Can someone answer this tax question regarding Obama speech?

Question

In last night's acceptance speech, Obama said the following:

"I will — listen now — I will cut taxes — cut taxes — for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class."

First of all, George Bush did this and he was skewered. How does Obama's plan differ? Again no details were provided in his speech.

How does he plan to give 95% of working america a tax break? Raising taxes on the 5% of the people who are rich will not provide this. The top 50% of the wage earners today pay about 95% of the income taxes. So what kind of break are you going to see?

Answer 1

What Bush did was for the top 5%... Taking away their tax cuts and closing the corporate tax loopholes, will allow the other people, the 95% of the people to receive a tax cut... Good question...

have a good day

Answer 2

I didn't believe one word of his speech because I heard it before with Bill Clinton when he was running for office in 92'. He too promised tax cuts, because he was the president that was in touch with the middle class. Shortly after taking office, he backed away from his tax cut promises because according to him the economy was in sad shape.

And you are correct when you point out that when George Bush gave his tax cuts, the Democrat Party went ballistic because we couldn't afford it, or so they claimed.

Obama cannot afford to tax the rich. How else if president is he going to get reelection money. You can't bite the hand that feeds you.

Answer 3

none just more lies from a pandering politcian. hes flip flopped on everything he said he was going to do from the beginning of the campaign  

Answer 4

How dare you question the mighty and powerful OZ! (sorry, I mean Obama)  

Answer 5

Because what he's not telling you is that he will raise the capital gains rate . . . on everyone . . . not just the people making 250k but everyone . . .

Answer 6

Well I beg to differ..George Bush cut taxes of for the rich 1% of Americans and gave tax breaks to corperations who wanted to move their company out of America...

Answer 7

Saying he is going to do all of these things for Americans sounds good. I'd really like to know HOW he is going to accomplish the funding without pinching everybody. A typical political speech full of hope and a better future...promises promises.