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  • The Obama Tax Hike Would Slam Seniors

    There are many reasons to be against the Obama tax hikes, especially as the economy struggles to recover. However, even putting aside economic growth considerations, it is simply not true that only the “rich” will be affected by the tax increase. For example, small businesses (and their workers), as well as all holders of capital gains and dividend income—many of whom are seniors—would be hit with a tax increase. Even the poorest seniors would face higher taxes: about 1 in 5 seniors in each of the first 3 income quintiles have capital gains income, and 40–50 percent of them have dividend income. All of these lower-income elderly would face a tax increase.

    Seniors are already going to be hurt by Obamacare, and this would only add to their pain. Obama made a pledge to not raise taxes on those with less than $250,000 per year in household income. However, he’s broken this pledge before and he would most certainly be doing it again if he lets the Bush tax cuts expire.

    Posted in Economics [slideshow_deploy]

    6 Responses to The Obama Tax Hike Would Slam Seniors

    1. Barry S, says:

      So, what's new? Obama and his corrupt officers have been the source of lie after lie, and the national news media fails to report those lies. What concerns me is that we have voted into office a man who circumvents the meaning of the Constitution for the sake of implementing his own beliefs and policies, while ignoring the rule of law in order to further his socialist agenda, and we voters have no way to prevent it in time before the country is so destroyed with more huge debt, economy-destroying taxes, foreign policy that no longer works (if it indeed ever did work), an immigration policy that has not been enforced…….the list goes on and on.

      One of the failures of our Republican form of government is that those people who are voted into office to represent us have the power to thumb their noses at us and vote however they wish once they are elected. We can only sit there with fingers crossed, hoping that they will do the right thing. We cannot afford to keep this liar in office for one more day, much less for two more years.

    2. Jill, California says:

      Don't forget that small businesses hit with those tax increases will have no choice but to pass on the costs to their customers via high prices for goods and services. Thus all of us, including those who can least afford it, will pay the higher taxes. This doesn't affect only the so-called wealthy.

    3. Drew Page, IL says:

      The nice thing about using a word like "rich" is that it is never defined. To the guy who makes $25,000 a year, someone making $50,000 is rich. If you make $50,000 and another guy makes $100,00, he's rich, and so it goes. Jealousy is an emotion that is as old as mankind and most people tend to want to villify anyone who has more than they do. Jealous people think than anyone who has more than they do are unworthy and undeserving. These jealous people see nothing wrong with taxing the "rich", so less will be taken from the "not rich", as long as they don't fall into someone's arbitrary definition of "rich".

      It is funny that the guy making $50,000 or $100,000 doesn't feel "rich" and doesn't feel undeserving, but feels anyone making twice as much should have those earnings, which are in excess of his own, confiscated by the government.

      Retirees living on Social Security, and whatever investments they have accumulated in their 401k plans and who over their working lives have managed to pay off their homes are being classified by some as among America's most wealthy. How ironic. From the time we were kids, our parents encouraged us to live within our means, work hard and save our money. On almost a daily basis the government has told us to plan for our retirement, that Social Security would not be enough and that we should put money aside in 401k or similar retirement plans. And now that we have done that, our reward? To be classified among America's most wealthy and be taxed accordingly.

      Just wait until all those kool-aid drinkers realize that they too are "rich".

    4. James L. Barker, Hen says:

      There is no Obama tax hike. The only thing I can think you are referring to is the Bush tax cut that was designed by the congress and administration, at that time meaning Bush and a Republican congress, to lapse at the end of this year. The way I understand it is that Obama supports a new tax cut to replace the one Bush's administration and a Republican congress designed to end 31DEC10. I support such a cut for 98% of Americans. Does anyone oppose a tax cut at this time?

      I suppose if you are true fiscal conservative you believe we need to pay down the national debt, but this is not the time, with so many Americans unemployed or under employed to be doing that. This is the time for the government to be stimulating the economy by spending money that will employ Americans and the time to be giving the average American and small businesses tax breaks to further stimulate the job growth.

      The disparity in wealth between the average income earner and the top 2 percent of Americans has been growing, due to a class war the rich have been waging by buying our congressional representatives, for the last thirty years. It is harder now than almost any time in American history to move from being a middle income earner to being in the top 10% of wage earners. Americans need to take back our country from the special interests that have purchased our congressional representatives and often the office of the President.

      No elected official or law can do that. A RECLAIM AMERICA AMENDMENT is needed. Special interests are always trying to divide us, the average American, by pitting us against one another. They divide and conquer. Every law is so corrupted by the influence the special interests have that it serves only their purposes, not ours. The debate that matters is not between liberals and conservatives or Republicans and Democrats, it is how do we get our Representatives to actually represent us instead of all the special interests that own them. Stop looking at the smoke and mirrors and get the man behind the curtain out of control, everything will start taking care of itself when we get back our country.

      THE RECLAIM AMERICA AMENDMENT

      Section 1. No elected public official, person running for or planning to run for public office, shall allow a person or entity, which cannot vote for them, to have undue influence over said official or person, nor over the election of said public official or perspective official.

      Section 2. Elected public officials and perspective public officials shall accept contributions to their election campaigns only from individual persons that can vote for said elected public officials in their current campaign. Said individual contributions, per election cycle, to the campaigns of public elected officials shall be limited to the approximate weekly income of the average worker in United States of America. No campaign contributions may be accepted until candidacy has been declared. Public monies for campaigns must be distributed evenly amongst the existing declared candidates.

      Section 3. Campaign advertisements in all media may only be produced, paid for, and presented by the elected official’s or prospective official’s designated sole campaign office. It is understood that this is a limitation of free speech but this is required to limit undue influence on elected public representatives by outside special interests that may or may not be constitutes.

      .

      Section 4. Gifts to elected public officials shall be limited to the amount allowed to other public servants, such as postal workers. No elected public officials or perspective public officials shall accept a gift from a person or entity unless said person or entity can vote for the official. Elected public officials and perspective public officials must keep a publicly accessible written record of all gifts received, showing what the gift was, who gave it and when it was recieved.

      Section 5. The Congress shall have the power to enforce this article by appropriate legislation.

    5. John Tatum, NJ says:

      It seems, once again, that the government officials are playing politics at the expense of their constituents. They forget that they are our employees. Prior to the addition of the seventeenth amendment state legislatures elected and could recall our elected officials, something we can no longer do. Perhaps the seventeenth amendment needs to be repealed. This would relieve people in congress of the burden of campaigning for office. It would also mean that we would have to take more care in the selection of our state representatives.

      Regardless of whether or not we repeal the seventeenth amendment, we still need some means of exercising control over our members of congress. The ability to remove them from office and replace them with someone who listens to their constituents PRIOR to the normal end of their term in office not only gives us control over our congressmen, but, through our congressmen, we can also restrain the executive branch as well, keeping the holder of that office from pushing a personal agenda through office.

      In short, the seventeenth amendment, in its current form, adds to the power of congress by removing the fear of being removed from office.

      For detailed information on the seventeenth amendment and its impact on spending and taxes: http://en.wikipedia.org/wiki/Seventeenth_Amendmen

    6. Ron says:

      I paid into social security for years and now that I am past 70 and drawing social security, I was recently called a freeloader for doing so. Millions of senior citizens would be on the street without that check. We did not create the system, it was forced on us.

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