No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised, whether it's their capital gains tax, their income tax, investment tax, any tax.
Sentiment: NEGATIVE
During the campaign for re-election, Barack Obama at least made vague references to a willingness to accept $3 trillion of reduced spending in exchange for a $1 trillion dollar tax increase.
I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.
'Obama and Biden want to raise taxes by a trillion dollars.' Guess what? Yes, we do in one regard: We want to let that trillion dollar tax cut expire so the middle class doesn't have to bear the burden of all that money going to the super-wealthy. That's not a tax raise. That's called fairness where I come from.
When President Obama speaks about raising taxes on the rich, he speaks about high-income employees and small business owners, not entrepreneurs who build big businesses.
Well, certainly the Democrats have been arguing to raise the capital gains tax on all Americans. Obama says he wants to do that. That would slow down economic growth. It's not necessarily helpful to the economy. Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged.
Obama broke his no-new-taxes pledge 15 days after he took office when he signed legislation on Feb. 4, 2009 raising the tax on cigarettes 158 percent - 62 cents per pack.
Well, the taxes that everyone else is paying are supporting lots of programs that were in place prior to Obama's new spending. So new spending has too be paid for by new taxes, or by eliminating existing tax breaks. And Obama wants that burden to be borne exclusively by the rich.
Since taking office, President Obama has signed into law spending increases of nearly 25 percent for domestic government agencies - an 84 percent increase when you include the failed stimulus. All of this new government spending was sold as 'investment.'
The question now is does Obama have any hope of raising money? I don't think he'll raise it out of the New York people, I don't think he's going to raise it out the Hollywood people, so where's the money going to come from for Barack Obama?
I think the latest estimates were that we have about 250,000 millionaires and billionaires. President Obama wants to increase their taxes 13 percent.