Obama’s promise of a 95% tax cut for working families is nothing more than an illusion. - The Wall Street Journal

One thing we should all understand is that no matter what tax cuts or credits or whatever term you choose to use, they will not happen soon. Both candidates have acknowledged that with the onset of the global economic downturn, their own economic strategies and promises will have to be altered significantly.

However, I'm concerned with the Journal's use of statistics, first with the statement that as taxes will go down for 95% of working families, Obama is "also proposing one of the largest tax increases ever on the other 5%." They don't bother to explain who this 5% is. Perhaps families with breadwinners making more that $250,000, as Obama has said that all families under that mark will be taxed less. After the last two weeks, I'm sure we're all sick of tax cuts on the rich, which is exactly what John McCain plans to continue.

The only time I remember tax money going to a non-tax payer in recent times was called a stimulus package. I believe this went to non-tax filers as well.
We pay 33% tax right now, (less 5 exemptions=28%) and we make less than $75,000. Perhaps it's tuff to let the little guy live, because there is less control on them. Imposing a slightly higher tax on those that pay only 18% to 25.4% tax probably isn't such a bad idea.

The "95%" statistic is misleading. Giving a tax cut to 95% of the working families cannot happen because not all 95% PAY taxes. So if a family doesn't pay taxes, how do you give them a tax cut? You don't, plain and simple. However, if you include tax credits (e.g. Earned Income Tax Credit) then this is no tax cut at all but rather a form of IRS Welfare. I'd prefer to call it what it is and get the IRS out of the Welfare business, but that's a different rant...
So let's clear the smoke and remove the mirrors: Not all 95% can get a tax cut. And the top 5% already pay something on the order of 50% of the income taxes already. Why not tax even the lowest income earners something so they can be paying something, even 1%...oh, I forgot, they are taxed...voluntarily. It's called the lottery.

A production(income) tax is equivilent to diverting water from the wheel. Like diverting water after turning the waterwheel A consumption tax doesn't retart productivity. The bigger benefits are gray, offshore and black money are considered as well as a substantial reduction of power and corruption in the Legislature

I see the Republicans (and their dwindling band of supporters) are growing more desperate by the day.

Obama has claimed he will cut taxes for all households earning less than $250,000. According to US Census Bureau, that equates to 98.5% of the population - not 95%. And that tax increase over the remaining 1.5% will have to certainly be a lot larger. With the economies current pull back, we are going to see a lot fewer people with incomes > $250k in the next few years, so I agree that this sweeping tax cut can not be funding by an increase on the top few earners.

I can't believe that the so-called analysts are letting Obama get away with this claim. Even if he confiscated ALL of the earnings (that's a 100% tax rate!) of the top 5%, there isn't any where enough money to make up the difference. His response seems to be "government efficiencies", but anyone can promise government efficiencies - I don't believe he will be able to deliver.

This is one of his key "positions" that destroys his credibility for me.

My acid test for a politician has always been, "Are they smart enough to understand the issues and courageous enough to tell us things that we need to but don't want to hear?" The courageous ones are leaders; the rest are shills. I don't think Obama's promise passes this test.

My acid test for debate moderators, interviewers, and news analysts is whether they are smart/courageous enough to directly ask the participants, "What is something that you know, that we need to hear, but that we don't want to hear?" (and then to pursue any "non-answers"). I wonder whether we have any courageous moderators, interviewers, or analysts. Unfortunately, I haven't seen any that pass this test.

It's unfortunate that the "change" that Mr. Obama is advocating is reliant on the tendency of resentment and envy of those that are perceived to be successful. Treating citizens differently based on the socio-economic standing is something that we should be opposing, rather than striving to achieve.

I long for the days when our government lives up to the promise held out in the 14th Amendment, where we are promised "equal protection of the laws".

