Obama Supporters please answer

[pooh4evr]

Pleas don't want this to get into a heated exchange but I have a very specific question-- I have seen others mention here , on TV and on the radio that Obama's tax increases will effect singles making 37k+ and families making 75+ (this is what he considers wealthy tax bracket that he will get new taxes from) does anybody out there know this to be true has he specificly said this or is it generalizatons/misquotes or misunderstandings by others?? personally this frightens me if it is true-- with everything under the sun increasing how does he think this is a wealthy tax bracket?? Yhanks for your help and I hope this makes sense!!

 

[Reflection]

The short answer is that Obama is proposing a tax increase to support Social Security. Obama's proposal would raise payroll taxes on those earning over $97,500.

Forgot to note he is also proposing tax cuts of $500 for individuals and $1000 for working families. I don't recall the salary levels.

Factcheck.org is a very good unbiased resource for reviewing the various candidate's policy proposals. This is the link specific to the payroll tax increase: http://www.factcheck.org/clinton_vs_obama.html

 

[corndog]

Obama's plan is to cut off the Bush tax cuts. This will raise everyone's taxes that pays taxes, and cause many at the lower income levels to pay taxes that don't currently. Also, as Reflection states, he proposes a dramatic increase in the social security wage base. Further, he plans to increase capital gains taxes to ordinary income levels. Then, for those individuals making $37,500 and couples making $75,000, he's offering the $500 and $1,000 cuts that Reflection metions above to offset the increases he's instituting in their brackets.

For Senior Citizens, though, the income levels increase to $50,000 and $100,000 because so many of them live off capital gains.

So, the very short answer is, yes it's true.

 

[LisaR]

I am an Obama supporter because the alternative is McCain. I had the pleasure of seeing Obama speak in person at a town hall meeting. One guy asked the question about the "middle class" and how some of us making more than $90,000 still consider ourselves to be middle class. We are far from rich and don't want to be taxed to pay for all of his programs.

In all honestly, he didn't really answer the question. He said he considered himself middle class. He told how he and his wife made good money but have had to use that money to pay off their college loans and to save for their kids to go to college. He talked about how he understood how hard it was to make ends meet for everyone. He talked a lot, told some great stories, said he wanted to provide the most for everyone but he never answered the question. This really worries me about Obama. I will still vote for him but I hope my bank account doesn't regret it.

 

[Duckfan-in-Chicago]

In all honestly, he didn't really answer the question. He said he considered himself middle class. He told how he and his wife made good money but have had to use that money to pay off their college loans and to save for their kids to go to college. He talked about how he understood how hard it was to make ends meet for everyone. He talked a lot, told some great stories, said he wanted to provide the most for everyone but he never answered the question. This really worries me about Obama. I will still vote for him but I hope my bank account doesn't regret it.

That's good. If he's not going to raise taxes on the middle class and he's middle class I'm safe.

 

[pooh4evr]

I hope he starts answering questions like these soon-- I am planning on voting for McCain mostly because I don't trust Obama and not answering questions and just telling stories instead is one reason, not to mention the tax thing if it is true although when it is alll said and done I wonder how much either candidate will actualy be able to get done because of this seemingly do nothing congress.

 

[Pin Wizard]

I am an Obama supporter because the alternative is McCain.

My feeling is the reverse of yours. I see we will be canceling out each other's vote.

 

[rie'smom]

He's not wealthy but he is worth alot more than most middle class people that I know. BTW, this doesn't include his wife's retirement plan.

 

[connorlevismom]

I am an Obama supporter because the alternative is McCain. I had the pleasure of seeing Obama speak in person at a town hall meeting. One guy asked the question about the "middle class" and how some of us making more than $90,000 still consider ourselves to be middle class. We are far from rich and don't want to be taxed to pay for all of his programs.

In all honestly, he didn't really answer the question. He said he considered himself middle class. He told how he and his wife made good money but have had to use that money to pay off their college loans and to save for their kids to go to college. He talked about how he understood how hard it was to make ends meet for everyone. He talked a lot, told some great stories, said he wanted to provide the most for everyone but he never answered the question. This really worries me about Obama. I will still vote for him but I hope my bank account doesn't regret it.

How does he consider himself middle class when he clearly has stated that anything over $200,000 is rich and should be taxed more because they can afford it? This is what scares me about him. He dances around important questions and tells storys to divert people off the actual question. He also seems to tell people what they want to hear because it seems like I hear different stories when he talks to different people.

Kristine

 

[DVC Sadie]

I was a Obama fan when I first heard his speeches and now, not so much. How anyone can say that they are middle class while earning close to a million dollars a year is beyond my interpretation of "middle class".

 

[chris1gill]

Hmmm, well, when your competitors are each worth at least a hundred million dollars and you were still paying your student loans before your book sales of 3 &4 years ago, you probably would consider yourself middle class. If you look at the Returns from six & 7 years ago, you would very much see they were middle class. His net worth is 1.3 million dollars, I'd say there are quite a few Dis'ers worth that and they are indeed middle class.

Anyhow, I don't know how many times the guy has to say the same thing before people start listening. People making about 250, your tax cut is being rolled back. Family's making less than 75 grand a year you're getting an extra tax cut. The Medicare tax which you don't pay on income above 114 (or whatever it is), you will now have to pay the medicare tax on that income.... And then additionally, the Capital Gains tax will be raised to levels on par with Bill Clinton's administration.

All of this is what he has said and what he has written. If you choose not to believe it, that is fine, but this is what he has said many times over. If you have questions go to the website and look at his proposal.

