Will Obama raise taxes?

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He claims he will raise taxes on some wage earners and cut taxes for others. Higher wage earners will pay more in taxes while middle income earners will get tax cuts. Lower income earners will get significant cuts, in many cases getting larger cuts than what they would have actually paid in income taxes.So for you, unless you are very, very wealthy (as defined by Obama), he will lower your taxes.Just to compare:Under the McCain plan, the Tax Policy Center figures indicated, Americans in the top 0.1 percent -- that's everyone making at least $2,871,682 -- would average $192,645 less in taxes in 2012 than they would if the current tax situation were simply extended.Under Obama's tax plans, the top 0.1 percent would pay more in taxes, not less -- an average $788,959 more. Middle- and low-income Americans, by contrast, would see sizable tax cuts. These cuts, according to the Tax Policy Center analysis, would save Americans in the middle almost four times more than the savings they would see from the McCain plan. Poor Americans would save 30 times more under Obama than McCain.Democratic vice presidential candidate Joe Biden said on Sep 18th that paying more in taxes is the patriotic thing to do for wealthier Americans. Capital Gains Mr. Obama is proposing to raise taxes on capital gains and dividends by a staggering two-thirds, moving the rate up 10 percentage points to 25%, which could curtail investment and business.According to the Institute for Research on the Economics of Taxation, Mr. Obama's tax hike would knock off $2.5 trillion in capital formation over five years, or nearly 2% of gross domestic product."If we are only growing around 2% over the next five years, then we will have virtually zero growth for the period," the president of the institute, Stephen Entin, said. "This will create a permanent hit of 5% or greater to GDP."Recently when Mr. Obama was confronted with the statistic that every time capital gains taxes have been increased, the government has seen a decrease in revenue, his reply was, "Raising the capital gains tax is fair." Death Tax Obama is in favor of the death tax and has fought efforts to raise estate tax exemptions. The so-called "Death Tax", will be levied on estates worth $1.2 million dollars, so people who do not have a net worth of $1.2 millon will not have to worry about it. However, many family businesses, ranchers and farmers will not be able to keep these businesses in their families without taking out loans to pay the taxes or sellling the businesses.
Tax Cuts In the political climate, it is difficult to see the complete picture.Obama has claimed he will lower taxes on most Americans. Many of these are not actual tax decreases but "tax credits" which are similar to the economic stimulus package in 2008. Items such as "Mortgage credit", "College credit" and "Child care tax credit" are actually government payments made that have no relation to income tax paid. They will be money paid to Americans and even those who pay no income taxes will see government checks. Corporate taxes Note: The majority of American corporations are small business "S" corporations. These are "pass through" organizations and all income is taxed on the personal level.Obama has claimed he will give a $3,000 corporate credit for domestic jobs created. He has not specified how he will determine a "new domestic" job will be designated. Would this be ALL new jobs created or just those in manufacturing and call centers? If a company laid off employees and rehired them would they be qualified for this tax break?Obama also claims he will increase taxes on corporations and those who send jobs overseas. He has not detailed how this determination will be made.
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Was Barack Obama raised as a Muslim?

No, as reported in vast publications, including this excerpt from the March 25, 2007 edition of the Chicago Tribune:. ". . . initial reports have distorted the reality of the four years Obama spent in Indonesia, from 1967 to 1971. In fact, Obama's religious upbringing in Indonesia depended more on (MORE)

Where was Barack Obama born and raised?

He was born in Honolulu, Hawaii in 1961. He lived there till he was five, and then moved with his mom and new step-dad to Indonesia. He lived there for four years, and then returned to Hawaii for the rest of his childhood and youth, living with his grandparents in Honolulu until he finished high sch (MORE)

Why did King John raise taxes?

Johnâ??s perpetual state of war provided an ever increasing needfor great sums of money. He accepted bribes, fined litigants,extorted succession fees and profited from his feudal privileges.He also took scutages, in lieu of military service. This was likean annual tax.

Where was President Obama raised?

He was raised in Hawaii by his maternal grandparents, except for a period of time between the ages of about 6 years old, when his mother remarried a man from Indonesia and took Obama there to live with them, and 10 years old when his mother, wanting him to have an American education, sent him to liv (MORE)

Why does Sen Obama want to raise taxes?

obama not only wants to continue stem cell research but he wants to switch all the cars over to electricity which will not only take lots of years but will cost lots of tax payer money. i rest my case.

