Obama on taxes

Obama claims he won't raise taxes on most Americans. Maybe I'm missing something. The Washington Post Fact Checker says in part:

The claim that Obama will "enact" the largest tax increase since World War II is also overblown. The Bush tax cuts will expire automatically at the end of 2010, so it is hardly a question of "enacting" a new tax increase. According to Obama's new economics adviser, Jason Furman, the revenues raised from letting the tax cuts expire will be returned to middle and low-income tax payers in the form of tax credits to pay for health insurance, so the overall effect will be revenue neutral.

Well when the tax cuts expire, everyone's taxes go up. But if they get a tax credit, Obama says it will be revenue neutral. The last time I looked, a tax credit filed this year on last years income works if your income is steady year to year. What about those who were employed and now are out of a job? What about someone who gets married this year but was single last year? What about a couple who one partner dies or gets divorced? There are many cases where their situations will mean a tax increase.

Obama wants to hit the oil companies with huge profits taxes. Sounds great but how do you think they will act after that happens? they will raise the price of gas at the gas stations. Same as a gas tax, it's just passed on to you.

Obama wants to remove the $100,000 cap on Social Security tax payments. He wants to have people above $200,000 pay into SS where now income over $100,000 is exempt. This amounts to a big tax increase for those at $200,000 and up. He has claimed that under $250,000 would see no increase. Looks like a little lie here.

Obama's capital gains tax increase will affect a huge chuck of people under $250,000. Every city worker, retired cop, retired fire department employee and many others who need to cash in their deferred compensation plans to make ends meet will be hit with this tax. No exclusion for being under $250,000.

The bottom line is Obama has been slinging the crap and a lot of folks are buying it. Read between the lines, there is no free lunch!