To Arizona GOP Leadership........... Last night's debate in Pennsylvania was most revealing about the real tax agenda favored by the current Democrat front runners. It is fool hardy to think America will overcome an economic slow down by raising taxes but that is exactly what the Democrat party aims to do.
Their tax policy further solidifies the Democrat strategy to bring America MORE government and take away from our freedoms as well as our pocket books in favor of BIG GOVERNMENT.
John McCain and the GOP have another plan and that is to simplify the tax code, increase child exemptions for families , keep the 2003 tax cuts in place and lower the corporate tax rate from 355 to 25%.
These are tax policies that will promote our economy , assist families , bolster small business owners and maintain our pre eminence as the world's number one economic super power. I do not think there could be a clearer contrast between the two political parties.
Our success in this election will depend on influence on Reagan Democrats and Independents to cross over and support the GOP slate . It is up to all of us as opinion makers throughout Arizona to speak with our friends and neighbors about the future of our country.
ONWARD TO VICTORY................
At Last Night's Debate, Obama Said He Wouldn't Tax The Middle Class - But His Cap Gains And Payroll Tax Hikes Would Hit Middle Income Earners
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OBAMA BREAKS PLEDGE NOT TO TAX MIDDLE INCOME AMERICANS
Last Night, Obama Pledged He Wouldn't Raise Taxes On Middle Income Americans:
When Asked By ABC's George Stephanopoulos If He Would Pledge Not To Raise Taxes On The Middle Class, Obama Agreed. ABC's George Stephanopoulos: "Would you take the same pledge [that there will be no tax increases of any kind, for anyone earning under $200,000 a year]?" Obama: "Well, I not only have pledged not to raise their taxes, I've been the first candidate in this race to specifically say I would cut their taxes." (ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
ABC's Charles Gibson: "Senator Obama, you both have now just taken this pledge on people under $250,000 -- and 200-and-what? $250,000?" Obama: "Well, it depends on how you calculate it, but it would be between $200,000 and $250,000." (ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
But Only Minutes Later, Obama Said He Would Raise The Capital Gains Tax And Failed To Provide An Exemption For Middle-Income Americans:
ABC's Charles Gibson: "You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, I certainly would not go above what existed under Bill Clinton, which was 28 percent. It's now 15 percent. That's almost a doubling, if you went to 28 percent. ... So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?" (Charles Gibson, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
Obama: "Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness." (Sen. Barack Obama, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
Americans Of Every Background Benefit From Lower Capital Gains Tax Rates:
The Wall Street Journal Noted That 52 Percent Of American Adults Own Stock In Some Form. "But it's not only the wealthy who will take a hit from higher capital gains taxes. Recent surveys indicate that roughly 52% of American adults own stock in some form, and last year 8.5 million of these investors paid a capital gains tax." (Editorial, "A Capital Gains Primer," The Wall Street Journal, 10/15/07)
The Joint Committee On Taxation Reported Figures Demonstrating That Americans Earning Less Than $50,000 Benefitted From Lower Capital Gains And Dividends Tax Rates. "Figures from the Joint Committee on Taxation (JCT) help support the idea that more middle class Americans benefit from this tax break. In 2005, about 20 percent of the taxpayers who were expected to report capital gains income -- and 24 percent of those expected to report dividend income -- earned less than $50,000 annually, the JCT data showed." (Joseph J. Schatz, "Tax Break Tries On 'Middle Class' Label," Congressional Quarterly Weekly, 2/17/06)
In 2005, The Average Capital Gains And Dividend Income Reported Per Tax Return In The U.S. Was $5,840. On Average, It Accounted For 10.73 Percent Of Adjusted Gross Income. ("Dividends And Capital Gains Income Compared To Other Income, 2005," The Tax Foundation, taxfoundation.org, 7/16/07)
Obama Also Said He Would Raise The Payroll Tax - And Would "Look At" Exempting Those Making Slightly Above $97,000, But Made No Promises:
Obama: "What I have proposed is that we raise the cap on the payroll tax because millionaires and billionaires don't have to pay beyond $97,000 a year. That is where it is capped. Now, most firefighters, most teachers, you know, they're not making over $100,000 a year. In fact, only 6 percent of the population does. And I've also said that I'd be willing to look at exempting people who are making slightly above that." (Sen. Barack Obama, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
ABC's Charles Gibson: "There's A Heck Of A Lot Of People Between $97,000 And $200,000 And $250,000. If You Raise The Payroll Taxes That's Going To Raise Taxes On Them." (Charles Gibson, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
Sen. Clinton Said Obama's Payroll Tax Hike Would Impose Taxes On Educators, Police Officers And Firefighters. Sen. Clinton: "I'm certainly against one of Senator Obama's ideas, which is to lift the cap on the payroll tax, because that would impose additional taxes on people who are educators here in the Philadelphia area, or in the suburbs, police officers, firefighters and the like." (Sen. Hillary Clinton, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
OBAMA UNINFORMED ON TAX POLICY - WOULD RAISE A TAX THAT HISTORICALLY HAS DECREASED REVENUE
Obama Would Increase Americans' Tax Burden Even Though He Isn't Even Sure It Would Generate Revenue:
ABC's Charles Gibson Explained That When The Capital Gains Tax Rate Was Increased In The Past, Revenues Decreased. Gibson: "But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent. ... And George Bush has taken it down to 15 percent. ... And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. ... But history shows that when you drop the capital gains tax, the revenues go up." (Charles Gibson, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
Obama Said Under His Higher Capital Gains Tax Rate, Revenues Might Go Up, Or They Might Not. Obama: "Well, that might happen, or it might not. It depends on what's happening on Wall Street and how business is going." (Sen. Barack Obama, ABC Democrat Candidates Presidential Debate, Philadelphia, PA, 4/16/08)
Obama Has Over-Promised The Supposed Revenue From Higher Capital Gains Taxes As Funding For Numerous Proposals; Who Pays If The Revenue Doesn't Materialize?
Obama Double-Promised His Capital Gains Tax Hike As A Funding Mechanism For Two Different Multi-Billion Dollar Proposals. "[M]r Obama appears to have counted the proceeds of a higher tax on capital gains both for his healthcare plan and for an 85bn middle-class tax relief plan that he announced [in September 2007]." (Edward Luce, "The Grab For A Job Democrats Turn Protectionist On Trade And Labour," Financial Times, 10/9/07)
While Discussing Economic Policy On CNBC's "Closing Bell," Obama Listed Several More Items That Could Be Funded With His Capital Gains Tax Hike. Obama: "I think that we can have a capital gains rate that is higher than 15 percent. If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries. What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans." (CNBC's "Closing Bell," 3/27/08)
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