Why does Obama want to raise taxes?

George W. Bush added over $4 trillion to the national debt. That is $4,000,000,000,000. How much did you get? Well now we have to pay the piper. Thanks Dubya.. i hope obama gets us out of this debt........................fast!!!!!!!!!!!!!

Who raised Barack Obama?

Barack Obama was raised by his mother and step-father until he was10 years old. After that he was raised by maternal grandparents.

Did Obama and Biden vote to raise taxes on incomes of 42000?

yes they did and they did by the following things below:. Barack Obama Voted Twice In Favor Of The Democrats' FY 2009 Budget Resolution That Would Raise Taxes On Those Making Just $42,000 A Year. (S. Con. Res. 70, CQ Vote #85: Adopted 51-44: R 2-43; D 47-1; I 2-0, 3/14/08, Obama Voted Yea; S. Con. (MORE)

Is barack obama raising taxes?

Yes and no. President Obama already signed two tax cuts, which were aimed at small businesses and working people, during his first term. He campaigned for his second term on keeping the Bush Tax Cuts in place for 98% of Americans, but allowing the tax breaks for the wealthiest 2% to expire. Thus, he (MORE)

What are the benefits of raising taxes?

in theory to help pay for public services such as schools, roads, hospitals, fire fighting, law enforcement. in reality to make corrupt politicians richer

Who was Barack Obama raised by?

He was raised in Hawaii by his mom; his dad left the family when Barack was little. Later, he spent about four years with mom and his new step-dad in Indonesia, and ultimately, he lived with his maternal grandparents in Hawaii. They were the ones who raised him for much of his life.

Has Obama voted to raise taxes?

sen obama has voted to raise taxes up to 42,000 dollars more.. Obama plans to provide a tax cut for 95% of Americans. If you make less than a quarter of a million dollars a year, you won't see your taxes go up. If you make $200,000 a year or less, your taxes will go down.

Why was Obama raised by his grandmother?

His father abandoned them and his mother remarried a man from Indonesia. After a few years living there, Barack Obama was sent back to Hawaii so that he could go to an American school and get the kind of education his mother wanted him to have. Political instability in Indonesia may also have been a (MORE)

What will Obama do with the tax rate?

Whether or not tax rates change remains to be seen but if there are any it won't be done by Obama alone. Congress will need to pass a law which then must be approved by the President.

Was Barack Obama raised Catholic?

He was raised Catholic if you consider a Muslim madras school Catholic. Obama did attend a Catholic school for a short time but he was never baptized as a Catholic.

Which branch of the government raises taxes?

Congress, or the legislative branch, sets the federal income tax rate and has the authority to raise or lower rates. The Internal Revenue Service actually collects the funds.

Who raised Obama when his mom died?

Barack Obama's maternal grandparents, Madelyn and Stanley ArmourDunham raised him from the age ten. He was a grown man when hismother died in 1995.

Who helped raise Barack Obama?

Mr. Obama was first raised by his mother; his biological father had little involvement in his life. His mother re-married and for about four years, Mr. Obama was raised by his mom and his step-dad. But for a large part of his youth and into young adulthood, he was raised in Hawaii by his maternal gr (MORE)

Why was Obama raised by his grandparents?

President Obama, by many accounts, had a difficult childhood. His mother (Ann) married his dad (Barack Sr.) when they were both in college in Honolulu. It was a time when inter-racial marriage was still rare. But when Barack was only two, his dad left. He would only see his dad one other time. Meanw (MORE)

Should taxes be raised?

No, we already don't have enough money, taxing us more will further weaken the economy. We should cut government spending.

Why are taxes raised?

Taxes are raised when your government is spending more money than it collects from individual tax payers and corporations.

Was Barack Obama raised in Indonesia?

Not really. He spent his first five years in Hawaii. Then, his mother remarried and the family moved to Indonesia, where he lived with his mom and step-dad till age 10. He then moved back to Hawaii to go to school, living with his maternal grandparents.

Was Obama raised a Muslim?

No. His father was born a Muslim, but left the religion and became an atheist. Barack Obama was mainly raised by his maternal grandparents, and they were mainstream Protestant Christians.

Why did Charles I raise taxes?

He needed to raise taxes because he needed help paying back the Scots as parliament wouldn't give him enough money.!! hope this helps!!

