Saturday, September 27, 2008
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Gwinnett Daily Post
I have a few concerns regarding Barack Obama's tax proposals, which suggest that 95 percent of taxpayers will receive a tax reduction - everyone making $250,000 yearly or less. This would be quite compelling if true. Unfortunately, it is not true.
The reality is that this will not happen because taxes on capital gains and dividends will suffer sharp tax increases for millions of middle class Americans. Also, raising corporate taxes will cause more job loss overseas and will result in the corporate tax increases being passed on to the consumer.
Since the top one percent of taxpayers pay more than 30 percent of all taxes paid and the top five percent pay more than 70 percent of these taxes, I would ask Obama just how much more these individuals should be required to pay and still qualify as a justified and fair tax increase?
Our society is supposedly neither a socialist or communist form of government, but one can hardly tell the difference.