“I can make a firm pledge: Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.” — Barack Obama, September 12th, 2008
“No one making less than $250,000 under Barack Obama‘s plan will see one single penny of their tax raised, whether it’s their capital gains tax, their income tax, investment tax, any tax. And 95 percent of the people in the United States of America making less than $150,000 will get a tax break.” — Joe Biden, October 2nd, 2008
Obama & Biden got elected in part on their “firm pledge” that they would pay less in taxes, while critics of the Democratic ticket said “don’t trust them… they’re tax-and-spend liberals.” The critics were mocked, maligned, ridiculed, and shouted down. But more people should have listened. The critics were right.
According to an article from the Competitive Enterprise Institute citing research done by renowned accounting firm Deloitte:
Under the tax increases contained in Obama’s recent budget proposals, a married couple making $232,000 a year would be in a higher tax bracket than many unmarried couples making $370,000 a year. Simply by getting married, a man and woman making $170,000 each would be pushed up from their current level of 28 percent to 36 percent. But an unmarried couple making $340,000 a year ($170,000 each) would be taxed at 28 percent. And a married couple making $380,000 would be taxed at 39.6 percent — not counting certain adjustments that bring the rate to 40.7 percent. (That’s just the federal standard rate. You have to add to that state income taxes (up to 10.3 percent), and federal self-employment taxes, which many small business owners pay — which could result in marginal rates of well over 60 percent).
Obama’s proposals impose tax increases on any single person making over $190,650. Worse, they increase taxes on all married couples making over $231,300 — even if each spouse only makes half of that, or $115,650, far less than the $190,650 that drives up the rate for singles.
These tax hikes are in addition to the SCHIP excise tax and the proposed cap-and-trade regulations to cut mythical “greenhouse gases”, but will result in an estimated $2 trillion of increased energy costs, which the energy companies have already said will be passed along to consumers.
After his long list of broken promises, if you’re still believing Barack Obama’s campaign promises — such as those where he promised not to take away guns — may we inquire as to why?