Did obama raise taxes?

No, he did not. He actually cut taxes several times, especially on middle class taxpayers.

Why did Barack Obama raise your taxes?

He didn't. This is an old Republican talking-point about any Democrat, but in the case of the president, it's not accurate; and in fact, he has given a number of tax cuts during his first term in office.

Was Obama raised as a Muslim in Indonesia?

No, not at all. He attended a Catholic school there and then a public school. He was never raised Muslim. His step-father was a moderate Muslim, but did not impose the religion on him.

Has President Obama sought to raise the taxes of American companies who operate overseas as he promised?

President Obama has only said he wants to close corporate loopholes that allow American companies to operate overseas without paying taxes. He does not want to punish American companies that have overseas branches-- his comments were about the companies that shift their operation overseas in name on (MORE)

What religion was Barack Obama raised?

He has said he was raised with no religion-- his mother was a non-practicing Christian, and his father, a non-practicing Muslim, left the family when Mr. Obama was still a baby. His step-dad was a moderate Muslim from Indonesia, but did not try to raise him in that faith; Mr. Obama attended a Cathol (MORE)

How much has Obama raised taxes?

Actually, most objective sources say he has cut taxes, especially for small businesses and working families. His political opponents claim he raised taxes on everyone, but there is not much evidence to support this claim. In late 2011, the fact-checking site Politifact.com said President Obama's ass (MORE)

How many times did President Obama raise taxes?

He didn't. It is a durable myth that Democrats all raise taxes and Republicans never do. In this case, President Obama has cut taxes on at least three occasions during his presidency. I enclose a link to a news story about one of the tax cuts, which decreased income taxes by up to $400 a year for mo (MORE)

What will happen if President Obama raises your taxes even more?

This question assumes that President Obama has raised your taxes a lot already. But this is political rhetoric from his opponents, and it is not entirely accurate. The facts are that he has given a number of tax cuts, especially to middle-class and working families. And there is no evidence he has p (MORE)

Is Obama raising taxes at a higher rate during his term in office4 years than any other president ever has?

No, this is a false claim promoted by the president's Republican opponents, who seek to defeat him by making assertions that cast him in a negative light. Historically, Republicans always say Democrats are raising taxes, even when they are not; in this case, however, there is no evidence to support (MORE)

Will Obama raise taxes if re elected?

There is no way to predict, but based on his first four years, probably not. On the other hand, he may try to raise taxes on the top 1%, which he has discussed. But contrary to the accusations of his opponents, he has actually given a number of tax cuts during his first term, and there is no evidenc (MORE)

Will obamacare raise taxes?

No, this is a very common internet myth, but so far, independent analysis of the Affordable Care Act (often called "Obamacare") does not indicate it will raise taxes on most people. That said, there is one group of people (those who are very wealthy) who will be asked to pay a tax of about 3% on cer (MORE)

Was Barack Obama raised in Africa?

No, President Obama was not raised in Africa. But his father, who had the same name, was from Kenya. President Obama had never visited Kenya till the late 1980s, and he did make a trip there to meet his relatives from his father's side of the family, but the president was mainly raised in Hawaii (ex (MORE)

What does Obama do with your taxes?

Barack Obama personally does not do anything with your taxes, nor did George W. Bush or any other president. The government collects taxes and uses them to fund various programs and public services, no matter which president is in office. A case could certainly be made that the government wastes mon (MORE)

How much has Obama raised the deficit?

He hasn't raised it. There is a partisan belief that PresidentObama raised the deficit, and Mitt Romney used this assertion asammunition against the president in the 2012 election cycle. Butthe fact is President Obama has gradually lowered the deficit. Uptill about 2011, the deficit, which he inheri (MORE)

Should President Obama bypass Congress and unilaterally raise taxes?

Yes. President Obama has announced that he has an Obamaphone and anObamapen and has no use of Congress. President Obama oncepostulated, "If the opposite of Pro is Con, what is the opposite ofProgress?" President Obama is opposite of Congress therefore isrepresents Progress. President Obama has tweet (MORE)

Why did Barack Obama have to be raised by his grandparents?

Barack Obama's mother was a student in Barack's early years so helived with his parents and maternal grandparents while growing up.Also his father and mother divorced so this also meant it was bestfor Barack to be in Hawaii with his grandparents.