Obamanomics

[red states rule]

This sums up Obama's economic policies. He will be a disaster and all of us will pay a steep price

May I suggest you bone up on the Carter Years. Same Positions, outcomes will be the same


Obamanomics


Amid all the teleprompter driven rhetoric, Mr. Hope N'Change has revealed a simple truth...that if he becomes president, you better damn well hope you have any change left when he gets through with you.

Obama has made `tax the rich' the economic mantra of his whole campaign.He loves to talk to his audiences of Kool-Ade drinkers about putting heavy windfall profits taxes on the oil companies, "big corporations and wealthy CEOS" and ending what he cheerfully refers to as "the Bush tax cuts for the rich."

Aside from the basic stupidity of not realizing that corporations don't pay taxes (their customers ultimately do)The Chosen One seems to have a leetle bitty problem deciding who the Evil Rich are exactly. And the bar keeps being lowered.

Depending on exactly which Obama tax proposal you're talking about, the definition of who's 'rich' has varied between $100,000, $200,000 and $250,000 per year in income.

http://joshuapundit.blogspot.com/2008/06/obamanomics.html#links

[No1tovote4]

But he's the Obamessiah! He can't be this imperfect! You just used math that doesn't benefit the Obamessiah therefore you must be racist!

:rolleyes:

[red states rule]

But he's the Obamessiah! He can't be this imperfect! You just used math that doesn't benefit the Obamessiah therefore you must be racist!

:rolleyes:

With Obama supporters you must NEVER bring facts into the discussion

[glockmail]

When you rob Peter to pay Paul you can always count on Paul's vote. Paul is very close to becoming a majority and under an Obamanation he will be.

[red states rule]

When you rob Peter to pay Paul you can always count on Paul's vote. Paul is very close to becoming a majority and under an Obamanation he will be.

More facts on Obama's tax raising plan

Obama's Latest Proposal to Increase Taxes
Nicholas J. Kaster

Barack Obama has unveiled his plan for saving Social Security and it consists, unsurprisingly, of a massive tax increase. In addition to his plans for raising tax rates on capital gains and dividend income and repealing the Bush tax cuts, Obama now proposes to increase the amount of income subject to Social Security payroll (FICA) taxes.



Under current law, Social Security taxes (6.2% for both employers and employees) are imposed on income up to $102,000, which is indexed for inflation in future years. Obama claims that it is “unfair” for middle-class earners to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income." For some time, Obama’s website has stated that he “supports increasing the maximum amount of earnings covered by Social Security” as part of a plan to strengthen the system’s long-term solvency.

This would have the effect of raising taxes on millions of upper middle class voters; thus, last week, Obama made a more politically palatable clarification. Rather than simply raising the income level subject to FICA taxation, Obama would impose the tax only on those making more than $250,000.

If Obama has his way, therefore, Social Security payroll taxes would resemble a “donut hole” – i.e., only incomes up to $102,000 and above $250,000 would be subject to FICA taxation, while incomes between $102,000 and $250,000 would be spared. Obama claims that the tax would hit only 3% of the wealthiest taxpayers. However, there is one problem with this: he does not indicate whether the $250,000 threshold will be indexed for inflation. If the higher threshold is not indexed, then the donut hole will grow smaller and smaller in the years to come and eventually disappear. This is because the lower figure is subject to indexing and increases each year. In 2006, the FICA taxation threshold was $94,200; in 2007, it grew to $97,500, and this year it is $102,000. If the higher threshold remains static, more and more middle class taxpayers will be subject to FICA. A tax designed to punish the wealthy will end up ensnaring middle income earners.

http://www.americanthinker.com/blog/2008/06/obamas_latest_proposal_to_incr.html