 

[shortbun]

I was a Obama fan when I first heard his speeches and now, not so much. How anyone can say that they are middle class while earning close to a million dollars a year is beyond my interpretation of "middle class".

Middle class has changed quite a bit. My husband and I used to consider ourselves 'middle class' but now we're strictly lower income blue collar and we make close to $100,000 gross yearly. Expenses and saving for retiremnt literally eat our net income up. We aren't putting away nearly enough for our son's college so we've told him he's on his own. We are simply hoping that we will never be a financial burden on him. Crazy isn't it. I love Obama!! I don't mind paying more taxes if it keeps the country going. I think the last 8 years has been devastating on our economy. We are so in debt now and to China of all places!!! I'd do my part to get us out of that horrible mess.

 

[okeydokey]

I believe Obama wants an overall tax decrease for middle class folks. I do not believe he is planning of raising taxes for someone making $37,500. it has been mentioned on these boards before but nobody has actually found any link or evidence that that's what he is supporting. I believe that link does not exist. He is planning on phasing out the Bush tax breaks for people making over $200,000.

 

[chris1gill]

I think the last 8 years has been devastating on our economy. We are so in debt now and to China of all places!!! I'd do my part to get us out of that horrible mess.

Shortbun, there are a lot of us who realize that we are over 9 trillion dollars in debt, up 4 trillion since Bush took office. We went from a yearly surplus SURPLUS when Clinton left office (he was a Democrat) that there was a surplus while paying DOWN the deficit from the previous republican administration that left office... Now we are running a yearly deficit with nearly double the National debt.... thanks to the banks of China and Saudi, and god knows where else....

I guess there are some who really don't care that the Republican party keeps financing our children's and grandchildren's future while paying for their agenda, which does nothing for people who are middle class...

 

[rwdavis2]

He's not wealthy but he is worth alot more than most middle class people that I know. BTW, this doesn't include his wife's retirement plan.

Supposedly his book made them multi-millionaires and as far as I'm concerned at $1,000,000+ house is NOT middle class nor is 2006 income of over $990,000. In the debate on ABC he essentially said he want to raise capital gains tax rates because it's not fair to lower income people that pay a higher rate on salaries. He'd do this even if the tax increase caused tax revenues to GO DOWN. He's nothing more than another run-of-the-mill liberal tax and spender.
BD

 

[chris1gill]

Supposedly his book made them multi-millionaires and as far as I'm concerned at $1,000,000+ house is NOT middle class nor is 2006 income of over $990,000. In the debate on ABC he essentially said he want to raise capital gains tax rates because it's not fair to lower income people that pay a higher rate on salaries. He'd do this even if the tax increase caused tax revenues to GO DOWN. He's nothing more than another run-of-the-mill liberal tax and spender.
BD

I'll refer you to my previous post about who the real tax and spender is....

If you think having a 1,000,000 house in an inner city nice neighborhood is not middle class, that's your opinion, he moved from a CONDO to that house 3 or 4 years ago based on money from his book sales

Tax revenues will not go down if the capital gains is raised to Clinton levels, THAT is what he proposed, and it certainly worked quite well during that administration. The real tax is the rollback from 250 and up and the Medicare cap being lifted from 114K per year (or whatever the current number is)

 

[profdsny]

I'll refer you to my previous post about who the real tax and spender is....

If you think having a 1,000,000 house in an inner city nice neighborhood is not middle class, that's your opinion, he moved from a CONDO to that house 3 or 4 years ago based on money from his book sales

Tax revenues will not go down if the capital gains is raised to Clinton levels, THAT is what he proposed, and it certainly worked quite well during that administration. The real tax is the rollback from 250 and up and the Medicare cap being lifted from 114K per year (or whatever the current number is)

A million dollar house in Chicago is not unusual. And his neighborhood isn't exactly inner City. It's on the end of Hyde Park, which is the U of C area. Also, and I don't know, the fact that he bought a million dollar home could well have been based on potential future earnings, like the houses that many of us bought. Lets not tag him a a rich guy.

 

[Magic Mom]

In all honestly, he didn't really answer the question. He said he considered himself middle class. He told how he and his wife made good money but have had to use that money to pay off their college loans and to save for their kids to go to college. He talked about how he understood how hard it was to make ends meet for everyone. .

Did he really say he is middle class? That's just ridiculous.

 

[Guy Incognito]

Did he really say he is middle class? That's just ridiculous.

a million dollars just doesn't get you as much as it used to......

 

[phragmipedium]

Chris1gill is right - I believe the lower/middle income tax cuts will be protected and in some cases increased if you are below $75,000, but he will not renew most of Bush's tax cuts for the wealthiest taxpayers. He'll also instate a tax credit for working families ($500 individual, $1000 married yearly) and eliminate income tax for senior citizens earning less than $50,000 per year. He also wants to boost social security solvency, by changing the current rule payroll tax rule that makes social security tax applicable to only the first $102,000 of earnings (big from me on that one).

Here's some more info on those plans:

http://www.barackobama.com/issues/fiscal/#fair-tax

http://www.barackobama.com/issues/economy/

http://www.barackobama.com/issues/socialsecurity/

I don't think he's called himself middle class, at least not on this issue - he has said that on his tax plan, he will pay a little bit more (meaning he's considering him among the wealthier citizens). It appears that the tax rates would go back to where they were before Bush for people in the $200,000-$250,000 range - Hillary Clinton supported this as well.

http://www.ontheissues.org/Economic/Barack_Obama_Tax_Reform.htm

Thanks for asking and researching about something you've heard, instead of just taking it as truth.