the rich already pay 60% of the federal income tax, thus when they get taxed more either they will A) go somewhere else B)lay off more people to stay in the green.
obama's plan would lapse the bush tax cuts, in essence leaving anything up for game. anyone in the 25k 50k and 75k will most likely see a tax increase. Its not economically possible for him to pay for all the things hes trying to do to make tax "cuts".
this was pulled from american thinker:
The first loophole was easy to find: Senator Obama doesn't "count" allowing the Bush tax cuts to lapse as a tax increase. Unless the cuts are re-enacted, rates will automatically return to the 2000 level. Senator Obama claims that letting a tax cut lapse -- allowing the rates to return to a higher levels -- is not actually a "tax increase." It's just the lapsing of a tax cut.
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.
By doing this, he plans to raise an additional $1 trillion dollars (another $662.50 out of my pocket -- and how much out of yours?) to help fund Social Security. Half of this tax would be paid by employees and half by employers -- but employers will either cut the payroll or pass along this tax to their customers through higher prices. Either way, some individual will pay the price for the employer's share of the tax increase.
for the full article:
http://www.americanthinker.com/2008/10/ ... ncrea.html
just some examples, things trickle down
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