How much will seniors taxes go up under the Obama tax proposals?

Question

www.taxpolicycenter.org

according to the TCP retirees would fare quite a bit less well than working families under Obama's tax plan: The TPC estimates that 32 percent of households with a person over age 65 would see a tax increase.

Answer 1

Obama will attempt to pass tax laws that accomplish income redistribution. he will take from the rich and give to the poor. He's a socialist. He will put the interests of the few in front of the interests of the many. Blacks,  Mexicans (illegals) and other minorities will do well under his far left liberal administration. And sadly the liberal democrat-led Congress will rubber-stamp his policies. That can't be good for the country.

Answer 2

1. find a non partisan tax policy center.

2. do not assume till something actually happens.

3. the most important thing, do not bide into fear on anything.  

4. lastly, do not listen and believe everything you hear on the news.  The best thing a voter can have in an election is their mind and that mind to be open.  If you do not have that, then you will probably fail to really understand what it is really about.

Answer 3

65 making less than $50,000, will pay NO TAXES. Sounds to me like More of the Same, False Attacks of the Republican Party!

Answer 4

Being a retired senior, I'm getting very worried about that.  But come to think of it, Obama won't win.  Phew, now I can take a breather on that one.

Answer 5

Retirees are not doing well right now under Bush's plan.  There was a surplus of money when he came into office, and now the country is bankrupt.  How did this happen?  How are the reserves supposed to be built up again?

BTW, the capital gains tax increase will not happen, if it does happen, until 2011.  It's locked in LT at 0 to 15% dependent upon income.

In other words, if you live on a modest income, but have your nest-egg in a long-term investment such as real estate, you may not get taxed the way you think you will if you sell it.

Look it up.

As it is, whose investments are making a killing anyway?  I think most investments have taken major hits no matter how you slice it.

Answer 6

And how are they supposed to afford the tax increase? Ah, s***w it....they're old anyway, and as we can plainly see Dem's have no respect for the Seniors.

Answer 7

Obama would also introduce new tax breaks for lower and middle-income groups. Such breaks include expanding the earned income tax credit, giving those making less than $150,000 a $500 tax credit per person on the first $8,100 in income, giving those making under $75,000 a 50% federal match on the first $1,000 of savings, and exempting seniors making less than $50,000 from having to pay income tax.

Er... for the genius who gave me a "thumbs down"... this was straight off the cnn web page that I linked to in my source.

Answer 8

I am retired.  I live on Social Security and the dividends of investments.  Obama's plan would tax my Social Security benefits (money on which I have ALREADY paid taxes, and would shift the dividends of my investments into the category of capital gains, greatly increasing my tax burden and reducing my available income.