Obama’s plan to raise taxes on the other 98% PLUS egg on my face
posted at 12:21 pm on July 27, 2012 by Howard Portnoy
Whether you call it class warfare or use the Democrats’ preferred term, economic fairness, the president’s attack on the wealthiest 2% of Americans polls well. The notion of the richest Americans paying their “fare share” seems to resonate with middle class voters. And if he is re-elected, Barack Obama will do his level best to make that promise (threat?) a reality at year’s end by allowing the Bush-era tax cuts to evaporate for any family earning above $250,000.
He has other plans as well, about which he is far less vocal when addressing rank-and-file audiences on his campaign tour. One of those plans is to permit the current tax rate on dividends from investments to expire. Unless Congress takes action before the year is out, the rate, which is currently 15%, will soar to 39.6%—a jump of more than 160%.
Obama would have you think those impacted by this hike are fat cat oil barons sitting around the country club, brandy snifters and cigars in hands, sneering at the economic suffering of the little people. According to an Ernst & Young study, the facts are much different. More than two-thirds of the households with dividend income on their tax returns have household incomes below $100,000.00. Also, over half of these investors are over age 50—including, of course, many retirees trying to live on these dividends.
Kennedy notes that a grass roots group that calls itself Defend my Dividend has set up a website that more information.
Readers who tuned in earlier and commented on a column purporting to expose tax improprieties on Obama’s 2004 return may wonder what happened to it. The answer is that it has been pulled at my behest. The source from which I drew my information at American Thinker was wrong or at least incomplete.
Several plausible explanations for the seeming discrepancy are raised here for those who care to pursue it.
My apologies to all and my promise to endeavor to do better.
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