Did you read the article??????
It is not about Obama's 'plan'....

-----Original Message-----
From: D.F. Manno ]
Posted At: Friday, October 31, 2008 3:35 PM
Posted To: alt.home.repair
Conversation: Senator Obama's Four Tax Increases for People Earning
Under $250k
Subject: Senator Obama's Four Tax Increases for People Earning Under
$250k

In article 99110DDA95D142AB98140345D4658AB2@MomsNewComputer ,
"Coleah" wrote:

October 27, 2008

Senator Obama's Four Tax Increases for People Earning Under $250k

By Ned Barnett

snip

I've worked as the state level media and strategy director on three
Presidential election campaigns

Gee, I wonder whose campaigns he worked for. Funny he doesn't tell us.
In fact, he doesn't even say on his Web site. What's he hiding?

For a married family, filing jointly and earning $75,000 a year, this
increase will be $3,074.

He's lying here. Obama will _save_ this family at least $1,000. This guy
is not taking into account the new tax credits that Obama is calling
for. Among those credits are the ³Making Work Pay² credit (a refundable
$500 for workers or $1,000 for working couples) and a 10% refundable
credit to offset mortgage interest payments.

For those making just $50,000, this increase will be $1,512.

Wrong. They'll save at least $1,000.

Despite Senator Obama's claim, even struggling American
families making just $25,000 a year will see a tax increase -- they'll
pay $715 more in 2010 than they did in 2007.

Wrong again. A family of three earning $20,000 will save $1,619.

snip

Check this for yourself.

Yeah, check for yourself with the calculator at
http://taxcut.barackobama.com/

snip

Senator Obama is willfully deceiving you and me when he says that no
one
making under $250,000 will see an increase in their taxes. If I were
keeping score, I'd call that Tax Lie #1.

So far, the author has completely misrepresented Obama's tax plan. If I
were keeping score, I'd call that Barnett Lie #1.

The next loophole involves the payroll tax that you pay to support the
Social Security system. Currently, there is an inflation-adjusted cap,
and according to the non-profit Tax Foundation, in 2006 -- the most
recent year for which tax data is available -- only the first $94,700
of
an unmarried individual's earnings were subject to the 12.4 percent
payroll tax. However, Senator Obama has proposed lifting that cap,
adding an additional 12.4 percent tax on every dollar earned above
that
cap -- and in spite of his promise, impacting all those who earn
between
$94,700 and $249,999.

Obama does _not_ support lifting the cap on FICA. His plan is to
increase the tax on those making over $250,000 by 2 to 4 percentage
points more in total (combined employer and employee).

snip

This "explanation" sounds like another one of those loopholes. If I
were
keeping score, I'd call this Tax Lie #2.

Lie #2 goes to Barnett.

Senator Obama has also said that he will raise capital gains taxes
from
15 percent to 20 percent. He says he's aiming at "fat cats" who make
above $250,000. However, while only 1 percent of Americans make a
quarter-million dollars, roughly 50 percent of all Americans have
capital investments -- through IRAs, 401Ks, in pension plans and in
personal portfolios. Most of that half of all Americans will feel this
rise in their capital gains taxes.

No, they won't. Any change in the capital gains tax will _not_ affect
IRAs, 401(k)s or other qualified pension plans. The gains in such plans
are not taxed while in the plan, and when withdrawn are taxed at
ordinary income rates.

Also, he's said that any proposed increase will affect only those making
more than $250,000. People earning less than that will pay the current
rate.

No question -- for about 50 percent of all Americans, this is Tax Lie
#3.

Barnett Lie #3.

Finally, Senator Obama has promised to raise taxes on businesses --
and
to raise taxes a lot on oil companies. I still remember Econ-101 --
and
I own a small business. From both theory and practice, I know what
businesses do when taxes are raised. Corporations don't "pay"
taxes --
they collect taxes from customers and pass them along to the
government.
When you buy a hot dog from a 7/11, you can see the clerk add the
sales
tax, but when a corporation's own taxes go up, you don't see it -- its
automatic -- but they do the same thing. They build this tax into
their
product's price. Senator Obama knows this. He knows that even people
who earn less than $250,000 will pay higher prices -- those
pass-through
taxes -- when corporate taxes go up.

No question: this is Tax Lie #4.

This isn't just a lie, it's also straight out of the Republican bible -
don't tax corporations, shift the burden to the individual taxpayer. As
a result, corporations in this country pay very low taxes due to the
myriad loopholes and exemptions and deductions for corporations..

The people who own corporations should pay their fair share of taxes.

Besides, Obama would exempt small businesses and start-up firms from
capital gains tax, lower tax rates for companies that expand or start
operations in the U.S., offer small businesses tax credits on their
health plan premiums, and generally limit the impact of higher taxes to
big businesses, like the oil companies and those that ship jobs
overseas.

snip

If Senator Obama becomes
President Obama, when the tax man comes calling, we will all pay the
price. And that's the truth.

This guy wouldn't know the truth if it bit him in the ass.

--
D.F. Manno |

Corporation: n. An ingenious device for obtaining individual profit
without individual responsibility. (Ambrose Bierce)
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