for seniors with incomes less than $50,000, his plan would raise taxes for almost 10 million senior households, over a third of the total (not shown in table). On average, seniors would face a tax increase of about 2 percent of income." (Burman et al., "A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans," The Tax Policy Center, 6/11/08)

Obama-Biden Would Raise Income Taxes. Obama: "[I] would roll back the Bush tax cuts for those making over $250,000." (Sen. Barack Obama, CNN Democrat Presidential Candidate Debate, Manchester, NH, 6/3/07)

* U.S. Department Of Treasury: Small Business Owners "Are Frequently Subject To The Highest Individual Income Tax Rates." ("Topics Related To The President's Tax Relief," U.S. Department Of Treasury, May 2008)

Obama-Biden Would Raise Social Security Taxes. "Obama's proposal … would impose social security taxes on income above $250,000 per year. He would continue to exempt income between $102,000 and $250,000 from social security taxes." (Teddy Davis, Sunlen Miller, and Gregory Wallace, "Obama Kisses Billions Goodbye," ABC News' "Political Radar" Blog, 6/18/08)

Obama-Biden Called For A Tax On Coal And Natural Gas. Obama: "What we ought to tax is dirty energy, like coal and,20to a lesser extent, natural gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)

Obama-Biden Called For A Tax On Oil. Obama: "I think it is appropriate for us to impose a windfall profits tax on our oil companies." (Sen. Barack Obama, Remarks At A Campaign Event, Charlotte, NC, 5/2/08)

* The Washington Post: Barack Obama's Tax On Oil Companies Will Only Lead To "Higher Prices At The Pump." (Editorial, "Tapping Tired Wells," The Washington Post, 8/6/08)

FactCheck.org: "Obama's Votes Indicate A Willingness To Raise Taxes." "Certainly Obama's votes indicate a willingness to raise taxes, and Obama has not been shy about saying explicitly that he will raise some taxes." ("The $32,000 Question", 7/8/08)