What do you think about Obama raising taxes on Seniors?

Question

Tax Policy Center: Obama's Capital Gains Tax Hike Would Raise Taxes On More Than Ten Million Seniors. "And the report also gives credence to another of McCain's arguments about Obama's plan, it will raise taxes on seniors. Because seniors are more reliant on gains from investments and capital gains, which Obama would increase, the group estimates Obama would raise taxes on more than ten million seniors." The Washington Post's "The Trail" Blog, blog.washingtonpost.com, 6/12/08)

Answer 1

His proposed tax policies will have all of us hurting.

Answer 2

Well, the way I see it, is that maybe any taxes raised under Obama will be actually spent within the country on Americans, on polices such as energy, healthcare, education, etc.

Instead of being thrown away on useless  wars that are not winnable.

Gee what an innovative idea!

I noticed that you didn't mention the part of his plan that asks for tax cuts for seniors as well as subsidies for housing.  Mmmmm.

Are you sure you are not just a conservative trying to trash Obama?

Does look like Obama is going to win this thing, doesn't it?

Maybe you need to try the "He is a Muslim" thing again.

Answer 3

Since people are living into their 80's and 90's, we shoudl re-define senior as 79 anyway.

If you can't be productive, why are you draining us on Medicare?

You won't live forever, so stop taking moeny out of our coffers!

Answer 4

Democrats always raise taxes on EVERYONE regardless of their, income, etc. We know that but the democrats continue to lie. Why is anyone surprised by this?

Answer 5

This is typical socialist thinking.  People who retire and live on what they've put away all their lives deserve, without a doubt to keep every penny of it.  Talk about audacity!  For Obama to take their hard earned money and give it to people who are too lazy to work is just disgraceful.

Answer 6

That's propaganda.

The tax cuts are for those above a certain income bracket.

Get the story straight

Answer 7

I think we ought to means test Social Security. If they have enough money to have capital gains, then, yes, tax it!

Answer 8

I'm more worried about seniors without investments on solely social security and how we're going to shore that up.

Answer 9

That is a total lie. Here is his tax proposal:

WASHINGTON (CNN) -- Sen. Barack Obama on Tuesday proposed overhauling the tax code to lower taxes for the poor and middle class, increase them for the rich and make it so most Americans can file their taxes in five minutes.

Sen. Barack Obama delivers his tax overhal plan Tuesday in Washington.

The tax relief plan he envisions for the middle class alone would mean $80 billion or more in tax cuts, he said.

Obama said during a speech at the Tax Policy Center that the present tax code reflects the wrong priorities because it rewards wealth instead of work.

"Instead of having all of us pay our fair share, we've got over $1 trillion worth of loopholes in the corporate tax code," he said. "This isn't the invisible hand of the market at work. It's the successful work of special interests." Watch Obama unveil his tax plan »

The result, according to Obama? "Gaps in wealth in this country grow wider, while the costs to working people are greater."

His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.

"I'd reward work by providing an income tax cut of up to $500 per person -- or $1,000 for each working family -- to offset the payroll tax that they're already paying," he said.

"Because this credit would be greater than their income tax bill, my proposal would effectively eliminate all income taxes for 10 million working Americans."

Obama also said he would repeal the Bush tax cuts for the wealthiest 1 percent of Americans.

"At a time when Americans are working harder than ever, we are taxing income from work at nearly twice the level that we're taxing gains for investors," Obama said. "We've lost the balance between work and wealth."

Obama's plan is similar in many ways to his Democratic rivals, including Sen. Hillary Clinton, D-New York, and former Sen. John Edwards, D-North Carolina.

Both Edwards and Clinton rolled out their tax plans earlier this year -- with Clinton calling for "rolling back some of President Bush's fiscally-irresponsible tax breaks for the highest income Americans," and Edwards pledging to "get rid of Bush's tax cut for people who make over two hundred thousand dollars a year."

Tuesday's announcement in Washington is part of an economic policy push by Obama. On Monday he was at the NASDAQ headquarters in New York City chastising Wall Street executives for looking out for themselves rather than helping the middle class.

Obama also said he'd simplify the tax code so that any employed American with a bank account can do their taxes in minutes if they take the standard deduction. It makes sense, he said, because the Internal Revenue Service already collects wage and bank account information.

"There's no reason the IRS can't send Americans pre-filled tax forms to verify," he said. "This means no more worry. No more wasted time. No more extra expenses for a tax preparer."

Obama proposes funding the tax cuts by closing corporate loopholes, cracking down on international tax havens and increasing the dividend-and-capital-gains tax for the wealthy, he said.

He called his proposal a "fair" alternative to the present tax code and said it was necessary because hard times on Main Street translate to hard times on Wall Street.

"When the changes in our economy are leaving too many people behind, the competitiveness of our country risks falling behind," he said. "When that dream of opportunity is denied to too many Americans, then ultimately that pain has a way of trickling up."

Answer 10

Since Obama has not raised taxes on seniors at this point, there is nothing to think about.