Obama in his senate campaign did propose tax cuts and never once moved one inch toward supportinng one. Obama is 100% trying to redistribute the wealth in the US. His target is business, he feels business should fund the entire country. He calls it the rich but it is business and those business actually employ the middle class he talks about. So when he says he will cut taxes on the middle class, I guess he is taking into account that after he raises taxes on business that many middle class folks are going to lose thier jobs therefore they will pay less taxes and then they will beg for socialism.

This is a Journal misrepresentation of what Obama has said. Typical.

I own a small business and "technically" I make enough to trigger Obama's tax increases in our better years ("technically" because the reality is that I don't actually get anywhere near this much of this money in the bank). My current strategy is to use extra income from the good years to take the risk out of hiring more people to help grow my business. When I do, the new employees only need to work and develop their skill to remain pretty secure in their careers with my company.

By Obama's creed of "spreading it around" I will be faced with taxes punitive enough to slow or even stop this process. Not to worry, though, Obama says it is "only fair" that he take my money give it to people for free from now on. Somehow I doubt that the recipients of this money will experience the same kind of personal pride and the same skill development they would get by coming to work from my company. Indeed, after a few years of essentially being paid using my money, I'm sure they'll grow quite comfortable with the idea that they "deserve" it and will protest like hell whenever some "heartless Republican bastard" tries to take away their tax "refund."

"I'm mad! I'm really mad! And what's gonna surprise you is it's not the economy -- it's the socialists taking over our country!" I agree with this guy and if you don't then you don't understand what is going on here.

The United States has to pay for two decades of over spending - consuming more than it has produced. We will pay with increased taxes, reduced services, inflation and recession.

Hmmm sounds ok to me. I mean heck, 1 year of Republican welfare ( hand outs to big business ) costs more than the entire history of welfare to poor people in this country. Plus lets face it, congress will push back on almost everything Obama proposes. What's important is the rhetoric, we've been to long talking about trickle down economics and corporate incentives, things need to swing back the other way a bit.

My take is that neither candidate will be able to deliver on any tax cuts. Social Security is underfunded, Medicare/Medicaid is underfunded, the unfunded retirement liabilities of state and federal agencies and departments are in the billions (New York City alone is estimated at 80 billion in unfunded pension liabilities), we have a war in Iraq to continue financing, our nation's transportation infrastructure - bridges, highways and air traffic control systems - all need upgrading, and on top of this we the taxpayers who live within our means and pay our mortgages faithfully get to bail out a bunch of people who gambled fortunes and lost or took deals too good to be true. I'd love to see either candidate address how they plan to pay for all that AND cut our taxes.

The WSJ article shows some serious spin - Obama is promising a tax cut for 95% of working families and he has never promised anything other than a tax increase for the remaining 5%. Oooh look, how sneaky - as incomes rise tax credits are phased out - some radical socialist concept. Kind of how our tax system works already - in theory anyway - those who make more pay more - except Obama proposes to add more tax credits for the lowest income workers.

Apparently unfettered free-markets don't work. Looks like the pendulum is starting to swing in the other direction, and it looks like the Republicans will get to blame the Democrats 4 year from now for failing to rescue our depressed economy since it's pretty much too deep in the hole for anyone to repair in that short span.

Let's stick with reality if we are to make choices that impact our future; I am voting for c.95% of the population because I care about our shared future.
Plan from Obama's site:

The Problem
Wages are Stagnant as Prices Rise: While wages remain flat, the costs of basic necessities are increasing. The cost of in-state college tuition has grown 35 percent over the past five years. Health care costs have risen four times faster than wages over the past six years. And the personal savings rate is now the lowest it's been since the Great Depression.

Tax Cuts for Wealthy Instead of Middle Class: The Bush tax cuts give those who earn over $1 million dollars a tax cut nearly 160 times greater than that received by middle-income Americans. At the same time, this administration has refused to tackle health care, education and housing in a manner that benefits the middle class.

Barack Obama and Joe Biden's Plan Jumpstart the Economy

Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school re­pair - all to save more than 1 million jobs in danger of being cut.
Provide Middle Class Americans Tax Relief
Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.

Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.
Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama-Biden plan, 27 million American seniors will also not need to file an income tax return.
Simplify Tax Filings for Middle Class Americans: Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
Trade
Obama and Biden believe that trade with foreign nations should strengthen the American economy and create more American jobs. He will stand firm against agreements that undermine our economic security.

Fight for Fair Trade: Obama and Biden will fight for a trade policy that opens up foreign markets to support good American jobs. They will use trade agreements to spread good labor and environmental standards around the world and stand firm against agreements like the Central American Free Trade Agreement that fail to live up to those important benchmarks. Obama and Biden will also pressure the World Trade Organization to enforce trade agreements and stop countries from continuing unfair government subsidies to foreign exporters and nontariff barriers on U.S. exports.
Amend the North American Free Trade Agreement: Obama and Biden believe that NAFTA and its potential were oversold to the American people. They will work with the leaders of Canada and Mexico to fix NAFTA so that it works for American workers.
Improve Transition Assistance: To help all workers adapt to a rapidly changing economy, Obama and Biden will update the existing system of Trade Adjustment Assistance by extending it to service industries, creating flexible education accounts to help workers retrain, and providing retraining assistance for workers in sectors of the economy vulnerable to dislocation before they lose their jobs.
End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
Invest in the Manufacturing Sector and Create 5 Million New Green Jobs
Invest in our Next Generation Innovators and Job Creators: Obama and Biden will create an Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies. The Fund will have a peer-review selection and award process based on the Michigan 21st Century Jobs Fund, a state-level initiative that has awarded over $125 million to Michigan businesses with the most innovative proposals to create new products and new jobs in the state.
Double Funding for the Manufacturing Extension Partnership: The Manufacturing Extension Partnership (MEP) works with manufacturers across the country to improve efficiency, implement new technology and strengthen company growth. This highly-successful program has engaged in more than 350,000 projects across the country and in 2006 alone, helped create and protect over 50,000 jobs. But despite this success, funding for MEP has been slashed by the Bush administration. Barack Obama and Joe Biden will double funding for the MEP so its training centers can continue to bolster the competitiveness of U.S. manufacturers.
Invest In A Clean Energy Economy And Create 5 Million New Green Jobs: Obama and Biden will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial scale renewable energy, invest in low emissions coal plants, and begin transition to a new digital electricity grid. The plan will also invest in America's highly-skilled manufacturing workforce and manufacturing centers to ensure that American workers have the skills and tools they need to pioneer the first wave of green technologies that will be in high demand throughout the world.
Create New Job Training Programs for Clean Technologies: The Obama-Biden plan will increase funding for federal workforce training programs and direct these programs to incorporate green technologies training, such as advanced manufacturing and weatherization training, into their efforts to help Americans find and retain stable, high-paying jobs. Obama and Biden will also create an energy-focused youth jobs program to invest in disconnected and disadvantaged youth.
Boost the Renewable Energy Sector and Create New Jobs: The Obama-Biden plan will create new federal policies, and expand existing ones, that have been proven to create new American jobs. Obama and Biden will create a federal Renewable Portfolio Standard (RPS) that will require 25 percent of American electricity be derived from renewable sources by 2025, which has the potential to create hundreds of thousands of new jobs on its own. Obama and Biden will also extend the Production Tax Credit, a credit used successfully by American farmers and investors to increase renewable energy production and create new local jobs.
New Jobs Through National Infrastructure Investment
Barack Obama and Joe Biden believe that it is critically important for the United States to rebuild its national transportation infrastructure – its highways, bridges, roads, ports, air, and train systems – to strengthen user safety, bolster our long-term competitiveness and ensure our economy continues to grow.

Create a National Infrastructure Reinvestment Bank: Barack Obama and Joe Biden will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation’s most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity.
Technology, Innovation and Creating Jobs
Barack Obama and Joe Biden will increase federal support for research, technology and innovation for companies and universities so that American families can lead the world in creating new advanced jobs and products.

