Obama plans to vastly increase income and other taxes -- are you supporting his tax increases or fighting them

Question

An associate with connections in the Obama camp says that as president Obama plans on instituting a Value Added Tax (VAT). If this associate is to be believed, Obama also plans to cancel the tax deductibility of state taxes, raise capital gains taxes, reinstate estate taxes ("death taxes"), lift the cap on the amount of income subject to social security taxes and impose a new “Patriot” tax with a confiscatory level of penalties for those who give up their U.S. citizenships/LPR. His fellow Dems have already voted in a "Windfall Profits Tax" on pensions/retirement funds (IRA, 401k, etc). Total federal taxes will rise by at least another 20% of income.

Only time will tell if Obama will make America a tax h**l... but I wouldn't bet against it. As January approaches, I suspect that businesses and individuals will go into emergency asset protection mode.

What are you going to do to protect your retirement, savings, income, etc. from Obama and his fellow taxaholics?

Answer 1

Here are responses to each of your claims about what Obama will do:

1.  "Associate with connection in the Obama camp" says Obama will institute VAT:

I conducted a search of news sources related to this.  I was not able to locate a single "associate" of Obama who has advocated VAT.  To the extent some in Congress have recommended a VAT, they would do so in place of, not in addition to, other taxes.  So your VAT statement is merely an Internet rumor.

2.  Cancel the deductibility of state taxes:  Again, there's no evidence of this.

3.  Raise capital gains taxes:  Maybe.  Congress has raised and lowered CG taxes many times in its history.  At one time, they were far higher than they are today.  

4.  Reinstate estate taxes:  Estate taxes exist now, so they can't be "reinstated."  They apply only to people with a gross estate of greater than $2 million, and even people who have that much or more can erase estate taxes very easily.  My heart does not bleed for people with that kind of money.

5.  "Lift the cap" on social security taxes:  Even assuming this is true, the lifting the cap would mean that people with incomes of more than $100,000 would now pay their fair share of SS taxes, instead of receiving a tax break, as they now do.  Do you think people with high incomes should be entitled to pay less social security tax than the rest of us?

6.  Impose the new "patriot" tax:  Newsflash:  Within the next week President Bush is expected to sign this bill into law (Section 877A of the Internal Revenue Code).  It will be the law before the next election.  The law was proposed before Obama ever even ran for the Illinois Senate.  Bush supports it.  It imposes mark-to-market taxation on people with net worth of more than $2 million who give up US citizenship to avoid paying US tax.  My heart does not bleed for them, either.

7.  "His fellow democrats have already voted in a windfall profits tax on pensions, retirement funds, etc."  This is just plain false.  The windfall profits tax would not apply to pensions or retirement funds.  And it is a long way from becoming the law of the land anyway.  

8.  "Total federal taxes will rise by at least another 20% of income."  Because of all of your misstatements above, it is difficult to understand how you could possibly have arrived at this figure.

Answer 2

You need to stop watching Fox News and stop listening to Right Wing radio.  Your brain is being warped.

Your "facts" are complete BS.

Answer 3

The president doesn't make tax laws.  Congress does.  Time to quit blaming Bush and worrying about Obama.  Let's fire everybody in Congress in this upcoming election instead.

Answer 4

"His fellow Dems have already voted in a "Windfall Profits Tax" on pensions/retirement funds (IRA, 401k, etc). "

It never happened and that is easily verifiable.  Snopes debunked it back in March.  I suspect the rest of your phacts are equally bogus.

Answer 5

Forgive me if I'm skeptical of your "facts".

Answer 6

The past 8 years have been the most expensive in the history of the United States.  If Obama stops the war and takes back the tax breaks given to wealthy people and corporations, things will even out like in the 90's.  Your retirement savings and income are worth less now than ever.  The economy is in a shambles and you are attempting to scare people into believing that the Next President is responsible? Why don't you just admit what your real problem is.......you racist.  The Democrats have a simple majority.  They cannot effect anything without the help of the Republicans.  You are showing  your ignorance about government civics with the above rant.