Posted by
Cody Day on Thursday, July 31, 2008 8:20:35 PM
I think it's pretty accurate to say that most people know one thing about Barack Obama, change. But most people, including his supporters do not really know much at all about his positions and policies. So this week lets take a look at his tax plan. Lets start by looking at something that impacts every working American, payroll taxes. Senator Obama, "The best idea I think is to raise the cap on the payroll tax." (www.foxnews.com). Senator Obama has also expressed interest in nearly doubling the capital gains tax, Obama, "I would look at raising the capital gains tax." (www.cnbc.com). 100 million Americans own stock and would be affected by this tax increase. The Senator has also expressed raising taxes on coal and natural gas, "What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas." (San Antonio Express-News). This would lead to increased energy costs. He is also in favor of a windfall profits tax on oil. Obama, "I think it is appropriate for us to impose a windfall profits tax on our oil companies." (www.barackobama.com). The oil companies would simply push this tax on to the consumer resulting in even higher gas prices. He is also infavor of ending the planned elimination of the estate tax (New York Sun). Also, the Obama Universal Healthcare plan would require a huge tax increase. Senator Barack Obama has proposed over 1 trillion dollars of new spending. Where will all that money come from? You and me. And "change" will be the only thing left in your pockets.