Invest in the Sciences: Barack Obama and Joe Biden support doubling federal funding for basic research and changing the posture of our federal government from being one of the most anti-science administrations in American history to one that embraces science and technology. This will foster home-grown innovation, help ensure the competitiveness of US technology-based businesses, and ensure that 21st century jobs can and will grow in America.
Make the Research and Development Tax Credit Permanent: Barack Obama and Joe Biden want investments in a skilled research and development workforce and technology infrastructure to be supported here in America so that American workers and communities will benefit. Obama and Biden want to make the Research and Development tax credit permanent so that firms can rely on it when making decisions to invest in domestic R&D over multi-year timeframes.
Deploy Next-Generation Broadband: Barack Obama and Joe Biden believe we can get broadband to every community in America through a combination of reform of the Universal Service Fund, better use of the nation's wireless spectrum, promotion of next-generation facilities, technologies and applications, and new tax and loan incentives.
Support Small Business
Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama and Joe Biden will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama and Biden will also support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.
Create a National Network of Public-Private Business Incubators: Barack Obama and Joe Biden will support entrepreneurship and spur job growth by creating a national network of public-private business incubators. Business incubators facilitate the critical work of entrepreneurs in creating start-up companies. Obama and Biden will invest $250 million per year to increase the number and size of incubators in disadvantaged communities throughout the country.
Labor
Obama and Biden will strengthen the ability of workers to organize unions. He will fight for passage of the Employee Free Choice Act. Obama and Biden will ensure that his labor appointees support workers' rights and will work to ban the permanent replacement of striking workers. Obama and Biden will also increase the minimum wage and index it to inflation to ensure it rises every year.

Ensure Freedom to Unionize: Obama and Biden believe that workers should have the freedom to choose whether to join a union without harassment or intimidation from their employers. Obama cosponsored and is strong advocate for the Employee Free Choice Act, a bipartisan effort to assure that workers can exercise their right to organize. He will continue to fight for EFCA's passage and sign it into law.
Fight Attacks on Workers' Right to Organize: Obama has fought the Bush National Labor Relations Board (NLRB) efforts to strip workers of their right to organize. He is a cosponsor of legislation to overturn the NLRB's "Kentucky River" decisions classifying hundreds of thousands of nurses, construction, and professional workers as "supervisors" who are not protected by federal labor laws.
Protect Striking Workers: Obama and Biden support the right of workers to bargain collectively and strike if necessary. They will work to ban the permanent replacement of striking workers, so workers can stand up for themselves without worrying about losing their livelihoods.
Raise the Minimum Wage: Barack Obama and Joe Biden will raise the minimum wage, index it to inflation and increase the Earned Income Tax Credit to make sure that full-time workers earn a living wage that allows them to raise their families and pay for basic needs.
Protect Homeownership and Crack Down on Mortgage Fraud
Obama and Biden will crack down on fraudulent brokers and lenders. They will also make sure homebuyers have honest and complete information about their mortgage options, and they will give a tax credit to all middle-class homeowners.

Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.
Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.
Mandate Accurate Loan Disclosure: Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.
Close Bankruptcy Loophole for Mortgage Companies: Obama and Biden will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. They believe that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.
Address Predatory Credit Card Practices
Obama and Biden will establish a five-star rating system so that every consumer knows the risk involved in every credit card. They also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.

Create a Credit Card Rating System to Improve Disclosure: Obama and Biden will create a credit card rating system, modeled on five-star systems used for other consumer products, to provide consumers an easily identifiable ranking of credit cards, based on the card's features. Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents.
Establish a Credit Card Bill of Rights to Protect Consumers: Obama and Biden will create a Credit Card Bill of Rights to protect consumers. The Obama-Biden plan will:
Ban Unilateral Changes
Apply Interest Rate Increases Only to Future Debt
Prohibit Interest on Fees
Prohibit "Universal Defaults"
Require Prompt and Fair Crediting of Cardholder Payments
Reform Bankruptcy Laws
Obama and Biden will reform our bankruptcy laws to protect working people, ban executive bonuses for bankrupt companies, and require disclosure of all pension investments.

Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure: Obama and Biden will extend a 36 percent interest cap to all Americans. They will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why they'll require lenders to provide this information during the application process.
Encourage Responsible Lending Institutions to Make Small Consumer Loans: Obama and Biden will encourage banks, credit unions and Community Development Financial Institutions to provide affordable short-term and small-dollar loans and to drive unscrupulous lenders out of business.
Reform Bankruptcy Laws to Protect Families Facing a Medical Crisis: Obama and Biden will create an exemption in bankruptcy law for individuals who can prove they filed for bankruptcy because of medical expenses. This exemption will create a process that forgives the debt and lets the individuals get back on their feet.
Work/Family Balance
Obama and Biden will double funding for after-school programs, expand the Family Medical Leave Act, provide low-income families with a refundable tax credit to help with their child-care expenses, and encourage flexible work schedules.

Expand the Family and Medical Leave Act: The FMLA covers only certain employees of employers with 50 or more employees. Obama and Biden will expand it to cover businesses with 25 or more employees. They will expand the FMLA to cover more purposes as well, including allowing workers to take leave for elder care needs; allowing parents up to 24 hours of leave each year to participate in their children's academic activities; and expanding FMLA to cover leave for employees to address domestic violence.
Encourage States to Adopt Paid Leave: As president, Obama will initiate a strategy to encourage all 50 states to adopt paid-leave systems. Obama and Biden will provide a $1.5 billion fund to assist states with start-up costs and to help states offset the costs for employees and employers.
Expand High-Quality Afterschool Opportunities: Obama and Biden will double funding for the main federal support for afterschool programs, the 21st Century Learning Centers program, to serve a million more children. Obama and Biden will include measures to maximize performance and effectiveness across grantees nationwide.
Expand the Child and Dependent Care Tax Credit: The Child and Dependent Care Tax Credit provides too little relief to families that struggle to afford child care expenses. Obama and Biden will reform the Child and Dependent Care Tax Credit by making it refundable and allowing low-income families to receive up to a 50 percent credit for their child care expenses.
Protect Against Caregiver Discrimination: Workers with family obligations often are discriminated against in the workplace. Obama and Biden will enforce the recently-enacted Equal Employment Opportunity Commission guidelines on caregiver discrimination.
Expand Flexible Work Arrangements: Obama and Biden will create a program to inform businesses about the benefits of flexible work schedules; help businesses create flexible work opportunities; and increase federal incentives for telecommuting. Obama and Biden will also make the federal government a model employer in terms of adopting flexible work schedules and permitting employees to request flexible arrangements.
Barack Obama's Record
Housing: In the U.S. Senate, Obama introduced the STOP FRAUD Act to increase penalties for mortgage fraud and provide more protections for low-income homebuyers, well before the current subprime crisis began.
Predatory Lending: In the Illinois State Senate, Obama called attention to predatory lending issues. Obama sponsored legislation to combat predatory payday loans, and he also was credited with lobbying the state to more closely regulate some of the most egregious predatory lending practices.
American Jobs: Barack Obama introduced the Patriot Employer Act of 2007 to provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.

I am loving the Republicans freaking out in these comments here and elsewhere. It is like music to my liberal CEO ears.

As a small business owner needing to hire more people on a regular basis, I can tell you that there's a huge misconception on what the IRS actually taxes me on. I take home FAR less than than 250K/yr and I reinvest back into my company to grow it (and hire more people). S-Corps, LLC's, and Partnerships are not taxed by the federal government. Instead, any profits made for a tax year - including the reinvested dollars - show up on my tax return as "Income from Business". So, if the company makes a profit and uses it to recruit and hire more employees, I pay taxes on it.

