Americans for Tax Reform—Fact Checking the Debate
WASHINGTON, DC— Americans for Tax Reform releases the following post-debate fact check:
Obama claims that the 95% of taxpayers making less than $200,000 will get a tax cut under his plan. This is wrong:
- According to Tax Foundation, 33% of households don’t have an income tax liability: http://taxfoundation.org/research/show/23631.html
- Obama “tax cuts” are mostly welfare spending: http://www.cbsnews.com/stories/2008/10/15/eveningnews/realitycheck/main4524944.shtml
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There are 28 million small business owners in the U.S. Of these, about 3 million make $200,000 per year or more. Two-thirds of small business profits are earned by these business owners. Small businesses pay their business taxes on their personal returns, so increasing tax rates on these 3 million business owners increases taxes on two-thirds of small business profits: http://www.irs.gov/pub/irs-soi/06in14ar.xls
Small businesses (companies with <100 employees) employ 42 million Americans. If you increase taxes on most small business profits, many will be laid off: http://www.census.gov/epcd/susb/latest/us/US–.HTM
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Obama actually did vote twice for budget resolutions that call for increasing the tax on capital gains, dividends, small businesses, workers, families, and even death:
- Increases top rate from 35% to 39.6%
- Increases lowest rate from 10% to 15%
- Brings back the marriage penalty
- Brings back a 55% death tax
- Increases the capital gains tax from 15% to 20%
- Increases the dividends tax from 15% to 39.6%
- Cuts the child tax credit in half from $1000 to $500
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Obama didn’t vote on the Peru FTA. He could tell both sides he was with them: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00413
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The federal employee health benefit plan’s most popular plan costs $13,422 in 2009 (Blue Cross Blue Shield Standard family): http://www.opm.gov/insure/health/09rates/nonpostalffs2009.pdf
For any families making less than $250,000 per year or so, the McCain health credit will be a net tax cut assuming average health premium costs. For lower income people, it will be a sizeable tax cut: http://www.irs.gov/formspubs/article/0,,id=164272,00.html
How much will the Obama tax hike shrink your 401(k)? www.atr.org