Under Obama's plan, small businesses - the largest employing segment in America - won't be hiring. Instead, we'll be paying more taxes that apparently will go the unemployed. I'd rather continue to invest in the economy by growing my business and hiring people.

Hope this makes sense because it's really important to have this knowledge and understanding prior to marking your ballot.

WHO CARES!

So you have to pay tax. So what? Maybe if people in this country worried a little more about each other and a little less about themselves we wouldn't be in this selfish mess.

The fact is that the Republicans have led us into one of the worst financial situations in history, while they have gotten rich off oil. Our president has spent his years in office pursuing personal financial interests and vendettas. To go after Obama is unconscionable.

Personally, I don't mind paying to get better education and more socail programs in this country. As long as I don't have buy another 40,000 bombers.

His health care "efficiences argumentwas debunked by CNN the other night as "impossible to implement". His "tax cut" for 95% of American families is laced with inconsistencies as well since we have slowly arrived at a point where about 40% of the population pay no taxes and actually gets a refund for not doing so. Once he lays on his UHC plan and adds that line item to everyone's paycheck, then he will have essentially laid a tax hike on everyone which will never go away (the current payroll tax has beeen raised 41 times since it's implementation). For those at $250K and above the unlimited income payroll tax will add another 7% on top of his "modest" 3% tax hike on income - bring their tax burden - just to the FED - at 49.9% - Half of what you earn goes to the government - yeah, that's fair, considering how well they mangae the budget year in and year out. Now as all your state and local taxes in and you have to ask, "What's the point?"

I would like to point out Aaron and to a couple others that this country was founded on doing for yourself you say "so what you have to pay tax" then you go ahead and pay more no one is stopping you if you want a better education then pay for it yourself like I did with my own money! More social programs equals no more US because we dont have the money to pay for the ones we have now. And a point of clairification for all of you is that the mess right now was caused by this http://en.wikipedia.org/wiki/Community_Reinvestment_Act
which was Jimmy Carter and expanded by Clinton maybe you should wake up and learn the facts. And you may say ah another Republican spouting off but actually I plan on voting for Bob Barr. Thank you and I approve this message.

Of course it's considered an illusion... given the source, the WSJ, as in Wall Street bailout. The percentages of who will actually have their tax liabilities reduced is only a statistic. What is fact is that under current policies and those proposed by the Republican nominee, those who make the most would continue to get the most tax breaks and cuts.

I like Obama's policies for change as I see that we need to also address human and environmental concerns that we have unrealistically been ignoring with tremendous long term economic, human and environmental costs. I think he did a good job in the debate helping people to realize a longer term life cycle cost perspective. Using the analogy of a 3-legged stool, we must see that we cannot stand for long on only one leg. I especially like his energy plan; a sustainable economy is not communist it is American and democratic designed to leverage our ingenuity, captial and united spirit to enrich people, profits and planet!

Nunzio, you are the selfish people I am talking about. You just don't get it, too worried about your own bottom line. Are you planning on being buried with your mountains of money?

Wake up and learn the facts? From who, you?

"A great many truths we cling to are only true from a certain point of view"

Its all an illusion, your boat, your motorcycle, your car, your house and your money. All that's real is the people you care about and the people who care about you. Think about it.

By the way, I put myself through college and graduate school working a multitude of jobs. I founded a small business on $5,000. And I would still give my money to help people who need it, because that is what life is about.

Humm...a tax cut is when you reduce the tax rate paid over a given time. I do not see a tax cut anywhere in Obama's plan. I do see a redistrbution of of our tax dollars that we have to pay in or at least some of us pay in. These are all socialist doctines that you see all over Europe and have failed time after time. I can't understand how anyone can talk about increasing taxes or redistributing our tax dollars to anyone other than the deficit. It's like a bribe to get people to vote for him, one that he cannot pay for with out increasing everyone's tax burden. Just a thought.

Humm...a tax cut is when you reduce the tax rate paid over a given time. I do not see a tax cut anywhere in Obama's plan. I do see a redistrbution of of our tax dollars that we have to pay in or at least some of us pay in. These are all socialist doctines that you see all over Europe and have failed time after time. I can't understand how anyone can talk about increasing taxes or redistributing our tax dollars to anyone other than the deficit. It's like a bribe to get people to vote for him, one that he cannot pay for with out increasing everyone's tax burden. Just a thought.

Humm...a tax cut is when you reduce the tax rate paid over a given time. I do not see a tax cut anywhere in Obama's plan. I do see a redistrbution of of our tax dollars that we have to pay in or at least some of us pay in. These are all socialist doctines that you see all over Europe and have failed time after time. I can't understand how anyone can talk about increasing taxes or redistributing our tax dollars to anyone other than the deficit. It's like a bribe to get people to vote for him, one that he cannot pay for with out increasing everyone's tax burden. Just a thought.

It's decision time, folks. Pick socialism or capitalism. Obama or McCain. If you want socialism, BO is your man. Even though he may use clever phrases, he is all about redistribution of wealth. And if you think that's best for this country, vote for him. But please remember that wherever it's been tried, Russia, China, wherever, it has been a miserable failure. Talk to folks in Norway, ask Canadians about their disposable income, what little there is. Have you noticed that Russia and China have discovered that Capitalism is the only way they can feed their people? Don't confuse democracy with capitalism. They still are not true democracies, but capitalism is their only route out of the mess they have been in all these years. Why in the world can't we learn?

Aaron like I said before if you want to pay more taxes go ahead and pay them the IRS will willing take it, as for my mountain of money that I wish I had I would give to charitable organizations as I do now I just think private people can do better than government given their track record with Social security, medicare and their own cafeteria in the capital that they cant run or manage. Maybe you just dont get it if you like Socialism then move to Venezuela or the like. "There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers."

Unfair taxation is just as bad as racism. Why should I have to pay more for the middle class and poor just because I make over $250,000. Believe me when I say it isn't any easier for me to pay over $100,000 in taxes every year just because I make good money. Our family lives in a regular neighborhood and drives to mid-economy cars...we certainly don't feel rich. We do work really, really hard and have long hours. We earn every penny of that money and don't feel that we should have to pay more than others. Whatever happened to everyone just paying a straight percentage of their income...instead of the "rich" (ha, ha) paying 50%!!!! It's ludicrous. Don't vote for Obama unless you want a really big government, and certainly not if you make over $250,000.

@Katrina Nigon: Has it occurred to ANYONE (not just you) that an "18% to 25.4% tax" is REALLY HIGH? During the period of prosperity in the U.S. from 1980-1988, the income tax rate was around 10-15% for most taxpayers. It can only help the economy to allow earners to keep more of their income, which will then be saved for the future, or spent on goods and services (also good for the economy).

Nunzio...here are your facts.

http://www.askquestions.org/details.php?id=158

we are in debt because of increases in military spending, not social programs.

And running around yelling "socialism" isn't going to solve our problems either, McCarthy. Chavez is a very wealthy thief just like Bush, in fact they both made they money the same way, spending other people's money to jack up the price of oil. Communist, socialist and capitalist systems do not exist in this world, just varying degrees of emphasis in spending.

I don't know about you, but I NEVER got a job from a poor person. You can carp about "the rich" all you want, but if you have the good fortune to get there some day, I wonder if your opinions on tax policy would still prevail. Taxing the hell out of people who have made something of and for themselves is not the answer to our problems. Helping ALL of us to attain prosperity is the only sure way to solve our problems, and that means WORK. Not everyone wants to do that and would rather have the government dole out the cash. I have just gone through a very difficult period in my life both in health and income, but I am not going to let that get me down, and I am going to make it back to where I was and beyond. ALL of us need to take responsibility for ourselves. If that actually happened, there would no need for welfare. Good luck to all of you.